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  • March 2022
  • Article

Learning to Rank an Assortment of Products
By: Kris Ferreira, Sunanda Parthasarathy and Shreyas Sekar
We consider the product ranking challenge that online retailers face when their customers typically behave as “window shoppers”: they form an impression of the assortment after browsing products ranked in the initial positions and then decide whether to continue...  View Details
Keywords: Online Learning; Product Ranking; Assortment Optimization; Learning; Internet and the Web; Product Marketing; Consumer Behavior; E-commerce
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  • 2021
  • Working Paper

What Drives Variation in Investor Portfolios? Evidence from Retirement Plans
By: Mark Egan, Alexander MacKay and Hanbin Yang
We study empirical patterns in investment behavior using a comprehensive data set of defined contribution plans. Using plan-level portfolio allocation data for the near universe of 401(k) plans over the period 2009–2019, we document substantial differences in...  View Details
Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
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  • October 2021
  • Article

Overcoming the Cold Start Problem of CRM Using a Probabilistic Machine Learning Approach
By: Nicolas Padilla and Eva Ascarza
The success of Customer Relationship Management (CRM) programs ultimately depends on the firm's ability to understand consumers' preferences and precisely capture how these preferences may differ across customers. Only by understanding customer heterogeneity, firms can...  View Details
Keywords: Customer Management; Targeting; Deep Exponential Families; Probabilistic Machine Learning; Cold Start Problem; Customer Relationship Management; Programs; Consumer Behavior; Analysis
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  • April 2021
  • Article

A Model of Multi-Pass Search: Price Search Across Stores and Time
By: Navid Mojir and K. Sudhir
In retail settings with price promotions, consumers often search across stores and time. However, the search literature typically only models one pass search across stores, ignoring revisits to stores; the choice literature using scanner data has modeled search across...  View Details
Keywords: Consumer Search; Multi-pass Search; Price Search; Store Search; Spatial Search; Temporal Search; Spatiotemporal Search; Dynamic Structural Models; MPEC; Price Promotions; Store Loyalty; Consumer Behavior; Price; Spending; Marketing; Mathematical Methods
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  • 2022
  • Working Paper

Canary Categories
By: Eric Anderson, Chaoqun Chen, Ayelet Israeli and Duncan Simester
Past customer spending in a category is generally a positive signal of future customer spending. We show that there exist “Canary Categories” for which the reverse is true. The more customers purchase in these categories, the less likely these customers are to return...  View Details
Keywords: Churn; Churn Management; Churn/retention; Retention; Assortment Planning; Retail; Retailing; Retailing Industry; Preference Heterogeneity; Customer Relationship Management; Consumer Behavior; Retail Industry; United States
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  • November 2020
  • Article

Taxation in Matching Markets
By: Arnaud Dupuy, Alfred Galichon, Sonia Jaffe and Scott Duke Kominers
We analyze the effects of taxation in two-sided matching markets, i.e., markets in which all agents have heterogeneous preferences over potential partners. In matching markets, taxes can generate inefficiency on the allocative margin by changing who is matched to whom,...  View Details
Keywords: Matching Markets; Labor Markets; Taxation; Labor; Markets
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  • 2020
  • Working Paper

Heterogeneity of Gain-Loss Attitudes and Expectations-Based Reference Points
By: Lorenz Goette, Thomas Graeber, Alex Kellogg and Charles Sprenger
We examine the role of heterogeneity in gain-loss attitudes for identifying the leading behavioral model of expectations-based reference dependence (Kőszegi and Rabin, 2006, 2007) (KR). Failure to account for recently-documented heterogeneity in gain-loss attitudes is...  View Details
Keywords: Reference-dependent Preferences; Rational Expectations; Personal Equilibrium; Endowment Effect; Expectations-based Reference Points
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  • May 2020
  • Article

Ancient Origins of the Global Variation in Economic Preferences
By: Anke Becker, Benjamin Enke and Armin Falk
This paper shows that contemporary population-level heterogeneity in risk aversion, time preference, altruism, positive reciprocity, negative reciprocity, and trust partly traces back to the structure of the migration patterns of our very early ancestors. To document...  View Details
Keywords: Migration Patterns; Behavioral Economics; Preferences; Microeconomics; Demography; Decision Making; Risk and Uncertainty; History; Global Range
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  • December 2019
  • Article

Costly Concessions: An Empirical Framework for Matching with Imperfectly Transferable Utility
By: Alfred Galichon, Scott Duke Kominers and Simon Weber
We introduce an empirical framework for models of matching with imperfectly transferable utility and unobserved heterogeneity in tastes. Our framework allows us to characterize matching equilibrium in a flexible way that includes as special cases the classic fully- and...  View Details
Keywords: Sorting; Matching; Marriage Market; Intrahousehold Allocation; Imperfectly Transferable Utility; Marketplace Matching; Mathematical Methods
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  • 2019
  • Article

Ridesharing with Driver Location Preferences
By: Duncan Rheingans-Yoo, Scott Duke Kominers, Hongyao Ma and David C. Parkes
We study revenue-optimal pricing and driver compensation in ridesharing platforms when drivers have heterogeneous preferences over locations. If a platform ignores drivers' location preferences, it may make inefficient trip dispatches; moreover, drivers may strategize...  View Details
Keywords: Ridesharing; Pricing; Compensation and Benefits; Geographic Location; Market Design; Mathematical Methods
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  • March 2019
  • Article

A Structural Analysis of the Role of Superstars in Crowdsourcing Contests
By: Shunyuan Zhang, Param Singh and Anindya Ghose
We investigate the long-term impact of competing against superstars in crowdsourcing contests. Using a unique 50-month longitudinal panel data set on 1677 software design crowdsourcing contests, we illustrate a learning effect where participants are able to improve...  View Details
Keywords: Crowdsourcing Contests; Superstar Effect; Bayesian Learning; Utility; Economics Of Information System; Dynamic Structural Model; Dynamic Programming; Markov Chain; Monte Carlo; Learning; Competition; Performance Improvement
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  • 2019
  • Working Paper

Labor Market Shocks and the Demand for Trade Protection: Evidence from Online Surveys
By: Rafael Di Tella and Dani Rodrik
We study preferences for government action in response to layoffs resulting from different types of labor-market shocks. We consider the following shocks: technological change, a demand shift, bad management, and three kinds of international outsourcing. Respondents...  View Details
Keywords: Labor; Markets; System Shocks; Trade; Attitudes; Surveys
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  • 2020
  • Working Paper

Overcoming the Cold Start Problem of CRM Using a Probabilistic Machine Learning Approach
By: Eva Ascarza
The success of Customer Relationship Management (CRM) programs ultimately depends on the firm's ability to understand consumers' preferences and precisely capture how these preferences may differ across customers. Only by understanding customer heterogeneity, firms can...  View Details
Keywords: Customer Management; Targeting; Deep Exponential Families; Probabilistic Machine Learning; Cold Start Problem; Customer Relationship Management; Customer Value and Value Chain; Consumer Behavior; Analytics and Data Science; Mathematical Methods; Retail Industry
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  • January 2019
  • Article

Making Moves Matter: Experimental Evidence on Incentivizing Bureaucrats Through Performance-Based Postings
By: Adnan Q. Khan, Asim Ijaz Khwaja and Benjamin A. Olken
Bureaucracies often post staff to better or worse locations, ostensibly to provide incentives. Yet we know little about whether this works, with heterogeneity in preferences over postings impacting effectiveness. We propose a performance-ranked serial dictatorship...  View Details
Keywords: Serial Dictatorship Mechanism; Employment; Geographic Location; Motivation and Incentives; Performance
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  • November 2018
  • Article

Global Evidence on Economic Preferences
By: Armin Falk, Anke Becker, Thomas Dohmen, Benjamin Enke, David Huffman and Uwe Sunde
This article studies the global variation in economic preferences. For this purpose, we present the Global Preference Survey (GPS), an experimentally validated survey data set of time preference, risk preference, positive and negative reciprocity, altruism, and trust...  View Details
Keywords: Economic Preferences; Economics; Behavior; Surveys; Analytics and Data Science; Global Range
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  • January 2018 (Revised February 2018)
  • Technical Note

Making Markets
By: Thomas R. Eisenmann and Scott Duke Kominers
Explains how to identify and capitalize on marketplace design opportunities. Defines markets and marketplaces and describes the basic functions of each. Discusses attributes (e.g., heterogeneity of participants' preferences and asymmetry in available information) that...  View Details
Keywords: Marketplaces; Two-Sided Markets; Entrepreneurship; Market Design; Digital Platforms; Marketplace Matching; Market Participation; Market Transactions; Market Entry and Exit; Digital Platforms; Auctions
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  • November–December 2017
  • Article

Match Your Own Price? Self-Matching as a Retailer's Multichannel Pricing Strategy
By: Pavel Kireyev, Vineet Kumar and Elie Ofek
Multichannel retailing has created several new strategic choices for retailers. With respect to pricing, an important decision is whether to offer a “self-matching policy,” which allows a multichannel retailer to offer the lowest of its online and store prices to...  View Details
Keywords: Price Self-matching; Multichannel Retailing; Pricing Strategy; Online Shopping; Omnichannel; Price Discrimination; Price; Strategy; Competitive Strategy
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  • January 2017
  • Article

Contract Design and Stability in Many-to-Many Matching
By: John William Hatfield and Scott Duke Kominers
We develop a model of many-to-many matching with contracts that subsumes as special cases many-to-many matching markets and buyer/seller markets with heterogeneous and indivisible goods. In our setting, substitutable preferences are sufficient to guarantee the...  View Details
Keywords: Many-to-Many Matching; Stability; Substitutes; Contract Design; Contracts; Marketplace Matching; Balance and Stability
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  • 2015
  • Working Paper

Understanding Conformity: An Experimental Investigation
By: B. Douglas Bernheim and Christine L Exley
Some theories of conformity hold that social equilibrium either standardizes inferences or promotes a shared understanding of conventions and norms among individuals with fixed heterogeneous preferences (belief mechanisms). Others depict tastes as fluid and hence...  View Details
Keywords: Conformity; Norms; Image Motivation; Prosocial Behavior; Motivation and Incentives; Behavior; Standards
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  • Article

De Gustibus non est Taxandum: Heterogeneity in Preferences and Optimal Redistribution
By: Benjamin B Lockwood and Matthew Weinzierl
The prominent but unproven intuition that preference heterogeneity reduces redistribution in a standard optimal tax model is shown to hold under the plausible condition that the distribution of preferences for consumption relative to leisure rises, in terms of...  View Details
Keywords: Motivation and Incentives; Income; Decision Choices and Conditions; Consumer Behavior; Taxation; Microeconomics; Macroeconomics
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