Many consumer choices involve choosing multiple options from an assortment of products that serve the same goal (e.g., choosing among products in the oral care aisle). We propose that the number of products purchased in these scenarios depends upon consumers' mental representation and on the...

I study intermediation in a buyer-seller network with sequential bargaining. An intermediary matches traders connected in a network to bargain over the price of heterogeneous goods and has the freedom to charge each side commission. A profit-maximizing middleman can help eliminate trading delays...

Seasonalities in asset returns, including the January effect, the Halloween effect and the same-calendar-month effect, are widely documented in the literature. We show that a number of popular factors in the empirical asset pricing literature exhibit some well-known seasonalities. Most of the...

Extant theories on the disposition effect are largely silent on most of the related trading patterns, including the V-shape results for probabilities of buying and selling against unrealized profit. On the other hand, portfolio rebalancing and learning have been shown to be important, even for...

This paper explores how two types of neighbor effects, referring to participation and performance effects, affect household’s stock investment propensity and intensity. Using the sample of urban households in China, we find that both the higher stock participation rate and the performance in...

Green products have been paid much attention in the domain of market players and environmental policy in recent years. In this study, we first build a Stackelberg game model to investigate the enterprises' optimal production strategies considering consumers' willingness to pay and enterprises'...

In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

This study investigates whether stock liquidity enhances or impedes firms’ digital transformation. It is of interest to various stakeholders since digitizing is crucial to a firm’s competitiveness and performance. The results indicate that stock liquidity negatively affects firms’ digital...

In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

Ecosystem services provide the basic elements for global economic development. In the context of the deepening global integration process, countries and regions are increasingly connected, resulting in a series of cross-country, cross-regional, multi-scale socio-economic-environmental impacts,...