Contract Design And Self Control
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Contract Design And Self Control
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Author : Stefano Della Vigna
language : en
Publisher:
Release Date : 2003
Contract Design And Self Control written by Stefano Della Vigna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Consumer behavior categories.
How do rational firms respond to consumer biases? In this paper, we analyze the profit-maximizing contract design of firms if consumers have time-inconsistent preferences and are partially naive about it. We consider markets for two types of goods: goods with immediate costs and delayed benefits (investment goods) such as health club attendance, and goods with immediate benefits and delayed costs (leisure goods) such as credit card-financed consumption. We establish three features of the profit-maximizing contract design with partially naive time-inconsistent consumers. First, firms price investment goods below marginal cost. Second, firms price leisure goods above marginal cost. Third, for all types of goods firms introduce switching costs and charge back-loaded fees. The contractual design targets consumer misperception of future consumption and underestimation of the renewal probability. The predictions of the theory match the empirical contract design in the credit card, gambling, health club, life insurance, mail order, mobile phone, and vacation timesharing industries. We also show that time inconsistency has adverse effects on consumer welfare only if consumers are naive.
Contract Design And Self Control With Asymmetric Information
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Author : Sanxi Li
language : en
Publisher:
Release Date : 2012
Contract Design And Self Control With Asymmetric Information written by Sanxi Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
We study optimal contracting by a monopolistic seller of an investment good to a time-inconsistent consumer and, in doing so, introduce asymmetric information to the model of DellaVigna and Malmendier (2004). We find: (1) the below-marginal-cost-pricing rule may fail for a low-value consumer; (2) the firm's profit is no longer unaffected by the consumer's short-run impatience, as the latter is sophisticated. We find that there is an important threshold value of short-run patience. When the consumer's short-term patience is below this level, then, as the patience increases, the firm suffers. When the consumer's short-run patience is above this threshold, then, as it increases, the firm benefits. Finally, we show that unlike under monopoly, the first-best outcome is achieved under perfect competition.
Contract Design And Self Control With Asymmetric Information
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Author : Jianye Yan
language : en
Publisher:
Release Date : 2014
Contract Design And Self Control With Asymmetric Information written by Jianye Yan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We study optimal contracting by a monopolistic seller of investment goods to a time-inconsistent consumer and, in doing so, introduce asymmetric information to the model of DellaVigna and Malmendier (2004). We find (1) the below-marginal-cost-pricing rule may fail for a low-value consumer; (2) the firm's profit is no longer unaffected by the consumer's short-run impatience, as the latter is sophisticated. We find that there is an important threshold value of short-run patience. When the consumer's short-term patience is below this level, then, as the patience increases, the firm suffers. When the consumer's short-run patience is above this threshold, then, as it increases, the firm benefits. Finally, we show that unlike monopoly, perfect competition with asymmetric information achieves the first-best outcome.
Optimization And Control For Systems In The Big Data Era
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Author : Tsan-Ming Choi
language : en
Publisher: Springer
Release Date : 2017-05-04
Optimization And Control For Systems In The Big Data Era written by Tsan-Ming Choi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-04 with Business & Economics categories.
This book focuses on optimal control and systems engineering in the big data era. It examines the scientific innovations in optimization, control and resilience management that can be applied to further success. In both business operations and engineering applications, there are huge amounts of data that can overwhelm computing resources of large-scale systems. This “big data” provides new opportunities to improve decision making and addresses risk for individuals as well in organizations. While utilizing data smartly can enhance decision making, how to use and incorporate data into the decision making framework remains a challenging topic. Ultimately the chapters in this book present new models and frameworks to help overcome this obstacle. Optimization and Control for Systems in the Big-Data Era: Theory and Applications is divided into five parts. Part I offers reviews on optimization and control theories, and Part II examines the optimization and control applications. Part III provides novel insights and new findings in the area of financial optimization analysis. The chapters in Part IV deal with operations analysis, covering flow-shop operations and quick response systems. The book concludes with final remarks and a look to the future of big data related optimization and control problems.
Decision And Game Theory For Security
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Author : Quanyan Zhu
language : en
Publisher: Springer
Release Date : 2016-10-25
Decision And Game Theory For Security written by Quanyan Zhu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-25 with Computers categories.
This book constitutes the refereed proceedings of the 7th International Conference on Decision and Game Theory for Security, GameSec 2016, held in New York, NY, USA, in November 2016. The 18 revised full papers presented together with 8 short papers and 5 poster papers were carefully reviewed and selected from 40 submissions. The papers are organized in topical sections on network security; security risks and investments; special track-validating models; decision making for privacy; security games; incentives and cybersecurity mechanisms; and intrusion detection and information limitations in security.
Advances In Economics And Econometrics Volume 2
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Author : Econometric Society. World Congress
language : en
Publisher: Cambridge University Press
Release Date : 2006-11-13
Advances In Economics And Econometrics Volume 2 written by Econometric Society. World Congress and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-13 with Business & Economics categories.
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Handbook Of Developments In Consumer Behaviour
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Author : Victoria Wells
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Handbook Of Developments In Consumer Behaviour written by Victoria Wells and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
This Handbook examines the area of consumer behaviour from the perspective of current developments and developing areas for the discipline, to new opportunities that comprehend the nature of consumer choice and its relationship to marketing. Consumer research incorporates perspectives from a spectrum of long-established sciences: psychology, economics and sociology. This Handbook strives to include this multitude of sources of thought, adding geography, neuroscience, ethics and behavioural ecology to this list. Encompassing scholars with a passion for researching consumers, this Handbook highlights important developments in consumer behaviour research, including consumer culture, impulsivity and compulsiveness, ethics and behavioural ecology. It examines evolutionary and neuroscience perspectives as well as consumer choice. Undergraduate and postgraduate students and researchers in marketing with interests in consumer behaviour will find this enriching resource invaluable.
Commercial Contract Law
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Author : Larry A. DiMatteo
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-31
Commercial Contract Law written by Larry A. DiMatteo and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-31 with Law categories.
Part I. The Role of Consent: 1. Transatlantic perspectives: fundamental themes and debates Larry A. DiMatteo, Qi Zhou and Séverine Saintier 2. Competing theories of contract: an emerging consensus? Martin A. Hogg 3. Contracts, courts and the construction of consent Tom W. Joo 4. Are mortgage contracts promises? Curtis Bridgeman Part II. Normative Views of Contract: 5. Naturalistic contract Peter A. Alces 6. Contract in a networked world Roger Brownsword 7. Contract, transactions, and equity T.T. Arvind Part III. Contract Design and Good Faith: 8. Reasonability in contract design Nancy S. Kim 9. Managing change in uncertain times: relational view of good faith Zoe Ollerenshaw Part IV. Implied Terms and Interpretation: 10. Implied terms in English contract law Richard Austen-Baker 11. Contract interpretation: judicial rule, not party choice Juliet Kostritsky Part V. Policing Contracting Behavior: 12. The paradox of the French method of calculating the compensation of commercial agents and the importance of conceptualising the remedial scheme under Directive 86/653 Séverine Saintier 13. Unconscionability in American contract law Chuck Knapp 14. Unfair terms in comparative perspective: software contracts Jean Braucher 15. (D)CFR initiative and consumer unfair terms Mel Kenny Part VI. Misrepresentation, Breach and Remedies: 16. Remedies for misrepresentation: an integrated system David Capper 17. Re-examining damages for fraudulent misrepresentation James Devenney 18. Remedies for documentary breaches: English law and the CISG Djakhongir Saidov Part VII. Harmonizing Contract Law: 19. Harmonisation European contract law: default and mandatory rules Qi Zhou 20. Harmonization and its discontents: a critique of the transaction cost argument for a European contract law David Campbell and Roger Halson 21. Europeanisation of contract law and the proposed common European sales law Hector MacQueen 22. Harmonization of international sales law Larry A. DiMatteo.
Essays On Household Consumption
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Author : Matias Felix Barenstein
language : en
Publisher:
Release Date : 2004
Essays On Household Consumption written by Matias Felix Barenstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Mixed Signals
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Author : Uri Gneezy
language : en
Publisher: Yale.ORIM
Release Date : 2023-03-21
Mixed Signals written by Uri Gneezy and has been published by Yale.ORIM this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-21 with Business & Economics categories.
An informative and entertaining account of how actions send signals that shape behaviors and how to design better incentives for better results in our life, our work, and our world Incentives send powerful signals that aim to influence behavior. But often there is a conflict between what we say and what we do in response to these incentives. The result: mixed signals. Consider the CEO who urges teamwork but designs incentives for individual success, who invites innovation but punishes failure, who emphasizes quality but pays for quantity. Employing real-world scenarios just like this to illustrate this everyday phenomenon, behavioral economist Uri Gneezy explains why incentives often fail and demonstrates how the right incentives can change behavior by aligning with signals for better results. Drawing on behavioral economics, game theory, psychology, and fieldwork, Gneezy outlines how to be incentive smart, designing rewards that are simple and effective. He highlights how the right combination of economic and psychological incentives can encourage people to drive more fuel-efficient cars, be more innovative at work, and even get to the gym. "Incentives send a signal," Gneezy writes, "and your objective is to make sure this signal is aligned with your goals."