Bias-corrected estimates of reduction of post-surgery length of stay and corresponding cost savings through the widespread national implementation of fast-tracking after liver transplantation: a quasi-experimental study

Background: Fast-tracking is an approach adopted by Mayo Clinic in Florida’s (MCF) liver transplant (LT) program, which consists of early tracheal extubation and transfer of patients to surgical ward, eliminating a stay in the intensive care unit in select patients. Since adopting this approach in 2002, MCF has successfully fast-tracked 54.3% of patients undergoing LT.

Objectives: This study evaluated the reduction in post-operative length of stay (LOS) that resulted from the fast-tracking protocol and assessed the potential cost saving in the case of nationwide implementation.

Methods: A propensity score for fast-tracking was generated based on MCF liver transplant databases during 2011–2013. Various propensity score matching algorithms were used to form control groups from the United Network of Organ Sharing Standard Analysis and Research (STAR) file that had comparable demographic characteristics and health status to the treatment group identified in MCF. Multiple regression and matching estimators were employed for evaluation of the post-surgery LOS. The algorithm generated from the analysis was also applied to the STAR data to determine the proportion of patients in the US who could potentially be candidates for fast-tracking, and the potential savings.

Results: The effect of the fast-tracking on the post-transplant LOS was estimated at approximately from 2.5 (p-value?=?0.001) to 3.2 (p-value?Conclusion: The fast-track program was found to be effective in reducing post-transplant LOS, although the reduction appeared to be less than previously reported. Nationwide implementation of fast-tracking could result in substantial cost savings without compromising the patient outcome.     

How to brand your private labels

Private labels have become ever-more important and are slowly turning into brands of their own. Retailers increasingly offer three-level ‘good, better, best’ private-label programs that include economy, standard, and premium private-label tier goods. For each of these tiers, retailers must decide under what name to brand their private label. They can either assign their store banner name to a private-label tier or go for a unique brand name that is separate from the retailer banner. The purpose of this article is to outline the advantages and limitations of these two branding strategies: store-banner branding versus stand-alone branding. Herein, we also provide a series of recommendations regarding when to use each brand strategy, based on characteristics of the retailer and the environment in which it operates.     

Social media? Get serious! Understanding the functional building blocks of social media

Traditionally, consumers used the Internet to simply expend content: they read it, they watched it, and they used it to buy products and services. Increasingly, however, consumers are utilizing platforms—such as content sharing sites, blogs, social networking, and wikis—to create, modify, share, and discuss Internet content. This represents the social media phenomenon, which can now significantly impact a firm's reputation, sales, and even survival. Yet, many executives eschew or ignore this form of media because they don’t understand what it is, the various forms it can take, and how to engage with it and learn. In response, we present a framework that defines social media by using seven functional building blocks: identity, conversations, sharing, presence, relationships, reputation, and groups. As different social media activities are defined by the extent to which they focus on some or all of these blocks, we explain the implications that each block can have for how firms should engage with social media. To conclude, we present a number of recommendations regarding how firms should develop strategies for monitoring, understanding, and responding to different social media activities.     

Deliberative voting

We analyze a model of jury decision making in which jurors deliberate before casting their votes. We consider a wide range of voting institutions and show that deliberations render these equivalent with respect to the sequential equilibrium outcomes they generate. In particular, in the context of a jury setup, all voting rules excluding the two types of unanimity rules (one requiring a unanimous consensus to acquit, one requiring a unanimous consensus to convict) induce the same set of equilibria outcomes. We show the robustness of our results with respect to several restrictions on communication protocols and jurors’ strategies. Furthermore, we demonstrate that our observations extend to practically all of the voting structures commonly studied in the voting literature. The paper suggests the importance of accounting for communication in models of collective choice.     

Unmediated communication in games with complete and incomplete information

We study the effects of adding unmediated communication to static, finite games of complete and incomplete information. We characterize S^U(G), the set of outcomes of a game G, that are induced by sequential equilibria of cheap talk extensions. A cheap talk extension of G is an extensive-form game in which players communicate before playing G. A reliable mediator is not available and players exchange private or public messages that do not affect directly their payoffs. We first show that if G is a game of complete information with five or more players and rational parameters, then S^U(G) coincides with the set of correlated equilibria of G. Next, we demonstrate that if G is a game of incomplete information with at least five players, rational parameters and full support (i.e., all profiles of types have positive probability), then S^U(G) is equal to the set of communication equilibria of G.     

Mechanism design goes to war: peaceful outcomes with interdependent and correlated types

In this paper, we consider the possibility of identifying peaceful mechanisms such as bargaining protocols, international institutions, or norms that can enable countries to settle disputes in the absence of binding contracts. In particular, we are interested in the existence of mechanisms with zero probability of war. Here, we focus on situations where the countries’ payoffs to war are interdependent or correlated and where efficient settlements are not required but subsidies are unavailable. Most importantly, countries can choose to go to war at any time and can use information learned from the negotiation process in making this choice. We characterize the conditions under which no peaceful mechanisms exist and discuss how weakening our war consistency condition can change this result. We thank Massimo Morelli, Adam Meirowitz, Hein Goemans and two anonymous reviewers for helpful advice and comments and John Duggan and Dan Bernhardt for encouraging this direction of inquiry.     

Subprime Loan Default Resolutions: Do They Vary Across Mortgage Products and Borrower Demographic Groups?

This paper examines default outcomes for subprime first lien loans during the recent subprime mortgage boom. It conducts this investigation in two phases. The paper first examines factors associated with pre-foreclosure outcomes for subprime mortgages in default. It then examines factors associated with different outcomes for loans that enter foreclosure. These factors include less understood elements such as mortgage product features and borrower demographics. The analysis is based on detailed loan-level data and employs multinomial logit models in a hazard framework. Results show that default resolutions vary with product features and borrower demographics. Adjustable rate and interest-only mortgages, and loans with low- or no-documentation are more likely to enter foreclosure proceedings, and, once in foreclosure, are more likely to become REO. The existence of junior liens increases the probability of the loan remaining in default. Owner-occupancy is associated with lower likelihood of foreclosure initiation and REO, and greater likelihood of curing default. Additionally, default outcomes are impacted by local legal, economic and housing market conditions, and the equity in the home.     

Why don't Lenders renegotiate more home mortgages? Redefaults,self-cures and securitization

A leading explanation for the lack of widespread mortgage renegotiation is the existence of frictions in the mortgage securitization process. This paper finds similarly small renegotiation rates for securitized loans and loans held on banks' balance sheets that become seriously delinquent, in particular during the early part of the financial crisis. We argue that information issues endemic to home mortgages, where lenders negotiate with large numbers of borrowers, lead to barriers in renegotiation. Consistent with the theory, renegotiation rates are strongly negatively correlated with the degree of informational asymmetries between borrowers and lenders over the course of the crisis.     

How Online Product Reviews Affect Retail Sales: A Meta-analysis

A growing body of research has emerged on online product reviews and their ability to elicit performance outcomes desired by retailers; yet, a common understanding of the performance implications of online product reviews has eluded us. Scholars continue to navigate an array of studies assessing different design elements of online product reviews, and various research settings and data sources. We undertake a meta-analysis of 26 empirical studies yielding 443 sales elasticities to examine how these variables relate to retail sales. Building on well-established meta-analytical methods, we address the following questions: How does review valence influence the elasticity of retailer sales? What about review volume? For which product types and usage situations do online product reviews have a greater impact on retailer sales elasticity? Which types of online reviewers and websites exert the greatest influence on retailer sales elasticity? Our study answers these important questions and provides a much needed quantitative synthesis of this burgeoning stream of research.     

How website information decreases intangibility and influences donation

The purpose of this article is to understand how online marketing communications influence donors. This article postulates, in the online arena, by taking the intangible and making it real, definite, solid, or easily grasped, one can positively impact donation. The data were collected in a lab where respondents from a university in the southwest United States explored a well-known nonprofit website. Following the exploration, they responded to a series of survey questions. The findings show that a well-designed website decreases perceptions of intangibility and increases donation. For inexperienced donors, the affective aspects of the site are more influential in determining donation. Our study is one of the first to focus on how specific information on a nonprofit website may influence donation with regards to intangibility. Our work was limited by the use of students and hypothetical situations. By utilizing cognitively and affectively laden website characteristics effectively, nonprofits can influence decision making and subsequent donation through organizational perceptions of intangibility.