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A major characteristic of insurance markets is information asymmetry that may lead to phenomena such as adverse selection and moral hazard. Another aspect of markets with asymmetric information is self-selection, which refers to the pattern of choices that individuals with different personal characteristics make when facing a menu of contracts or options. To combat problems of asymmetric information, insurance firms can use screening. That is, they can offer the clients a menu of choices and infer their characteristics from their choices.This article reports the results of several studies that examined the degree to which people behave according to the notions of self-selection and screening. Subjects played the role of either insurance buyers or sellers. The results of these studies provide partial support for the hypothesis that subjects use self-selection and screening in insurance markets. Our study also points at the importance of learning in experimental studies. In one-stage experiments where subjects did not get feedback, screening was not detected. When multistage experiments were conducted, and the subjects learned from experience and were also taught the relevant theories, their decisions were more aligned with screening. 相似文献
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Jan Youtie Diana Hicks Philip Shapira Travis Horsley 《Technology Analysis & Strategic Management》2013,25(10):981-995
This paper presents results from a pilot study of small and medium-sized enterprises (SMEs) based on a web-scraping and content analysis of current and archived nanotechnology enterprise websites. We use this approach to explore nanotechnology SMEs transitions from discovery to commercialisation and understand how transitions vary by SME characteristics, technology and market sectors. Our findings suggest that although the idealised linear innovation model is present, important instances of divergence exist. Cluster analysis uncovered sectoral differences but even more distinctions based on the age, funding source, and research intensity. 相似文献
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Research summary : This study draws on the resource‐based view and the behavioral theory of the firm to gain new insights about the effect of performance relative to aspiration level (i.e., performance feedback) on the decision to enter new markets. Results show an inverted U‐shaped relationship between performance both below and above aspiration level, and the probability of firms to enter new markets. That is, when firms are well below or well above their aspiration level, they significantly change their behavior. This article develops a theoretical framework to clarify and organize these findings. Managerial summary : This study examines the effect of performance feedback, and particularly, large discrepancies between firm performance and aspiration level on the decision to enter new markets. It provides support to the role of performance feedback in affecting the decision to enter new markets, a factor that has received relatively little attention in the extensive literature that has examined the inducements of such moves. Results show that, as performance falls below or rises above aspiration, a firm's probability of entering new markets increases up to a certain point after which this relationship decreases. This shows that the tendency to enter new markets is different for firms that are in the neighborhood of aspiration level compared to those that are well below or above it. Copyright © 2016 John Wiley & Sons, Ltd. 相似文献
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Songfa Zhong Idan Shalev David Koh Richard P. Ebstein Soo Hong Chew 《International Economic Review》2018,59(3):1263-1281
This study explores the relationship between competitiveness and stress. In Experiment 1, we observe a higher response of cortisol—the primary stress hormone—to the computation task coupled with tournament than to the computation task with piece rate. Moreover, more competitive subjects exhibit higher stress responses than their less competitive counterparts in the computation tasks under both tournament and piece rate. In Experiment 2, we find that exogenously induced stress does not significantly affect competitiveness. Overall, our findings reveal an important trade‐off between tournament and piece rate in terms of stress response with implications on the design of incentive contracts. 相似文献
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This paper examines how beliefs about own HIV status affect decisions to engage in risky sexual behavior, as measured by having extramarital sex and/or multiple sex partners. The empirical analysis is based on a panel survey of males from the 2006 and 2008 rounds of the Malawi Diffusion and Ideational Change Project (MDICP). The paper develops a behavioral model of the belief‐risky behavior relationship and estimates the causal effect of beliefs on risky behavior using the Arellano and Carrasco (2003) semiparametric panel data estimator, which accommodates both unobserved heterogeneity and belief endogeneity arising from a possible dependence of current beliefs on past risky behavior. Results show that downward revisions in the belief assigned to being HIV positive increase risky behavior and upward revisions decrease it. For example, based on a linear specification, a decrease in the perceived probability of being HIV positive from 10 to 0 percentage points increases the probability of engaging in risky behavior (extramarital affairs) from 8.3 to 14.1 percentage points. We also develop and implement a modified version of the Arellano and Carrasco (2003) estimator to allow for misreporting of risky behavior and find estimates to be robust to a range of plausible misreporting levels. © 2013 The Authors. Journal of Applied Econometrics published by John Wiley & Sons, Ltd. 相似文献
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This paper compares the trading patterns of amateur and professional investors during the days following the weekend. The comparison is based on all the daily transactions of a large sample of both amateurs and professionally managed investors in a major brokerage house in Israel from 1994 to 1998. We find that weekends influence both amateurs and professional investors; however they affect them in opposite directions. Individuals increase both their buy and sell activities, and their propensity to sell rises more than their propensity to buy. Professionals on the other hand tend to perform fewer buy as well as sell trades after the weekend, but unlike individuals, the drop in their activity is almost the same for buy trades and for sell trades. 相似文献
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Yael Ilan Lecturer Zur Shapira Senior Lecturer 《Technological Forecasting and Social Change》1986,29(2):183-194
The introduction of computer technology to many activities of society in recent years is due to a large extent to the microcomputer (MC). On the one hand, the low cost of MCs and the fact that they entail a significant degree of independence from management information systems departments would predict their rapid spread in business organizations. On the other hand, such a diffusion may be delayed because of people's resistance to the use of a new technology, especially if they do not feel comfortable with it. The current study examines the adoption of MCs in a large high-technology corporation. The response of the organization to the microcomputer innovation was described by determining in a “diffusion” function to fit the data on the purchasing of MCs. A two-stage was conducted to sample the users' attitudes toward the MCs and its impact on their their job and their effectiveness. The results indicate that there was no significant effect on users' jobs or on the allocation of their time to different activities. Yet the overall response to the MC was very positive. This positive attitude was directly related to users' perceptions of changes in decision-making processes and in the power structure of their units due to the introduction of the MCs. The implications of these findings to the process of adopting MCs are discussed. 相似文献
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This paper investigates the effect of compensation of corporate personnel on their investment in new technologies. We focus on a specific corporate activity, namely corporate venture capital (CVC), describing minority equity investment by established‐firms in entrepreneurial ventures. The setting offers an opportunity to compare corporate investors to investment experts, the independent venture capitalists (IVCs). On average, we observe a performance gap between corporate investors and their independent counterparts. Interestingly, the performance gap is sensitive to CVCs' compensation scheme: it is the largest when CVC personnel are awarded performance pay. Not only do we study the association between incentives and performance but we also document a direct relationship between incentives and the actions managers undertake. For example, we observe disparity between the number of participants in venture capital syndicates that involve a corporate investor, and those that consist solely of IVCs. The disparity shrinks substantially, however, for a subset of CVCs that compensate their personnel using performance pay. We find a parallel pattern when analyzing the relationship between compensation and another investment practice, staging of investment. To conclude, the paper investigates the three elements of the principal‐agent framework, thus providing direct evidence that compensation schemes (incentives) shape investment practices (managerial action), and ultimately investors' outcome (performance). Copyright © 2010 John Wiley & Sons, Ltd. 相似文献