Dépouillements

Tournaments without prizes / Jordi Blanes I Vidal in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1721-1736 Titre : Tournaments without prizes : Evidence from personnel records Type de document : texte imprimé Auteurs : Jordi Blanes I Vidal, Auteur ; Mareike Nossol, Auteur Année de publication : 2012 Article en page(s) : pp. 1721-1736 Note générale : Management Langues : Anglais (eng) Mots-clés : Tournaments  Relative  concerns  Status  concerns  Relative  performance  feedback  Relative  performance  evaluation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use a quasi-experimental research design to study the effect of giving workers feedback on their relative performance. The setting is a firm in which workers are paid piece rates and where, for exogenous reasons, management begins to reveal to workers their relative position in the distribution of pay and productivity. We find that merely providing this information leads to a large and long-lasting increase in productivity that is costless to the firm. Our findings are consistent with the interpretation that workers' incipient concerns about their relative standing are activated by information about how they are performing relative to others. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1721.abstract [article] Tournaments without prizes : Evidence from personnel records [texte imprimé] / Jordi Blanes I Vidal, Auteur ; Mareike Nossol, Auteur . - 2012 . - pp. 1721-1736. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1721-1736 Mots-clés : Tournaments  Relative  concerns  Status  concerns  Relative  performance  feedback  Relative  performance  evaluation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use a quasi-experimental research design to study the effect of giving workers feedback on their relative performance. The setting is a firm in which workers are paid piece rates and where, for exogenous reasons, management begins to reveal to workers their relative position in the distribution of pay and productivity. We find that merely providing this information leads to a large and long-lasting increase in productivity that is costless to the firm. Our findings are consistent with the interpretation that workers' incipient concerns about their relative standing are activated by information about how they are performing relative to others. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1721.abstract

Selling to strategic consumers when product value is uncertain / Robert Swinney in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1737-1751 Titre : Selling to strategic consumers when product value is uncertain : The value of matching supply and demand Type de document : texte imprimé Auteurs : Robert Swinney, Auteur Année de publication : 2012 Article en page(s) : pp. 1737-1751 Note générale : Management Langues : Anglais (eng) Mots-clés : Strategic  consumer  behavior  Quick  response  Consumer  learning  Pricing  Demand  uncertainty Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We address the value of quick response production practices when selling to a forward-looking consumer population with uncertain, heterogeneous valuations for a product. Consumers have the option of purchasing the product early, before its value has been learned, or delaying the purchase decision until a time at which valuation uncertainty has been resolved. Whereas individual consumer valuations are uncertain ex ante, the market size is uncertain to the firm. The firm may either commit to a single production run at a low unit cost prior to learning demand, or commit to a quick response strategy that allows additional production after learning additional demand information. We find that the value of quick response is generally lower with strategic (forward-looking) customers than with nonstrategic (myopic) customers in this setting. Indeed, it is possible for a quick response strategy to decrease the profit of the firm, though whether this occurs depends on various characteristics of the market; specifically, we identify conditions under which quick response increases profit (when prices are increasing, when dissatisfied consumers can return the product at a cost to the firm) and conditions under which quick response may decrease profit (when prices are constant or when consumer returns are not allowed). DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1737.abstract [article] Selling to strategic consumers when product value is uncertain : The value of matching supply and demand [texte imprimé] / Robert Swinney, Auteur . - 2012 . - pp. 1737-1751. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1737-1751 Mots-clés : Strategic  consumer  behavior  Quick  response  Consumer  learning  Pricing  Demand  uncertainty Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We address the value of quick response production practices when selling to a forward-looking consumer population with uncertain, heterogeneous valuations for a product. Consumers have the option of purchasing the product early, before its value has been learned, or delaying the purchase decision until a time at which valuation uncertainty has been resolved. Whereas individual consumer valuations are uncertain ex ante, the market size is uncertain to the firm. The firm may either commit to a single production run at a low unit cost prior to learning demand, or commit to a quick response strategy that allows additional production after learning additional demand information. We find that the value of quick response is generally lower with strategic (forward-looking) customers than with nonstrategic (myopic) customers in this setting. Indeed, it is possible for a quick response strategy to decrease the profit of the firm, though whether this occurs depends on various characteristics of the market; specifically, we identify conditions under which quick response increases profit (when prices are increasing, when dissatisfied consumers can return the product at a cost to the firm) and conditions under which quick response may decrease profit (when prices are constant or when consumer returns are not allowed). DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1737.abstract

Dynamic portfolio optimization with transaction costs / Brown, David B. in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1752-1770 Titre : Dynamic portfolio optimization with transaction costs : Heuristics and dual bounds Type de document : texte imprimé Auteurs : Brown, David B., Auteur ; James E. Smith, Auteur Année de publication : 2012 Article en page(s) : pp. 1752-1770 Note générale : Management Langues : Anglais (eng) Mots-clés : Dynamic  programming  Portfolio  optimization Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We consider the problem of dynamic portfolio optimization in a discrete-time, finite-horizon setting. Our general model considers risk aversion, portfolio constraints (e.g., no short positions), return predictability, and transaction costs. This problem is naturally formulated as a stochastic dynamic program. Unfortunately, with nonzero transaction costs, the dimension of the state space is at least as large as the number of assets, and the problem is very difficult to solve with more than one or two assets. In this paper, we consider several easy-to-compute heuristic trading strategies that are based on optimizing simpler models. We complement these heuristics with upper bounds on the performance with an optimal trading strategy. These bounds are based on the dual approach developed in Brown et al. (Brown, D. B., J. E. Smith, P. Sun. 2009. Information relaxations and duality in stochastic dynamic programs. Oper. Res. 58(4) 785–801). In this context, these bounds are given by considering an investor who has access to perfect information about future returns but is penalized for using this advance information. These heuristic strategies and bounds can be evaluated using Monte Carlo simulation. We evaluate these heuristics and bounds in numerical experiments with a risk-free asset and 3 or 10 risky assets. In many cases, the performance of the heuristic strategy is very close to the upper bound, indicating that the heuristic strategies are very nearly optimal. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1752.abstract [article] Dynamic portfolio optimization with transaction costs : Heuristics and dual bounds [texte imprimé] / Brown, David B., Auteur ; James E. Smith, Auteur . - 2012 . - pp. 1752-1770. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1752-1770 Mots-clés : Dynamic  programming  Portfolio  optimization Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We consider the problem of dynamic portfolio optimization in a discrete-time, finite-horizon setting. Our general model considers risk aversion, portfolio constraints (e.g., no short positions), return predictability, and transaction costs. This problem is naturally formulated as a stochastic dynamic program. Unfortunately, with nonzero transaction costs, the dimension of the state space is at least as large as the number of assets, and the problem is very difficult to solve with more than one or two assets. In this paper, we consider several easy-to-compute heuristic trading strategies that are based on optimizing simpler models. We complement these heuristics with upper bounds on the performance with an optimal trading strategy. These bounds are based on the dual approach developed in Brown et al. (Brown, D. B., J. E. Smith, P. Sun. 2009. Information relaxations and duality in stochastic dynamic programs. Oper. Res. 58(4) 785–801). In this context, these bounds are given by considering an investor who has access to perfect information about future returns but is penalized for using this advance information. These heuristic strategies and bounds can be evaluated using Monte Carlo simulation. We evaluate these heuristics and bounds in numerical experiments with a risk-free asset and 3 or 10 risky assets. In many cases, the performance of the heuristic strategy is very close to the upper bound, indicating that the heuristic strategies are very nearly optimal. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1752.abstract

Integrating long-term and short-term contracting in beef supply chains / Onur Boyabatlı in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1771-1787 Titre : Integrating long-term and short-term contracting in beef supply chains Type de document : texte imprimé Auteurs : Onur Boyabatlı, Auteur ; Paul R. Kleindorfer, Auteur ; Stephen R. Koontz, Auteur Année de publication : 2012 Article en page(s) : pp. 1771-1787 Note générale : Management Langues : Anglais (eng) Mots-clés : Contracting  Beef  supply  chain  Commodity  risk  management  Multiproduct  newsvendor  Window  contracts Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper analyzes the optimal procurement, processing, and production decisions of a meat-processing company (hereafter, a “packer”) in a beef supply chain. The packer processes fed cattle to produce two beef products, program (premium) boxed beef and commodity boxed beef, in fixed proportions, but with downward substitution of the premium product for the commodity product. The packer can source input (fed cattle) from a contract market, where long-term contracts are signed in advance of the required delivery time, and from a spot market on the spot day. Contract prices are taken to be of a general window form, linear in the spot price but capped by upper and lower limits on realized contract price. Our analysis provides managerial insights on the interaction of window contract terms with processing options. We show that the packer benefits from a low correlation between the spot price and product market uncertainties, and this is independent of the form of the window contract. Although the expected revenues from processing increase in spot price variability, the overall impact on profitability depends on the parameters of the window contract. Using a calibration based on the report by the GIPSA (Grain Inspection, Packers and Stockyards Administration. 2007. GIPSA livestock and meat marketing study, vol. 3: Fed cattle and beef industries. Report, U.S. Department of Agriculture, Washington, DC), this paper elucidates for the first time the value of long-term contracting as a complement to spot sourcing in the beef supply chain. Our comparative statics results provide some rules of thumb for the packer for the strategic management of the procurement portfolio. In particular, we show that higher variability (higher spot price variability, product market variability, and correlation) increases the profits of the packer, but decreases the reliance on the contract market relative to the spot market. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1771.abstract [article] Integrating long-term and short-term contracting in beef supply chains [texte imprimé] / Onur Boyabatlı, Auteur ; Paul R. Kleindorfer, Auteur ; Stephen R. Koontz, Auteur . - 2012 . - pp. 1771-1787. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1771-1787 Mots-clés : Contracting  Beef  supply  chain  Commodity  risk  management  Multiproduct  newsvendor  Window  contracts Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper analyzes the optimal procurement, processing, and production decisions of a meat-processing company (hereafter, a “packer”) in a beef supply chain. The packer processes fed cattle to produce two beef products, program (premium) boxed beef and commodity boxed beef, in fixed proportions, but with downward substitution of the premium product for the commodity product. The packer can source input (fed cattle) from a contract market, where long-term contracts are signed in advance of the required delivery time, and from a spot market on the spot day. Contract prices are taken to be of a general window form, linear in the spot price but capped by upper and lower limits on realized contract price. Our analysis provides managerial insights on the interaction of window contract terms with processing options. We show that the packer benefits from a low correlation between the spot price and product market uncertainties, and this is independent of the form of the window contract. Although the expected revenues from processing increase in spot price variability, the overall impact on profitability depends on the parameters of the window contract. Using a calibration based on the report by the GIPSA (Grain Inspection, Packers and Stockyards Administration. 2007. GIPSA livestock and meat marketing study, vol. 3: Fed cattle and beef industries. Report, U.S. Department of Agriculture, Washington, DC), this paper elucidates for the first time the value of long-term contracting as a complement to spot sourcing in the beef supply chain. Our comparative statics results provide some rules of thumb for the packer for the strategic management of the procurement portfolio. In particular, we show that higher variability (higher spot price variability, product market variability, and correlation) increases the profits of the packer, but decreases the reliance on the contract market relative to the spot market. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1771.abstract

Exogenous learning, seller-induced learning, and marketing of durable goods / Bing Jing in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1788-1801 Titre : Exogenous learning, seller-induced learning, and marketing of durable goods Type de document : texte imprimé Auteurs : Bing Jing, Auteur Année de publication : 2012 Article en page(s) : pp. 1788-1801 Note générale : Management Langues : Anglais (eng) Mots-clés : Durable  goods  Experience  goods  Customer  learning  Dynamic  pricing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : When learning of product characteristics takes some time, a firm introducing a new durable faces the trade-off between releasing early to an uninformed market and deferring release to a better-informed market. In a two-period monopoly, we examine the strategic interaction between exogenous learning (EL) and seller-induced learning (SIL) and the firm's product release and pricing strategies. The familiar, direct effect of strong learning is to facilitate a higher price for informed customers. We point out its indirect effect of inducing a higher period 1 price for uninformed customers (by lowering their expected utility from learning). These two effects underlie three major results. First, a strong learning intensity does not always imply deferred release. Surprisingly, for medium unit costs, the firm releases late (early) when learning intensity is weak (strong). Second, SIL facilitates different product release strategies, depending on the unit cost level. Potential SIL investment facilitates early release for low or medium unit costs, but may facilitate deferred release for high unit costs. Lastly, when customers have heterogeneous prior valuation, the high-end customers may buy early at a lower price and the low-end customers may buy later at a higher price, contrary to the usual skim pricing with informed customers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1788.abstract [article] Exogenous learning, seller-induced learning, and marketing of durable goods [texte imprimé] / Bing Jing, Auteur . - 2012 . - pp. 1788-1801. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1788-1801 Mots-clés : Durable  goods  Experience  goods  Customer  learning  Dynamic  pricing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : When learning of product characteristics takes some time, a firm introducing a new durable faces the trade-off between releasing early to an uninformed market and deferring release to a better-informed market. In a two-period monopoly, we examine the strategic interaction between exogenous learning (EL) and seller-induced learning (SIL) and the firm's product release and pricing strategies. The familiar, direct effect of strong learning is to facilitate a higher price for informed customers. We point out its indirect effect of inducing a higher period 1 price for uninformed customers (by lowering their expected utility from learning). These two effects underlie three major results. First, a strong learning intensity does not always imply deferred release. Surprisingly, for medium unit costs, the firm releases late (early) when learning intensity is weak (strong). Second, SIL facilitates different product release strategies, depending on the unit cost level. Potential SIL investment facilitates early release for low or medium unit costs, but may facilitate deferred release for high unit costs. Lastly, when customers have heterogeneous prior valuation, the high-end customers may buy early at a lower price and the low-end customers may buy later at a higher price, contrary to the usual skim pricing with informed customers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1788.abstract

New product diffusion decisions under supply constraints / Wenjing Shen in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1802-1810 Titre : New product diffusion decisions under supply constraints Type de document : texte imprimé Auteurs : Wenjing Shen, Auteur ; Izak Duenyas, Auteur ; Roman Kapuscinski, Auteur Année de publication : 2012 Article en page(s) : pp. 1802-1810 Note générale : Management Langues : Anglais (eng) Mots-clés : Inventory  production  Policies  Pricing  Production  smoothing  Capacity  Bass  model  Diffusion Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Two recent papers on managing new product diffusion decisions under production constraints reach somewhat contradictory conclusions. Ho et al. (Ho, T.-H., S. Savin, C. Terwiesch. 2002. Managing demand and sales dynamics in new product diffusion under supply constraint. Management Sci. 48(2) 187–206) show that it is never optimal to refuse to satisfy any customers when the firm has inventory of the product. On the other hand, in a very similar model, Kumar and Swaminathan (Kumar, S., J. M. Swaminathan. 2003. Diffusion of innovations under supply constraints. Oper. Res. 51(6) 866–879) show that production constraints may in fact lead a firm to reject customers' orders even when the firm has the inventory to satisfy them (to slow down new product diffusion). We provide a counterexample to the results of Ho et al. (2002) and show that in their and Kumar and Swaminathan's (2003) models, it may be optimal to deny customers a product in inventory. We provide a generalization of both models that includes the ability to dynamically price the product (and also allows capacity and production costs to vary over time). We show that the unintuitive but optimal behavior of denying customers products that are in inventory disappears when the firm can dynamically set prices. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1802.abstract [article] New product diffusion decisions under supply constraints [texte imprimé] / Wenjing Shen, Auteur ; Izak Duenyas, Auteur ; Roman Kapuscinski, Auteur . - 2012 . - pp. 1802-1810. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1802-1810 Mots-clés : Inventory  production  Policies  Pricing  Production  smoothing  Capacity  Bass  model  Diffusion Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Two recent papers on managing new product diffusion decisions under production constraints reach somewhat contradictory conclusions. Ho et al. (Ho, T.-H., S. Savin, C. Terwiesch. 2002. Managing demand and sales dynamics in new product diffusion under supply constraint. Management Sci. 48(2) 187–206) show that it is never optimal to refuse to satisfy any customers when the firm has inventory of the product. On the other hand, in a very similar model, Kumar and Swaminathan (Kumar, S., J. M. Swaminathan. 2003. Diffusion of innovations under supply constraints. Oper. Res. 51(6) 866–879) show that production constraints may in fact lead a firm to reject customers' orders even when the firm has the inventory to satisfy them (to slow down new product diffusion). We provide a counterexample to the results of Ho et al. (2002) and show that in their and Kumar and Swaminathan's (2003) models, it may be optimal to deny customers a product in inventory. We provide a generalization of both models that includes the ability to dynamically price the product (and also allows capacity and production costs to vary over time). We show that the unintuitive but optimal behavior of denying customers products that are in inventory disappears when the firm can dynamically set prices. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1802.abstract

Note: a reply to “new product diffusion decisions under supply constraints” / Teck-Hua Ho in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1811-1812 Titre : Note: a reply to “new product diffusion decisions under supply constraints” Type de document : texte imprimé Auteurs : Teck-Hua Ho, Auteur ; Sergei Savin, Auteur ; Christian Terwiesch, Auteur Année de publication : 2012 Article en page(s) : pp. 1811-1812 Note générale : Management Langues : Anglais (eng) Mots-clés : Marketing–operation  interface  Bass  diffusion  model  Capacity  planning Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In our prior work on product diffusions in presence of a capacity constraint, we postulated that a firm operating in such an environment should always attempt to fulfill as much of the present demand as is possible with the capacity constraint. In other words, the firm would never have demand backlogged while accumulating inventory. In this note, we derive a sufficient condition for the optimality of such fulfillment policy. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1811.abstract [article] Note: a reply to “new product diffusion decisions under supply constraints” [texte imprimé] / Teck-Hua Ho, Auteur ; Sergei Savin, Auteur ; Christian Terwiesch, Auteur . - 2012 . - pp. 1811-1812. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1811-1812 Mots-clés : Marketing–operation  interface  Bass  diffusion  model  Capacity  planning Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In our prior work on product diffusions in presence of a capacity constraint, we postulated that a firm operating in such an environment should always attempt to fulfill as much of the present demand as is possible with the capacity constraint. In other words, the firm would never have demand backlogged while accumulating inventory. In this note, we derive a sufficient condition for the optimality of such fulfillment policy. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1811.abstract

The circulation of ideas in firms and markets / Thomas Hellmann in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1813-1826 Titre : The circulation of ideas in firms and markets Type de document : texte imprimé Auteurs : Thomas Hellmann, Auteur ; Enrico Perotti, Auteur Année de publication : 2012 Article en page(s) : pp. 1813-1826 Note générale : Management Langues : Anglais (eng) Mots-clés : Innovation  Market  for  ideas  Start-ups  Spin-offs Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper models the generation, circulation, and completion of new ideas, showing how markets and innovative firms complement each other in a symbiotic relationship. Novel ideas are initially incomplete and require further insight before yielding a valuable innovation. Finding the complementary piece requires ideas to circulate, which creates appropriation risks. Circulation of ideas in markets ensures efficient completion, but because ideas can be appropriated, market entrepreneurs underinvest in idea generation. Firms can establish boundaries that guarantee safe circulation of internal ideas, but because firms need to limit idea circulation, they may fail to achieve completion. Spin-offs allow firms to benefit from the market's strength at idea completion, whereas markets benefit from firms' strength at generating new ideas. The model predicts diverse organizational forms (internal ventures, spin-offs, and start-ups) coexisting and mutually reinforcing each other. The analysis provides new insights into the structure of innovation-driven clusters such as Silicon Valley. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1813.abstract [article] The circulation of ideas in firms and markets [texte imprimé] / Thomas Hellmann, Auteur ; Enrico Perotti, Auteur . - 2012 . - pp. 1813-1826. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1813-1826 Mots-clés : Innovation  Market  for  ideas  Start-ups  Spin-offs Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper models the generation, circulation, and completion of new ideas, showing how markets and innovative firms complement each other in a symbiotic relationship. Novel ideas are initially incomplete and require further insight before yielding a valuable innovation. Finding the complementary piece requires ideas to circulate, which creates appropriation risks. Circulation of ideas in markets ensures efficient completion, but because ideas can be appropriated, market entrepreneurs underinvest in idea generation. Firms can establish boundaries that guarantee safe circulation of internal ideas, but because firms need to limit idea circulation, they may fail to achieve completion. Spin-offs allow firms to benefit from the market's strength at idea completion, whereas markets benefit from firms' strength at generating new ideas. The model predicts diverse organizational forms (internal ventures, spin-offs, and start-ups) coexisting and mutually reinforcing each other. The analysis provides new insights into the structure of innovation-driven clusters such as Silicon Valley. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1813.abstract

Demand forecasting behavior / Mirko Kremer in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1827-1843 Titre : Demand forecasting behavior : System neglect and change detection Type de document : texte imprimé Auteurs : Mirko Kremer, Auteur ; Brent Moritz, Auteur ; Enno Siemsen, Auteur Année de publication : 2012 Article en page(s) : pp. 1827-1843 Note générale : Management Langues : Anglais (eng) Mots-clés : Forecasting  Behavioral  operations  System  neglect  Exponential  smoothing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We analyze how individuals make forecasts based on time-series data. Using a controlled laboratory experiment, we find that forecasting behavior systematically deviates from normative predictions: Forecasters overreact to forecast errors in relatively stable environments, but underreact to errors in relatively unstable environments. The performance loss that is due to such systematic judgment biases is larger in stable than in unstable environments. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1827.abstract [article] Demand forecasting behavior : System neglect and change detection [texte imprimé] / Mirko Kremer, Auteur ; Brent Moritz, Auteur ; Enno Siemsen, Auteur . - 2012 . - pp. 1827-1843. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1827-1843 Mots-clés : Forecasting  Behavioral  operations  System  neglect  Exponential  smoothing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We analyze how individuals make forecasts based on time-series data. Using a controlled laboratory experiment, we find that forecasting behavior systematically deviates from normative predictions: Forecasters overreact to forecast errors in relatively stable environments, but underreact to errors in relatively unstable environments. The performance loss that is due to such systematic judgment biases is larger in stable than in unstable environments. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1827.abstract

Cash-out or flameout! opportunity cost and entrepreneurial strategy / Ashish Arora in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1844-1860 Titre : Cash-out or flameout! opportunity cost and entrepreneurial strategy : Theory, and evidence from the information security industry Type de document : texte imprimé Auteurs : Ashish Arora, Auteur ; Anand Nandkumar, Auteur Année de publication : 2012 Article en page(s) : pp. 1844-1860 Note générale : Management Langues : Anglais (eng) Mots-clés : Entrepreneurship  Opportunity  costs  Performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : performance, we model both failure and cash-out (liquidity event) as conditioned by the same underlying process. High-opportunity-cost entrepreneurs prefer a shorter time to success, even if this also implies failing more quickly, whereas entrepreneurs with fewer outside alternatives will choose less aggressive strategies and, consequently, linger on longer. We formalize this intuition with a simple model. Using a novel data set of information security start-ups, we find that entrepreneurs with high opportunity costs are not only more likely to cash out more quickly but are also more likely to fail faster. Not only is survival a poor indicator of performance, but its use as one obscures the relationship between entrepreneurial characteristics, entrepreneurial strategies, and outcomes. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1844.abstract [article] Cash-out or flameout! opportunity cost and entrepreneurial strategy : Theory, and evidence from the information security industry [texte imprimé] / Ashish Arora, Auteur ; Anand Nandkumar, Auteur . - 2012 . - pp. 1844-1860. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1844-1860 Mots-clés : Entrepreneurship  Opportunity  costs  Performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : performance, we model both failure and cash-out (liquidity event) as conditioned by the same underlying process. High-opportunity-cost entrepreneurs prefer a shorter time to success, even if this also implies failing more quickly, whereas entrepreneurs with fewer outside alternatives will choose less aggressive strategies and, consequently, linger on longer. We formalize this intuition with a simple model. Using a novel data set of information security start-ups, we find that entrepreneurs with high opportunity costs are not only more likely to cash out more quickly but are also more likely to fail faster. Not only is survival a poor indicator of performance, but its use as one obscures the relationship between entrepreneurial characteristics, entrepreneurial strategies, and outcomes. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1844.abstract

Intellectual capital and financing decisions / Qiao Liu in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1861-1878 Titre : Intellectual capital and financing decisions : Evidence from the U.S. patent data Type de document : texte imprimé Auteurs : Qiao Liu, Auteur ; Kit Pong Wong, Auteur Année de publication : 2012 Article en page(s) : pp. 1861-1878 Note générale : Management Langues : Anglais (eng) Mots-clés : Capital  structure  Default  Intellectual  capital  Patent-based  metrics  R&D-based  metrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops a real options model to understand two distinct roles played by intellectual capital in corporate financing decisions. Whereas limiting a firm's debt capacity because of its low liquidation value, intellectual capital enhances a firm's debt capacity through its positive impact on earnings. Our model shows that the former dominates or is dominated by the latter, depending on whether the rate of dissipation of intellectual capital upon default is larger or smaller than a critical level, respectively. Using patent-based and research-and-development-based variables as proxies for intellectual capital, we find robust evidence that the relation between intellectual capital and leverage is positive. Specifically, a one-standard-deviation increase in the level of a firm's intellectual capital is associated with an increase of 6.6% to 21.1% in its market leverage. We further find this positive relation to be stronger for biotechnology firms. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1861.abstract [article] Intellectual capital and financing decisions : Evidence from the U.S. patent data [texte imprimé] / Qiao Liu, Auteur ; Kit Pong Wong, Auteur . - 2012 . - pp. 1861-1878. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1861-1878 Mots-clés : Capital  structure  Default  Intellectual  capital  Patent-based  metrics  R&D-based  metrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops a real options model to understand two distinct roles played by intellectual capital in corporate financing decisions. Whereas limiting a firm's debt capacity because of its low liquidation value, intellectual capital enhances a firm's debt capacity through its positive impact on earnings. Our model shows that the former dominates or is dominated by the latter, depending on whether the rate of dissipation of intellectual capital upon default is larger or smaller than a critical level, respectively. Using patent-based and research-and-development-based variables as proxies for intellectual capital, we find robust evidence that the relation between intellectual capital and leverage is positive. Specifically, a one-standard-deviation increase in the level of a firm's intellectual capital is associated with an increase of 6.6% to 21.1% in its market leverage. We further find this positive relation to be stronger for biotechnology firms. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1861.abstract

Experienced vs. described uncertainty / Mohammed Abdellaoui in Management science, Vol. 57 N° 10 (Octobre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1879-1895 Titre : Experienced vs. described uncertainty : Do we need two prospect theory specifications? Type de document : texte imprimé Auteurs : Mohammed Abdellaoui, Auteur ; Olivier L'Haridon, Auteur ; Corina Paraschiv, Auteur Année de publication : 2012 Article en page(s) : pp. 1879-1895 Note générale : Management Langues : Anglais (eng) Mots-clés : Experience-based  decisions  Description-based  decisions  Rare  events  Risk  Uncertainty  Prospect  theory  Utility  Loss  aversion  Decision  weights  Probability  weighting  Source  of  uncertainty  Ambiguity Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper reports on the results of an experimental elicitation at the individual level of all prospect theory components (i.e., utility, loss aversion, and weighting functions) in two decision contexts: situations where alternatives are described as probability distributions and situations where the decision maker must experience unknown probability distributions through sampling before choice. For description-based decisions, our results are fully consistent with prospect theory's empirical findings under risk. Furthermore, no significant differences are detected across contexts as regards utility and loss aversion. Whereas decision weights exhibit similar qualitative properties across contexts typically found under prospect theory, our data suggest that, for gains at least, the subjective treatment of uncertainty in experience-based and description-based decisions is significantly different. More specifically, we observe a less pronounced overweighting of small probabilities and a more pronounced underweighting of moderate and high probabilities for experience-based decisions. On the contrary, for losses, no significant differences were observed in the evaluation of prospects across contexts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1879.abstract [article] Experienced vs. described uncertainty : Do we need two prospect theory specifications? [texte imprimé] / Mohammed Abdellaoui, Auteur ; Olivier L'Haridon, Auteur ; Corina Paraschiv, Auteur . - 2012 . - pp. 1879-1895. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 10 (Octobre 2011) . - pp. 1879-1895 Mots-clés : Experience-based  decisions  Description-based  decisions  Rare  events  Risk  Uncertainty  Prospect  theory  Utility  Loss  aversion  Decision  weights  Probability  weighting  Source  of  uncertainty  Ambiguity Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper reports on the results of an experimental elicitation at the individual level of all prospect theory components (i.e., utility, loss aversion, and weighting functions) in two decision contexts: situations where alternatives are described as probability distributions and situations where the decision maker must experience unknown probability distributions through sampling before choice. For description-based decisions, our results are fully consistent with prospect theory's empirical findings under risk. Furthermore, no significant differences are detected across contexts as regards utility and loss aversion. Whereas decision weights exhibit similar qualitative properties across contexts typically found under prospect theory, our data suggest that, for gains at least, the subjective treatment of uncertainty in experience-based and description-based decisions is significantly different. More specifically, we observe a less pronounced overweighting of small probabilities and a more pronounced underweighting of moderate and high probabilities for experience-based decisions. On the contrary, for losses, no significant differences were observed in the evaluation of prospects across contexts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/10/1879.abstract

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