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  • 27 Feb 2007
  • First Look

First Look: February 27, 2007

from NBER Working Paper No. 6011, April 1997, Harvard Business School Working Paper No. 98-024, 1997) Abstract We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value-maximizing firms... View Details
Keywords: Martha Lagace
  • 25 Mar 2022
  • Blog Post

ClimateCAP 2022

electric energy of attendees wanting to make practical progress on the climate crisis. In terms of speakers, I was particularly excited to hear from both early stage entrepreneurs and investors in the climate-tech space such as Lowercarbon Capital, View Details
  • 09 Dec 2008
  • First Look

First Look: December 9, 2008

Correlated equilibrium (Aumann, 1974) generalizes Nash equilibrium to allow correlation devices. Aumann showed an example of a game, and of a correlated equilibrium in this... View Details
Keywords: Martha Lagace
  • 30 Sep 2008
  • First Look

First Look: September 30, 2008

agree with the voter. Substantial equilibrium turnout emerges with nontrivial voting costs and modest altruism. The model can explain higher turnout in close elections as well as votes for third-party candidates with no prospect of... View Details
Keywords: Martha Lagace
  • 11 Jun 2013
  • First Look

First Look: June 11

markets are closer (a better fit) to one firm than to the other, and that certain knowledge is more transferable across markets (less market specific). We then solve the model computationally and identify three equilibrium... View Details
Keywords: Carmen Nobel
  • Web

Bibliography - Option Pricing in Theory & Practice: The Nobel Prize Research of Robert C. Merton - Exhibits - Historical Collections

2 (spring 1965): 13-31. * Available at another Harvard University Library, check HOLLIS . The Formula Black, Fischer, and Myron S. Scholes. "Capital Market Equilibrium and the Pricing of Corporate Liabilities." Financial Note No. 16C... View Details
  • 25 Jul 2019
  • Blog Post

Advancing a More Sustainable World with an MBA/MPA-ID

commons where the equilibrium is not a stable one, and incentives to deviate are high for individual actors (profitability strikes again!). Consequently, a lot of the game theory we studied actually comes into action there. Moreover, the... View Details
  • 08 May 2007
  • First Look

First Look: May 8, 2007

Unlike the VCG mechanism, GSP generally does not have an equilibrium in dominant strategies, and truth-telling is not an equilibrium of GSP. To analyze the properties of GSP, we describe the generalized... View Details
Keywords: Martha Lagace
  • 24 Mar 2015
  • First Look

First Look: March 24

their funds on demand even if consumption takes place later. Capitalized institutions serving overoptimistic depositors emerge in equilibrium even if depositors and bank owners have identical preferences and investment opportunities.... View Details
Keywords: Sean Silverthorne
  • 30 Oct 2018
  • First Look

New Research and Ideas, October 30, 2018

attention of claimants and respondents. The model allows us to interpret our empirical facts in equilibrium and to quantify the effects of changes to the current arbitrator selection process on consumer outcomes. Competition between... View Details
Keywords: Dina Gerdeman
  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

individuals make decisions in an operations management setting when there is information asymmetry among the participants. Common equilibrium assumptions yield the least cost separating outcome as the unique equilibrium. In this... View Details
Keywords: Carmen Nobel
  • 08 Oct 2013
  • First Look

First Look: October 8

ad platform, and advertiser entry strategies are derived using symmetric Bayes-Nash equilibrium that lead to the VCG outcome of the ad auctions. Consistent with our model of participation costs, we find empirical evidence that... View Details
Keywords: Sean Silverthorne
  • 01 Jun 1997
  • News

Competition and Strategy Unit at HBS Sets Pace In Its Field

Yale's Barry J. Nalebuff), this theory is also the basis of the MBA elective Changing the Game that he currently teaches. A game theorist, Professor Elon Kohlberg is studying the foundations of the equilibrium concept in game theory,... View Details
Keywords: Susan Young
  • 11 Apr 2017
  • First Look

First Look at New Research, April 11

failure tolerance has an equilibrium price—in terms of an investor's required share of equity—that increases in the level of radical innovation. Financiers with investment strategies that tolerate early failure will endogenously choose to... View Details
  • 07 Oct 2015
  • What Do You Think?

What is the Best Immigration Model for the US?

equilibrium of poverty.” (As a side note, one problem with Galbraith’s argument is that “labor exports” often involve people with the best education and skills, producing a brain drain. The result could well be greater inequality among... View Details
Keywords: by James Heskett
  • 25 Aug 2009
  • First Look

First Look: August 25

in the process of making high profits. Even with few truly altruistic firms, an equilibrium may emerge where all firms pretend to be kind and refrain from charging "abusive" prices to their customers. Our main result is that, as... View Details
Keywords: Martha Lagace
  • 15 Aug 2006
  • First Look

First Look: August 15, 2006

joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model calibrated to a sample of emerging markets. We obtain that the optimal policy is not to hold reserves at all. This finding is... View Details
Keywords: Sean Silverthorne
  • 14 Feb 2017
  • First Look

First Look at New Research: February 14

methodological innovations to the marketing literature. First, we correct for endogeneity with regard to both store entry and mall sales to identify the causal effect of store entry on mall sales. Second, we address multiple equilibria by estimating View Details
Keywords: Sean Silverthorne
  • 29 Jun 2007
  • First Look

First Look: June 29, 2007

result of equilibrium product differentiation when some facts are nonverifiable. We use the model to address several questions, including the impact of competition on bias, the incentives to report unpopular news, and the impact of owner... View Details
Keywords: Martha Lagace
  • 02 May 2008
  • What Do You Think?

What is the Future of State Capitalism?

the success of currencies in markets in which they invest? Or, alternatively, will the situation take care of itself as a new equilibrium reoccurs when those managing huge pools of money and gigantic corporations succumb to inefficiencies... View Details
Keywords: by Jim Heskett