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Publications

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  • 2007
  • Working Paper

Correlated Equilibrium and Nash Equilibrium as an Observer's Assessment of the Game

By: John Hillas, Elon Kohlberg and John W. Pratt
Noncooperative games are examined from the point of view of an outside observer who believes that the players are rational and that they know at least as much as the observer. The observer is assumed to be able to observe many instances of the play of the game; these... View Details
Keywords: Decision Choices and Conditions; Game Theory; Cooperation
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  • 2010
  • Working Paper

Cognitive Barriers to Environmental Action: Problems and Solutions

By: Lisa L. Shu and Max Bazerman
We explore interventions at the individual level and focus on recognized cognitive barriers from behavioral decision-making literature. In particular, we highlight three cognitive barriers that impede sound individual decision making that have particular relevance to... View Details
Keywords: Decision Choices and Conditions; Judgments; Consumer Behavior; Environmental Sustainability; Cognition and Thinking; Prejudice and Bias
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  • 2008
  • Working Paper

Nameless + Harmless = Blameless: When Seemingly Irrelevant Factors Influence Judgment of (Un)ethical Behavior

By: Francesca Gino, Lisa L. Shu and Max H. Bazerman
People often make judgments about the ethicality of others' behaviors and then decide how harshly to punish such behaviors. When they make these judgments and decisions, sometimes the victims of the unethical behavior are identifiable, and sometimes they are not. In... View Details
Keywords: Decision Choices and Conditions; Judgments; Ethics; Law; Behavior; Cognition and Thinking; Prejudice and Bias
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  • Article

Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts

By: Ethan Mollick and Ramana Nanda
In fields as diverse as technology entrepreneurship and the arts, crowds of interested stakeholders are increasingly responsible for deciding which innovations to fund, a privilege that was previously reserved for a few experts, such as venture capitalists and... View Details
Keywords: Crowdfunding; Arts; Decision Choices and Conditions; Entrepreneurship; Investment; Fine Arts Industry; Technology Industry
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  • 26 Feb 2008
  • First Look

First Look: February 26, 2008

Environmental Policy Making and Implementation Author:Alnoor S. Ebrahim Abstract This paper explores how "learning" occurs in the context of environmental policy formulation and implementation. Rather than viewing policy learning as a View Details
Keywords: Martha Lagace
  • 05 Apr 2011
  • First Look

First Look: April 5

Limits to Network Effects Authors:Hann Hałaburda and Mikołaj Jan Piskorski Abstract We model conditions under which agents in two-sided matching markets rationally prefer a platform restricting choice rather... View Details
Keywords: Sean Silverthorne
  • Summer 2014
  • Article

When Does a Platform Create Value by Limiting Choice?

By: Ramon Casadesus-Masanell and Hanna Halaburda
We present a theory for why it might be rational for a platform to limit the number of applications available on it. Our model is based on the observation that even if users prefer application variety, applications often also exhibit direct network effects. When there... View Details
Keywords: Platform Governance; Direct Network Effects; Indirect Network Effects; Complements; Tragedy Of The Commons; Equilibrium Selection; Coordination; Foresight; Strategy; Value Creation; Digital Platforms; Balance and Stability; Decision Choices and Conditions; Consumer Behavior; Applications and Software; Network Effects
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  • 2015
  • Working Paper

Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts

By: Ethan Mollick and Ramana Nanda
In fields as diverse as technology entrepreneurship and the arts, crowds of interested stakeholders are increasingly responsible for deciding which innovations to fund, a privilege that was previously reserved for a few experts, such as venture capitalists and... View Details
Keywords: Arts; Decision Choices and Conditions; Philanthropy and Charitable Giving
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  • 12 Oct 2011
  • First Look

First Look: October 12

generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach studies the... View Details
Keywords: Sean Silverthorne
  • 20 Nov 2012
  • First Look

First Look: November 20

quantitative insight on the link between a firm's business model choices and their ultimate profit consequences. We apply the method to Walmart. Using evidence from annual reports, research papers, case studies, and books for the period... View Details
Keywords: Sean Silverthorne
  • 25 May 2010
  • First Look

First Look: May 25

attempting the transformation required to embrace a new, dominant technology—the choice to maintain focus on the old technology. In considering this choice we distinguish between "racing"... View Details
Keywords: Martha Lagace
  • Web

Behavioral Finance & Financial Stability

about how market participants form expectations? The authors study the rationality of individual and consensus forecasts of macroeconomic and financial variables. They use a diagnostic expectations version of a dispersed information... View Details
  • Web

Photography and Print Advertising - The High Art of Photographic Advertising - Baker Library | Bloomberg Center

the vast array of manufactured goods. As Elspeth Brown notes in The Corporate Eye: Photography and the Rationalization of American Commercial Culture 1884–1929 (Johns Hopkins University Press, 2005), at that time “the influence of applied... View Details
  • 06 Jun 2011
  • Research & Ideas

Why Leaders Lose Their Way

nothing wrong, or they rationalize that their deviations are acceptable to achieve a greater good. During the financial crisis, Lehman CEO Richard Fuld refused to recognize that Lehman was undercapitalized. His denial turned balance sheet... View Details
Keywords: by Bill George
  • 25 Aug 2015
  • First Look

First Look Tuesday

Administration (FDA) and explore how this affects an operational decision-production tool choice-of interventional cardiologists deciding between two types of cardiac stents. Analyzing 147,000 choices over 6 years, we find that... View Details
  • 04 Sep 2001
  • Research & Ideas

Is Government Just Stupid? How Bad Decisions Are Made

react to each politician's promises: If elected, I will do everything possible to ensure that all Americans will be treated by the doctor of their choice and receive as much medical attention as they require. If elected, I will do... View Details
Keywords: by Max H. Bazerman, Jonathan Baron & Katherine Shonk
  • 16 Jul 2007
  • Research & Ideas

Understanding the ‘Want’ vs. ’Should’ Decision

"multiple selves" metaphor resonates with many people because most of us regularly struggle with choices between 2 options, one of which we know we should choose because it would be virtuous to do so and one of which we want to... View Details
Keywords: by Sarah Jane Gilbert; Retail; Entertainment & Recreation
  • Web

Technology & Innovation - Faculty & Research

surge in innovation and exports in REE-intensive downstream sectors outside of China. To rationalize these findings and quantify the global impact of the adverse REE supply shock, we develop a quantitative general equilibrium model of... View Details
  • 17 May 2011
  • First Look

First Look: May 17

self-interest in the intentions of others, as contrasted with rational behavior. We also discuss the antecedents and consequences of these naïve and cynical errors, as well as some potential strategies to buffer against their effects and... View Details
Keywords: Sean Silverthorne
  • 19 Jul 2017
  • Research & Ideas

Why Government 'Nudges' Motivate Good Citizen Behavior

fast and intuitive, while System 2 decision-making is slow and deliberative. As much as we might want to believe we are thoughtful, rational creatures, the truth is that humans spend most of their time in System 1 thinking. “Most of what... View Details
Keywords: by Michael Blanding