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SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
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Expectancy-Value Models of Attitude: A Test of Three Alternatives
Based on a theory of cognitive structure, a conditional probability model of expectancy-value attitudes was compared to two traditional operationalizations using moral (i.e., good bad) and affective (1.e., pleasant unpleasant) evaluations,…
Global Competition and Exchange Rate Exposure
In recent years international trade and international factors such as foreign currency exchange rates have grown in importance in firm-level decisions. The purpose of this paper is to analyze the primary economic factors which determine the way…
Hierarchies of Beliefs and Common Knowledge
A type of an individual is an infinite hierarchy of beliefs—over some state space S, over other individuals’ beliefs over S, and so on. We show that a coherent type determines a belief over S and other individuals’ types, and that common…
Information in Financial Markets: The Rational Expectations Approach
Abstract not available.
Market Growth, Economies of Scale, and Capacity Expansion in the Chemical Processing Industries
What factors determine the size of new industrial plants? This study uses data on 23 chemical products to test alternative models of capacity expansion, including: (1) the Manne model, which yields a constant cycle time between plant construction…
A Model of Balanced Choice Behavior
In some product categories, consumers appear to alternate among items in a consistent and purposeful, though not entirely deterministic, fashion. Such alternation occurs even in the absence of any apparent external influence on choice. We…
Modeling Competitive Infringement on Brand Name
When a brand promotes or cuts its price, the competitive effects on other brands within the product category may differ widely in magnitude. However, many brand choice models are not equipped to deal with differential or asymmetric competitive…
Modeling Organizational Slack: An Empirical Investigation
Organizational slack is a variable frequently used in organization studies to predict such organizational processes as search behavior, innovation, goal conflict, political behavior, and risk taking. However, it has remained a fairly ambiguous…
A Monopolistic Market for Information
We analyze a model where traders buy information from a monopolistic seller, which is subsequently used in a speculative market. In order to overcome the dilution in the value of information due to its leakage through informative prices, the…
Multiperiod Security Markets With Differential Information: Martingales and Resolution Times
Abstract not available.
Mutual Fund Performance Evaluation: A Comparison of Benchmarks and Benchmark Comparisons
Abstract not available.
On the Distributional Conditions for A Consumption Oriented Three Moment CAPM
In this paper we develop sufficient conditions on probability distributions for a three moment (mean, variance, skewness) consumption oriented capital asset pricing model (CAPM) to price correctly a subset of assets. The assumptions that…
On the Measurement of Operating Exposure to Exchange Rates: A Conceptual Approach
Abstract not available.
Patents, Learning by Doing, and Market Structure in the Chemical Processing Industries
This paper analyzes propensity to patent and the effect of patented process innovations on output prices for a sample of 24 chemical products. Econometric count data models (Poisson and negative binomial) are used given the discrete nature of the…
Predictors of Business Success Over Two Decades: An MBA Longitudinal Study
Measurements collected on Stanford MBA students while they were working on their MBAs are used to predict management success through 20 years of their careers. Management success was operationalized as compensation which was measured at the…
Price Competition vs. Quantity Competition: The Role of Uncertainty
We analyze the Nash equilibria of a one-stage game in which the nature of the strategic variables (prices or quantities) is determined endogenously. Duopolists producing differentiated products simultaneously choose either a quantity to produce…
Price Operators: Extensions, Potentials, and the Markov Valuation of Securities
This paper provides properties of price operators, functions that map the payoff of a contingent claim to its market value as a function of the state of the economy. The principal objective is the construction of a Markov process under which the…
Price and Advertising Signals of Product Quality
We present a signaling model, based on ideas of Phillip Nelson, in which both the introductory price and the level of directly “uninformative” advertising or other dissipative marketing expenditures are choice variables and may be used as…