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This thesis is concerned with addressing operational issues in two types of dynamic markets where queueing plays an important role: limit order books (financial industry), and dynamic matching markets (residential real estate). We first study the smart order routing decisions of investors in fragmented limit order book markets and the implications on the market dynamics. In modern equity markets, participants have a choice of many exchanges at which to trade.
In this thesis, we study economics and operations of cloud computing, and we propose new matching methods in observational studies that enable us to estimate the effect of green building practices on market rents. In the first part, we study a stylized revenue maximization problem for a provider of cloud computing services, where the service provider (SP) operates an infinite capacity system in a market with heterogeneous customers with respect to their valuation and congestion sensitivity.
Sequential decision making problems are ubiquitous in a number of research areas such as operations research, finance, engineering and computer science. The main challenge with these problems comes from the fact that, firstly, there is uncertainty about the future. And secondly, decisions have to be made over a period of time, sequentially. These problems, in many cases, are modeled as Markov Decision Process (MDP). Most real-life MDPs are ‘high dimensional’ in nature making them challenging from a numerical point of view. We consider a number of such high dimensional MDPs.
This thesis studies three game theoretic models of pricing, in which a seller is interested in optimally pricing and allocating her product or service to a market of agents, in order to maximize her revenue. These markets feature a large number of self-interested agents, who are generally heterogeneous with respect to some payoff relevant feature, e.g., willingness to pay when agents are consumers or private cost when agents are firms.
Conventional wisdom and a wealth of research suggest that effective networks are an important key to career success. Yet, why do so many people struggle to build and maintain professional relationships? In this dissertation I argue that, rather than not knowing how to network, most people feel conflicted about the idea of networking. The present research applies a motivational framework to networking. Building on the idea of lay theories in motivational psychology, this dissertation investigates how lay theories of social intelligence influence networking engagement.
In this dissertation, I theoretically and empirically examine the psychological experience of middle-power, which occurs when someone frequently alternates between adopting behavioral strategies targeting higher-power and lower-power interaction partners. In Chapter 1, I update and extend the approach/inhibition theory of power (Keltner, Gruenfeld, & Anderson, 2003) by developing a novel theoretical framework related to the psychological experience of middle-power.
The entertainment industry is a highly competitive and risky business with only few successes. The ways in which we experience music, movies, games, books, and television in our lives have changed significantly in the past few decades, depending more on people's experiences. As these mainstream forms of entertainment are experience goods, it is hard to measure the value and fit of the product before trial. Thus, it is important for the entertainment industry to effectively engage and captivate the target audience by seizing their positions and by anticipating the consumer needs ahead of time.
Regulators have long disagreed whether regulation would reduce hedge funds’ financial misreporting. On the one hand, critics have stated that hedge funds are unlikely to misreport because their investors are highly sophisticated financial players who can detect and deter financial misconduct. On the other hand, recent changes in the composition of hedge funds’ investors have led many to question this argument.
This dissertation aims to investigate the asset pricing implications of the stock option's implied volatility term structure. We mainly focus on two directions: the volatility term structure of the market and the volatility term structure of individual stocks. The market volatility term structure, which is calculated from prices of index options with different expirations, reflects the market's expectation of future volatility of different horizons. So the market volatility term structure incorporates information that is not captured by the market volatility itself.
This dissertation centers on the role of adverse shocks to household balance sheets in understanding consumer default behavior. The first chapter studies the role of foreclosure contagion: the role of proximate foreclosures in causally triggering other nearby residential defaults and foreclosures. I find that foreclosure activity causally increases nearby rates of consumer defaults.