1. 按需、长期还是混合？共享平台最优租赁模式的经济分析

原标题：On-Demand, Long-Term, or Hybrid? An Economic Analysis of Optimal Rental Models on Sharing Platforms

期刊：Information Systems Research

作者：Jianqing Chen, Nan Feng, Zhiling Guo, Wenyi Zhang

出版时间：2024-04-25

DOI：10.1287/isre.2022.0441

摘要：快速增长的共享经济的特点是通过点对点交易提高资源利用率。共享平台通常采用三种租赁模式之一，即长期租赁、按需租赁和混合租赁，其中长期租赁需要在既定的时间内将资源完全投入市场，按需租赁允许在一小部分时间内交换资源，而混合租赁模式包含了这两种选择。我们开发了一个由垄断共享平台组成的分析模型，该平台将租户与拥有不同资产利用率的业主联系起来，并在不同的租赁模式下产生不同的安置和交易成本。我们确定了三种租赁模式中的每一种都可以成为平台最佳租赁策略的条件，并进一步研究它们对社会福利和消费者剩余的影响。研究发现，业主与租客之间的相对安置成本和相对交易成本在塑造三种租赁模式的均衡市场价格和最优性方面起着至关重要的作用，而总成本决定了三种租赁模式的均衡交易量和可持续性。只有当总成本较低时，这三种模式才能可持续，并且在业主方面存在较高的相对交易成本的情况下，每种模式都可能成为最佳模式。具体来说，当业主的安置成本明显高于租房者时，按需模式是最佳的。当业主的安置成本明显低于租房者的安置成本且租房者的安置成本较低时，长期模型是最优的。只有当他们的安置成本相当，或者当业主的安置成本明显低于租房者的安置成本并且租房者的安置成本很高时，混合模式才能成为最佳选择。当在平台选择长期或混合模式时，它会产生最高的社会福利，并且在广泛的参数区域内，也会产生最高的消费者剩余，从而实现双赢的结果。总体而言，我们的研究结果为该平台在共享经济中的最佳租赁模式选择及其对消费者和社会的影响提供了重要的新见解。

Abstract: The rapidly growing sharing economy is characterized by improved resource utilization through peer-to-peer transactions. Sharing platforms usually adopt one of three rental models, long-term, on-demand, and hybrid, where the long-term rental requires full dedication of resources to market over a predefined period, the on-demand rental allows resources to be exchanged for a fraction of the period, and the hybrid rental model provides both options. We develop an analytical model consisting of a monopolistic sharing platform that connects renters with owners who have heterogeneous asset utilization and incur different setup and transaction costs of participation under different rental models. We identify the conditions under which each of the three rental models can emerge as the platform’s optimal rental strategy and further examine their impacts on social welfare and consumer surplus. We find that the relative setup cost and the relative transaction cost between owners and renters play a crucial role in shaping the equilibrium market price and optimality of the three rental models, whereas the total costs determine the equilibrium transaction volume and sustainability of the three rental models. Only when the total cost is low can all three models be sustainable, and each model could emerge to be optimal in the presence of a moderately high relative transaction cost on the owners’ side. Specifically, when the owners’ setup cost is significantly higher than the renters’, the on-demand model is optimal. When the owners’ setup cost is significantly lower than the renters’ and the renter’s setup cost is low, the long-term model is optimal. Only when their setup costs are comparable or when the owners’ setup cost is significantly lower than the renters’ and the renter’s setup cost is high can the hybrid model be optimal. When the platform optimally chooses the long-term or hybrid model, it also generates the highest social welfare, and in a wide range of parameter regions, it also yields the highest consumer surplus, leading to a win–win outcome. Overall, our results offer important new insights into the platform’s optimal rental-model choice in the sharing economy and its implications for consumers and society.

2. 在线劳动力市场中的真实努力激励：对个人和团体的惩罚和奖励

原标题：Real-Effort Incentives in Online Labor Markets: Punishments and Rewards for Individuals and Groups

期刊：MIS Quarterly

作者：Matthew J. Hashim and Jesse C. Bockstedt

出版时间：2024-03-01

DOI：10.25300/misq/2023/15166

摘要：通过创建有用的训练数据集，在线劳动力市场和驱动它们的人类在人工智能和受监督的机器学习的发展中发挥着关键作用。然而，在在线劳动力市场中使用人力是不够的，因为一个关键因素是了解市场运营商可以利用哪些可能的干预措施来激励劳动力中的人力。我们建议平台可以在个人或团体层面实施奖惩机制，以激励真正的努力和产出。我们使用一个协作图像标记实验（folksonomy）应用我们的干预措施，结果提供了有趣的见解和非显而易见的后果。平均而言，在团体层面实施的干预措施优于在个人层面实施的干预措施。惩罚小组提供了最有争议的激励策略，并在努力方面提供了不明显的显著改善。平均而言，奖励或制裁个人具有相似的效果，两种治疗都导致干预后努力的显著增加。与预测相反，制裁似乎极大地激励了那些被惩罚的人。总的来说，在我们的真实协作图像标记实验中应用的干预措施对行为产生了重大影响，这为在线劳动力市场运营商提供了指导，并在创建带标签的机器学习训练数据集时使用了激励措施。

Abstract: Online labor markets and the humans that power them serve a critical role in the advancement of artificial intelligence and supervised machine learning via the creation of useful training datasets. The use of human effort in online labor markets is not enough, however, as a key factor is understanding the possible interventions that market operators can leverage to incentivize human effort among their labor force. We propose that platforms could implement mechanisms such as rewards or punishments at individual or group levels to incentivize real-effort and output. We apply our interventions using a collaborative image tagging experiment—a folksonomy—and the results provide interesting insights and nonobvious consequences. On average, interventions applied at the group level outperformed interventions applied at the individual level. Punishing the group provided the most controversial incentive strategy and provided a nonobvious significant improvement in effort. Rewarding or sanctioning an individual had similar effects on average, with both treatments leading to significant increases in effort post-intervention. In contrast to predictions, sanctioning appears to have significantly motivated those that were punished. Overall, the interventions applied in our real-effort collaborative image tagging experiment had a significant impact on behavior, which provides guidance for online labor market operators and the use of incentives in the creation of labeled machine learning training datasets.

3. 获得一席之地：提升网上借贷对机构投资者的吸引力

原标题：Gaining a Seat at the Table: Enhancing the Attractiveness of Online Lending for Institutional Investors

期刊：Information Systems Research

作者：Ram D. Gopal, Xiao Qiao, Moris S. Strub, Zonghao Yang

出版时间：2024-04-05

DOI：10.1287/isre.2022.0638

摘要：尽管网上借贷在过去十年中实现了爆炸式增长，但与其他金融资产相比，其市场规模仍然较小。亏损风险、政府监管严苛、效益意识淡薄，阻碍了网贷市场潜力的充分发挥。由于线上贷款是一个新兴的资产类别，与其他资产相比，投资者可能不知道线上贷款的投资业绩，线上贷款是否提供足够有吸引力的回报，以保证纳入资产配置决策，这仍是一个悬而未决的问题。为了吸引贷款人，平台必须提供一个有吸引力的投资机会，这需要构建投资者认为有吸引力的贷款组合。我们提出了基于一般特征的组合政策（GCPP），这是一个克服贷款组合构建相关困难的新框架。GCPP直接将贷款的投资组合权重建模为其特征的灵活函数，不需要直接估计贷款的分配属性。通过使用LendingClub 2013年至2020年的100多万笔贷款的广泛数据集，我们发现GCPP投资组合能够实现8.86%-13.08%的平均年化内部收益率（IRR），显著优于等重贷款组合。然后，我们通过涵盖股票、债券和房地产的六大市场指数来解决在线贷款是否能获得与传统投资工具相比具有竞争力的回报率的问题。结果表明，与传统资产类别相比，在线贷款组合获得的回报率具有竞争力或更高。此外，贷款组合的IRR与基准指数IRR相关性较小，指向显著的多元化收益。我们共同证明，GCPP是一种可以帮助平台更好地为借款人和贷款人提供服务的方法，从而实现业务增长。

Abstract: Although online lending enjoyed explosive growth in the past decade, its market size remains small compared with other financial assets. The risk of losing money, stringent government regulations, and low awareness of the benefits have hampered the realization of the full potential of the online lending market. Because online loans are an emerging asset class, investors may not be aware of the investment performance of online loans compared with other assets, and it remains an open question whether online loans offer sufficiently attractive returns to warrant inclusion in an asset allocation decision. To attract lenders, platforms must provide an appealing investment opportunity which entails construction of portfolios of loans that investors find attractive. We propose general characteristics-based portfolio policy (GCPP), a novel framework to overcome the difficulties associated with portfolio construction of loans. GCPP directly models the portfolio weight of a loan as a flexible function of its characteristics and does not require direct estimation of the distributional properties of loans. Using an extensive data set spanning over one million loans from 2013 to 2020 from LendingClub, we show that GCPP portfolios can achieve an average annualized internal rate of return (IRR) of 8.86%–13.08%, significantly outperforming an equal-weight portfolio of loans. We then address the question of whether online loans can earn competitive rates of return compared with traditional investment vehicles through six market indices covering stocks, bonds, and real estate. The results demonstrate that a portfolio of online loans earns competitive or higher rates of return compared with traditional asset classes. Furthermore, the IRRs of the loan portfolios have small correlations with the benchmark index IRRs, pointing toward significant diversification benefits. Together, we demonstrate that GCPP is an approach that can help platforms better serve both borrowers and lenders en route to growing their business.

4. 信息技术促成共谋还是竞争：考察信息技术对多市场多医院系统服务定价的影响

原标题：Does IT Enable Collusion or Competition: Examining the Effects of IT on Service Pricing in Multimarket Multihospital Systems

期刊：MIS Quarterly

作者：Du Kui, Tanriverdi Hüseyin

出版时间：2023-12-01

DOI：10.25300/misq/2022/16764

摘要：在美国，多医院系统（MHS）的医院服务价格明显高于独立医院。竞争约束理论认为，具有多市场联系（MMC）的多医院系统可以暗中勾结，相互回避价格竞争，从而使其价格保持在竞争水平之上。我们认为，这种由多市场接触（MMC）引发的竞争约束（休战）的成功与否，分别受到信息技术在企业层面和市场单位层面两种相互冲突的作用的影响。企业的母公司寻求在整个企业范围内实现信息技术应用标准化，以协调市场单位，从而共同实施竞争限制战略，并在整个企业范围内保持高价格。然而，市场单位，即集中在患者地域市场的医疗服务体系成员医院（MMC），面临着降低服务成本的竞争压力。市场单位试图利用差异化的信息技术应用来降低成本，这就加剧了当地市场的价格竞争，危及休战协议的可持续性，削弱了母公司竞争抑制策略的价格效果。在2005-2013年期间对美国195家多医院系统的纵向研究中，我们发现了对上述观点的支持。MHS运营信息技术的全公司标准化与竞争限制战略相辅相成，提高了全企业范围的价格。市场单位使用差异化的分析性信息技术，降低了当地市场的成本，削弱了竞争对手限制战略的价格效应。这项研究从理论上探讨了多单位、多市场（MUMM）组织的企业级和市场单位级信息技术如何对MMC与MUMM组织平均价格之间的联系产生相反的调节作用，从而推动了信息系统（IS）研究和实践。

Abstract: In the U.S., multihospital systems (MHSs) charge significantly higher prices for hospital services than stand-alone hospitals. Rivalry restraint theory suggests that MHS with multimarket contact (MMC) can tacitly collude and mutually forebear from price competition to keep their prices above competitive levels. We posit that the success of such MMC-induced rivalry restraints (the truce) is affected by two conflicting roles of IT at the corporate level and market unit levels, respectively. The corporate parent seeks to standardize IT applications enterprise-wide to coordinate market units as a means of jointly implementing the rivalry restraint strategy and keeping prices high enterprise-wide. However, market units, i.e., the member hospitals of MHS clustered in geographic patient markets, face competitive pressures to reduce their service costs. Market units seek to use differentiated IT applications to achieve cost reductions, which then fuel price competition in local markets, jeopardize the sustainability of the truce, and weaken the enterprise-wide price effects of the corporate parent's rivalry restraint strategy. In a longitudinal study of 195 multihospital systems in the U.S. in the 2005-2013 time period, we found support for these ideas. The corporate-wide standardization of the operational IT of MHS complements the rivalry restraint strategy to increase enterprise-wide prices. Market units' use of differentiated analytical IT reduces costs in local markets and weakens the price effects of the rivalry restraint strategy. The study advances IS research and practice by theorizing how the corporate-level and the market unit-level IT of a multi-unit, multimarket (MUMM) organization can have opposing moderating effects on the link between MMC and the average prices charged by the MUMM organization.

5. 双边市场对市场规模和竞争的影响：来自网上约会的证据

原标题：Effects of Market Size and Competition in Two-SidedMarkets: Evidence from Online Dating

期刊：Marketing Science

作者：Jessica Fong

出版时间：2024-03-21

DOI：10.1287/mksc.2023.0142

摘要：本文介绍了一个独立测量交叉侧和同侧网络效应的现场实验。我与一家在线交友平台合作进行这个实验，考察对方平台用户数量（“市场规模”）和同一方平台用户数量（“竞争规模”）对搜索行为的影响。实验通过指示用户所在位置附近的男女人数下限，提供了用户级的信息处理。我发现，平均而言，市场规模的增加会阻止用户参与市场。以参与为条件，市场和竞争规模影响匹配决策。具体来说，市场规模的增加会导致用户变得更具选择性，而竞争会导致用户变得更少选择性。我讨论了可以解释这些实证发现的潜在潜在机制。

Abstract: This paper presents a field experiment designed to independently measure cross-side and same-side network effects. I conduct this experiment in collaboration with an online dating platform to examine how the number of platform users on the opposite side (“market size”) and number of platform users on the same side (“competition size”) impact search behavior. The experiment provides a user-level information treatment by indicating the lower bound on the number of men and women near the user’s location. I find that, on average, an increase in market size deters users from participating in the market. Conditional on participating, market and competition size influence matching decisions. Specifically, an increase in market size causes users to become more selective, whereas competition causes users to become less selective. I discuss potential underlying mechanisms that can explain these empirical findings.

6. 在营销中测试工作-生活理论：来自社交媒体现场实验的证据

原标题：Testing Work–Life Theory in Marketing: Evidence from Field Experiments on Social Media

期刊：Journal of Marketing Research

作者：Nita Umashankar, Dhruv Grewal, Abhijit Guha, and Timothy R. Bohling

出版时间：2023-01-10

DOI：10.1177/00222437231152894

摘要：在意识到消费者经常跨越工作与生活的界面时，一些公司根据他们同时满足工作和生活需求的能力来定位他们的产品，然后将这种产品传达给消费者。然而，使用工作-生活定位策略是否有效仍不清楚。如果这种策略标志着工作和生活的丰富，它应该会增加消费者的兴趣，但前提是产品对消费者的资源要求很少。相反，如果产品需要大量资源，那么工作与生活的定位可能会无意中引发对工作与生活冲突的看法，并降低消费者的兴趣。为了验证这些预测，作者与三家企业合作，在社交媒体上宣传他们的产品，这些产品施加了不同的资源需求，使用突出或不突出工作与生活界面的内容。对广告点击数据的分析支持了这一预测：如果广告涉及资源要求高的产品，则工作生活广告的效果不如单域（工作或生活）广告，但如果广告涉及资源要求不高的产品，则效果更好。此外，在总体上经历更多工作与生活冲突的消费者群体中，这种影响更强。通过工作-生活理论在营销环境中的初步应用，本文为研究和实践提供了相关的见解。

Abstract: In realizing that consumers regularly straddle the work–life interface, some companies position their products according to their ability to address work and life needs together, then communicate this offering to consumers. Whether using a work–life positioning strategy is effective remains unclear, however. If this strategy signals work–life enrichment, it should increase consumers’ interest, but only if the product demands few resources from consumers. If the product instead demands substantial resources, a work–life positioning might inadvertently trigger perceptions of work–life conflict and lower consumers’ interest. To test these predictions, the authors partnered with three businesses to advertise their products, which impose varying resource demands, on social media using content that highlights the work–life interface or not. Analyses of ad click data support the predictions: Work–life ads are less effective than single-domain (work or life) ads if the advertising involves resource-demanding products, but they are more effective if it pertains to resource-undemanding products. Furthermore, the effects are stronger among consumer segments that experience more work–life conflict in general. With this initial application of work–life theory to a marketing context, this article offers relevant insights for both research and practice.

7. 成功不是最终的;失败不是致命的：失败与成功的信息如何导致对男性品牌的偏好

原标题：Success Is Not Final; Failure Is Not Fatal: How Failure Versus Success Messaging Leads to Preference for Masculine Brands

期刊：Journal of Marketing Research

作者：Niusha Jones , Blair Kidwell, and Anne Hamby

出版时间：2023-05-25

DOI：10.1177/00222437231181078

摘要：营销人员通常使用广告将品牌与说服性沟通的成功联系起来。然而，这些广告可能不是推广品牌，尤其是男性品牌的最有效方式。目前的研究考察了失败消息何时以及为什么可以成为一种有效的促销方法。在八项研究中，作者使用了来自现场和实验室环境的观察和实验数据，证明在成就环境中的失败经历，以及采用失败（与成功）信息的广告，在推广男性而不是女性或中性品牌方面更有效。消费者敌意的增加调节了这些影响。采用激进品牌线索（例如红色）的女性品牌也可以从失败信息中受益。此外，当人们确实（而不是）对他们的失败负责时，失败消息的好处会得到增强，而当失败归因于不稳定（稳定）的原因时，这种调节作用会加强（减弱）。最后，发现男性选择的消费可以帮助消费者从成就失败中恢复过来。

Abstract: Marketers commonly use ads that associate brands with success in persuasive communications. Yet, these ads may not be the most effective way to promote brands, particularly masculine brands. The current research examines when and why failure messaging can be an effective promotional approach. Across eight studies using both observational and experimental data from field and lab settings, the authors demonstrate that experiences of failure in achievement contexts, and ads that employ failure (vs. success) messaging, are more effective in promoting masculine but not feminine or neutral brands. An increase in consumers’ hostility mediates these effects. Feminine brands that employ aggressive branding cues (e.g., the color red) can also benefit from failure messaging. Additionally, the benefits of failure messaging are enhanced when people do (vs. do not) take responsibility for their failures, and this moderating effect is intensified (weakened) when failures are attributed to unstable (stable) causes. Finally, the consumption of masculine options was found to assist consumers in recovering from achievement failures.