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- Faculty Publications (205)
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 1
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough....
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Keywords:
Algorithm;
Decision Choices and Conditions;
Decision Making;
Measurement and Metrics;
Market Timing
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for iBuyer 1." Harvard Business School Exercise 923-019, October 2022.
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 2
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough....
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Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for iBuyer 2." Harvard Business School Exercise 923-020, October 2022.
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 3
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough....
View Details
Keywords:
Algorithm;
Decision Choices and Conditions;
Decision Making;
Measurement and Metrics;
Market Timing
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Confidential Information for iBuyer 3." Harvard Business School Exercise 923-021, October 2022.
- October 2022
- Exercise
Shanty Real Estate: Updated Confidential Information for Homebuyer
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough....
View Details
Keywords:
Algorithm;
Decision Choices and Conditions;
Decision Making;
Market Timing;
Measurement and Metrics
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Updated Confidential Information for Homebuyer." Harvard Business School Exercise 923-022, October 2022.
- October 2022
- Exercise
Shanty Real Estate: Updated Confidential Information for iBuyer
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough....
View Details
Keywords:
Algorithm;
Decision Choices and Conditions;
Measurement and Metrics;
Market Timing;
Decision Making
Luca, Michael, Jesse M. Shapiro, and Nathan Sun. "Shanty Real Estate: Updated Confidential Information for iBuyer." Harvard Business School Exercise 923-023, October 2022.
- October 2022
- Article
A Structural Model of Organizational Buying for Business-to-Business Markets: Innovation Adoption with Share-of-Wallet Contracts
By: Navid Mojir and K. Sudhir
The paper develops the first structural model of organizational buying to study innovation diffusion in a B2B market. Our model is particularly applicable for routinized exchange relationships, whereby centralized buyers periodically evaluate and choose contracts,...
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Keywords:
Organizational Buying Behavior;
Healthcare Marketing;
B2B Markets;
B2B Innovation;
New Product Diffusion;
New Product Adoption;
Organizations;
Acquisition;
Behavior;
Health Care and Treatment;
Marketing;
Innovation and Invention
Mojir, Navid, and K. Sudhir. "A Structural Model of Organizational Buying for Business-to-Business Markets: Innovation Adoption with Share-of-Wallet Contracts." Journal of Marketing Research (JMR) 59, no. 5 (October 2022): 883–907.
- Article
Recovering Investor Expectations from Demand for Index Funds
We use a revealed-preference approach to estimate investor expectations of stock market returns. Using data on demand for index funds that follow the S&P 500, we develop and estimate a model of investor choice to flexibly recover the time-varying distribution of...
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Keywords:
Stock Market Expectations;
Demand Estimation;
Exchange-traded Funds (ETFs);
Demand and Consumers;
Investment
Egan, Mark, Alexander J. MacKay, and Hanbin Yang. "Recovering Investor Expectations from Demand for Index Funds." Review of Economic Studies 89, no. 5 (October 2022): 2559–2599.
- Article
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- July 2022
- Case
A Soul and a Service: North Carolina Mutual Life Insurance
By: Tom Nicholas and John Masko
The North Carolina Mutual and Provident Association (the Mutual) was founded in 1898 as a for-profit entity selling life insurance catering to the Black community. The Mutual was entering a field crowded with established White-owned competitors that largely refused to...
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Keywords:
Black Entrepreneurs;
Insurance;
History;
Race;
Prejudice and Bias;
Entrepreneurship;
Decision Choices and Conditions;
Growth and Development Strategy;
Insurance Industry;
United States
Nicholas, Tom, and John Masko. "A Soul and a Service: North Carolina Mutual Life Insurance." Harvard Business School Case 823-032, July 2022.
- July 2022 (Revised November 2023)
- Case
3G Capital
By: Jo Tango and Alys Ferragamo
In June 2022, 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz were in a partners’ meeting. On the agenda were three potential investments. Code named “Alpha,” “Bravo,” and “Charlie” (real target companies that have been disguised), they were the...
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Keywords:
Investment Decisions;
Leveraged Buyout;
Investment Funds;
Investment Portfolio;
Decision Choices and Conditions;
Private Equity
Tango, Jo, and Alys Ferragamo. "3G Capital." Harvard Business School Case 823-010, July 2022. (Revised November 2023.)
- 2022
- Working Paper
Product2Vec: Leveraging Representation Learning to Model Consumer Product Choice in Large Assortments
By: Fanglin Chen, Xiao Liu, Davide Proserpio and Isamar Troncoso
We propose a method, Product2Vec, based on representation learning, that can automatically learn latent product attributes that drive consumer choices, to study product-level competition when the number of products is large. We demonstrate Product2Vec’s...
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Chen, Fanglin, Xiao Liu, Davide Proserpio, and Isamar Troncoso. "Product2Vec: Leveraging Representation Learning to Model Consumer Product Choice in Large Assortments." NYU Stern School of Business Research Paper Series, July 2022.
- 2022
- Article
How to Choose a Default
By: John Beshears, Richard T. Mason and Shlomo Benartzi
We have developed a model for setting a default when a population is choosing among ordered choices—that is, ones listed in ascending or descending order. A company, for instance, might want to set a default contribution rate that will increase employees’ average...
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Keywords:
Nudge;
Choice Architecture;
Behavioral Economics;
Behavioral Science;
Default;
Savings;
Decision Choices and Conditions;
Behavior;
Motivation and Incentives
Beshears, John, Richard T. Mason, and Shlomo Benartzi. "How to Choose a Default." Behavioral Science & Policy 8, no. 1 (2022): 1–15.
- 2022
- Chapter
Prioritarianism and Optimal Taxation
By: Matti Tuomala and Matthew Weinzierl
Prioritarianism has been at the center of the formal approach to optimal tax theory since its modern starting point in Mirrlees (1971), but most theorists’ use of it is motivated by tractability rather than explicit normative reasoning. We characterize analytically and...
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Keywords:
Prioritarianism;
Optimal Taxation;
Utilitarianism;
Redistribution;
Inverse-optimum;
Taxation;
Theory;
Policy
Tuomala, Matti, and Matthew Weinzierl. "Prioritarianism and Optimal Taxation." In Prioritarianism in Practice, edited by Matthew Adler and Ole Norheim. Cambridge University Press, 2022. (Also published in HBR Insights, December 2020.)
- March 2022 (Revised April 2022)
- Teaching Note
Spotify's Audio-First Strategy: Leading the Podcasting Market
By: Hong Luo and Carol Lin
Teaching Note for HBS Case No. 721-439. Within 15 years, CEO Daniel Ek had led Spotify from an ambitious startup to a multi-billion dollar company that had transformed the music industry. As part of Spotify’s next phase of growth, the platform would invest heavily in...
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- 2022
- Working Paper
How Do Copayment Coupons Affect Branded Drug Prices and Quantities Purchased?
By: Leemore S. Dafny, Kate Ho and Edward Kong
Drug copayment coupons to reduce patient cost-sharing have become nearly ubiquitous for high-priced brand-name prescription drugs. Medicare bans such coupons on the grounds that they are kickbacks that induce utilization, but they are commonly used by...
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Keywords:
Prescription Drugs;
Coupons;
Impact;
Health Care and Treatment;
Markets;
Price;
Spending;
Pharmaceutical Industry;
United States
Dafny, Leemore S., Kate Ho, and Edward Kong. "How Do Copayment Coupons Affect Branded Drug Prices and Quantities Purchased?" NBER Working Paper Series, No. 29735, February 2022.
- January 2022 (Revised August 2022)
- Case
Jackie Robinson: Changing the World
By: Robert Simons and Max Saffer
This case traces the rise of Jackie Robinson from the poor streets of Pasadena, California to one of the most famous people in America after he overturned the color barrier in baseball. The case describes how as a youth he excelled at basketball, football, baseball,...
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Keywords:
Diversity;
Power And Influence;
Personal Characteristics;
Values And Beliefs;
Mission And Purpose;
Sports;
Entrepreneurship;
Leadership;
Leading Change;
Personal Development and Career;
United States
Simons, Robert, and Max Saffer. "Jackie Robinson: Changing the World." Harvard Business School Case 122-042, January 2022. (Revised August 2022.)
- January 2022
- Teaching Plan
Just Arrived: Integrating Refugees in Sweden
By: Brian Trelstad and Emilie Billaud
Teaching Plan for HBS Case No. 321-040. Just Arrived is an online platform that matches newly-arrived immigrants in Sweden with employment opportunities. As one of several for-profit and non-profit start-ups in Europe that is looking to address the refugee crisis, the...
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- 2024
- Working Paper
What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences
We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset...
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Keywords:
Stock Market Expectations;
Demand Estimation;
Retirement Planning;
Defined Contribution Retirement Plan;
401 (K);
Finance;
Investment Portfolio;
Investment;
Retirement;
Behavioral Finance;
Financial Services Industry;
United States
Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences." Harvard Business School Working Paper, No. 22-044, December 2021. (Revised April 2024. Direct download. NBER Working Paper Series, No. 29604, December 2021)
- October 2021 (Revised May 2023)
- Case
Engine No. 1: An Impact Investing Firm Engages with ExxonMobil
By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ...
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Keywords:
Carbon Emissions;
Global Warming;
Impact Investment Funds;
Hedge Fund Activism;
Leadership Development;
Business Model;
Renewable Energy;
Resource Allocation;
Decision Choices and Conditions;
Governing and Advisory Boards
Kramer, Mark, Shawn Cole, Vikram S. Gandhi, and T. Robert Zochowski. "Engine No. 1: An Impact Investing Firm Engages with ExxonMobil." Harvard Business School Case 222-028, October 2021. (Revised May 2023.)
- October 2021 (Revised December 2021)
- Case
PhonePe: Democratizing Payments in India
By: Michael Chu and Rachna Tahilyani
The co-founders of PhonePe, India’s leading digital payment platform are considering pursuing various growth opportunities in a huge country just entering the digital age. In a highly competitive industry, the founders are keenly aware that making the right choices is...
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Keywords:
Digital Platform;
Digital Banking;
Business Strategy;
Growth and Development Strategy;
Decision Choices and Conditions;
Corporate Entrepreneurship;
Digital Platforms;
Financial Services Industry;
Asia;
India
Chu, Michael, and Rachna Tahilyani. "PhonePe: Democratizing Payments in India." Harvard Business School Case 322-053, October 2021. (Revised December 2021.)