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Augmenting physicians with artificial intelligence to transform healthcare: Challenges and opportunities 用人工智能辅助医生，改变医疗保健：挑战与机遇
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-09-01 DOI: 10.1111/jems.12555
Ritu Agarwal, Michelle Dugas, Guodong (Gordon) Gao
{"title":"Augmenting physicians with artificial intelligence to transform healthcare: Challenges and opportunities","authors":"Ritu Agarwal,&nbsp;Michelle Dugas,&nbsp;Guodong (Gordon) Gao","doi":"10.1111/jems.12555","DOIUrl":"10.1111/jems.12555","url":null,"abstract":"<p>We reflect on the progress and prospects of artificial intelligence (AI)-powered transformation in healthcare from the perspective of front-line clinical professionals responsible for care delivery. While there is considerable optimism about the potential of AI, critical gaps in understanding remain that represent fruitful opportunities for economics and management scholars. We outline the ways in which the strengths of AI can compensate for key limitations of physicians. We then focus on productive use of AI by physicians, highlighting the need for a deeper understanding of human-AI teaming. We argue that productive teaming requires research on two critical issues: trust in AI and the redesign of clinical workflow to optimally accommodate artificial and human intelligence synergistically.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 2","pages":"360-374"},"PeriodicalIF":1.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131329973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monopoly pricing with dual-capacity constraints 双容量约束下的垄断定价
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-09-01 DOI: 10.1111/jems.12556
Robert Somogyi
{"title":"Monopoly pricing with dual-capacity constraints","authors":"Robert Somogyi","doi":"10.1111/jems.12556","DOIUrl":"10.1111/jems.12556","url":null,"abstract":"<p>This paper studies the price-setting behavior of a monopoly facing two capacity constraints: one on the number of its consumers, and the other on the amount of products it can sell. The characterization of the firm's optimal pricing and optimal customer mix as a function of its two capacities reveals a rich structure. In contrast to the results under one-dimensional capacity constraints with constant marginal cost of production, a firm may optimally respond to an exogenous reduction in one of its capacities by decreasing one of its prices. Moreover, neglecting the existence of the second capacity constraint can reverse some policy interventions' effects on consumer welfare. In particular, easing a regulatory restriction on one of the constraints may harm the average consumer.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 1","pages":"155-174"},"PeriodicalIF":1.9,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12556","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126525016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does sunk-cost affect prices? Evidence from the US airline industry 日光成本会影响价格吗？来自美国航空业的证据
IF 1.2 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-29 DOI: 10.1111/jems.12554
Long Shi, Qihong Liu, Myongjin Kim
{"title":"Does sunk-cost affect prices? Evidence from the US airline industry","authors":"Long Shi,&nbsp;Qihong Liu,&nbsp;Myongjin Kim","doi":"10.1111/jems.12554","DOIUrl":"10.1111/jems.12554","url":null,"abstract":"<p>In contrast to the extensive literature on behavior bias by individuals, studies on behavior bias by firms have been relatively scarce. We explore the possibility of the latter in the context of US airlines, where fuel hedging leads to lump sum gains or losses which may impact airlines' pricing decisions. Our results show that the (sunk) hedging gains or losses affect airlines' ticket prices. In particular, a 10% reduction in airlines' reported fuel costs (due to hedging gains) leads to a 2.2% reduction in ticket prices. Moving onto nonprice decisions, we find that hedging gains lead airlines to use larger aircraft and reduce the airtime of their flights, yet have no impact on the number of routes and flights which the airlines operate. Our results provide empirical evidence that fixed/sunk costs can affect firms' prices and nonprice decisions, establish a link between financial market and product market competition, and have important welfare/policy and managerial implications.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 4","pages":"801-824"},"PeriodicalIF":1.2,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135100096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bundling of authority and accountability in organizations 组织中的权责捆绑
IF 1.2 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-27 DOI: 10.1111/jems.12553
Susheng Wang
{"title":"Bundling of authority and accountability in organizations","authors":"Susheng Wang","doi":"10.1111/jems.12553","DOIUrl":"10.1111/jems.12553","url":null,"abstract":"<p>Decision-making authority is often bundled with accountability. Decision makers are usually made accountable for failure. We propose an incomplete-contract approach to investigate four accountability systems: personal accountability, no accountability, collective accountability, and reverse accountability. We consider an organization defined by three assignments: income, authority, and accountability. These assignments are endogenously and jointly determined in equilibrium. Our main findings are: (1) authority and accountability are usually, but not always, bundled in equilibrium; (2) personal accountability and collective accountability are equally efficient, and no accountability and reverse accountability are equally efficient; (3) no accountability can be optimal if the authority is quite capable; (4) control tends to be assigned to managers whose personal benefit from and the marginal cost of control are relatively small; and (5) reverse accountability is generally inferior to personal accountability, but it can be optimal if the authority is quite capable and her marginal cost and personal benefit from control are sufficiently small.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 4","pages":"773-800"},"PeriodicalIF":1.2,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135454077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Price promotions as a threat to brands 价格促销对品牌构成威胁
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-25 DOI: 10.1111/jems.12550
Roman Inderst, Martin Obradovits
{"title":"Price promotions as a threat to brands","authors":"Roman Inderst,&nbsp;Martin Obradovits","doi":"10.1111/jems.12550","DOIUrl":"10.1111/jems.12550","url":null,"abstract":"<p>Manufacturers frequently resist heavy discounting of their products by retailers. Since low prices should increase demand and manufacturers could simply refuse to fund deep price promotions, such resistance is puzzling at first sight. We develop a model in which price promotions cause shoppers to evaluate the relative importance of quality and price against a market-wide reference point. With deep discounting, consumers perceive quality differences as less pronounced, eroding brand value and the bargaining position of brand manufacturers. This reduces their profits and may even lead to a delisting of their products. By linking price promotions to increased one-stop shopping and more intense retail competition, our theory also offers an explanation for the rise of store brands.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 1","pages":"53-77"},"PeriodicalIF":1.9,"publicationDate":"2023-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12550","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127917726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The challenges of using ranks to estimate sales 用排名来估算销售额的挑战
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-23 DOI: 10.1111/jems.12552
Stan J. Liebowitz, Alejandro Zentner
{"title":"The challenges of using ranks to estimate sales","authors":"Stan J. Liebowitz,&nbsp;Alejandro Zentner","doi":"10.1111/jems.12552","DOIUrl":"10.1111/jems.12552","url":null,"abstract":"<p>Researchers have frequently used data on product ranks to estimate nonpublic sales quantities, believing that there is a power-law-induced linear relationship between logged sales ranks and logged sales. Using essentially complete data on book sales, the most commonly used product in this literature, we find that the (double-logged) relationship between sales ranks and quantity sold is not linear, but robustly concave. We demonstrate that this concavity is likely to cause very poor sales predictions in many instances. We provide two concrete examples where applying this linear method to the concave relationship has led to serious errors in sales estimates. First, in the claim that the Internet's greater product variety in books has a large positive impact on social welfare, and second, in a claim about relative sales levels in top 20 and top 50 music “charts.” We also explore the use of nonlinear specifications as an alternative method to predict sales from ranks and find a simple specification that provides much better sales estimates. Finally, we examine the possibility that a particular type of biased sample might allow reasonable linear estimates of industry sales and conclude that it is possible but quite unlikely.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 1","pages":"3-24"},"PeriodicalIF":1.9,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136000274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tying in two-sided markets with heterogeneous advertising revenues and negative pricing 在具有异质广告收入和负定价的双边市场中捆绑
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-20 DOI: 10.1111/jems.12547
Jong-Hee Hahn, Sang-Hyun Kim, So Hye Yoon
{"title":"Tying in two-sided markets with heterogeneous advertising revenues and negative pricing","authors":"Jong-Hee Hahn,&nbsp;Sang-Hyun Kim,&nbsp;So Hye Yoon","doi":"10.1111/jems.12547","DOIUrl":"https://doi.org/10.1111/jems.12547","url":null,"abstract":"<p>We offer a theory of anticompetitive tying in two-sided markets when below-cost or negative pricing is possible. With the coexistence of two consumer groups (one regarding tying and tied goods as complementary and the other as independent), a tying-good monopolist may face difficulties in extracting rent under separate sales and wish to use tying to directly capture the large advertising revenue created in the complementary segment. We uncover two distinct mechanisms by which tying raises monopoly profits but reduces social welfare. Our theory of tying can be applied to real-world antitrust law enforcement, such as the Google Android case.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 4","pages":"757-787"},"PeriodicalIF":1.9,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152723","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Consumers' preference for downsizing over package price increases 消费者倾向于精简而非包装价格上涨
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-15 DOI: 10.1111/jems.12548
In Kyung Kim
{"title":"Consumers' preference for downsizing over package price increases","authors":"In Kyung Kim","doi":"10.1111/jems.12548","DOIUrl":"10.1111/jems.12548","url":null,"abstract":"<p>In this paper, I study how and why consumers react differently to package downsizing and package price increases that result in the same degree of unit price increases. Utilizing differential responses of South Korean milk manufacturers to the production cost rise in 2018, I first show that consumers strongly prefer downsizing to package price increases, and this tendency does not diminish over time. Then, I develop a theoretical model whose prediction is consistent with the empirical findings, providing a simple but novel explanation of why fully informed consumers would be less sensitive to downsizing than package price increases.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 1","pages":"25-52"},"PeriodicalIF":1.9,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130028865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sequential mergers under incomplete information 不完全信息下的顺序合并
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-14 DOI: 10.1111/jems.12549
Jiajia Cong, Wen Zhou
{"title":"Sequential mergers under incomplete information","authors":"Jiajia Cong,&nbsp;Wen Zhou","doi":"10.1111/jems.12549","DOIUrl":"10.1111/jems.12549","url":null,"abstract":"<p>We study sequential mergers under incomplete information where the follower is ignorant about the leader's merger synergy. When the follower's own synergy is sufficiently large, incomplete information induces both firms to merge more. These additional mergers benefit both firms and total welfare but hurt consumers. If the follower's synergy is very small, the leader is unable to take any strategic action, and most results are reversed. The analysis suggests that incomplete information strengthens the strategic complementarity between the two mergers and thereby increases the likelihood of a merger wave.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 1","pages":"131-154"},"PeriodicalIF":1.9,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127015693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
M&A and technological expansion 并购和技术扩张
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2023-06-13 DOI: 10.1111/jems.12551
Ginger Zhe Jin, Mario Leccese, Liad Wagman
{"title":"M&A and technological expansion","authors":"Ginger Zhe Jin,&nbsp;Mario Leccese,&nbsp;Liad Wagman","doi":"10.1111/jems.12551","DOIUrl":"10.1111/jems.12551","url":null,"abstract":"<p>We examine how public firms listed in North American stock exchanges acquire technology companies during 2010–2020. Combining data from Standard and Poor's (S&amp;P), Refinitiv, Compustat, and Center for Research in Security Prices, and utilizing a unique S&amp;P taxonomy that classifies tech mergers and acquisitions (M&amp;As) by tech categories and business verticals, we show that 13.1% of public firms engage in any tech M&amp;A in the S&amp;P data, while only 6.75% of public firms make any (tech or nontech) M&amp;A in Refinitiv. In both data sets, the acquisitions are widespread across sectors of the economy, but tech acquirers in the S&amp;P data are on average younger, more investment efficient, and more likely to engage in international acquisitions than general acquirers in Refinitiv. Within the S&amp;P data, deals in each M&amp;A-active tech category tend to be led by acquirers from a specific sector; the majority of target companies in tech M&amp;As fall outside the acquirer's core area of business; and firms are, in part, driven to acquire tech companies because they face increased competition in their core areas.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 2","pages":"338-359"},"PeriodicalIF":1.9,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12551","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136066402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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