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sciscinet/patents_pair_sampled/economics_test_pairs.json

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+[
+  {
+    "paper_a_id": "2100688874",
+    "paper_b_id": "2065267050",
+    "paper_a_count": 40,
+    "paper_b_count": 11,
+    "time_period": "1998-09",
+    "paper_a_abstract": "we investigate the key determinants of the optimal direct mail policy in a dynamic environment where customers maximize utility and the direct mailer maximizes profits we measure the sensitivity of the customers to receiving a catalog in the mail while controlling for customer characteristics such as elapsed time in responses and number of purchases we apply our model to a database from a national cataloger that markets nonseasonal products we summarize the results of our model that are valid for these types of products we find that the dynamic model significantly outperforms its single period counterpart we find that it is not optimal to mail to individuals at low recency levels because they are likely to buy anyway it is better to save the mailing dollars for customers at higher recency levels we find that it is optimal to mail to customers who have purchased only a small or a medium number of times to induce them to continue to buy from this catalog and not switch to others it is not necessary to mail often to customers who have purchased many times before from the company unless they have high recency values we find that under the optimal mailing policy the cataloguer enjoys higher profits than under the current mailing policy",
+    "paper_b_abstract": "price clustering and optimal tick sizes have recently been topics of substantial public policy interest and this paper presents evidence which is relevant to both debates around 98 of quoted and traded prices for liffe stock index derivatives are found to occur at even ticks we report that clustering increases with volatility and transaction frequency and decreases with trade size and find that the proportion of odd ticks is significantly lower near the market open and higher near the close further an inverse relationship is reported between bid ask spreads and the number of odd ticks and spreads cluster at even tick values this evidence of extreme price clustering is the first to be presented for financial derivatives the results support both the price resolution and the negotiation hypotheses of price clustering",
+    "paper_a_title": "optimal mailing of catalogs a new methodology using estimable structural dynamic programming models",
+    "paper_b_title": "extreme price clustering in the london equity index futures and options markets"
+  },
+  {
+    "paper_a_id": "2158145505",
+    "paper_b_id": "2137234912",
+    "paper_a_count": 15,
+    "paper_b_count": 5,
+    "time_period": "1986-12",
+    "paper_a_abstract": "this paper examines the influence of risk aversion on the pricing policies of a market maker for securities it is shown that a market maker s bid ask spread can be decomposed into a portion for the known limit orders a risk neutral adjustment for expected market orders and a risk adjustment for market order and inventory value uncertainty it is dem onstrated that a risk averse market maker may set a smaller spread than a risk neutral specialist finally this paper demonstrates the pervasive role of inventory in affecting both the placement and size ofthe spread",
+    "paper_b_abstract": "option pricing is a common and important practice in the financial community and has become a fundamental theoretical construct in financial economics the theory is quite rich and has potential uses in many other problem domains this paper develops a variant of the theory as applied to inventory planning in particular we consider a risk management approach that uses negotiated option contracts for hedging against price and quantity uncertainty in inventory procurement we derive conditions for the inclusion of options in inventory control as a function both of managerial attitudes toward risk and of the correlation between price and demand",
+    "paper_a_title": "the microeconomics of market making",
+    "paper_b_title": "contingent claims contracting for purchasing decisions in inventory management"
+  },
+  {
+    "paper_a_id": "2089119736",
+    "paper_b_id": "2098239985",
+    "paper_a_count": 13,
+    "paper_b_count": 6,
+    "time_period": "1985-03",
+    "paper_a_abstract": "this paper provides some theoretical grounds to relate asymmetries in cost structures and incentives towards price competition typically low cost firms favor price competition whereas the reserve is true for high cost firms increased price competition will tend to diminish price cost margins for all firms but the low cost firms may increase their total profits through an enlarged market share this analysis depends on two relevant parameters the way the overall market will react to increased price competition and interfirm cross elasticities this is proved using comparative statics at the nash equilibrium of an oligopolistic model",
+    "paper_b_abstract": "this paper characterizes conditions under which asset returns and consumption are consistent with risk averse preferences it is shown that risk aversion is equivalent to zero arbitrage on a transformation of the payoff space the implicit state prices which are dual to this no arbitrage condition can be interpreted as prices of pure consumption hedges this zero arbitrage restriction implies the usual restrictions associated with nonsatiation the analysis holds in both complete and incomplete market settings through a number of recent papers in financial economics we have come to understand that the absence of arbitrage opportunities is equivalent to the existence of positive implicit state claim prices in addition given a particular allocation of consumption quantities for different states of the world absence of arbitrage is necessary and sufficient for the consumption plan to be a consumer optimum for some monotonic preference ordering the purpose of this paper is to inquire into the additional restrictions on asset returns imposed by requiring that an allocation be a consumer optimum when preferences are concave monotonic von neumann morgenstern vnm stateindependent and defined over a single good we find that a necessary and sufficient condition is that there is absence of arbitrage not only on the original payoff space but also on a simple transformation of the payoff space this transformation has an intuitively appealing form and can be interpreted as a type of risk adjustment perhaps the classic development of the duality between absence of arbitrage and positive implicit state prices is contained in ross 9 working with a finite number of assets and states ross shows that when positive state prices exist and price returns in a manner consistent with the observed market values of the assets arbitrage is precluded when markets are complete the implicit state prices are uniquely determined and it is easy to check if they are positive more generally there will be many vectors of state prices which value assets in a manner consistent with their observed market prices absence of arbitrage opportunities implies that at least one of these is positive analogues of this result have been shown to hold in more general environments by garman 3 ross 10 harrison and kreps 6 and hansen and richard 5 among others several authors have also noted that zero arbitrage restrictions are necessary and sufficient for an arbitrary positive consumption bundle to be a consumer optimum for some set of monotonic preferences kreps 7 provides perhaps the most general discussion of this point both authors from graduate school of industrial administration carnegie mellon university",
+    "paper_a_title": "asymmetries in cost structures and incentives towards price competition",
+    "paper_b_title": "risk aversion and arbitrage"
+  },
+  {
+    "paper_a_id": "2043634452",
+    "paper_b_id": "2042966418",
+    "paper_a_count": 59,
+    "paper_b_count": 7,
+    "time_period": "2001-06",
+    "paper_a_abstract": "we study a contest with multiple not necessarily equal prizes contestants have private information about an ability parameter that affects their costs of bidding the contestant with the highest bid wins the first prize the contestant with the second highest bid wins the second prize and so on until all the prizes are allocated all contestants incur their respective costs of bidding the contest s designer maximizes the expected sum of bids our main results are 1 we display bidding equlibria for any number of contestants having linear convex or concave cost functions and for any distribution of abilities 2 if the cost functions are linear or concave then no matter what the distribution of abilities is it is optimal for the designer to allocate the entire prize sum to a single first prize 3 we give a necessary and sufficient conditions ensuring that several prizes are optimal if contestants have a convex cost function",
+    "paper_b_abstract": "marketing scholars and practitioners frequently infer market responses from cross sectional or pooled cross section by time data such cases occur especially when historical data are either absent or are not representative of the current market situation we argue that inferring market responses using cross sections of multimarket data may in some cases be misleading because these data also reflect unobserved actions by retailers for example because the opportunity costs of doing so do not outweigh the gains retailers are predisposed against promoting small share brands as a consequence local prices and promotion variables depend on local market shares the higher the local share the higher the local observed promotion intensity we refer to this reverse causation as an endogeneity ignoring it will inflate response estimates because both the promotion effects on share as well as the reverse effects are in the same direction in this paper we propose a solution to this inference problem using the fact that retailers have trade territories consisting of multiple contiguous markets this implies that the unobserved actions of retailers cause a measurable spatial dependence among the marketing variables the intuition behind our approach is that by accounting for this spatial dependence we account for the effects of the retailer s behavior in this context our study hopes to make the following contributions at the core of which lies the above intuition first we separate the market response effect from the reverse retailer effect by computing responses to price and promotion net of any spatial and therefore retailer influence second underlying this approach is a new variance decomposition model for data with a panel structure this model allows to test for endogeneity of prices and promotion variables in the cross sectional dimension of the data this test aims to complement the one developed by villas boas and winer 1999 who test for endogeneity along the temporal dimension third to illustrate the approach we use information resources inc iri market share data for brands in two mature and relatively undifferentiated product categories across 64 iri markets whereas we only use data with very short time horizons to estimate price and promotion responses with the spatial model we do have data over long time windows we use the latter to validate the approach specifically within market estimates of price and promotion response are not subject to the same endogeneity because we hold the set of retailers constant therefore comparing within and across market estimates of price and promotion responses is a natural way to validate the approach consistent with our argument ignoring the reverse causation in the cross sectional data leads to inferences of price and promotion elasticities that are farther away from zero than the elasticities obtained from within market analysis in contrast cross sectional spatial estimates and time series estimates show convergent validity from a practical point of view this means it is possible to obtain reasonable within market estimates of price and promotion elasticities from predominantly cross sectional data this may benefit marketing managers the manager who would act on the inflated elasticities will over allocate marketing resources to promotions because she ignores retailers censorship of promotions on the basis of already existing high share we explore other approaches to correct for the inference bias and discuss further managerial issues and future research",
+    "paper_a_title": "the optimal allocation of prizes in contests",
+    "paper_b_title": "unobserved retailer behavior in multimarket data joint spatial dependence in market shares and promotion variables"
+  },
+  {
+    "paper_a_id": "2142223741",
+    "paper_b_id": "2143022498",
+    "paper_a_count": 25,
+    "paper_b_count": 8,
+    "time_period": "2000-05",
+    "paper_a_abstract": "the issue of power in the marketing channels for consumer products has received considerable attention in both academic and practitioner journals as well as in the popular press our objective in this paper is to provide an empirical method to measure the power of channel members and to understand the reasons demand factors cost factors nature of channel interactions for this power we confine our analysis to pricing power in channels we use methods from the game theory literature in marketing on channel interactions to obtain the theoretical framework for our empirical model this literature provides us a definition of power one that is based on the proportion or percentage of channel profits that accrue to each of the channel members there can be a variety of possible channel interactions between manufacturers and retailers in channels the theoretical literature has examined some of these games for example choi 1991 examines how channel profits for manufacturers and retailer vary if channel interactions are either vertical nash or if they are stackelberg leaderfollower with either the manufacturer or the retailer being the price leader each of these three channel interaction games has different implications for profits made by manufacturers and retailers and consequently for the relative power of the channel members in contrast to the previous literature that has focused largely on the above three channel interaction games our model extends the game theoretic literature by allowing for a continuum of possible channel interactions between manufacturers and a retailer furthermore for a given product market we empirically estimate from the data where the channel interactions lie in this continuum more critically we obtain measures of how channel profits are divided between manufacturers and the retailer in the product market where a higher share of channel profit is associated with higher channel power we then examine how channel power is related to demand conditions facing various brands and cost parameters of various manufacturers in going from game theory based theoretical models of channel interactions to empirical estimation we use the new empirical industrial organization framework bresnahan 1988 as part of this structural modeling framework we build retail level demand functions for the various brands manufacturer and private label in a given product category given these demand functions we obtain optimal pricing rules for manufacturers and the retailer in determining their optimal prices manufacturers and the retailer account for how all the players in the channel choose their optimal prices that is we account for dependencies in decision making across channel members these dependencies are characterized by a set of conduct parameters which are estimated from market data the conduct parameters enable us to identify the nature of channel interactions between manufacturers and the retailer along the continuum mentioned previously in addition to the demand and conduct parameters manufacturers marginal costs are also estimated in the model these marginal cost estimates along with the manufacturer prices and retail prices available in our dataset enable us to compute the division of channel profits among the channel members hence we are able to obtain insights into who has pricing power in the channel in the empirical application of the model we analyze a local market for two product categories refrigerated juice and tuna in both categories there are three major brands the difference between them is that the private label has an insignificant market share in the tuna category our main empirical results show that the usual games examined in the marketing literature do not hold for the given data we also nd that the retailer s market power is very significant in both these product categories and that the estimated demand and cost parameters are consistent with the estimated pattern of conduct between the manufacturers and the retailer given the evidence from the trade press of intense manufacturer competition in these categories as well as the commodity nature of these products the result of retailer power appears intuitive",
+    "paper_b_abstract": "as electricity markets are liberalized consumers become exposed to more volatile electricity prices and may decide to modify the profile of their demand to reduce their electricity costs this paper analyzes the effect that the market structure can have on the elasticity of the demand for electricity it then describes how the consumers behavior can be modeled using a matrix of self and cross elasticities it is shown how these elasticities can be taken into consideration when scheduling generation and setting the price of electricity in a pool based electricity market these concepts are illustrated using a 26 generator system",
+    "paper_a_title": "manufacturer retailer channel interactions and implications for channel power an empirical investigation of pricing in a local market",
+    "paper_b_title": "factoring the elasticity of demand in electricity prices"
+  },
+  {
+    "paper_a_id": "2142223741",
+    "paper_b_id": "2052556080",
+    "paper_a_count": 25,
+    "paper_b_count": 7,
+    "time_period": "2000-05",
+    "paper_a_abstract": "the issue of power in the marketing channels for consumer products has received considerable attention in both academic and practitioner journals as well as in the popular press our objective in this paper is to provide an empirical method to measure the power of channel members and to understand the reasons demand factors cost factors nature of channel interactions for this power we confine our analysis to pricing power in channels we use methods from the game theory literature in marketing on channel interactions to obtain the theoretical framework for our empirical model this literature provides us a definition of power one that is based on the proportion or percentage of channel profits that accrue to each of the channel members there can be a variety of possible channel interactions between manufacturers and retailers in channels the theoretical literature has examined some of these games for example choi 1991 examines how channel profits for manufacturers and retailer vary if channel interactions are either vertical nash or if they are stackelberg leaderfollower with either the manufacturer or the retailer being the price leader each of these three channel interaction games has different implications for profits made by manufacturers and retailers and consequently for the relative power of the channel members in contrast to the previous literature that has focused largely on the above three channel interaction games our model extends the game theoretic literature by allowing for a continuum of possible channel interactions between manufacturers and a retailer furthermore for a given product market we empirically estimate from the data where the channel interactions lie in this continuum more critically we obtain measures of how channel profits are divided between manufacturers and the retailer in the product market where a higher share of channel profit is associated with higher channel power we then examine how channel power is related to demand conditions facing various brands and cost parameters of various manufacturers in going from game theory based theoretical models of channel interactions to empirical estimation we use the new empirical industrial organization framework bresnahan 1988 as part of this structural modeling framework we build retail level demand functions for the various brands manufacturer and private label in a given product category given these demand functions we obtain optimal pricing rules for manufacturers and the retailer in determining their optimal prices manufacturers and the retailer account for how all the players in the channel choose their optimal prices that is we account for dependencies in decision making across channel members these dependencies are characterized by a set of conduct parameters which are estimated from market data the conduct parameters enable us to identify the nature of channel interactions between manufacturers and the retailer along the continuum mentioned previously in addition to the demand and conduct parameters manufacturers marginal costs are also estimated in the model these marginal cost estimates along with the manufacturer prices and retail prices available in our dataset enable us to compute the division of channel profits among the channel members hence we are able to obtain insights into who has pricing power in the channel in the empirical application of the model we analyze a local market for two product categories refrigerated juice and tuna in both categories there are three major brands the difference between them is that the private label has an insignificant market share in the tuna category our main empirical results show that the usual games examined in the marketing literature do not hold for the given data we also nd that the retailer s market power is very significant in both these product categories and that the estimated demand and cost parameters are consistent with the estimated pattern of conduct between the manufacturers and the retailer given the evidence from the trade press of intense manufacturer competition in these categories as well as the commodity nature of these products the result of retailer power appears intuitive",
+    "paper_b_abstract": "fund managers may sensibly be averse to earning a time averaged portfolio return that is less than the average return of some designated benchmark when a portfolio is expected to earn a higher average return than the benchmark return the probability that it will not approaches zero asymptotically at a computable exponential decay rate the probability decay rate is thus proposed here as a new portfolio performance index in the widely analyzed special case in which returns are normally distributed the new performance index maximizing portfolio is the same as the popular sharpe ratio maximizing portfolio the results of the two approaches generally differ however because of nonnormal levels of skewness and or kurtosis in the portfolio attributable to large asymmetrical economic shocks or investments in options and other derivative securities an illustrative example will show that the new index is easy to implement and consistent with empirical evidence on portfolio choice favors investments with",
+    "paper_a_title": "manufacturer retailer channel interactions and implications for channel power an empirical investigation of pricing in a local market",
+    "paper_b_title": "a portfolio performance index"
+  },
+  {
+    "paper_a_id": "2023732846",
+    "paper_b_id": "2143022498",
+    "paper_a_count": 18,
+    "paper_b_count": 8,
+    "time_period": "2000-05",
+    "paper_a_abstract": "abstract we study economies with indivisibilities that satisfy the gross substitutes gs condition we define an excess demand set with the property that increasing the prices of all goods in excess demand eventually leads to the smallest walrasian prices this procedure is a generalization of the auction studied by g demange d gale and m j sotomayor polit econ 94 1986 863 872 in our auction truthful revelation of demand is a perfect bayesian equilibrium if the smallest walrasian prices correspond to the vickrey clarke groves payments however no dynamic auction can reveal sufficient information to implement the vickrey mechanism if all gs preferences are allowed journal of economic literature classification numbers d4 d44 d5 d51",
+    "paper_b_abstract": "as electricity markets are liberalized consumers become exposed to more volatile electricity prices and may decide to modify the profile of their demand to reduce their electricity costs this paper analyzes the effect that the market structure can have on the elasticity of the demand for electricity it then describes how the consumers behavior can be modeled using a matrix of self and cross elasticities it is shown how these elasticities can be taken into consideration when scheduling generation and setting the price of electricity in a pool based electricity market these concepts are illustrated using a 26 generator system",
+    "paper_a_title": "the english auction with differentiated commodities",
+    "paper_b_title": "factoring the elasticity of demand in electricity prices"
+  },
+  {
+    "paper_a_id": "2023732846",
+    "paper_b_id": "2052556080",
+    "paper_a_count": 18,
+    "paper_b_count": 7,
+    "time_period": "2000-05",
+    "paper_a_abstract": "abstract we study economies with indivisibilities that satisfy the gross substitutes gs condition we define an excess demand set with the property that increasing the prices of all goods in excess demand eventually leads to the smallest walrasian prices this procedure is a generalization of the auction studied by g demange d gale and m j sotomayor polit econ 94 1986 863 872 in our auction truthful revelation of demand is a perfect bayesian equilibrium if the smallest walrasian prices correspond to the vickrey clarke groves payments however no dynamic auction can reveal sufficient information to implement the vickrey mechanism if all gs preferences are allowed journal of economic literature classification numbers d4 d44 d5 d51",
+    "paper_b_abstract": "fund managers may sensibly be averse to earning a time averaged portfolio return that is less than the average return of some designated benchmark when a portfolio is expected to earn a higher average return than the benchmark return the probability that it will not approaches zero asymptotically at a computable exponential decay rate the probability decay rate is thus proposed here as a new portfolio performance index in the widely analyzed special case in which returns are normally distributed the new performance index maximizing portfolio is the same as the popular sharpe ratio maximizing portfolio the results of the two approaches generally differ however because of nonnormal levels of skewness and or kurtosis in the portfolio attributable to large asymmetrical economic shocks or investments in options and other derivative securities an illustrative example will show that the new index is easy to implement and consistent with empirical evidence on portfolio choice favors investments with",
+    "paper_a_title": "the english auction with differentiated commodities",
+    "paper_b_title": "a portfolio performance index"
+  },
+  {
+    "paper_a_id": "1496283905",
+    "paper_b_id": "3122609377",
+    "paper_a_count": 10,
+    "paper_b_count": 5,
+    "time_period": "2000-01",
+    "paper_a_abstract": "this article presents a simple unified approach for valuing a variety of financial assets using digital contracts three types of digitals are used a digital option paying either one dollar or nothing a digital share paying nothing or converting into one share of the underlying asset and a first touch digital paying one dollar the first time that the price of the underlying stock moves into some specified region it is shown how the values of these three types of digitals can be determined for a wide variety of payoff events and how they can be combined to price complex contracts copyright 2000 by university of chicago press",
+    "paper_b_abstract": "in this article we explore the effects of labor demand shifts and population adjustments across metropolitan areas on the employment and earnings of various demographic groups during the 1980s we find that population shifts across areas at least partially offset the effects of these demand shifts but less educated workers showed substantially lower population adjustments in response to these demand shifts these limited supply responses apparently contributed importantly to relatively greater deterioration of employment and earnings of these groups in declining areas during the 1980s",
+    "paper_a_title": "digital contracts simple tools for pricing complex derivatives",
+    "paper_b_title": "demand shifts population adjustments and labor market outcomes during the 1980s"
+  },
+  {
+    "paper_a_id": "1580840967",
+    "paper_b_id": "1906327481",
+    "paper_a_count": 17,
+    "paper_b_count": 5,
+    "time_period": "1990-01",
+    "paper_a_abstract": "historically english and dutch auctions have been used for the exchange of single objects such as works of art or single lots of a good such as produce fish or cut flowers where these institutions have been used for the exchange of multiple units such as the australian wool auction using english rules successive lots of the good are sometimes sold sequentially at auction in some but not all instances this is because the goods are not identical even though the various lots may be close substitutes see penny burns 1985 where the goods are accepted universally as being homogeneous as in the securities markets multiple units are often commonly auctioned simultaneously in the securities industry orders are batched for simultaneous execution in multiple unit auctions in what are referred to as call markets that is the security is called for auction at a particular point in time this type of market is used on the stock exchanges of austria belgium france germany and israel some of these are verbal and some are sealed bid auctions although the u s organized exchanges are predominantly continuous rather than call markets except that call markets are used each day to open trading in each listed security there is a growing number of exceptions such as the proliferation since 1984 of auction preferred stock goldman sachs and co october 1984 and money market preferred stock lehman brothers july 1984 we now have dutch auction rate transferable securities called darts stated rate auction preferred stock or straps and many more after the initial subscription offering of this type of security the market is called every 49 days to reset the preferred dividend rate using a multiple unit auction the exchange of shares and the dividend determination is based on the array of stated dividend rates at which existing holders and potential new holders are willing to sell and or buy corresponding quantities the dividend rate and exchange of shares every 49 days is executed using the uniform price or competitive sealed bid mechanism vernon l smith et al 1980 the discussion to follow will be confined to this sealed bid form of the call market call markets provide temporal consolidation of trade orders or other forms of expressing the desire to buy and sell by comparison with continuous trading call markets offer both advantages and disadvantages robert a schwartz 1988 pp 442 6 the cited advantages include low cost of operating the exchange information aggregation and presumed pricing efficiency price stability individual trades which are thought to have a small impact on price reduced price uncertainty and finally nondiscriminatory pricing however there are offsetting disadvantages 1 the market is inaccessible except at the time of call 2 no bid offer contract or price information is available until the results of the call are announced and 3 there is transaction uncertainty because a submitted bid offer may be too low high to execute inside the supply demand cross these conditions are only partially alleviated if there is a secondary market between calls these disadvantages may be significant in september 1988 the wall street journal published an article on the failure of a call market for the auction rate preferred stock economic science laboratory university of arizona tucson arizona this material is based upon work supported by the national science foundation under grant no ses 8320121",
+    "paper_b_abstract": "1990 a one factor model of interest rates and its application to treasury bond options financial analysts journal vol 46 no 1 pp 33 39",
+    "paper_a_title": "auction institutional design theory and behavior of simultaneous multiple unit generalizations of the dutch and english auctions",
+    "paper_b_title": "a one factor model of interest rates and its application to treasury bond options"
+  },
+  {
+    "paper_a_id": "2014596215",
+    "paper_b_id": "2024844904",
+    "paper_a_count": 39,
+    "paper_b_count": 15,
+    "time_period": "1995-07",
+    "paper_a_abstract": "this article focuses on the distribution of price sensitivity across consumers we employ a random coefficient logit model in which brand specific intercepts and price slope coefficients are allowed to vary across households the model is estimated with panel data for two product categories the implications of the estimated model are deduced through an optimal retail pricing analysis that combines the panel data with chain level cost figures we test parametric distributional assumptions using semiparametric density estimates based on series expansions",
+    "paper_b_abstract": "yasushi hamaocolumbia universityjoel hasbroucknew york universitythis article investigates the behavior of intra day trades and quotes for individual stocks onthe tokyo stock exchange tse we examine thetransaction and quote record for three firms forthe first 3 months of 1990 our findings suggestthat the immediacy available at least for smalltrades in the market is high despite the re liance on public limit orders to supply liquidity when orders that would otherwise walk throughthe limit order book are converted into limit or ders execution is delayed but some orders exe cute at least in part at more favorable prices",
+    "paper_a_title": "modeling the distribution of price sensitivity and implications for optimal retail pricing",
+    "paper_b_title": "securities trading in the absence of dealers trades and quotes on the tokyo stock exchange"
+  },
+  {
+    "paper_a_id": "2014596215",
+    "paper_b_id": "2132072990",
+    "paper_a_count": 39,
+    "paper_b_count": 7,
+    "time_period": "1995-07",
+    "paper_a_abstract": "this article focuses on the distribution of price sensitivity across consumers we employ a random coefficient logit model in which brand specific intercepts and price slope coefficients are allowed to vary across households the model is estimated with panel data for two product categories the implications of the estimated model are deduced through an optimal retail pricing analysis that combines the panel data with chain level cost figures we test parametric distributional assumptions using semiparametric density estimates based on series expansions",
+    "paper_b_abstract": "we develop a simple approach to valuing risky corporate debt that incorporates both default and interest rate risk we use this approach to derive simple closed form valuation expressions for fixed and floating rate debt the model provides a number of interesting new insights about pricing and hedging corporate debt securities for example we find that the correlation between default risk and the interest rate has a significant effect on the properties of the credit spread using moody s corporate bond yield data we find that credit spreads are negatively related to interest rates and that durations of risky bonds depend on the correlation with interest rates this empirical evidence is consistent with the implications of the valuation model",
+    "paper_a_title": "modeling the distribution of price sensitivity and implications for optimal retail pricing",
+    "paper_b_title": "a simple approach to valuing risky fixed and floating rate debt"
+  },
+  {
+    "paper_a_id": "2024844904",
+    "paper_b_id": "2132072990",
+    "paper_a_count": 15,
+    "paper_b_count": 7,
+    "time_period": "1995-07",
+    "paper_a_abstract": "yasushi hamaocolumbia universityjoel hasbroucknew york universitythis article investigates the behavior of intra day trades and quotes for individual stocks onthe tokyo stock exchange tse we examine thetransaction and quote record for three firms forthe first 3 months of 1990 our findings suggestthat the immediacy available at least for smalltrades in the market is high despite the re liance on public limit orders to supply liquidity when orders that would otherwise walk throughthe limit order book are converted into limit or ders execution is delayed but some orders exe cute at least in part at more favorable prices",
+    "paper_b_abstract": "we develop a simple approach to valuing risky corporate debt that incorporates both default and interest rate risk we use this approach to derive simple closed form valuation expressions for fixed and floating rate debt the model provides a number of interesting new insights about pricing and hedging corporate debt securities for example we find that the correlation between default risk and the interest rate has a significant effect on the properties of the credit spread using moody s corporate bond yield data we find that credit spreads are negatively related to interest rates and that durations of risky bonds depend on the correlation with interest rates this empirical evidence is consistent with the implications of the valuation model",
+    "paper_a_title": "securities trading in the absence of dealers trades and quotes on the tokyo stock exchange",
+    "paper_b_title": "a simple approach to valuing risky fixed and floating rate debt"
+  },
+  {
+    "paper_a_id": "2135911384",
+    "paper_b_id": "2171301754",
+    "paper_a_count": 31,
+    "paper_b_count": 8,
+    "time_period": "1993-09",
+    "paper_a_abstract": "the multimillion dollar price guarantees that an auction house can offer for paintings have already had a large impact on auction house profits and place new demands on the auctioneer s decision making and negotiating skills yet auctioneers have not been studied as independent entities and decision makers to create a price guarantee the auction house and the seller must negotiate both the guarantee amount and the extra commission the seller pays if the auction price exceeds the guarantee we present a normative model of negotiations and find the frontier of guarantee and commission that is the nash bargaining solution we also determine the optimal reserve that the auctioneer should place on guaranteed property we find that guarantees decrease the auction house s expected revenue compared to a conventional auction but do allow it to attract business which might otherwise be lost guarantees benefit sellers increasing the expected value and lowering the variance of their auction revenue the auctioneer s optimal strategy depends not only on the distribution of the artwork s auction price but also the price it will bring if it fails to sell at auction in the latter case the auction house must pay the seller the guarantee and then sell the artwork which it now owns in a private secondary market where buyers regard the property as damaged goods and lower their offers although all points on the frontier produce equal expected revenue several frequently used decision making rules suggest that both parties may prefer a guarantee arrangement where the seller pays no additional commission and the guarantee has the lowest value on the frontier",
+    "paper_b_abstract": "it is generally optimal for risk sharing reasons to base a charge for information on the signal realization when this is not possible a charge based on the amount of trading a brokerage commission may be a good alternative the optimal brokerage commission schedule is derived for a risk neutral information seller faced with risk averse purchasers who may differ in their risk aversion revenues from the brokerage commission are compared with those from a fixed charge for information and the optimal mutual fund management fee the brokerage industry is a significant source of information for investors about prospective security returns one indication of this is that of the 11 817 members of the association for investment management and research who listed their occupations as investment management or research in 1991 21 percent worked for brokers and investment dealers another is that since the abolition of fixed commissions a distinction has arisen between full service brokers who provide investors with investment information and discount brokers who charge lower commissions and provide only transaction services 1 the information produced by broker research is typically provided free of charge to investors in the expectation that it will stimulate trade rewarding the brokerage house with commissions 2 this paper compares the sale of investment information in return for a brokerage commission with direct sale for a fixed payment and indirect sale through the provision of investment management services in return for a",
+    "paper_a_title": "guarantees in auctions the auction house as negotiator and managerial decision maker",
+    "paper_b_title": "brokerage commission schedules"
+  }
+]

sciscinet/patents_pair_sampled/economics_train_pairs.json

@@ -0,0 +1,189 @@
+[
+  {
+    "paper_a_id": "1976395435",
+    "paper_b_id": "2308037539",
+    "paper_a_count": 15,
+    "paper_b_count": 5,
+    "time_period": "1990-01",
+    "paper_a_abstract": "the use ofpatents in economic research has been seriously hindered by the fact that patents vary enormously in their importance or value and hence simple patent counts cannot be informative about innovative output the purpose of this article is to put forward patent counts weighted by citations as indicators of the value of innovations thereby overcoming the limitations of simple counts the empirical analysis of a particular innovation computed tomography scanners indeed shows a close association between citation based patent indices and independent measures of the social value of innovations in that field moreover the weighting scheme appears to be nonlinear increasing in the number of citations implying that the informational content of citations rises at the margin as in previous studies simple patent counts are found to be highly correlated with contemporaneous rd however here the association is within afield over time rather than cross sectional",
+    "paper_b_abstract": "government financed family planning programs that assist individual couples to attain their desired number of children are easily justified but government policies that coerce or use financial incentives to influence couples to alter their desired number of children require stronger justification such justification may reside in the externalities to childbearing the costs and benefits of children that are passed on by parents to society externalities to childbearing might include public costs of education health and pensions as well as taxes to be paid by children in the future cost sharing for public goods and social infrastructure over an enlarged tax base the dilution of per capita value of various forms of collective wealth and the reduction of wages and per capita incomes in the future the authors estimated these externalities for a number of developing countries although the net total estimated externality was typically negative it dominated measurement error only when public holdings of natural resources were important public expenditures on health education and pensions financed by proportional taxes led to negative externalities in most developing countries there are many sources of positive and negative externalities and each estimate is uncertain so the total externality is itself highly uncertain and often does not provide a clear case for policies going beyond family planning inclusion of environmental effects might alter this conclusion",
+    "paper_a_title": "a penny for your quotes patent citations and the value of innovations",
+    "paper_b_title": "population growth externalities to childbearing and fertility policy in developing countries"
+  },
+  {
+    "paper_a_id": "2019717847",
+    "paper_b_id": "1970695068",
+    "paper_a_count": 39,
+    "paper_b_count": 9,
+    "time_period": "1991-02",
+    "paper_a_abstract": "institute of university of i business and v california at i economic research berkeley fisher center for real estate and urban economics p working paper series working paper no 88 151 the dynamics of real estate prices by these papers are preliminary in nature their purpose is to i e z i d 2f iz e ey bradford case are nottobccited ortluotedin john mq quigley any publication without the ex press permission of the author walter a haas school of business",
+    "paper_b_abstract": "this paper tests the exclusion of lagged growth rates of money and output from regression equations with serially correlated disturbances for the expected real interest rate the authors empirical approach is an extension of the empirical strategies of eugene f fama 1975 and frederic s mishkin 1981 which invoke the orthogonality of the inflation forecast error to predetermined regressors under the maintained hypothesis of rational expectations they discuss the implications of their tests for simple real business cycle models copyright 1991 by mit press",
+    "paper_a_title": "the dynamics of real estate prices",
+    "paper_b_title": "money output and the expected real interest rate"
+  },
+  {
+    "paper_a_id": "2019717847",
+    "paper_b_id": "2117779765",
+    "paper_a_count": 39,
+    "paper_b_count": 8,
+    "time_period": "1991-02",
+    "paper_a_abstract": "institute of university of i business and v california at i economic research berkeley fisher center for real estate and urban economics p working paper series working paper no 88 151 the dynamics of real estate prices by these papers are preliminary in nature their purpose is to i e z i d 2f iz e ey bradford case are nottobccited ortluotedin john mq quigley any publication without the ex press permission of the author walter a haas school of business",
+    "paper_b_abstract": "abstract the inefficiency of allocation mechanisms in the presence of bilateral asymmetric information is reconsidered in an environment with continuous quantities the result of myerson and satterthwaite is proved in this environment under the condition that zero trade is efficient if the highest cost seller or the lowest value buyer appears in addition if this condition fails there may exist mechanisms implementing efficient allocations the problem of hidden endowments is considered where any agent may be either a buyer or seller depending on the realization of the privately observed information in this environment it is often possible to arrange efficient trades ex ante asymmetries rather than interim asymmetries tend to prevent efficient allocations",
+    "paper_a_title": "the dynamics of real estate prices",
+    "paper_b_title": "efficient allocation with continuous quantities"
+  },
+  {
+    "paper_a_id": "2016608008",
+    "paper_b_id": "2063403177",
+    "paper_a_count": 13,
+    "paper_b_count": 6,
+    "time_period": "1994-03",
+    "paper_a_abstract": "in analyzing bidding modeling matters this paper is a critical analysis of the models available to aid competitive bidding decision making bidding strategy and auction design in real transactions after an introductory overview this paper describes the contexts in which auctions arise reviews the mainstream theory of single isolated auctions and discusses the important work involved in enrichment of this theory in doing so it indicates results that have been obtained and the sort of changes in analytical approach that are needed to tackle other critical enrichments the paper summarizes briefly what is known about the direct use of models by bidders and auction designers a general theme of this paper is that enriched models are needed to bring bidding theory closer to direct applicability in decision making",
+    "paper_b_abstract": "trading halts increase rather than reduce both volume and volatility volume volatility in the first full trading day after a trading halt is 230 percent 50 to 115 percent higher than following pseudohalts nonhalt control periods matched on time of day duration and absolute net of market returns these results are robust over different halt types and news categories higher posthalt volume is observed into the third day while higher posthalt volatility decays within hours the extent of media coverage is a partial determinant of volume and volatility following both halts and pseudohalts but a separate halt effect remains after controlling for the media effect in the wake of the 1987 market break a number of commentators including the presidential task force on market mechanisms recommended the establishment of circuit breaker mechanisms the primary argument supporting circuit breakers both price limits and trading halts is that nontrading periods provide an opportunity for normal information transmission in times of market duress proponents of circuit breakers claim that during major price changes there can be a breakdown in the transmission of information between the trading floor and market participants therefore the primary function of a circuit breaker should be to reinform participants greenwald and stein 1988 p 17 by lowering informational asymmetries between traders halts could permit the orderly emergence of a new consensus price but would informative trading halts succeed many academics are openly suspicious of any kind of market interference and assume that trading halts are guilty until proven innocent grossman 1990 p 3 for example argues that the closing of markets merely prevents consenting adults from carrying out their desires on the floor of the stock exchange not only do halts impose a liquidity cost on traders but studies suggest that information will not be as",
+    "paper_a_title": "modeling competitive bidding a critical essay",
+    "paper_b_title": "volume volatility and new york stock exchange trading halts"
+  },
+  {
+    "paper_a_id": "3124869892",
+    "paper_b_id": "2036613564",
+    "paper_a_count": 12,
+    "paper_b_count": 5,
+    "time_period": "1997-03",
+    "paper_a_abstract": "abstract we show that in models in which labor services are supplied jointly with human capital the chamley and judd result on zero capital income taxation in the limit extends to labor taxes as long as accumulation technologies are constant returns to scale moreover for a class of widely used preferences consumption taxes are zero in the limit as well however we show by the construction of two examples that these results no longer hold for certains types of restrictions on tax rates or if there are profits generated journal of economic literatureclassification numbers e62 h21",
+    "paper_b_abstract": "value and momentum strategies both have demonstrated power to predict the crosssection of stock returns but are these strategies related measures of momentum and value are negatively correlated across stocks yet each is positively related to the cross section of average stock returns we examine whether the marginal power of value or momentum differs depending upon the level of the other variable value strategies work in general but are strongest among low momentum loser stocks and weakest among high momentum winner stocks the momentum strategy works in general but is particularly strong among low value expensive stocks these results hold despite finding comparable spreads in value measures among stocks with different levels of momentum and comparable spreads in the momentum measure among stocks with different levels of value any explanation for why value and momentum work must explain this interaction",
+    "paper_a_title": "on the optimal taxation of capital income",
+    "paper_b_title": "the interaction of value and momentum strategies"
+  },
+  {
+    "paper_a_id": "2169945070",
+    "paper_b_id": "1855749725",
+    "paper_a_count": 41,
+    "paper_b_count": 14,
+    "time_period": "1998-01",
+    "paper_a_abstract": "wagering markets provide a natural laboratory for testing models of market prices and behavior under uncertainty the literature on wagering albeit contentious has established the following first prices set in these markets to a first approximation are efficient forecasts of outcomes second price changes in these markets are driven by an informed class of bettors and improve prediction nevertheless there are important departures from generic notions of market efficiency recent models focusing on diverse information heterogeneous agents and transaction costs help to explain these findings",
+    "paper_b_abstract": "one dimension of the strategies investment houses use to present investment advice is the number of categories in their rating systems we studied three four and five level systems and found that in all rating systems upgrades outnumber downgrades price reactions are more pronounced to multiple level than to single level recommendation changes and to recommendation upgrades to the highest rating category these price reactions confirm that the market gleans new information from analysts research but suggest that investors at least partially recognize analysts tendency toward optimism and thus react more strongly to downgrades the price effects also show that adding more rating categories is not simply a way to portion out information in smaller bits some of the largest price reactions are to changes between the top two categories in a five level system even though the descriptions of the categories would not signal a portfolio action our results are consistent with the view that firms try to",
+    "paper_a_title": "the economics of wagering markets",
+    "paper_b_title": "market reactions to messages from brokerage ratings systems"
+  },
+  {
+    "paper_a_id": "2033096392",
+    "paper_b_id": "3124399064",
+    "paper_a_count": 40,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "this paper delineates the link between the existence of information the timing of trades and the stochastic process of prices we show that time affects prices with the time between trades affecting spreads because the absence of trades is correlated with volume our model predicts a testable relation between spreads and normal and unexpected volume and demonstrates how volume affects the speed of price adjustment our model also demonstrates how the transaction price series will be a biased representation of the true price process with the variance being both overstated and heteroskedastic few topics in finance are of broader interest than the time series properties of security prices fundamental to research on such diverse topics as security returns market efficiency investor trading strategies option behavior and security market design the stochastic process of prices underlies much of the phenomena studied in financial economics but how the stochastic process of prices behaves or even what factors determine the movement between one security price and the next remains unclear these theoretical questions have spurred extensive research on security price formation much of it in the large and growing area of security market microstructure the microstructure literature investigates how prices evolve by analyzing how traders learn from market data this focus allows researchers to characterize the time series properties of prices as a function of the information trades reveal to the market in the standard microstructure models however time per se plays no role in the kyle 1985 framework for example all trades are batched so that wheni individual orders arrive is not relevant or even known to the market maker similarly in the glosten and milgrom 1985 sequential trade model orders are assumed to arrive in some probabilistic fashion which is independent of any time parameters in these models the timing of trades is irrelevant for the behavior of prices because time itself has no information content",
+    "paper_b_abstract": "we estimate the conditional distribution of trade to trade price changes using ordered probit a statistical model for discrete random variables this approach recognizes that transaction price changes occur in discrete increments typically eighths of a dollar and occur at irregularly spaced time intervals unlike existing models of discrete transactions prices ordered probit can quantify the effects of other economic variables like volume past price changes and the time between trades on price changes using 1988 transactions data for over 100 randomly chosen u s stocks we estimate the ordered probit model via maximum likelihood and use the parameter estimates to measure several transaction related quantities such as the price impact of trades of a given size the tendency towards price reversals from one transaction to the next and the empirical significance of price discreteness",
+    "paper_a_title": "time and the process of security price adjustment",
+    "paper_b_title": "an ordered probit analysis of transaction stock prices"
+  },
+  {
+    "paper_a_id": "2033096392",
+    "paper_b_id": "1538563434",
+    "paper_a_count": 40,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "this paper delineates the link between the existence of information the timing of trades and the stochastic process of prices we show that time affects prices with the time between trades affecting spreads because the absence of trades is correlated with volume our model predicts a testable relation between spreads and normal and unexpected volume and demonstrates how volume affects the speed of price adjustment our model also demonstrates how the transaction price series will be a biased representation of the true price process with the variance being both overstated and heteroskedastic few topics in finance are of broader interest than the time series properties of security prices fundamental to research on such diverse topics as security returns market efficiency investor trading strategies option behavior and security market design the stochastic process of prices underlies much of the phenomena studied in financial economics but how the stochastic process of prices behaves or even what factors determine the movement between one security price and the next remains unclear these theoretical questions have spurred extensive research on security price formation much of it in the large and growing area of security market microstructure the microstructure literature investigates how prices evolve by analyzing how traders learn from market data this focus allows researchers to characterize the time series properties of prices as a function of the information trades reveal to the market in the standard microstructure models however time per se plays no role in the kyle 1985 framework for example all trades are batched so that wheni individual orders arrive is not relevant or even known to the market maker similarly in the glosten and milgrom 1985 sequential trade model orders are assumed to arrive in some probabilistic fashion which is independent of any time parameters in these models the timing of trades is irrelevant for the behavior of prices because time itself has no information content",
+    "paper_b_abstract": "abstract this study separates trading volume into buyer and seller initiated activities and examines the directional volume reaction in small and large trades to different types of earnings news good bad news triggers brief but intense buying selling in the large trades however a persistent period of unusually high buying activity is observed in the small trades irrespective of the news this anomalous proclivity of small traders to buy is robust across firm size trading volume and different earnings expectation models several explanations are discussed although the behavior does not seem fully explained by existing theories",
+    "paper_a_title": "time and the process of security price adjustment",
+    "paper_b_title": "earnings news and small traders an intraday analysis"
+  },
+  {
+    "paper_a_id": "2047196615",
+    "paper_b_id": "3124399064",
+    "paper_a_count": 25,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "this paper analyzes price formation under two trading mechanisms a continuous quote driven system where dealers post prices before order submission and an order driven system where traders submit orders before prices are determined the order driven system operates either as a continuous auction with immediate order execution or as a periodic auction where orders are stored for simultaneous execution with free entry into market making the continuous systems are equivalent while a periodic auction offers greater price efficiency and can function where continuous mechanisms fail traders must sacrifice continuity and bear higher information costs",
+    "paper_b_abstract": "we estimate the conditional distribution of trade to trade price changes using ordered probit a statistical model for discrete random variables this approach recognizes that transaction price changes occur in discrete increments typically eighths of a dollar and occur at irregularly spaced time intervals unlike existing models of discrete transactions prices ordered probit can quantify the effects of other economic variables like volume past price changes and the time between trades on price changes using 1988 transactions data for over 100 randomly chosen u s stocks we estimate the ordered probit model via maximum likelihood and use the parameter estimates to measure several transaction related quantities such as the price impact of trades of a given size the tendency towards price reversals from one transaction to the next and the empirical significance of price discreteness",
+    "paper_a_title": "trading mechanisms in securities markets",
+    "paper_b_title": "an ordered probit analysis of transaction stock prices"
+  },
+  {
+    "paper_a_id": "2047196615",
+    "paper_b_id": "1538563434",
+    "paper_a_count": 25,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "this paper analyzes price formation under two trading mechanisms a continuous quote driven system where dealers post prices before order submission and an order driven system where traders submit orders before prices are determined the order driven system operates either as a continuous auction with immediate order execution or as a periodic auction where orders are stored for simultaneous execution with free entry into market making the continuous systems are equivalent while a periodic auction offers greater price efficiency and can function where continuous mechanisms fail traders must sacrifice continuity and bear higher information costs",
+    "paper_b_abstract": "abstract this study separates trading volume into buyer and seller initiated activities and examines the directional volume reaction in small and large trades to different types of earnings news good bad news triggers brief but intense buying selling in the large trades however a persistent period of unusually high buying activity is observed in the small trades irrespective of the news this anomalous proclivity of small traders to buy is robust across firm size trading volume and different earnings expectation models several explanations are discussed although the behavior does not seem fully explained by existing theories",
+    "paper_a_title": "trading mechanisms in securities markets",
+    "paper_b_title": "earnings news and small traders an intraday analysis"
+  },
+  {
+    "paper_a_id": "2156314144",
+    "paper_b_id": "3124399064",
+    "paper_a_count": 23,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "the behavior of time weighted bid ask spreads over the trading day are examined the plot of minute by minute spreads versus time of day has a crude reverse j shaped pattern schwartz identifies four determinants of spreads activity risk information and competition using a linear regression model a significant relationship between these same factors and intraday spreads is demonstrated but dummy variables for time of day have a reverse j shape for given values of the activity risk information and competition measures spreads are higher at the beginning and end of the day relative to the interior period this study has a dual focus first it extends prior work by examining whether variables previously found to be determinants of spreads using data for intervals of a day or longer also explain spreads during the trading day second the paper furthers previous research concerning intraday patterns in returns variability and volume by examining intraday patterns of spreads schwartz 1988 pp 419 420 identifies four classes of variables as determinants of bid ask spreads activity risk information and competition each of these determinants is considered briefly greater trading activity can lead to lower spreads due to economies of scale in trading costs using trading cost arguments previous researchers show that a number of activity variables are significant determinants of bid ask spreads including 1 the average number of shares traded tinic 1972 2 the volume tinic and west 1972 branch and freed 1977 stoll 1978 and 3 the number of transactions benston and hagerman 1974 copeland and galai 1983 model the bid ask spread as a free straddle option provided by the market maker and show that the bid ask spread is inversely related to the frequency of trading copeland and galai 1983 note that since less frequent trading usually means lower trading volume the bid ask spread is likely to be inversely related to measures of market activity inventory control models garman 1976 and ho and stoll 1980 1981 1983 show that uncertainty in the arrival of buy and sell orders forces dealers away from their optimal inventory position in the model of amihud and mendelson 1980 as the marker maker approaches the desired inventory position the bid ask spread is reduced hence if greater",
+    "paper_b_abstract": "we estimate the conditional distribution of trade to trade price changes using ordered probit a statistical model for discrete random variables this approach recognizes that transaction price changes occur in discrete increments typically eighths of a dollar and occur at irregularly spaced time intervals unlike existing models of discrete transactions prices ordered probit can quantify the effects of other economic variables like volume past price changes and the time between trades on price changes using 1988 transactions data for over 100 randomly chosen u s stocks we estimate the ordered probit model via maximum likelihood and use the parameter estimates to measure several transaction related quantities such as the price impact of trades of a given size the tendency towards price reversals from one transaction to the next and the empirical significance of price discreteness",
+    "paper_a_title": "an analysis of intraday patterns in bid ask spreads for nyse stocks",
+    "paper_b_title": "an ordered probit analysis of transaction stock prices"
+  },
+  {
+    "paper_a_id": "2156314144",
+    "paper_b_id": "1538563434",
+    "paper_a_count": 23,
+    "paper_b_count": 6,
+    "time_period": "1992-06",
+    "paper_a_abstract": "the behavior of time weighted bid ask spreads over the trading day are examined the plot of minute by minute spreads versus time of day has a crude reverse j shaped pattern schwartz identifies four determinants of spreads activity risk information and competition using a linear regression model a significant relationship between these same factors and intraday spreads is demonstrated but dummy variables for time of day have a reverse j shape for given values of the activity risk information and competition measures spreads are higher at the beginning and end of the day relative to the interior period this study has a dual focus first it extends prior work by examining whether variables previously found to be determinants of spreads using data for intervals of a day or longer also explain spreads during the trading day second the paper furthers previous research concerning intraday patterns in returns variability and volume by examining intraday patterns of spreads schwartz 1988 pp 419 420 identifies four classes of variables as determinants of bid ask spreads activity risk information and competition each of these determinants is considered briefly greater trading activity can lead to lower spreads due to economies of scale in trading costs using trading cost arguments previous researchers show that a number of activity variables are significant determinants of bid ask spreads including 1 the average number of shares traded tinic 1972 2 the volume tinic and west 1972 branch and freed 1977 stoll 1978 and 3 the number of transactions benston and hagerman 1974 copeland and galai 1983 model the bid ask spread as a free straddle option provided by the market maker and show that the bid ask spread is inversely related to the frequency of trading copeland and galai 1983 note that since less frequent trading usually means lower trading volume the bid ask spread is likely to be inversely related to measures of market activity inventory control models garman 1976 and ho and stoll 1980 1981 1983 show that uncertainty in the arrival of buy and sell orders forces dealers away from their optimal inventory position in the model of amihud and mendelson 1980 as the marker maker approaches the desired inventory position the bid ask spread is reduced hence if greater",
+    "paper_b_abstract": "abstract this study separates trading volume into buyer and seller initiated activities and examines the directional volume reaction in small and large trades to different types of earnings news good bad news triggers brief but intense buying selling in the large trades however a persistent period of unusually high buying activity is observed in the small trades irrespective of the news this anomalous proclivity of small traders to buy is robust across firm size trading volume and different earnings expectation models several explanations are discussed although the behavior does not seem fully explained by existing theories",
+    "paper_a_title": "an analysis of intraday patterns in bid ask spreads for nyse stocks",
+    "paper_b_title": "earnings news and small traders an intraday analysis"
+  },
+  {
+    "paper_a_id": "2128043116",
+    "paper_b_id": "2081370116",
+    "paper_a_count": 13,
+    "paper_b_count": 6,
+    "time_period": "1994-12",
+    "paper_a_abstract": "using a database that is free of survivorship bias this article finds that book to market equity earnings yield and cash flow yield have significant explanatory power with respect to the cross section of realized stock returns during the period from july 1940 through june 1963 there is a strong january seasonal in the explanatory power of these variables even though small stocks are by construction excluded from the sample copyright 1994 by american finance association",
+    "paper_b_abstract": "this paper offers a three way typology of bank regulation and examines the question of international harmonization for each category for economic regulation the danger is that harmonization could support and preserve domestic protectionist regulatory regimes but it could instead be a beneficial guise for lowering protectionist barriers the latter efforts should be encouraged for prudential regulation national regulation should be adequate to handle the extra stresses of international banking harmonization efforts e g the basle accord may offer only modest help but the accord may offer indirect help by limiting national governments competitive efforts implicitly to subsidize their banks risk taking activities finally for information regulation national regulation appears to be adequate and international harmonization does not appear to be necessary copyright 1994 by oxford university press",
+    "paper_a_title": "the cross section of realized stock returns the pre compustat evidence",
+    "paper_b_title": "on the international harmonization of bank regulation"
+  },
+  {
+    "paper_a_id": "2031711446",
+    "paper_b_id": "1978185163",
+    "paper_a_count": 29,
+    "paper_b_count": 5,
+    "time_period": "1997-11",
+    "paper_a_abstract": "micro marketing refers to the customization of marketing mix variables to the store level this paper shows how prices can be profitably customized at the store level rather than adopting a uniform pricing policy across all stores historically there has been a trend by retailers to consolidate independent stores into large national and regional chains this move toward consolidation has been driven by the economies of scale associated with these larger operations however some of these large chains have lost the adaptability of independent neighborhood stores micro marketing represents an interest on the part of managers to combine the advantages of these large operations with the flexibility of independent neighborhood stores a basis for these customized pricing strategies is the result of differences in interbrand competition across stores these changes in interbrand competition are measured using weekly store level scanner data at the product level obviously this presents a huge estimation problem since we wish to measure substitution between each product at a store level for a chain with 100 stores and 10 products in a category we would need to estimate over 100 000 parameters to reliably estimate these individual store differences we phrase our problem in a hierarchical bayesian framework essentially each store level parameter can be thought of as a combination of chain level and random store specific effects the improvement in estimating this model comes from exploiting the common chain level component in addition we relate these store specific changes to demographic and competitive characteristics of the store s trading area which helps explain why these differences are present these estimated differences in price response are in turn used to set store level prices to simplify and focus the problem we limit our attention to everyday price changes i e the prices of products that are not advertised there are many marketing variables that can be adjusted at a storelevel e g promotions and product assortments the reason we concentrate upon everyday pricing is driven by its importance in the marketing mix that most profits are earned on products sold at their everyday price and the amenability of everyday prices to store level customizations a limitation of this approach is that it yields only a partial solution to the retailer s global optimization problem a challenge for the retailer in implementing micro marketing pricing strategies is to retain a consistent image while altering prices that adapt to neighborhood differences in demand our approach is to search for price changes that leave image unchanged we argue that a sufficient condition for holding the input to store image constant from everyday pricing is to hold average price and revenues at their current levels we implement this condition by introducing constraints into the profit maximization problem future research into store choice may yield more efficient conditions a benefit of holding the retailer s image constant is that it does not require costly new information about competitors and promotional activity instead retailers are able to derive these store level customizations based largely upon scanner data this is very advantageous since this information is already being collected and is readily available our results indicate that micro marketing pricing strategies would be profitable and could increase gross profit margins by 4 percent to 10 percent when these gross profit gains are considered after administrative and operating costs are taken into account they could increase operating profit margins by 33 percent to 83 percent these gains come from encouraging consumers through everyday price changes to switch to more profitable bundles of products and not through overall price changes at the chain level these results show that the information contained in the retailer s store level scanner data is an under utilized resource by exploiting this information using newer and more powerful computational techniques managers can better appreciate its value the implication is that profits could be increased and gains can be made by using this information as the basis for micro marketing",
+    "paper_b_abstract": "in recent years it has been shown empirically that stock returns exhibit positive or negative autocorrelation depending on observation frequency in this context of autocorrelated returns the present paper is the first to derive an explicit analytical solution to the dynamic portfolio problem of an individual agent saving for retirement or other change of status like the purchase of a house or starting college using a normal arma1 1 process dynamic programming techniques combined with the use of stein s lemma are employed to examine dollar cost averaging and age effects in intertemporal portfolio choice with cara preferences we show that with a positive moving average parameter and positive riskfree rates if first order serial correlation is nonnegative then the expected value of the optimal risky investment is increasing over time while if first order serial correlation is negative this path can be increasing or decreasing over time thus a necessary but not sufficient condition to obtain the conventional age effect of increasing conservatism over time is that first order serial correlation be negative further dollar cost averaging in the general sense of gradual entry into the risky asset does not emerge as an optimal policy simulation results for u s data are used to illustrate optimal portfolio paths",
+    "paper_a_title": "creating micro marketing pricing strategies using supermarket scanner data",
+    "paper_b_title": "autocorrelated returns and optimal intertemporal portfolio choice"
+  },
+  {
+    "paper_a_id": "2114448024",
+    "paper_b_id": "2099697360",
+    "paper_a_count": 121,
+    "paper_b_count": 5,
+    "time_period": "1998-12",
+    "paper_a_abstract": "antitrust law presumes that entry normally prevents or reverses anticompetitive effects from horizontal mergers but when sunk costs associated with entry are at levels suggested by prevailing market structure the opportunity for entry created by an anticompetitive merger plausibly is too small to induce entry even absent stiglerian barriers to entry this is illustrated for cournot and bertrand models significant entry also makes otherwise profitable bertrand mergers unprofitable assuming no efficiency gains consequently the entry issue can be collapsed into the efficiency issue if a presumably profitable merger does not generate significant efficiencies it cannot be expected to induce entry",
+    "paper_b_abstract": "patent counts are very imperfect measures of innovative output this paper discusses how additional data the number of years a patent is renewed and the number of countries in which protection for the same invention is sought can be used to improve on counts in studies that require a measure of the extent of innovation simple weighting schemes are proposed which may remove half of the noise in patent counts as a measure of innovative output we describe models of the patent application and renewal processes whose parameter estimates can be used to assess the value of the proprietary rights created by the patent laws we illustrate their use with estimates of how the value of patent protection would vary under alternative legal rules and renewal fees and with estimates of the international flows of returns from the patent system recent progress in the development of databases has increased the potential for this type of analysis",
+    "paper_a_title": "the entry inducing effects of horizontal mergers an exploratory analysis",
+    "paper_b_title": "how to count patents and value intellectual property the uses of patent renewal and application data"
+  },
+  {
+    "paper_a_id": "2063420981",
+    "paper_b_id": "2087061940",
+    "paper_a_count": 67,
+    "paper_b_count": 8,
+    "time_period": "1993-12",
+    "paper_a_abstract": "we present a model with adverse selection where information sharing between lenders arises endogenously lenders incentives to share information about borrowers are positively related to the mobility and heterogeneity of borrowers to the size of the credit market and to advances in information technology such incentives are instead reduced by the fear of competition from potential entrants in addition information sharing increases the volume of lending when adverse selection is so severe that safe borrowers drop out of the market these predictions are supported by international and historical evidence in the context of the consumer credit market a large body of literature on credit markets has shown that asymmetric information may prevent the efficient allocation of lending leading to credit rationing e g jaffee and russell 1976 stiglitz and weiss 1981 or to a wedge between lending and borrowing rates e g king 1986 in this literature informational asymmetries are taken to be exogenous lenders fail to observe some relevant characteristic or action of potential borrowers and have no way of learning about it in some countries however lenders can improve their knowledge about new customers by exchanging information with other lenders through information brokers generally known as credit bureaus the latter collect file and distribute the information voluntarily supplied by their members and operate on the principle of reciprocity lenders who do not provide data are denied access to the bureau s files in other countries instead these institutions do not exist the literature offers no guide to identify the factors that lead to endogenous communication between lenders this paper is an attempt to fill the gap information sharing is important for a number of reasons it may increase the degree of competitiveness within credit markets vives 1990 improve",
+    "paper_b_abstract": "we develop a model in which the volatility of risky assets is subject to random and discontinuous shifts over time we derive prices of claims contingent on such assets and analyze options based trading strategies to hedge against the risk of jumps in the return volatility unsystematic and systematic events such as takeovers major changes in business plans or shifts in economic policy regimes may drastically alter firms risk profiles our model captures the effect of such events on options markets lumpy arrival of information has long been recognized as a phenomenon of considerable importance in financial markets following merton 1976 1 much of the literature on contingent claims valuation under discontinuous information arrival has studied the case where jumps occur in asset values in this article we model the discontinuous resolution of uncertainty in a new way we allow for the volatility of an asset s return to change randomly and discretely we then derive and analyze valuation equations for claims contingent on such an asset we also show how certain traded options together with the underlying stock and a riskless bond can be used to insure against jumps in the volatility of an asset s returns stock price movements in our model fluctuate randomly between low and high volatility regimes discontinuous changes in the volatility of stock prices may be a result of significant changes in a firm s operating and financial structure its competitive environment or its corporate plan reorganizations caused by takeovers and mergers may also occasion such volatility shifts changes in uncertainty in our model could also be systematic and a result of aggregate supply shocks or shifts in economic policies and political regimes our model can also be interpreted as a model of a market where from time to time firms face the release of an important piece of information that may affect their stock prices significantly the market participants may be aware",
+    "paper_a_title": "information sharing in credit markets",
+    "paper_b_title": "option valuation and hedging strategies with jumps in the volatility of asset returns"
+  },
+  {
+    "paper_a_id": "2049234737",
+    "paper_b_id": "2148080284",
+    "paper_a_count": 63,
+    "paper_b_count": 10,
+    "time_period": "1987-06",
+    "paper_a_abstract": "this paper provides simple analytic approximations for pricing exchange traded american call and put options written on commodities and commodity futures contracts these approximations are accurate and considerably more computationally efficient than finite difference binomial or compound option pricing methods options written on a wide variety of commodities and commodity futures contracts now trade in the u s and canada nearly all these options are american style2 and thus have early exercise premiums implicitly embedded in their prices unlike the european style option pricing problems however analytic solutions for the american option pricing problems have not been found and the pricing of american options has usually resorted to finite difference binomial or more recently compound option approximation methods while these approximation methods yield accurate american option values they are cumbersome and expensive to use the purpose of this paper is to provide an accurate inexpensive method for pricing american call and put options written on commodities and commodity futures contracts the development of the quadratic approximation method is contained in section i commodity option and commodity futures option contracts are defined the underpinnings of commodity option valuation are discussed and the solutions to the european call and put option pricing problems are presented unlike the non dividend paying stock option case it is shown that the american call option written on a commodity as well as the american put option may optimally be exercised prior to expiration the approximation methods for the american call and put option values are then derived in the",
+    "paper_b_abstract": "one option pricing problem that has hitherto been unsolved is the pricing of a european call on an asset that has a stochastic volatility this paper examines this problem the option price is determined in series form for the case in which the stochastic volatility is independent of the stock price numerical solutions are also produced for the case in which the volatility is correlated with the stock price it is found that the black scholes price frequently overprices options and that the degree of overpricing increases with the time to maturity one option pricing problem that has hitherto remained unsolved is the pricing of a european call on a stock that has a stochastic volatility from the work of merton 12 garman 6 and cox ingersoll and ross 3 the differential equation that the option must satisfy is known the solution of this differential equation is independent of risk preferences if a the volatility is a traded asset or b the volatility is uncorrelated with aggregate consumption if either of these conditions holds the risk neutral valuation arguments of cox and ross 4 can be used in a straightfoward way this paper produces a solution in series form for the situation in which the stock price is instantaneously uncorrelated with the volatility we do not assume that the volatility is a traded asset also a constant correlation between the instantaneous rate of change of the volatility and the rate of change of aggregate consumption can be accommodated the option price is lower than the blackscholes b s 1 price when the option is close to being at the money and higher when it is deep in or deep out of the money the exercise prices for which overpricing by b s takes place are within about ten percent of the security price this is the range of exercise prices over which most option trading takes place so we may in general expect the b s price to overprice options this effect is exaggerated as the time to maturity increases one of the most surprising implications of this is that if the b s equation is used to determine the implied volatility of a near the money option the longer the time to maturity the lower the implied volatility numerical solutions for the case in which the volatility is correlated with the stock price are also examined the stochastic volatility problem has been examined by merton 13 geske 7 johnson 10 johnson and shanno 11 eisenberg 5 wiggins 16 and",
+    "paper_a_title": "efficient analytic approximation of american option values",
+    "paper_b_title": "the pricing of options on assets with stochastic volatilities"
+  }
+]

sciscinet/patents_pair_sampled/politicalscience_test_pairs.json

@@ -0,0 +1,13 @@
+[
+  {
+    "paper_a_id": "2023897270",
+    "paper_b_id": "2116945649",
+    "paper_a_count": 10,
+    "paper_b_count": 5,
+    "time_period": "2003",
+    "paper_a_abstract": "no rational person can deny the destructive potential of a nuclear bomb as a weapon of mass destruction wmd the perception of anthrax as a wmd however is yet unformed in our society and its institutions opinions on anthrax wmd have ranged from dire to dismissive 1 2 but a scientifically rigorous analysis of their destructive potential has been lacking in a recent issue of pnas wein craft and kaplan 3 filled this critical gap by providing quantitative assessment of the deaths resultant to a civilian population from an airborne attack of weaponized anthrax on a large city the analysis in ref 3 is a mathematical model and as such is founded on scientific assumptions and framed in mathematical language it is not a typical model of a scientific phenomenon because of the irreducible uncertainty of its formulation and parameters its predictive power is thus subject to scientific debate nonetheless this comprehensive model is the best information available to organize our understanding of anthrax as a wmd",
+    "paper_b_abstract": "combating bioterrorism is a challenge to all of us to be proactive the u s government has formalized the discipline of microbial forensics to deter and attribute perpetrators of such acts this policy forum describes the foundations of the microbial forensics program the creation of a national bioforensics laboratory a partnership laboratory network and a peer consensus scientific working group and the promulgation of quality assurance guidelines",
+    "paper_a_title": "a silent bomb the risk of anthrax as a weapon of mass destruction",
+    "paper_b_title": "building microbial forensics as a response to bioterrorism"
+  }
+]