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Selected recent publications in the top management and economics journals

Time to Build and the Real-Options Channel of Residential Investment

( Oh, Hyunseung | Yoon, Chamna )

JOURNAL OF FINANCIAL ECONOMICS2020-01

Abstract

A standard real-options model predicts that time-to-build investment decisions could be delayed by uncertainty over future revenue. This paper examines the first-order importance of this mechanism by looking into the micro-data for residential construction during the recent housing boom and bust. We develop a model of sequential irreversible investment with stochastic bottlenecks and estimate the model parameters based on the distribution of time-to-build and new house prices. In the estimated model, the boom period increase in time-to-build is caused by frequent construction bottlenecks, and the decrease in house prices and the increase in uncertainty during the bust generated further delays in construction.

Waiting for affordable housing in New York City

( Sieg, Holger | Yoon, Chamna )

QUANTITATIVE ECONOMICS2020-01

Abstract

We develop a new dynamic equilibrium model with heterogeneous households that captures the most important frictions that arise in housing rental markets and explains the political popularity of affordable housing policies. We estimate the model using data collected by the New York Housing Vacancy Survey in 2011. We find that there are significant adjustment costs in all markets as well as serious search frictions in the market for affordable housing. Moreover, there are large queuing frictions in the market for public housing. Having access to rent-stabilized housing increases household welfare by up to $65,000. Increasing the supply of affordable housing by 10% significantly improves the welfare of all renters in the city. Progressive taxation of higher-income households that live in public housing can also be welfare improving.

When Seeing Helps Believing: The Interactive Effect s of Previews and Reviews on E-Book Purchases

( Choi, Angela Aerry | Cho, Daegon | Yim, Dobin | Moon, Jae Yun | Oh, Wonseok )

INFORMATION SYSTEMS RESEARCH2019-12

Abstract

Online reviews offer consumers the indirect experience of products through others' consumption evaluations, whereas previews afford them direct experience through product trials. Although conceptual and empirical studies on the business ramifications of online reviews abound, little is known about how online previews moderate the effects of online reviews on sales. To cast light on this issue, the current research investigated the interactive effects of exposure to online previews and reviews on individual purchase decisions. We analyzed a unique two-month panel data set on 270,260 sessions that comprise clickstream data on consumers' exposure to previews and reviews and data on their subsequent purchase behaviors. On the basis of analyses underlain by a two-stage hierarchical Bayesian framework, we found that online previews positively influence individual purchase decisions. More importantly, significant interactions exist between previews and reviews, as evidenced by the decreasing positive effect of previews with increasing review volume and average review rating. In addition, previews can complement reviews when a high variance in the latter renders purchase decisions difficult. We further examined the sequence effect of exposure to previews and reviews and discovered that exposure to previews following the experience of reviews may exert a considerable positive influence on individual purchase decisions. The results from an additional field experiment and a text-based sentiment analysis reinforced the validity of our main findings by mitigating concerns regarding the endogeneity and the accuracy of the review quality, respectively. The findings provide practical implications with regard to the design of optimal strategies for releasing preview information to digital platforms.

The benefit of collective reputation

( Neeman, Zvika | Ory, Aniko | Yu, Jungju )

RAND JOURNAL OF ECONOMICS2019-12

Abstract

We study a model of reputation with two long-lived firms who operate under a collective brand or as two individual brands. Firms' investments in quality are unobserved and can only be sustained through reputational concerns. In a collective brand, consumers cannot distinguish between the two firms. In the long run, this generates incentives to free-ride on the other firm's investment, but in the short run, it mitigates the temptation to milk a good reputation. The signal structure and consumers' prior beliefs determine which effect dominates. We interpret our findings in light of the type of industry in which the firms operate.

A model of pre-electoral coalition formation

( Shin, Euncheol )

GAMES AND ECONOMIC BEHAVIOR2019-11

Abstract

In many countries, three or more candidates compete against one another in single-office elections. I present a model of three candidates competing for a single office in which two candidates can form a coalition prior to the election (a pre-electoral coalition). Since the candidates are both policy- and office-motivated, one candidate can incentivize the other candidate to withdraw his candidacy by choosing a joint policy platform. I examine how electoral environments such as election rules, ideological distance, and pre-election polls influence incentives to form pre-electoral coalitions. I find that pre-electoral coalitions are more likely to form (i) in plurality elections than in two-round runoff elections, (ii) as the threshold for first-round victory decreases in two-round runoff elections, (iii) as the two potential coalition partners' ideological distance increases, conditional on divided support, and (iv) as the fraction of office value which is transferable increases. Moreover, I analyze and compare voter welfare under plurality and the two-round runoff rules.

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