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Keywords Supplier selection; Control mechanisms; Radical innovation; Incremental innovation; fsQCA Abstract Previous studies have examined the impact of organizational control and partner selection on firm innovation separately. This paper incorporates supplier selection into the framework of interorganizational control systems. It investigates the impact of different combinations of supplier selection (efficiency-oriented and innovation-oriented) and control mechanisms (outcome controls, behavior controls, and trust) on a firm's radical and incremental innovation by applying fuzzy-set qualitative comparative analysis. Using survey data from 203 firms in China, we found that combining innovation-oriented supplier selection and trust can promote radical innovation; combining efficiency-oriented supplier selection with all three kinds of control (outcome controls, behavior controls, and trust) can promote incremental innovation. Our results suggest that trust is the core causal condition for both radical and incremental innovation. Author Affiliation: (a) School of Management, Shanghai University, Shanghai 200444, China (b) School of Economics & Management, Shanghai Maritime University, Shanghai 201306, China (c) Shanghai University of Electric Power, Shanghai 200090, China (d) Shanghai Dianji University, Shanghai 200240, China * Corresponding author. Article History: Received 9 February 2021; Revised 17 September 2021; Accepted 19 September 2021 Byline: Zhukun Lou [zhukunlou@shu.edu.cn] (a,*), Ailin Ye [YeAilin@shu.edu.cn] (a), Jinye Mao [MaoJinye@shu.edu.cn] (a), Chuan Zhang [zhangch@shmtu.edu.cn] (b,c,d)

Keywords Transportation; Aircraft routing; Prescriptive analytics; Primary delay prediction Highlights * We gather extensive proprietary and third-party data on flight operations. * We develop predictive analytics models to infer flight-level primary delays. * We leverage delay predictions to optimize day-ahead aircraft routing. * The prescriptive analytics pipeline can result in significant delay reductions. * This paper provides a data-driven approach toward robust airline operations. Abstract Flight delays are major sources of disruptions in airline operations. To mitigate them, day-ahead aircraft routing aims to create flight sequences that can absorb delays and minimize their propagation. However, flight delays are unknown ahead of operations; moreover, predicting delays is complicated by the fact that historical data encompass both primary delays (arising from exogenous sources) and propagated delays (arising from cascading effects in an airline's network). This paper thus develops predictive and prescriptive analytics models to forecast primary delays and to optimize day-ahead aircraft routing toward delay mitigation. We develop a quantile regression model to reconstruct primary delays from historical data, and an ensemble machine learning model to predict them based on flight-level features, environmental features, and traffic features--estimated via a queuing model of airport operations. Then, we formulate deterministic and stochastic optimization models to support day-ahead aircraft routing. Using real-world data from Vueling Airlines, we evaluate the models out of sample against real-world counterfactuals. Results show that our predictive model achieves a mean absolute error of 7--8 minutes and that our prescriptive models can reduce delay costs by 3--5%. This paper shows the benefits of predictive and prescriptive analytics to enhance the robustness of airline operations by (i) creating shorter aircraft rotations, and (ii) strategically allocating schedule slack to avoid the propagation of long delays in later phases of the day. This research led to the deployment of the models in collaboration with the Vueling data science unit. Author Affiliation: (a) Department of Management, Information and Production Engineering, University of Bergamo, via 7 Pasubio 7b, Dalmine (BG) 24044, Italy (b) Sloan School of Management, Massachusetts Institute of Technology, 100 Main St, Cambridge, MA 02142, USA * Corresponding author. Article History: Received 28 October 2022; Accepted 23 February 2023 Byline: Sebastian Birolini [sebastian.birolini@unibg.it] (a), Alexandre Jacquillat [alexjacq@mit.edu] (*,b)

Keywords Scheduling; Parallel batch machines; Non-identical capacities; Total completion time; Ant colony optimization Highlights * A parallel batch scheduling problem with non-identical capacities is considered. * The objective of scheduling is to minimize the total completion time. * A modified elite ant system algorithm with the local search is proposed. Abstract This paper considers the problem of scheduling a group of jobs with arbitrary release times, non-identical sizes, and different processing times on non-identical parallel batch processing machines to minimize the total completion time. A mixed-integer programming (MIP) model is firstly constructed in this paper to solve this problem. Then since the studied problem is strongly NP-hard, a modified elite ant system algorithm with the local search (MEASL) is also proposed to solve it, which is compared with several meta-heuristic algorithms and the commercial optimization solver (Gurobi) through extensive simulation experiments. Finally, the experimental results verify the effectiveness of the proposed algorithm. Author Affiliation: (a) School of Management, Hefei University of Technology, Hefei 230009, PR China (b) Key Laboratory of Process Optimization and Intelligent Decision-Making, Ministry of Education, Hefei 230009, PR China (c) School of Computer Science and Technology, Anhui University, Hefei 230039, PR China (d) School of Economics & Management, Fuzhou University, Fuzhou 350116, PR China (e) Université Gustave-Eiffel, ESIEE Paris, COSYS-GRETTIA, Marne-la-Vallée F-77454, France * Corresponding author at: School of Management, Hefei University of Technology, Hefei 230009, PR China. Article History: Received 29 May 2022; Accepted 13 February 2023 Byline: Han Zhang [hanzhang3411@outlook.com] (a), Kai Li [hfutlk@139.com] (*,a,b), Zhao-hong Jia [zhjia@mail.ustc.edu.cn] (c), Chengbin Chu [chengbin.chu@univ-eiffel.fr] (d,e)

Keywords OR in societal problem analysis; Human trafficking; Operations research; Analytics; Responsible research Highlights * Human trafficking, a prevalent global crime, harms communities' health and economics. * OR and Analytics can support trafficking prevention and intervention efforts. * The paper informs practitioners by highlighting key features of this illicit activity. * Avenues for future work are suggested. Abstract Human trafficking, the commercial exploitation of individuals, is a gross violation of human rights; harming societies, economies, health and development. The related disciplines of Operations Research (OR) and Analytics are uniquely positioned to support trafficking prevention and intervention efforts by efficiently evaluating a plethora of decision alternatives and providing quantitative, actionable insights. As operations and analytical efforts in the counter-trafficking field emerge, it is imperative to grasp subtle, yet distinctive, nuances associated with human trafficking. This paper is intended to inform those practitioners working in the Operations and Analytics fields by highlighting key features of human trafficking activity. We grouped ten themes around two broad categories: (1) representation of human trafficking and (2) consideration of survivors and communities. These insights are derived from our collective experience in working in this area and substantiated by domain expertise. Based on these areas, we then suggest avenues for future work. Author Affiliation: (a) School of Business, Worcester Polytechnic Institute, 100 Institute Road, Worcester, MA 01609, USA (b) Department of Mechanical and Industrial Engineering, Northeastern University, 360 Huntington Ave, Boston, MA 02115, USA (c) Data Science Program, Worcester Polytechnic Institute, 100 Institute Road, Worcester, MA 01609, USA * Corresponding author. Article History: Received 1 April 2021; Accepted 19 December 2022 Byline: Renata A. Konrad [rkonrad@wpi.edu] (*,a), Kayse Lee Maass [k.maass@northeastern.edu] (b), Geri L. Dimas [gldimas@wpi.edu] (c), Andrew C. Trapp [atrapp@wpi.edu] (a,c)

Keywords Maintenance policy; Greenhouse gas emissions; Condition-based monitoring; Two time scales; Integer nonlinear programming Highlights * The paper considers the greenhouse gas emission of a system as a degradation process. * It also considers the failure process due to other causes. * It proposes two methods to model the bivariate stochastic process. * Maintenance policies are proposed to optimise the expected cost rate. Abstract Greenhouse gases (GHG) from human activities are the main contributor to climate change since the mid-20th century. Reducing the release of GHG emissions is becoming a thematic research topic in many research disciplines. In the reliability research community, there are research papers relating to reliability and maintenance for systems in power generation farms such as offshore farms. Nevertheless, there is sparse research that aims to optimise maintenance policies for reducing the GHG emissions from systems such as automotive vehicles or building service systems. To fill up this gap, this paper optimises replacement policies for systems that age and degrade and that produce GHG emissions (i.e., exhaust emissions) including the initial manufacturing GHG emissions produced during the manufacturing stage and the emissions generated during the operational stage. Both the exhaust emissions process and the failure process are considered as functions of two time scales (i.e., age and accumulated usage), respectively. Other factors that may affect the two processes such as ambient temperature and road conditions are depicted as random effects. Under these settings, the decision problem is a nonlinear programming problem subject to several constraints. Replacement policies are then developed. Numerical examples are provided to illustrate the proposed methods. Author Affiliation: (a) Kent Business School, University of Kent, Canterbury, Kent CT2 7PE, United Kingdom (b) School of Management, Xi'an Jiaotong University, Xian, China (c) School of Economics and Management, Beijing University of Technology, Beijing 100124, China * Corresponding author. Article History: Received 3 November 2021; Accepted 3 October 2022 Byline: Shaomin Wu [s.m.wu@kent.ac.uk] (a,*), Di Wu (b), Rui Peng (c)

Keywords Consumers' willingness to purchase; Consumers resistance intention; Perceived privacy control; Psychological contract violation; Perceptual customization; Perceptual improvement Abstract The main purpose of this study is to examine the impact of consumer privacy and intelligent personalization technology on purchase resistance using multidimensional development theory and the psychological contract violation model. From a holistic standpoint, this paper examines the internal mechanism of consumers' resistance to personalized marketing, the different roles of situational factors and personal characteristics, and the stimulating factors of consumers' psychological contract violation. The study concludes that psychological contract violation is the primary driver of consumer resistance to personalized marketing intent. The customization of perception, the enhancement of perception, and the legitimacy of the privacy policy are all negatively associated with the violation of psychological contracts with consumers. Personal innovation and online shopping experience are negatively correlated with consumers' intention to resist personalized marketing; customization of perception has a significant direct effect on consumers' resistance intention; There is no significant correlation between perceived improvement, privacy policy legitimacy, perceived privacy control, and consumers' resistance intention. The contribution of this paper is to provide a new research perspective and theoretical explanation for a deeper understanding of consumers' resistance to personalized marketing behavior. Author Affiliation: (a) Business School, The Chinese University of Hong Kong, Hong Kong 999077, China (b) Business School, Worcester Polytechnic Institute, Worcester, MA 01609-2280, United States * Corresponding author. Article History: Received 29 December 2022; Revised 22 February 2023; Accepted 26 February 2023 Byline: Han Cai [Hannahdaydayup@163.com] (a,*), Abbas Mardani [abbasmardani@ieee.org] (b)

Keywords Cheating; Dishonesty; Misreporting in teams; Real effort Highlights * We analyze the impact of information and communication on misreporting of performance in teams of two. * Both team members get the same payoff but report independently. * Informing players 2 about the reports of players 1 reduces misreporting. * Letting players 1 send messages to players 2 reduces misreporting by players 2. * Information transmission and communication thus reduce misreporting. Abstract We extend the experimental analysis of misreporting performance in real effort tasks (cheating) to situations where two members of a team perform the task sequentially and decide independently on their potentially inflated reports. We vary three factors in our experiment: whether no players, only players 2, or both players can misreport; whether players 2 learn the report of players 1; and whether players 1 can send a message to players 2 requesting honest or dishonest behavior. Our data yield two main insights. First, higher reports by players 1 lead to higher reports by players 2, i.e. misreporting is reinforcing. Second, allowing players 1 to send a message suggesting that players 2 either report honestly or a minimum number of correct solutions reduces misreporting by players 2. There are two channels for this. First, most players 1 request an honest report. Second, players 2 misreport far less when they receive the honest message, but, compared to the treatments without messages, hardly change their reports when they are asked to report a minimum number of correct solutions. We find a similar, though less pronounced, asymmetric response when players 2 learn the reports of players 1. These findings suggest that communication and information transmission can reduce cheating, and that there are notable spillover effects of honesty even in anonymous environments. Author Affiliation: (a) Victoria University of Wellington, Pipitea Campus, Lambton Quay, Wellington, New Zealand (b) Trier University, Universitätsring 15, Trier, D-54296, Germany (c) Graduate School of Business, HSE University, Shabolovka Ulitsa 26--28, Moscow, Russia * Corresponding author. Article History: Received 26 April 2022; Revised 20 March 2023; Accepted 26 March 2023 (footnote)[white star] Paper presented at the University of Auckland, the University of Bern, Victoria University of Wellington, Otto Beisheim School of Management, and European Business School. We are grateful to Frauke von Bieberstein, Steffen Lippert, Gerd Muehlheusser, and Ronald Peeters for helpful comments. We are very grateful to two anonymous referees and the Associate Editor, whose comments improved the paper very much. This study was supported by grants of the Russian Science Foundation (Project No. 20-78-00023) and Wellington School of Business and Government (Project No. FSRG 225754). Byline: Eberhard Feess [eberhard.feess@vuw.ac.nz] (a), Thomas Schilling [dudek@uni-trier.de] (b), Yuriy Timofeyev [y.timofeyev@hse.ru] (*,c)

Keywords Elaboration likelihood model; Consumer attitude; Persuasion; Virtual reality augmented reality; Systematic literature review; Conceptual model Abstract Using the social psychology theory of elaboration likelihood model (ELM), we present a conceptual model of persuading consumer attitudes through virtual and augmented reality advertisements. We begin this paper with a systematic literature review that assesses a number of theoretical and empirical papers that utilize ELM for virtual reality and augmented reality advertisements. The second section presents research prepositions that facilitate the investigation of consumer attitude persuasion through virtual reality and augmented reality advertisements. The authors identified six research prepositions that facilitate the investigation of consumer attitude persuasion through these advertisements based on the literature. Presented in the third section of this paper is a detailed future research agenda organized by two main research paths: central and peripheral. Moreover, advertisement quality, demographic differences, and the technological context of virtual and augmented reality advertisements helped to facilitate central route persuasion. Variables such as source credibility, social presence, and message content in virtual reality and augmented reality advertisements were found as the persuasion factors under the peripheral route. Therefore, this study provides a method to examine consumer attitudes through virtual reality and augmented reality advertisements using the social psychology theory of elaboration likelihood modelling (ELM). Author Affiliation: (a) Department of Marketing, O P Jindal Global University, India (b) School of Business, University of Southern Queensland, Australia (c) Department of Marketing, Griffith University, Australia (d) Management Development Institute, Gurgaon, India * Corresponding author. Article History: Received 21 April 2022; Revised 18 January 2023; Accepted 1 February 2023 Byline: Nirma Sadamali Jayawardena [nirmasadamali@gmail.com] (a,*), Park Thaichon [park.thaichon@usq.edu.au] (b), Sara Quach [s.quach@griffith.edu.au] (c), Ali Razzaq [ali.razzaq@griffithuni.edu.au] (c), Abhishek Behl [abhishekbehl27@gmail.com] (d)

Keywords Unique equilibrium; Constant relative risk aversion; Higher-order price effect; Quasi-convex demand; Law of demand Highlights * This paper investigates the uniqueness of equilibrium in the economy with heterogenous CRRA preferences. * Individual demand has a unique inflection point at which the income effect maximally dominates the substitution effect. * Equilibrium prices exist in the price range determined by individuals' autarkic economies and two representative-agent economies. * Equilibrium uniquely exists if each individual demand is locally convex at the upper bound of the equilibrium price range. * Aggregate demand may have multiple inflection points, which can lead to multiple equilibria. Abstract This paper investigates the uniqueness of equilibrium in the economy where agents have preferences with possibly distinct levels of relative risk aversion. Equilibrium prices exist in a price range determined by micro and macroeconomic information. Macroeconomic information is inferred from two representative-agent economies, which provide lower and upper bounds on aggregate demand, respectively. Analysis of the first and second-order price effects shows that individual demand has a unique inflection point at which the income effect maximally dominates the substitution effect. In contrast, aggregate demand may have multiple inflection points, which creates multiple equilibria. Sufficient conditions for the uniqueness of equilibrium are characterized by the local behavior of individual demand at the inflection point. They require that aggregate demand must have no more than two inflection points in the equilibrium price range. The result of this paper sheds light on the Sonnenschein-Mantel-Debreu theory that has negative implications for the uniqueness of equilibrium. Author Affiliation: School of Business, Ajou University, 206 World cup-ro, Yeongtong-gu, Suwon 16499, South Korea Article History: Received 6 January 2021; Revised 24 December 2022; Accepted 4 January 2023 Byline: Dong Chul Won [dcwon@ajou.ac.kr]

Keywords Resource-based view; Knowledge-based view; Relational-view; Dynamic-capabilities; Reconceptualization Abstract The resource based view (RBV) comprises of a comprehensive body of management literature, principally concerned with the source, and nature of an organization's strategic resources and capabilities, and is one of the most debated and successful theories in management studies. This special issue aimed to explore how and whether the RBV, knowledge-based view (KBV) and related theories (e.g. relational view, dynamic capabilities, etc.) can be reconceptualised, developed, advanced and revisited in new contexts of analysis and in the light of recent global developments. Thus, this special issue intended to further our knowledge on these key theories in management, by looking at new directions, addressing new phenomena, with both old and new methodologies. To take stock of the current situation we contribute in this opening piece by conducting a bibliometric analysis of the papers, published in the Journal of Business Research, over the years (including 31 papers published in this special issue). In doing so, we identified the themes that led to the reconceptualization and further development of the aforementioned theories in varied contexts and fields, and further mapped the existing papers in this special issue, thereby portraying future trends. Author Affiliation: (a) University of Manchester, UK (b) NEOMA Business School, France (c) University of Nicosia, Cyprus (d) Shandong University of Finance and Economics, China * Corresponding author. Byline: Sir Cary Cooper [cary.cooper@manchester.ac.uk] (a), Vijay Pereira [vijay.pereira@neoma-bs.fr] (b,*), Demetris Vrontis [vrontis.d@unic.ac.cy] (c), Yipeng Liu [yipeng.liu@gmail.com] (d)

Keywords Digital transformation; International entrepreneurs; Micro-foundations; Small internationalisers; Theory of Planned Behaviour; SMEs Abstract This paper is set to explore the role of individual-level behaviours and actions in the digital transformation of international SMEs. This is particularly important since little is known regarding the extent to which entrepreneurs and decision-makers manage the digitalisation process. Thus, building on the theory of planned behaviour, this research focuses on individual-level micro-foundations in the digital transformation of small and medium internationalisers. The paper benefits from a mixed-method synthesis. First, through a systematic review of literature, we identified twenty-seven factors in four inclusive categories. Then, they have been narrowed down to the top seven individual-level micro-foundations, using Intuitionistic Fuzzy Delphi based on Normalised Hamming Distance. Subsequently, Intuitionistic Fuzzy Decision-Making Trial and Evaluation Laboratory analysis is applied to disentangle the causality and effectuality as well as conceptual framework to depict their interrelationships. Our findings contribute to the digital transformation research by developing six propositions that explore the relationships between SMEs' micro-foundations at the individual level. Author Affiliation: (a) Aston Business School, Aston University, Birmingham, United Kingdom (b) Leicester School of Business, University of Leicester, Leicester, United Kingdom (c) Department of Foundation of Education, Faculty of Educational Studies, University of Putra Malaysia, Selangor, Malaysia (d) Department of Economic and Management, University of Brescia, Brescia, Italy * Corresponding author. Article History: Received 13 January 2022; Revised 22 August 2022; Accepted 25 August 2022 Byline: Vahid Jafari-Sadeghi [v.jafari-sadeghi@aston.ac.uk] (a,*), Hannan Amoozad Mahdiraji [ham26@leicester.ac.uk] (b), Gazi Mahabubul Alam [gazi.mahabubul@upm.edu.my] (c), Alberto Mazzoleni [alberto.mazzoleni@unibs.it] (d)

Keywords Assignment; Dormitories; Stable matching; Many-to-many matching; Incentive compatibility Highlights * Socio-economic and academic achievements considerations in the assignment process of student-groups to dormitories. * Stable assignment under common preference-lists of dormitories over the student-groups. * Polynomial time algorithm for assigning student-groups to dormitories. * Polynomial time algorithm for listing all the stable assignments. * Incentive compatibility issues in student-groups assignment. Abstract This paper generalizes results of former papers on the assignment of students to dormitories, under an entrance criterion, by allowing students to apply in groups. A group-application means that its applicants ask to be assigned to the same dormitory, and otherwise they prefer living off-campus. The underlying assumption in our model is that the dormitories share a common preference over the student-groups, which is given by a strictly increasing ranking of their credit scores. The definition of a quasi-stable outcome is adjusted in order to incorporate student-group applications, and we prove that such an outcome always exists. Furthermore, a polynomial-time algorithm that finds all the quasi-stable outcomes is proposed. Apparently, not all properties of the single students' model continue to hold under group-applications. Finally, we consider the incentive compatibility property of the proposed algorithm, and describe a specific quasi-stable outcome for which no subset of student-groups can gain by misrepresenting their preferences over the dormitories. Author Affiliation: Coller School of Management, Tel Aviv University, Tel Aviv 69978, Israel * Corresponding author. Article History: Received 18 February 2020; Accepted 30 December 2021 Byline: Nitsan Perach [nitsan.perah@gmail.com] (*), Shoshana Anily [anily@tauex.tau.ac.il]

Keywords Behavioral inequality; Human capital investment; Behavioral bias; Intergenerational mobility Highlights * Socio-economic (job and education) background shapes perceived efficacy. * Agents underestimate the probability of intergenerational mobility. * We build a theoretical model to capture macroeconomic implications of such beliefs. * Biases may influence under confident parents to over invest in education. * The biases may lower income inequality. Abstract This paper introduces perceived self-efficacy beliefs in an overlapping generations model and studies the effects of behavioral anomalies on human capital investments and aggregate inequality. These beliefs are not inherent but based on a person's socio-economic background. Ex ante children are homogeneous, but parents are biased about the returns to their children's education. Based on parental education and job status, parents may be over or under confident but otherwise, they are rational. We witness spillover effects that shift the incentives to educate children from the pessimistic parents to unbiased parents. Biases may induce or hinder investment. Over investment by one parent type may even crowd-out investments of other parent types. We find interesting effects of biases on the aggregate economy when parental warm glow is not low. Author Affiliation: (a) Jindal Global Business School, O.P. Jindal Global University, Sonepat, Haryana 131029, India (b) Ashoka University, Plot 2 Rajiv Gandhi Education City, Sonepat, Haryana 131029, India * Corresponding author. Article History: Received 26 December 2020; Revised 30 July 2022; Accepted 1 August 2022 (footnote)[white star] An earlier version of this paper was titled 'The Glasses are Tinted: Self-Confidence and Poverty Trap'. We acknowledge useful comments from an anonymous referee, Mausumi Das, Sayantan Ghosal, Parikshit Ghosh, Ajit Mishra, Dilip Mookherjee, Abhiroop Mukhopadhyay, Tridip Ray, Prabal Roy Chowdhury, Sudipta Sarangi, and Arunava Sen and participants of Delhi Theory Workshop at Indian Statistical Institute and seminar participants at Delhi School of Economics and Indian Statistical Institute, Delhi. Dyotona Dasgupta acknowledges postdoctoral fellowship funding jointly provided by the Centre for Development Economics, Delhi School of Economics and the Institute of Economic Growth during 2019-20. All errors are our own. Byline: Dyotona Dasgupta [dasgupta.dyotona@gmail.com] (*,a), Anuradha Saha [anuradha.saha@ashoka.edu.in] (b)

Keywords Supply chain management; Environmental green reputation; Wholesale-price contract; Revenue-sharing contract; Myopic retailer Highlights * We consider a supply chain with environmentally concerned consumers. * We assess the impact of environmental performance on strategies and outcomes. * We compare revenue-sharing and wholesale-pricing contracts. * We analyze the impact of retailer's myopia on equilibrium strategies and outcomes. Abstract Consumers are increasingly concerned about pollution and are, at least in part, making their purchases accordingly. In this paper, we consider a supply chain where demand depends on the manufacturer's environmental reputation, an asset that can only be built over time. We assume that this reputation depends on information emanating from the manufacturer itself about its environmental actions and on its objective environmental record when compared to an industry standard. In this paper, we look at the impact of consumers' environmental concern on the strategies and outcomes of a supply chain. As the retailer has a direct influence on sales through its pricing policy, it seem more realistic to take a supply chain perspective instead of a single-firm one. Therefore, the contractual arrangement in the supply chain becomes a relevant issue. We model the supply chain as a two-player dynamic game and characterize and compare the equilibrium strategies and outcomes under wholesale-price and revenue-sharing contracts. We analyze the impact of the sharing parameter, the industry pollution standard and consumers' degree of environmental sensitivity on the results, and in particular, on the region in the parameter space where a revenue-sharing contract is Pareto improving with respect to a wholesale-price contract. Also, we examine whether it is in the best interest of the retailer to behave myopically when setting its price. Author Affiliation: (a) School of Business, Qingdao University, Qingdao 266071, China (b) Saint Petersburg State University, Saint Petersburg, Russia (c) Institute of Applied Mathematics of Shandong, Qingdao 266071, China (d) School of Mathematics and Statistics, Qingdao University, Qingdao 266071, China (e) Chair in Game Theory and Management, GERAD, HEC, Montreal, Canada (f) School of Mathematics and Statistics, Qingdao University, Qingdao 266071, China * Corresponding author. Article History: Received 20 July 2021; Accepted 19 November 2021 (footnote)[white star] We would like to thank three anonymous Reviewers for their helpful comments. The work of the second author was supported by the Shandong Province 'Double-Hundred Talent Plan' (No. WST2017009). The work of the third author was supported by Grant RGPIN-2021-02462, NSERC, Canada. The work of the fourth author was supported by National Natural Science Foundation of China(No. 71571108). Byline: Fanjun Yao [yaofanjun@126.com] (a), Elena Parilina [e.parilina@spbu.ru] (b,c,d), Georges Zaccour [georges.zaccour@gerad.ca] (*,e), Hongwei Gao [gaohongwei@qdu.edu.cn] (f)

Keywords Predictive regression bias; Standard error bias; Out of sample R2 Abstract Analogous to , this paper derives the small sample bias of estimators in J-horizon predictive regressions, providing a closed-form solution in terms of the sample size, horizon and persistence of the predictive variable. For large J, the bias is linear in J/T with a slope that depends on the predictive variable's persistence. The paper offers a number of other useful results, including (i) important extensions to the original setting, (ii) closed-form bias formulas for popular alternative long-horizon estimators, (iii) out-of-sample analysis with and without bias adjustments, along with new interpretations of out-of-sample statistics, and (iv) a detailed investigation of the bias of the overlapping estimator's standard error based on the methods of Hansen and Hodrick (1980) and Newey and West (1987). The small sample bias adjustments substantially reduce the magnitude of long-horizon estimates of predictability. Author Affiliation: (a) Arison School of Business, Reichman University and AQR Capital Management (consultant), United States (b) AQR Capital Management, United States (c) Stern School of Business, NYU, NBER and AQR Capital Management (consultant), 44 West 4th St, New York, NY 10012, United States * Corresponding author. Article History: Received 27 July 2021; Revised 2 September 2021; Accepted 2 September 2021 (footnote) AQR Capital Management is a global investment management firm, which may or may not apply similar investment techniques or methods of analysis as described herein. The views expressed here are those of the authors and not necessarily those of AQR. Bill Schwert and Toni Whited were the editors for this article. We are especially indebted to the referee's comments. We would also like to thank Yakov Amihud, Don Andrews, Jordan Brooks, John Campbell, John Cochrane, Rob Engle, Esben Hedegaard, Erik Hjalmarsson, Bob Hodrick, Cliff Hurvich, Raymond Kan, Bryan Kelly, Ralph Koijen, Andy Lo, Lasse Pedersen, Rob Stambaugh, Jim Stock, and seminar participants at the AQR Research Colloquium and NYU Stern School for helpful comments and suggestions. Byline: Jacob Boudoukh (a), Ronen Israel (b), Matthew Richardson [mrichar0@stern.nyu.edu] (c,*)

Keywords Imperfect Competition; Pass-through; Marginal Value of Public Funds; Incidence; Sufficient Statistics Highlights * Welfare effects of taxation and other costs under imperfect competition are analyzed. * Formulas for the marginal value of public funds and incidence are provided. * Our framework can be readily extended to encompass firm heterogeneity. Abstract This paper provides a comprehensive framework to study welfare effects of multiple policy interventions and other external changes under imperfect competition with emphasis on specific and ad valorem taxation as a leading case. Specifically, in relation to tax pass-through, we provide 'sufficient statistics' formulas for two welfare measures under a fairly general class of demand, production cost, and market competition. The measures are (i) marginal value of public funds (i.e., the marginal change in consumer and producer surplus relative to an increase in the net cost to the government), and (ii) incidence (i.e., the ratio of a marginal change in consumer surplus to a marginal change in producer surplus). We begin with the case of symmetric firms facing both unit and ad valorem taxes to derive a simple and empirically relevant set of formulas. Then, we provide a substantial generalization of these results to encompass firm heterogeneity by using the idea of tax revenue that is specified as a general function parameterized by a vector of policy instruments including government and non-government interventions and costs other than taxation. Author Affiliation: (a) Graduate School of Management and Graduate School of Economics, Kyoto University, Japan (b) Acalonia Research, and University of Tokyo, Japan * Corresponding author. Article History: Received 15 February 2021; Revised 28 December 2021; Accepted 28 December 2021 (footnote)[white star] We are very grateful to Nathan Hendren for a number of encouraging comments that have greatly contributed to the improvement of the paper as well as to two anonymous referees for insightful suggestions. We also thank Yong Chao, Naoshi Doi, Germain Gaudin, Jonas Häckner, Makoto Hanazono, Chiaki Hara, Masayoshi Hayashi, Mathias Herzing, Hiroaki Ino, Jakub Kastl, Konstantin Kucheryavyy, Laurent Linnemer, Carol McAusland, Babu Nataha, Hikaru Ogawa, Robert Ritz, Tadashi Sekiguchi, Yasuhiro Shirata, and Glen Weyl as well as conference and seminar participants for helpful discussions. An earlier version of the paper was circulated under the title of 'Multi-Dimensional Pass-Through and Welfare Measures under Imperfect Competition.' Adachi and Fabinger acknowledge a Grant-in-Aid for Scientific Research (C) (15K03425; 18K01567; 21K01440) and a Grant-in-Aid for Young Scientists (A) (26705003) from the Japan Society for the Promotion of Science, respectively. Adachi also thanks financial support from the Japan Economic Research Foundation. Any remaining errors are solely ours. Byline: Takanori Adachi [adachi.takanori.8m@kyoto-u.ac.jp] (a,*), Michal Fabinger [fabinger@e.u-tokyo.ac.jp] (b)

Keywords Personalized pricing; Dynamic pricing; Price fairness perceptions; E-commerce Abstract This paper presents an empirical analysis of propositions concerning the consequences of price (un)fairness perceptions in personalized pricing based on individual consumer characteristics or customers' previous purchase behavior. In three online experiments, we analyze consequences of personalized pricing for price-favored and price-disadvantaged customers in an e-commerce setting. Results reveal negative attitudinal and behavioral reactions to personalized pricing for both disadvantaged and even favored customers, mediated by price fairness perceptions. Respondents' aversion to personalized pricing is confirmed by a second study applying a within-subject design. In addition, we evaluate consumers' responses to various levels of information sensitivity in personalized pricing mechanisms and find that consumers generally refuse personalized pricing approaches regardless of the underlying personal data.sup.11We would like to thank the anonymous reviewers for their valuable input. The paper has benefitted from it a great deal.. Author Affiliation: Ludwig-Maximilians-Universität, Munich, Germany Institute for Market-Based Management, Munich School of Management, Ludwig-Maximilians-Universität, Munich, Germany * Corresponding author at: Institute for Market-Based Management, Munich School of Management, Ludwig-Maximilians-Universität, Kaulbachstr. 45/I, 80539 Munich, Germany. Article History: Received 19 December 2019; Revised 29 September 2021; Accepted 3 October 2021 (footnote)1 We would like to thank the anonymous reviewers for their valuable input. The paper has benefitted from it a great deal. Byline: Gerrit Hufnagel [imm@bwl.lmu.de], Manfred Schwaiger [schwaiger@lmu.de] (*), Louisa Weritz [weritz@lmu.de]

Keywords OR in banking; Machine learning; Algorithmic fairness; Credit scoring Highlights * A systematic overview of fairness implementation techniques is provided. * The adequacy of established fairness criteria for credit scoring is examined. * Empirical experiments on seven data sets analyze agreement of fairness criteria. * Promising fairness processors are identified based on the empirical results. * Analysis of the Pareto frontiers examines the profit-fairness trade-off. Abstract The rise of algorithmic decision-making has spawned much research on fair machine learning (ML). Financial institutions use ML for building risk scorecards that support a range of credit-related decisions. Yet, the literature on fair ML in credit scoring is scarce. The paper makes three contributions. First, we revisit statistical fairness criteria and examine their adequacy for credit scoring. Second, we catalog algorithmic options for incorporating fairness goals in the ML model development pipeline. Last, we empirically compare different fairness processors in a profit-oriented credit scoring context using real-world data. The empirical results substantiate the evaluation of fairness measures, identify suitable options to implement fair credit scoring, and clarify the profit-fairness trade-off in lending decisions. We find that multiple fairness criteria can be approximately satisfied at once and recommend separation as a proper criterion for measuring the fairness of a scorecard. We also find fair in-processors to deliver a good balance between profit and fairness and show that algorithmic discrimination can be reduced to a reasonable level at a relatively low cost. The codes corresponding to the paper are available on GitHub. Author Affiliation: School of Business and Economics, Humboldt University of Berlin, Unter den Linden 6, Berlin 10099, Germany * Corresponding author. Article History: Received 3 December 2020; Accepted 11 June 2021 Byline: Nikita Kozodoi [nikita.kozodoi@hu-berlin.de] (*,a), Johannes Jacob (a), Stefan Lessmann (a)

Keywords Megamarketing; Legitimacy; Industry aura; Virtue ethics; Authenticity; Microfinance Abstract The current socio-economic climate is marked by an increased focus on corporate responsibility and the role of business in society. In this climate, megamarketing -- efforts to develop and sustain an industry or market by gaining the cooperation and support of various stakeholders and publics -- is an increasingly relevant approach. Current research in megamarketing focuses on understanding how various industry actors and stakeholders establish the legitimacy of a given industry by accommodating prevailing regulatory, normative, and cultural-cognitive structures. In contrast, this paper examines megamarketing efforts that go beyond such attempts to establish legitimacy towards establishing an industry as a virtuous entity displaying qualities that surpass minimal accepted standards and 'business-as-usual.' Inspired by work on virtue ethics in organisational studies, we develop the concept of industry aura: a 'halo' of unique and authentic virtues that characterise an industry. We explore the development of industry aura by surveying the discursive megamarketing tactics through which microfinance has been established as a virtuous industry. We conducted qualitative and quantitative analyses of 589 articles about microfinance appearing in five selected newspapers between 1986 and 2016. Our findings reveal three sets of megamarketing discursive tactics: 1) diagnostic framing and social mission framing, deployed to establish microfinance as a virtuous entity; 2) virtue anchoring and frame bridging, used to defend the industry's aura in times of authenticity crisis; and 3) diagnostic and social-mission reframing aimed at recovering the tarnished aura of microfinance. Our paper enriches megamarketing research by charting relevant terrain that stretches beyond the established vectors of legitimacy theorizing and offers important implications for megamarketing practitioners. Author Affiliation: (a) University of Southern, Denmark (b) Brunel Business School, United Kingdom * Corresponding author at: Room 105 Eastern Gateway Building, Brunel University London, Uxbridge UB8 3PH, United Kingdom. Article History: Received 8 June 2019; (miscellaneous) Area Editor: Eric Arnould Byline: Domen Bajde (a), Jessica Chelekis [jessica.chelekis@brunel.ac.uk] (b,*), Arjen van Dalen (a)

Keywords Management innovation; TMT expectations; TMT support; Employee knowledge sharing; SMEs Abstract This paper examines the influences of top management teams (TMTs) on the adoption of management innovation (MI) at the employee level in small and medium-sized enterprises (SMEs). By conceptualising TMT influences as composed of the two dimensions of perceived TMT expectations and TMT support, we examine how they may influence MI in SMEs, both directly and indirectly, through the mediation of employee knowledge sharing (EKS). We argue that TMT expectations generate intangible cultural resources that provide the foundation for employees to internalise MI values and norms and that TMT support offers tangible resources to help employees implement MI. We further argue that perceived TMT expectations and support influence SME MI indirectly by encouraging and enabling EKS. Empirical data from China support our conceptual model. The paper advances our knowledge of the roles of TMT and employees as two key internal change agents in driving the adoption of MI in SMEs. Author Affiliation: (a) Department of Tourism Management, South China University of Technology, Guangzhou, China (b) Guangzhou Institute of Digital Innovation, South China University of Technology, Guangzhou, China (c) Department of Management, Macquarie University, Sydney, Australia (d) Middlesex Business School, Middlesex University, London, United Kindom (e) School of Business Administration, Huaqiao University, Quanzhou, China * Corresponding author at: School of Business Administration, Huaqiao University, No. 269, Chenghua North Rd., Fengze Dist., Quanzhou, Fujian 362021, China. Article History: Received 13 April 2020; Revised 12 December 2021; Accepted 17 December 2021 Byline: Chuanpeng Yu [yucp2015@scut.edu.cn] (a,b), Yue Wang [yue.wang@mq.edu.au] (c), Tianchen Li [t.x.li@mdx.ac.uk] (d), Chunpei Lin [alchemist@hqu.edu.cn] (e,*)

Keywords Retirement policy; Unemployment rate; Labor search Abstract This paper examines the impact of retirement policy on the unemployment rates for both young and old workers. It employs a labor search framework with a constant elasticity of substitution production function and cross-market matching to investigate the channels through which the delayed retirement policy has impacts. The findings show that through the cross-market matching channel, retirement policy increases the unemployment of young workers (it is ambiguous for old workers) and has a negative effect on the wages of cross-market matched workers. The latter effect is negative for young workers (positive for old workers) through the capital-skill complementarity. The paper calibrates the model to the U.S. data and quantifies the effects of retirement policy during the first decade of this century. Counterfactual experiments highlight the contribution of each channel. Author Affiliation: (a) China Economics Management Academy, Central University of Finance and Economics, No. 39 , Xueyuan South Road, Beijing, China (b) HKU Business School, The University of Hong Kong, Pokfulam Road, Hong Kong, China (c) School of Labor and Human Resources, IMI, Renmin University of China, No. 59, Zhongguancun Street, Beijing, China (d) School of Labor and Human Resources, Renmin University of China, No. 59, Zhongguancun Street, Beijing, China * Corresponding author. Article History: Received 20 January 2021; Revised 8 November 2021; Accepted 18 November 2021 Byline: Tiantian Dai [dait@cufe.edu.cn] (a), Hua Fan [fanhua215@hku.hk] (b), Xiangbo Liu [xiangbo.liu@ruc.edu.cn] (c,*), Chao Ma [c.ma@ruc.edu.cn] (d)

Keywords Supply chain; Coronavirus; Barriers; Resilience; Risk management Abstract The COVID-19 pandemic has affected global supply chains at an unprecedented speed and scale. This paper investigates the supply chain challenges that manufacturing organizations have faced due to the COVID-19 outbreak, particularly in emerging economies. We present a conceptual framework under the dynamic capability theory to analyze challenges and their pertinent mitigation strategies. Ten major challenges are identified based on a literature review, evaluation of several news articles, and discussions with experts. Further, the Grey-Decision-making Trial and Evaluation Laboratory (Grey-DEMATEL) method is applied to analyze the relationships between various supply chain challenges. Scarcity of Labor (PSL) emerges as the most significant challenge, closely followed by Scarcity of Material (SSM). The results also suggest that Inconsistency of Supply (PIS) is the challenge that correlates the most with other factors. Finally, in this paper we also provide guidelines and strategies for practitioners and scholars to better address supply chain challenges post-COVID-19 outbreak. Author Affiliation: (a) Department of Production, Operations and Decision Sciences, XLRI -Xavier School of Management, Jamshedpur, India (b) EM Normandie Business School, Metis Lab, 64 rue du Ranelagh, 75016 Paris, France (c) Operations Management Group, Indian Institute of Management, Lucknow 226013, India * Corresponding author. Article History: Received 25 August 2020; Revised 13 January 2022; Accepted 15 January 2022 Byline: Alok Raj [alokraj@xlri.ac.in] (a,*), Abheek Anjan Mukherjee [r19002@astra.xlri.ac.in] (a), Ana Beatriz Lopes de Sousa Jabbour [bsousajabbour@em-normandie.fr] (b), Samir K. Srivastava [samir@iiml.ac.in] (c)

Keywords European management journal; Business; Management; Bibliometric analysis; Network analysis; Co-authorship; Co-occurrences; Bibliographic authors' couplings Abstract The European Management Journal (EMJ) is a renowned peer-reviewed journal of international reputation in the fields of business and management research since 1982. EMJ publishes original and high-quality conceptual, empirical, and review research papers that contribute to the advancement of the body of knowledge and its application in the field. Until the time of this overview, 2164 papers (including 2004 articles, 96 editorials, 28 conference papers, 27 notes, and 3 short surveys) have been published in the journal between 1982 and 2020. We analyzed all these articles using bibliometric techniques to examine the impact of the journal's publications, most productive and influential authors, and their contributions in the field of business and management research. Co-authorship among the top authors, co-occurrences of the topics, co-citations of the journals, bibliographic coupling of the authors, affiliating institutes, and countries were analyzed by applying network analysis techniques using VOSviewer software. The advancement of research in the field of management during the last decade is also critically discussed in order to understand recent developments in the field of business and management research. Author Affiliation: (a) KLH Business School, Koneru Lakshmaiah Education Foundation (KL University), India (b) University of Puerto Rico, San Juan, PR, USA (c) ESCP Business School - London, London, United Kingdom (d) University of Glasgow, Glasgow, United Kingdom * Corresponding author. Article History: Received 3 April 2021; Accepted 3 April 2021 Byline: Ramulu Bhukya [dr.ramulubhukya@gmail.com] (a,*), Justin Paul [profjust@gmail.com] (b), Minas Kastanakis [mkastanakis@escp.eu] (c), Sarah Robinson [Sarah.Robinson.2@glasgow.ac.uk] (d)

Keywords Trade credit; Supply chains; Production networks; Profitability Abstract We construct a sample of over 200,000 supply chains between 2003 and 2018 to conduct a chain-based analysis of trade credit. Our study uncovers novel stylized facts about trade credit both within and across supply chains. More upstream firms borrow more from suppliers, lend more to customers, and hold more net trade credit. This upstreamness effect in trade credit is weaker for more profitable firms and for longer chains. Firms in more central or more profitable chains provide more net trade credit. Our results are generally consistent with the recursive moral hazard theory of trade credit. Evidence for the financing advantage theory is mixed. Author Affiliation: (a) Simon Business School, University of Rochester, Rochester, NY 14627, United States (b) Lundquist College of Business, University of Oregon, Eugene, OR 97403, United States * Corresponding author. Article History: Revised 4 March 2021; Accepted 10 March 2021 (footnote)[white star] We are grateful to an anonymous referee for comments and suggestions. This paper was previously circulated under the title 'Profitability, Trade Credit and Institutional Structure of Production.' The paper has benefited from discussions with Timothy Conley, Douglas Diamond, Briana Chang, Milton Harris, Alon Kalay, Anil Kashyap, Roni Kisin, Mathias Kronlund, Asaf Manela, Gregor Matvos, Alan Moreira, Daniel Quint, Raghuram Rajan, Shastri Sandy, Alexi Savov, Amit Seru, Hyun Shin, Luigi Zingales, and from comments at presentations at the University of Chicago, UW-Madison, and the AEA 2012 Meetings. All remaining errors are our own. Byline: Michael Gofman [michael.gofman@simon.rochester.edu] (*,a), Youchang Wu [ywu2@uoregon.edu] (b)

Keywords Social connectedness; COVID-19; Coronavirus; Communicable disease Abstract We use aggregated data from Facebook to show that COVID-19 is more likely to spread between regions with stronger social network connections. Areas with more social ties to two early COVID-19 'hotspots' (Westchester County, NY, in the U.S. and Lodi province in Italy) generally had more confirmed COVID-19 cases by the end of March. These relationships hold after controlling for geographic distance to the hotspots as well as the population density and demographics of the regions. As the pandemic progressed in the U.S., a county's social proximity to recent COVID-19 cases and deaths predicts future outbreaks over and above physical proximity and demographics. In part due to its broad coverage, social connectedness data provides additional predictive power to measures based on smartphone location or online search data. These results suggest that data from online social networks can be useful to epidemiologists and others hoping to forecast the spread of communicable diseases such as COVID-19. Author Affiliation: New York University, Stern School of Business, NBER, and CEPR * Corresponding author. Article History: Received 10 August 2020; Revised 11 December 2020; (footnote)[white star] Public versions of the social connectedness data used in this paper, as well as similar data for a wide range of other geographies, are accessible at https://data.humdata.org/dataset/social-connectedness-index. The full replication code is available at https://github.com/social-connectedness-index/example-scripts. The authors have a research consulting relationship with Facebook. Since this project only uses data that is available to the broader research community, nobody at Facebook reviewed the contents of this paper. Byline: Theresa Kuchler [tkuchler@stern.nyu.edu], Dominic Russel [drussel@stern.nyu.edu], Johannes Stroebel [johannes.stroebel@nyu.edu] (*)

Keywords Social security; Funding; Pay-as-you-go; Asset capture; Majority vote; Welfare Abstract We analyze the political stability of funded social security. Using a stylized theoretical framework we study the mechanisms behind governments capturing social security assets in order to lower current taxes. The results and the driving mechanisms carry over to a fully-fledged and carefully calibrated overlapping generations model with an aging population. Funding is efficient in a Kaldor-Hicks sense. We demonstrate that, even though we can rationalize the actual introduction of a two-pillar defined-contribution scheme with funding through a majority vote, a new vote to curtail the funded pillar through asset capture or permanent diversion of contributions to the pay-as-you-go pillar always receives majority support. For those alive and thus allowed to vote, the temporary reduction in taxes outweighs the reduction in retirement benefits. This result is robust to substantial intra-cohort heterogeneity and other extensions, and only overturned with a sufficient degree of altruism. Our analysis rationalizes the experience of Central and Eastern European countries, who rolled back their funded pension pillars soon after setting them up. Author Affiliation: (a) University of Amsterdam, Copenhagen Business School, European Fiscal Board, CEPR, CESifo and Tinbergen Institute, Netherlands (b) FAME|GRAPE, SGH Warsaw School of Economics, Poland (c) FAME|GRAPE, University of Warsaw and IZA, Poland * Corresponding author. Article History: Received 23 July 2021; Accepted 20 September 2021 (footnote)[white star] We thank an anonymous referee for thoughtful comments on the paper. Thomas Apolte, Monika Bütler, Damiaan Chen, Nicoleta Ciurila, Hans Fehr, Vincenzo Galasso, Christian Geppert, Nezih Guner, Ward Romp, Jan-Egbert Sturm and participants in a Netspar Workshop, the Netspar International Pension Day, the Royal Economic Society Annual Meeting and the European Public Choice Society Annual Meeting all provided very helpful comments on an earlier version of this paper. We are also grateful for remarks from participants of seminars at the National Bank of Poland, GRAPE, the University of Warsaw and the Warsaw School of Economics. The authors are grateful for research assistance to Marcin Bielecki and Magda Malec, whose work was supported within National Science Center grant # 2012/01/D/HS4/04039. The authors' work was kindly supported by National Science Center grant # 2014/13/B/HS4/03264. All opinions expressed are those of the authors and do not necessarily coincide with those of the National Science Center, the European Fiscal Board or any other institution they are affiliated with. Any remaining errors are ours. Byline: Roel Beetsma [r.m.w.j.beetsma@uva.nl] (*,a), Oliwia Komada [o.komada@grape.org.pl] (b), Krzysztof Makarski [k.makarski@grape.org.pl] (b), Joanna Tyrowicz [j.tyrowicz@grape.org.pl] (c)

Keywords Environmental management; Ability-Motivation-Opportunity (AMO) approach; Multi-task principal-agent analysis; Economics of attention Highlights * In order for environmental policies to cope with climate change, organizational failures must be considered in addition to market failures. * To do so, firms must address the scarcity of managerial attention and adjust their human resource management (HRM) accordingly. * For this to be effective, HRM instruments (incentive compensation, performance appraisal, empowerment, training, and so on) should not be treated in isolation but rather as a coherent system. * This paper delivers predictions/prescriptions on how HRM devices should adjust as the business stakes in climate change increase, with some qualifications concerning notably the procurement of environmental tasks and employee training. Abstract The Stern-Stiglitz Report on carbon pricing emphasizes that environmental policy must not only cope with market failures, but also with government and organizational failures. Focusing on the latter, this paper investigates how some practices central to human resource management -- employee selection and training, performance appraisal and rewards, employee discretion and empowerment -- can be jointly deployed to direct managerial attention adequately. Using a static multi-task principal-agent model and standard monotone comparative statics tools, I derive predictions/prescriptions on how these practices should adjust as the firm's stakes in sustainability increase. These prescriptions notably include some qualifications concerning the outsourcing of environmental services and employee training, and some implications for public policy. Author Affiliation: Skema Business School and Université Côte d'Azur (GREDEG), France * Correspondence to: Skema Business School, Sophia Antipolis Campus, 60 Fedor Dostoïevski Street, 06902 Sophia Antipolis, France. Article History: Received 6 March 2020; Revised 29 June 2021; Accepted 18 August 2021 (footnote)[white star] I thank my session's participants at the last annual conferences of the European Economic Association, the French Economic Association and the European Association of Environmental and Resource Economists, together with Nathalie Lazaric and my colleagues of ESIA-GREDEG, for valuable comments. I am also grateful to the editor, Robert Johnston, and three diligent referees for suggestions and constructive criticisms which helped me improve significantly the content and presentation of this paper. All remaining shortcomings are of course my sole responsibility. I wish to dedicate this article to the memory of Edward Lazear. Byline: Bernard Sinclair-Desgagné [bsd@skema.edu] (*)

Keywords Guilt aversion; Social norms; Conformity; Dictator game; Experiment Abstract It has been argued that guilt aversion (the desire to meet others' expectations) and the social norm compliance (the desire to act similarly to other individuals in the same situation) are important drivers of human behavior. However, as we show in a theoretical model, these two motives are empirically indistinguishable when only one signal (either the expectation of a person affected by the choice or a signal about the descriptive norm) is revealed as each of these signals transmit information on the other benchmark. We address this problem by running an experiment in which signals for both benchmarks are revealed simultaneously. We find that both types of information affect dictator transfers in a one-shot game, yet the information about the behavior of others has a stronger effect than the disclosed recipient's expectation. The effect of the recipient's expectation is non-monotonic and becomes negative for very high expectations. We provide further evidence for the importance of guilt aversion in a second experiment where we display the recipient's expectation and the expectation of a randomly picked recipient of another dictator. Author Affiliation: (a) Humboldt-Universität zu Berlin, School of Business and Economics, Unter den Linden 6, Berlin 10099, Germany (b) University of Cologne, Department of Economics, Albertus-Magnus-Platz, Cologne 50923, Germany (c) University of Bath, Department of Economics, Claverton Down, Bath BA2 7JP, United Kingdom * Corresponding author. Article History: Received 2 March 2021; Revised 24 August 2021; Accepted 7 September 2021 (footnote)[white star] This paper supersedes a previous paper titled 'Norms and Guilt' (CESifo Working Paper No. 6999, https://www.cesifo.org/node/36295). We thank Loukas Balafoutas, Pierpaolo Battigalli, Gary Charness, Eugen Dimant, Martin Dufwenberg, Erin Krupka, Elena Manzoni, Roberto Weber and workshop participants in Soleto and Nice for helpful comments. Financial support of the German Research Foundation (DFG) through the Research Unit 'Design and Behavior' (FOR 1371) and CRC TRR 190 'Rationality and competition' (Project number 280092119) is gratefully acknowledged. Byline: Anastasia Danilov [anastasia.danilov@hu-berlin.de] (*,a), Kiryl Khalmetski [kk917@bath.ac.uk] (b,c), Dirk Sliwka [sliwka@wiso.uni-koeln.de] (b)

Keywords Continuous time contracting; Multiple tasks; Delegated investment; Managerial compensation; Investment dynamics Abstract We study non-contractible intangible investment in a dynamic agency model with multitasking. The manager's short-term task determines current performance, which deteriorates with investment in the firm's future profitability, his long-term task. The optimal contract dynamically balances incentives for short- and long-term performance. Investment is distorted upwards (downwards) relative to first-best in firms with high (low) returns to investment. These distortions decrease as good performance relaxes endogenous financial constraints, implying negative (positive) investment-cash flow sensitivities. Our results shed light on how corporate investment policies, liquidity management, and executive compensation structure differ across industries with different returns to intangible investment. Author Affiliation: (a) KU Leuven, Faculty of Economics and Business, Leuven 3000, Belgium (b) Erasmus University Rotterdam, Rotterdam 3062 PA, the Netherlands * Corresponding author. Article History: Received 20 March 2017; Revised 27 September 2020; Accepted 31 October 2020 (footnote)[white star] This paper benefited significantly from comments by the co-editor Ron Kaniel, and an anonymous referee. We also thank Patrick Bolton, Wei Cui (CICF discussant), Guido Friebel, Sebastian Gryglewicz, Roman Inderst, Peter Kondor, Christian Leuz, Stephan Luck, Thomas Mariotti, Konstantin Milbradt (AFA discussant), Jean-Charles Rochet, Paul Schempp, Vladimir Vladimirov, Neng Wang, John Zhu, and conference and seminar participants at AFA Boston, CICF Shanghai, Columbia Business School, Erasmus School of Economics, Frankfurt School of Finance and Management, Stockholm School of Economics, Tilburg University, University of Amsterdam, University of Bonn, and University of Zürich for helpful comments. An earlier version of this paper has been circulated under the title 'A Dynamic Agency Theory of Delegated Investment.' Hoffmann gratefully acknowledges financial support from Internal Funds KU Leuven (STG/20/033). Pfeil gratefully acknowledges financial support by the University Research Priority Program 'FinReg' of the University of Zürich. Byline: Florian Hoffmann [florian.hoffmann@kuleuven.be] (a), Sebastian Pfeil [pfeil@ese.eur.nl] (b,*)

Keywords Service networks; Sustainable business; Bibliometric analysis; Business and economics Highlights * Presenting a holistic assessment of service networks for sustainable business. * 'Internationalization and web service' is the biggest research topic. * Collaborative innovation emerges as the core strength of business networks. * Multiple directions in service networks and virtual networks are identified. * Sustainable business represents the general trend of the times. Abstract Scientific research on service networks for sustainable business (SN-SB) and its impact on business and economics has been growing in recent years. The first document was published in 1968, and the SN-SB research has lasted over half a century. This paper offers a comprehensive bibliometric analysis of the academic literature published between 1968 and 2019 with regards to the SN-SB research in 2,366 publications from Web of Science. By applying different bibliometric analyses, such as performance analysis, cooperation analysis, co-occurrence analysis, burst detection analysis, and timeline view analysis, we have presented the fundamental characteristics of these publications, and identified the most influential countries/regions, institutions, and authors, as well as the evolution of the keywords these years. More discussions including popular issues in current study, challenges and avenues for future research, implications, and limitations are conducted to address the existing gaps in knowledge. This paper helps in understanding the evolution of the SN-SB research from the perspective of the bibliometric and inspires researchers to think from multiple aspects in this field. Author Affiliation: (a) Business School, Sichuan University, Chengdu 610064, China (b) Juraj Dobrila University of Pula, Croatia * Corresponding author. Article History: Received 15 February 2021; Revised 26 July 2021; Accepted 29 July 2021 Byline: Xinxin Wang (a), Zeshui Xu [xuzeshui@263.net] (a,*), Yong Qin (a), Marinko Skare (b)

Keywords Circular food supply chain; Meat industry; Knowledge hiding; Traceability; Transparency Abstract This study has analyzed food supply chains from the circular economy viewpoint with a focus on knowledge hiding. In this paper, we examine the practice of hiding knowledge among stakeholders, in which dimension, what this knowledge is and whether there are differences among specific groups of stakeholders. This is applied to distributors, producers, consumers, retailers, suppliers and farmers working within the meat industry in Turkey. It shows how information hiding affects the traceability of food supply chains and circularity in the meat industry. Three different theories have been examined in this paper. Stakeholder theory helps to analyze traceability of food supply chains among stakeholders; the theory of industrial symbiosis aims to achieve an efficient circular food supply chain through 9R (refuse, rethink, reduce, reuse, repair, refurbish, remanufacture, repurpose, recycle, recover) strategies by adopting traceability; the information theory is a key enabler to coordinate traceability from farm to fork to support a circular food supply chain. By using the theoretical lens, this paper sets out proposals for policymakers and managers in food supply chains to ensure traceability and transparency to achieve circular economy. Although some prior studies address knowledge hiding, information hiding hasn't been examined with traceability and transparency dimensions in Circular Food Supply Chain (CFSC) in B2B business. This study attempts to fill this gap in the literature, improve theoretical understanding with our proposed framework and validating the impact of information hiding and reveal where knowledge is mostly hidden in terms of circular economy, stakeholders and 9Rs in the meat industry. A proposed framework for managers and policymakers based on a circular economy can bring social, economic and environmental benefits for the red meat industry in Turkey. Additionally, it offers a framework and recommendations for other countries and industries for possible adoption. Author Affiliation: (a) Jindal Global Business School, O P Jindal Global University, Haryana, India (b) Plymouth Business School, University of Plymouth, United Kingdom (c) Business School, Department of Logistics Management, Yasar University, Universite Cad., No: 35, Bornova, Izmir 35500, Turkey (d) Collaborative Innovation Center for Ecological Economics and Management, Anhui University of Finance and Economics, Anhui Bengbu, 233030, PR China * Corresponding author. Article History: Received 30 January 2021; Revised 31 May 2021; Accepted 3 June 2021 Byline: Sachin Kumar Mangla [sachin.kumar@plymouth.ac.uk] (a,b), Gülmüs Börühan [gulmus.boruhan@yasar.edu.tr] (c), Pervin Ersoy [pervin.ersoy@yasar.edu.tr] (c), Yigit Kazancoglu [yigit.kazancoglu@yasar.edu.tr] (c), Malin Song [songml@aufe.edu.cn] (d,*)

Keywords Nominal GDP targeting; Inflation targeting; Welfare loss; Trend growth Highlights * The paper evaluates both nominal GDP growth targeting and level targeting rules. * Nominal GDP growth targeting dominates level targeting and inflation targeting. * Inflation targeting is generally preferred to level targeting. * But to minimize fluctuations, nominal GDP level targeting is advantageous. * Level targeting may be desirable with a low growth environment. Abstract This paper examines the welfare implications of a nominal GDP growth targeting rule, a nominal GDP level targeting rule, and inflation targeting regime in a New Keynesian model featuring positive trend inflation, two measures of welfare, and both high and low growth environments. The paper finds that (i) in general, nominal GDP growth targeting dominates other rules with changes in all dimensions; (ii) nominal GDP growth targeting framework is superior to the level targeting regime for most scenarios; (iii) inflation targeting is preferred to nominal GDP level targeting regime, but to minimize short-run fluctuations, the latter is advantageous; (iv) nominal GDP level targeting may be desirable only in a low growth environment with both low inflation indexation and consumption equivalence criteria. The simulation results provide solid evidence to policy makers on the desirability of nominal GDP growth targeting. Author Affiliation: Department of Economics, 222 Thatcher Hall, College of Business, University of Central Oklahoma, 100 N University Dr, Edmond, OK 73034, United States of America Article History: Received 20 May 2020; Revised 17 May 2021; Accepted 19 May 2021 Byline: Huiying Chen [hchen17@uco.edu]

Keywords Random assignment; Pseudomarkets; Welfare theorems; Walrasian equilibrium; Discrete markets; Multi-unit demand; Single-unit demand; Complementarities; Constraints Abstract We study the assignment of discrete resources in a general model encompassing a wide range of applied environments, such as school choice, course allocation, and refugee resettlement. We allow single-unit and general multi-unit demands and any linear constraints. We prove the Second Welfare Theorem for these environments and a strong version of the First Welfare Theorem. In this way, we establish an equivalence between strong efficiency and decentralization through prices in discrete environments. Showing that all strongly efficient outcomes can be implemented through pseudomarkets, we provide a foundation for using pseudomarkets in market design. Author Affiliation: (a) Università degli Studi di Messina, Italy (b) Universitat Autonoma de Barcelona - Barcelona Graduate School of Economics, Spain (c) University of Zurich, Switzerland * Corresponding authors. Article History: Received 23 December 2014; Revised 9 May 2021; Accepted 9 June 2021 (footnote)[white star] From 2014 till 2019 this paper was posted and presented under the title 'Prices and Efficient Assignments Without Transfers' (first presentation: May 2014, first posted draft: October 2014; substantial revision: February 2017). We would like to thank Salvador Barbera, Roland Benabou, Dirk Bergemann, Simon Board, Sergiu Hart, Andrew McLennan, Andreu Mas-Colell, Jordi Massó, Moritz Meyer-ter-Vehn, Alessandro Pavan, Michael Richter, William Thomson, Utku Unver, Rakesh Vohra, William Zame, Juan Enrique Martínez-Legaz and audiences at UCLA, UAB, SAET 2015, and U Zurich for helpful comments, and Tuomas Kari, Julian Teichgräber, and Simpson Zhang for excellent research assistance. Miralles gratefully acknowledges the hospitality of Ortygia Business School, UCLA, and Carnegie Mellon University, where most of the work has been undertaken, as well as the financial support from the Spanish Governments (SEV-2015-0563, ECO2017-83534P) and the Catalan Government (SGR2017 0711). Pycia gratefully acknowledges the support of UCLA, where he was a faculty member when working on this paper, as well as the support from the William S. Dietrich II Economic Theory Center at Princeton University. Byline: Antonio Miralles [amirallesasensio@unime.it] (a,b,*), Marek Pycia [marek.pycia@econ.uzh.ch] (c,*)

Keywords Multichannel retailing; Regret; Disappointment; Price; Loyalty Highlights * The paper examines a possible pitfall of multi-channel retailing. * Promotional discrepancy across channels can instigate negative emotions. * High regret for high-priced product inspires return and reorder behavior. * High disappointment occurs for favorite retailer motivating switch. * Return and reorder is higher when purchased in-store. Abstract Despite the many advantages of multichannel retail, this paper raises certain issues that may pose various pitfalls to the retailer. We focus on how varying the price and loyalty conditions may instigate complex emotional responses that can adversely affect the retailer. We adopt a multi-method approach across three studies, combining facial expression analysis (Study 1), scenario-based experiments, and a self-reported survey (Studies 2 & 3). Our findings show how inconsistent pricing in online and offline stores influences consumers' regret and disappointment, which in turn impact their post-purchase behaviours of returning or retaining the product. The research contributes both theoretically and managerially by delving into the emotional responses of consumers to promotional discrepancies in multichannel retail. Author Affiliation: (a) NEOMA Business School, 59 Rue Pierre Taittinger, Reims 51100, France (b) Metropolitan College, Boston University, 1010 Commonwealth Ave, Boston, MA 02215, USA (c) Consumer Research Lab, School of Marketing, Curtin University, Curtin University, 208 Kent Street, Bentley, WA 6102, Australia * Corresponding authors. Article History: Received 25 November 2019; Revised 12 April 2021; Accepted 14 April 2021 Byline: Satadruta Mookherjee [satadruta.mookherjee@neoma-bs.fr] (a,*), Jennifer J. Lee [leejen@bu.edu] (b,*), Billy Sung [billy.sung@curtin.edu.au] (c)

Keywords Education; Stochastic frontier; Persistent and transient technical inefficiency; Impact evaluation; Causal inference Highlights * Methodology for handling endogeneity issues in the evaluation of policy performance. * Estimation of causal impact of a policy intervention on the outcome variable. * Distinguishes direct effect of policy, efficiency-enhancing effect, and combination. * Application estimates the effect of providing additional resources to schools. * Effect on the outcome originates from the efficiency-enhancing channel. Abstract This paper proposes an innovative methodology for handling endogeneity issues in the evaluation of policy performance. By estimating a regression discontinuity design with a four-component stochastic frontier panel data model, we estimate the causal impact of a policy intervention on the outcome variable, whenever the treatment status depends on an exogenous threshold. We distinguish between (i) the direct effect of the intervention, (ii) the efficiency-enhancing effect, or (iii) their combination. Moreover, we distinguish between persistent (time-invariant) and transient (time-varying) inefficiency components while accounting for unobserved heterogeneity, which is important for policy implications. We showcase the practical usefulness of the proposed approach by estimating the effect of providing additional resources on schools that exceed an exogenously set share of disadvantaged students in secondary schools in Flanders, Belgium. We also demonstrate the trade-off between balance of the covariates in the treated and control group and statistical power. Thus, despite insignificant effects in a balanced but smaller sample close to the discontinuity, the results become significant in the unbalanced sample with more statistical power. In both samples, we observe that the policy had an effect on the outcome mostly through the efficiency-enhancing channel. To this extent, we show that the model specification including both direct and indirect effects outperforms the other two specifications and it offers a more exhaustive perspective from a policy view point. Author Affiliation: (a) Department of Economics and Finance, College of Business, Arts and Social Sciences, Brunel University London, Uxbridge, UB8 3PH, UK (b) Department of Economics and Management, University of Pisa, Via C. Ridolfi 10, Pisa 56124, Italy (c) Leuven Economics of Education Research, Faculty of Economics and Business, KU Leuven, Naamsestraat 69, Leuven 3000, Belgium (d) UNU-Merit, Maastricht University, Boschstraat 24, AX Maastricht 6211, Netherlands * Corresponding author. Article History: Received 17 February 2022; Accepted 24 March 2023 Byline: Oleg Badunenko [oleg.badunenko@brunel.ac.uk] (a), Giovanna D'Inverno [giovanna.dinverno@unipi.it] (*,b,c), Kristof De Witte [kristof.dewitte@kuleuven.be] (c,d)

Keywords Location; Hub networks; Service level; Priority queue; Cutting plane method Highlights * We study hub location models with service level constraints for two shipment classes. * Hub network is modeled as spatially distributed priority queues. * Service level of low priority consignments is computed using matrix geometric method. * We present a cutting plane based exact solution method. * Incorporating service levels impact the design of hub network significantly. Abstract In this paper, we study a hub network design problem arising in the context of a third-party logistics (3PL) service provider, which acts as an intermediary between shippers and carriers. A 3PL service provider usually caters to different classes of shipments that require different levels of service, e.g. two-day delivery, next-day delivery etc. We, therefore, study the problem under stochastic demand from two classes of shipments, with one class receiving priority over the other in service at the hubs to maintain the different service levels required by them. To this end, we present two models for designing a capacitated hub network with a service level constraint, defined using the distribution of time spent at hubs, for each shipment class. The models seek to design the hub network at the minimum total cost, which includes the total fixed cost of equipping open hubs with sufficient processing capacity and the variable transportation costs. The network of hubs, given their locations, is thus modeled as spatially distributed priority queues. The resulting model is challenging to solve, for which we propose a cutting plane-based exact solution method. Author Affiliation: (a) Indian Institute of Management, Vastrapur, Ahmedabad, Gujarat 380 015, India (b) Department of Supply Chain and Business Technology Management, John Molson School of Business and CIRRELT, Concordia University, Montreal, QC H3E 2A3, Canada * Corresponding author. Article History: Received 27 December 2021; Accepted 31 January 2023 Byline: Sachin Jayaswal [sachin@iima.ac.in] (a), Navneet Vidyarthi [n.vidyarthi@concordia.ca] (*,b)

Keywords Pricing; Return policy; Wardrobing; Store credit and gift card refund Highlights * We develop a model for optimizing price, quantity, and terms of the return policy. * We incorporate consumer opportunistic behavior (wardrobing) in a newsvendor setting. * We examine the implications of using store credit or gift card (SC/GC) refunds. * SC/GC refunds increase the profits of the e-tailer. * SC/GC refunds benefit consumers by increasing quantity available and lowering price. Abstract Product return rates are much higher for online retailers than brick-and-mortar retailers. In this paper, we develop a model for optimizing the retailer's price, quantity, and terms of the product return policy in the presence of consumer opportunistic behavior (wardrobing). We consider a seasonal product and formulate and solve a newsvendor (e-tailer) model where an in-season price markdown may be used before any remaining inventory is salvaged at the end of the season. We compare a return policy in which refunds for returned products are in cash to one where refunds are in store credit or gift cards (SC/GC). Products sold at the clearance (salvage) price cannot be returned or exchanged. We find that with both cash and SC/GC refunds, consumer product match uncertainty, measured by the probability of the product matching consumers' expectations, benefits consumers who keep the product more than consumers who return it. Moreover, under realistic conditions, using SC/GC refund increases the profits of the e-tailer and benefits consumers who keep the product by lowering the price. We also find that even when consumers redeem all SC/GC, using SC/GC refunds can still be beneficial to the retailer because SC/GC refunds deter proportionally more wardrobers from buying than consumers from buying. As a result, costly returns are reduced and the e-tailer benefits. Author Affiliation: (a) The Belk College of Business, The University of North Carolina at Charlotte, Charlotte 28213, USA (b) Rennes School of Business, 2 Rue Robert d'Arbrissel, Rennes 35065, France * Corresponding author. Article History: Received 21 December 2021; Accepted 19 January 2023 Byline: Moutaz Khouja [mjkhouja@uncc.edu] (*,a), Ramzi Hammami [ramzi.hammami@rennes-sb.com] (b)

Keywords Reactive scheduling; Uncertainty modelling; Surgery management; Approximate dynamic programming Highlights * A real-time surgery management problem is studied. * We formulate the problem using stochastic dynamic programming. * Uncertain non-elective arrivals and surgery durations are modelled. * An approximate dynamic programming approach is introduced. Abstract Real-time surgery management involves a complex and dynamic decision-making process. The duration of surgeries in many cases cannot be known until the surgery has actually been completed. Furthermore, disruptions such as equipment failure or the arrival of a non-elective surgery can occur simultaneously. Thus, the assignment of surgeries needs to be updated, as and when disruptions occur, to minimize their effects. In this paper, we present a stochastic dynamic programming approach to the surgery allocation problem with multiple operating rooms under uncertainty. Given an elective list for the day, the dynamic optimization model minimizes the number of surgeries not carried out by the end of the shift and the total waiting times of patients during the day weighted according to their urgency level. Due to the curse of dimensionality, we apply an approximate dynamic programming algorithm to solve the stochastic dynamic surgery management model. Computational experiments are designed to demonstrate the performance of the proposed algorithm and its applicability to practical settings. The results show that the approximate dynamic programming algorithm provides a good approximation to the optimum policy and leads to some managerial insights. Author Affiliation: (a) School of Management, University of Bath, Bath BA2 7AY, UK (b) Warwick Business School, The University of Warwick, Coventry CV4 7AL, UK * Corresponding author. Article History: Received 18 May 2021; Accepted 2 December 2022 Byline: E. Gökalp [elvan.gokalp@warwick.ac.uk] (a), N. Gülpinar [Nalan.Gulpinar@wbs.ac.uk] (*,b), X.V. Doan [Xuan.Doan@wbs.ac.uk] (b)

Keywords Logistics; Scheduling shuttles; Transfer shuttles; Deep-lane storage; Shuttle-based system Highlights * We study a forklift-shuttle scheduling problem in a deep-lane shuttle-based storage system. * We develop a two-stage heuristic to compute near-optimal solutions. * Experimental results show that the two-stage heuristic outperforms straightforward heuristics used in practice and in the literature. * The proposed two-stage heuristic can be used to decide the optimal shuttle fleet size. Abstract Deep-lane shuttle-based storage systems with forklifts are widely used in bulk storage and finished-goods warehouses that require dense storage paired with high operational efficiency. In such a system, automated shuttles take care of the movements of loads within the storage lanes, and forklifts take care of the horizontal and vertical movements of loads. Since shuttles are expensive, the number of shuttles in the system is typically smaller than the number of storage lanes, so shuttle transfers are required with the help of the forklift. This paper focuses on optimizing the schedule: Given a set of retrieval requests and shuttles, how can the shuttle transfer sequence and the retrieval request sequence be arranged to minimize the makespan? A mathematical model is formulated. Since the problem is NP-hard, an efficient two-stage heuristic is proposed to compute near-optimal solutions. This study's numerical results show that the two-stage heuristic can provide high-quality solutions in reasonable time. Compared to straightforward heuristics used in practice and in the literature, the makespan can be reduced considerably. The proposed two-stage heuristic can also be used to decide the optimal shuttle fleet size. Author Affiliation: (a) Anhui Province Key Laboratory of Contemporary Logistics and Supply Chain, International Institute of Finance, School of Management, University of Science and Technology of China, 96 Jinzhai Road, Hefei 230026, Anhui, P.R. China (b) Department of Technology and Operations Management, Rotterdam School of Management, Erasmus University of Rotterdam, Rotterdam 3062 PA, The Netherlands * Corresponding author. Article History: Received 14 March 2022; Accepted 18 November 2022 Byline: Jingjing Yang [yjj2015@mail.ustc.edu.cn] (a), René B.M. de Koster [rkoster@rsm.nl] (b), Xiaolong Guo [gxl@ustc.edu.cn] (a), Yugang Yu [ygyu@ustc.edu.cn] (*,a)

Keywords Logistics; Ferry vehicle; Minimum cost flow; Time-space network; Two-stage optimization Highlights * A two-stage optimization model for airport ferry service delay is proposed. * The uncertainty of actual arrival time and departure time of flights is considered. * The minimum cost flow model is adopted and a time-space network is designed. * The method is illustrated using flight data from a real Airport. * The network-based models are compared with the usual programming models. Abstract As an important part of the ground service for flights parked at remote stands, the scheduling optimization of ferry vehicles is the key factor to improve the apron support capacity. Considering the uncertainty of actual arrival time and departure time of flights, a two-stage optimization model for flight on-time service rate and service delay time is proposed in this paper. At the first stage, a capacity network with four types of nodes and five types of arcs is constructed. By setting appropriate arc capacity and cost parameters, a programming model based on the minimum cost flow is constructed to optimize the number of flights that can be served on time by a limited number of ferry vehicles. At the second stage, a new capacity network and a time-space network combined with a heuristic algorithm are constructed, and integer linear programming models are proposed to optimize the delay time of unserved flights in the first stage. The efficiency of the proposed method is verified by flight data from Beijing Capital International Airport and further analysis is carried out. This study can provide a decision-making reference for the scheduling optimization of airport ferry vehicles. Author Affiliation: School of Management, Shandong University, Jinan, Shandong 250100, China * Corresponding author. Article History: Received 22 February 2022; Accepted 21 September 2022 Byline: Xue Han, Peixin Zhao [pxzhao@sdu.edu.cn] (*), Dexin Kong

Keywords Tourism industry; Behavioral attitude towards tourism; Tourists' behavioral intention; Pandemic; Cognitive attitude; Affective attitude Highlights * Continuous mental stress of losing job due to Covid-19 has crippled tourists to move around globally for enjoyment and recreation. * Covid-19 has detoured, changed, and toppled human habit, daily life pattern, and global pattern of business. * The effect and consequences of pandemics should be explored and understood from the service seekers' (Tourist) perspective. * Covid-19 has influenced people's psychological state substantially. * Covid-19 may have an enduring impact on the mobility of people in the future due to the change of human attitude and life pattern. Abstract The impact of pandemics on the tourism industry should be explored from the perspective of those who will travel, go to the tourist places on vacation, and avail services from tourism and hospitality-related organizations. This study has aimed to identify the reasons for the changed human psychology towards tourism during the COVID-19 Pandemic to develop an attitude-behavioral model. This investigation thus conducted an extensive empirical study among tourists to capture their social, emotional, and financial beliefs. The research then examined the measurement model through confirmatory factor analysis (CFA) before investigating the cause-effect relationship through the structural model. Analysis revealed that the negative effect of attitude on behavioral intention toward this new equilibrium is controlled by the emotional aspect of attitude. Furthermore this paper made several contributions to the literature on human psychology, crisis management, human behavior, marketing, and tourism. Author Affiliation: (a) Digital Futures for Sustainable Business & Society Research Group, School of Management, Swansea University, Bay Campus, Fabian Bay, Swansea SA1 8EN, Wales, UK (b) Department of Management, Symbiosis Institute of Business Management, Pune & Symbiosis International (Deemed University), Pune, Maharashtra, India (c) School of Business & Economics, North South University, Bangladesh (d) Lecturer in Marketing, Essex Business School, University of Essex, UK (e) School of Management, Swansea University Bay Campus, Swansea SA1 8EN, Wales, UK (f) Sprott School of Business, Carleton University, Ottawa, Canada (g) Audencia Nantes Business School, 8 Route de La Jonelière, B.P. 31222, 44312 Nantes Cedex 3, France * Corresponding author. Article History: Received 20 December 2022; Revised 2 March 2023; Accepted 6 March 2023 Byline: Mahmud Akhter Shareef (c), Muhammad Shakaib Akram (d), F. Tegwen Malik [f.t.malik@swansea.ac.uk] (e), Vinod Kumar [vinodkumar@cunet.carleton.ca] (f), Yogesh K. Dwivedi [y.k.dwivedi@swansea.ac.uk] (a,b,*), Mihalis Giannakis [mgiannakis@audencia.com] (g)

Keywords E-commerce; Joint promotion; Coupon; Online marketplace; Behavioural experiment Highlights * Use theoretical models and laboratory experiments to study the promotion strategies. * The optimal promotion strategy varies regularly with an increasing commission rate. * The impact of different promotion scenarios on joint promotion are compared. * Subjects' promotion decisions in the experiment support theoretical conclusions. * Subjects demonstrate contrasting decision patterns across different scenarios. Abstract This paper considers three promotion scenarios, namely seller-leading promotion, platform-leading promotion, and no-leader promotion, and reveals the optimal strategy and decision patterns for these three scenarios using a stylised model and lab experiments. We focus on three research questions for the seller and platform as follows: (1) Which is the optimal choice between unilateral and bilateral promotion under different promotion scenarios? (2) How will the promotion scenarios affect their joint promotion? (3) To a seller/platform, is it always better to proactively initiate promotion event? Result shows that the optimal promotion strategy varies from Seller Promotion Only to joint promotion and then to Platform Promotion Only, along with an increasing commission rate. Joint promotion is optimal only when the commission rate is moderate and when the product's list price is relatively high. The promotion scenario affects the scope and intensity of joint promotion and the profit of the entities. The joint promotion leader has the first-mover advantage, which helps him/her offer fewer coupons but obtain higher profits. To a platform or seller, launching promotion events proactively is not always the best choice. Experiments show that the subjects behaved as predicted. Moreover, the subjects demonstrate distinct decision patterns under different promotion scenarios. Ultimately, our conclusions can provide valuable decision-making guidance to marketing managers in the online marketplace. They can also choose appropriate scenarios on the basis of certain promotion objectives with knowing decision patterns under each scenario. Author Affiliation: (a) School of Management, Huazhong University of Science and Technology, Wuhan 430074, China (b) School of Business Administration, Zhongnan University of Economics and Law, Wuhan 430074, China (c) School of Economics and Management, Fuzhou University, Fuzhou 350108, China * Corresponding author: Article History: Received 1 March 2021; Accepted 16 August 2022 (footnote)1 Xuan Jiang is the corresponding author and co-first author. Byline: Xianghui Cheng (a,1), Shiming Deng (a), Xuan Jiang [judyx.jiang@foxmail.com] (b,*), Yanhai Li (c)