Professor Mikhael Shor has had his paper, “How collaborative forecasting can reduce forecast accuracy,” accepted by Operations Research Letters.
The brief article compares an independent supplier and retailer who each forecast consumer demand with a jointly-profit-maximizing supplier and retailer who share their forecasts of consumer demand. The move from non-collaborative to collaborative forecasting can have the unexpected impact of decreasing demand forecast accuracy while still increasing profit. Therefore, collaborating firms should maintain a focus on profits, not forecast accuracy, as the appropriate measure of success.
As other graduate students battle the winter snow, PhD student Sining Wang will be spending a week in January in Southern California. Sining has been selected to participate in IFREE’s Twentieth Annual Visiting Graduate Student Workshop in Experimental Economics. IFREE is the International Foundation for Research in Experimental Economics and was established in 1997 by Vernon L. Smith, a Nobel Prize winner for his pioneering research bringing experimental methods to economics. The workshop will be held at Chapman University, Vernon Smith’s academic home. In the week-long session, Sining will participate in experiments, learn about experimental results and techniques, and have a chance to present his own research to leading faculty in experimental economics.
Professor Mike Shor has had his paper, “Reducing Choice Overload without Reducing Choices,” accepted for publication by the Review of Economics and Statistics. The paper is coauthored with Tibor Besedeš, Cary Deck, and Sudipta Sarangi, co-PIs on Professor Shor’s NIH grant that supported the research.
Previous studies have demonstrated that a multitude of options can lead to choice overload, reducing decision quality. Through controlled experiments, we examine sequential choice architectures that enable the choice set to remain large while potentially reducing the effect of choice overload. A specific tournament-style architecture achieves this goal. An alternate architecture in which subjects compare each subset of options to the most preferred option encountered thus far fails to improve performance due to the status quo bias. Subject preferences over different choice architectures are negatively correlated with performance, suggesting that providing choice over architectures might reduce the quality of decisions.
The Board of Trustees has promoted Prof. Mike Shor to tenured Associated Professor of Economics.
Professor Shor’s research to date has focused on industrial organization and experimental investigations of decision-making. His work has been published in the Review of Economics and Statistics, Economic Theory, Health Economics, Games and Economic Behavior, as well as journals in marketing, accounting, and psychology.
In addition to research, Prof. Shor has been teaching game theory and behavioral economics at both the undergraduate and PhD levels at UConn.
Professor Mike Shor, who among his many talents is an amateur photographer, has had one of his photos purchased for a book cover. Evelyn Waugh’s “Officers and Gentlemen” uses a photo from a three-photo series on the cover of the French translation. You can see the series the picture was taken from here.
Managerial Economics, a textbook co-authored by Professor Mike Shor, was released Monday for sale. The text is a succinct introductory economics textbook targeted primarily at graduate business students.
The book covers traditional material using a problem-based pedagogy built around common business mistakes. Models are used sparingly, and then only to the extent that they help students figure out why mistakes are made, and how to fix them. This edition’s succinct, fast-paced presentation and challenging, interactive applications place students in the role of a decision maker who has to not only identify profitable decisions, but also implement them. The lively book provides an excellent ongoing reference for students pursuing business careers.
Grad students who have had Professor Shor for core Micro Theory may be surprised by the shortage of equations.
Click here to purchase the text from Amazon.
Economic Inquiry, a general interest journal, has named Professor Mike Shor as Associate Editor. Published since 1962, Economic Inquiry is widely regarded as one of the top scholarly journals in its field.
Economic Inquiry has taken steps in recent years to diversify its areas of specialization. Professor Shor will primarily be assisting in the newly developed area of Competition Economics.
Professor Mike Shor, PI on an NIH grant examining choice overload, has had the results of his research published by two economics journals. Along with his co-investigators (Tibor Besedes, Cary Deck, and Sudipta Sarangi), Professor Shor finds that people faced with too many choices often have difficulty discerning the right choice, contrary to classic economic theory. Seniors are especially vulnerable to poor decision-making when facing a multitude of options, such as critical decisions relating to health care. The main results are forthcoming in the Review of Economics and Statistics. An examination of why seniors, specifically, make poor decisions appears in a recent issue of the Journal of Economic Behavior and Organization. The authors find that poor performance among seniors is not for lack of trying, but due to seniors’ use of sub-optimal decision rules to reduce the number of choices down to a manageable level.
Economics undergraduate student Yuriy Loukachev has been selected to receive a 2012 SHARE (Social Science, Humanities, and Arts Research Experience) Award for undergraduate research. Yuriy will be studying the economic theory of auctions with Professor Mike Shor in the Spring of 2012. He will receive a stipend from the Office of Undergraduate Research, and will present the results of his research at a poster exhibition to be held in the Spring of 2012.
Mikhael Shor, currently Assistant Professor of Economics at the Owen Graduate School of Management, Vanderbilt University, will be joining the department in Fall 2011. He specializes in the study of behavioral game theory and its applications to firm-level decision making. Professor Shor has authored many scholarly articles on auctions, behavioral aspects of marketing, and electronic commerce. His research has appeared in such journals as Games and Economic Behavior, Journal of Management Information Systems, Economic Theory, Journal of Economic Psychology, and Contemporary Accounting Research. He has participated in merger analysis and strategic game theory consulting for the Federal Trade Commission and several companies. research interests are in game theory, industrial organization, and experimental economics. His current theoretical research is on the implications of mergers in auction markets, and my experimental research (supported by a grant from the National Institutes of Health) is on decision making when faced with an overwhelming number of options.
Professor Shor has taught game theory, industrial organization, pricing strategies, economics of networks, and law and economics. His educational innovations and materials have been featured in Science, Scientific American, and The Wall Street Journal. Professor Shor holds a BA from the University of Virginia and an MA and PhD from Rutgers University. He is living in Coventry with two kids, Eliana and Jacob, and a soon-to-be-added pound puppy. His wife is an Assistant Professor in Chemical Engineering at UConn.