Junhong CHU
Prof. Junhong CHU
市場學
Professor
EMBA International Programme Director
Associate Director, Centre for Innovation and Entrepreneurship
Associate Director, HKU Jockey Club Enterprise Sustainability Global Research Institute

3910 3087

KK 720

Publications
Heterogeneous Complementarity and Team Design: The Case of Real Estate Agents

Workers often possess characteristics such as soft skills that are important for teamwork but unobserved by managers. In this paper, we develop a teamwork model based on the econometric teamwork framework in Bonhomme [Bonhomme S (2021) Teams: Heterogeneity, sorting, and complementarity. Becker Friedman Institute for Economics Working Paper No. 2021-15, University of Chicago, Chicago] and stochastic blockmodels for binary outcomes (e.g., Bickel et al. [Bickel P, Choi D, Chang X, Zhang H (2013) Asymptotic normality of maximum likelihood and its variational approximation for stochastic blockmodels. Ann. Statist. 41(4):1922–1943]) when only team-level outputs are observed. Our model does not impose any functional form restrictions on the complementarity between workers with unobserved characteristics, which are modeled as latent types. We apply our model to a data set from a leading Chinese real estate company; the data contain the complete history of team assignments, team performances, and property details. We find that complementarities between different agent types are heterogeneous and cannot be captured by commonly used production functions. More specifically, workers with intermediate solo performance complement all other workers the most, whereas those with the best solo performance are not the best team players. Our results suggest that firms can boost productivity by redesigning teams without incurring additional hiring costs. Leveraging our complementarity estimates, our counterfactual experiments demonstrate that reorganizing teams could enhance overall team output by up to 26.6%.

消費者之間共享市場物主接受租借的動態模型

消費者之間(P2P)的共享市場有助於實現社會閒置資源的共享。當租客對物主的資源發出共享請求時,物主則需要決定是否接受該請求:接受請求可以馬上填補資源的閒置期,給物主帶來即刻回報,但卻降低了物主滿足未來對資源有更長時間的請求(更高回報)的靈活性。本文建立了一個模型,來揭示這些共享平台上物主在決定接受租客請求時面臨的權衡。該模型可以優化物主的決策,並改善平台的運營。該模型明確容納了兩種類型的物主:一類物主具有前瞻性,會考慮其資源可供租用的狀態,而另一類物主則只考慮眼前的請求,短視地做出接受決定。我們將該模型應用於中國一家領先的共享汽車租賃平台的數據集上。結果顯示,數據中前瞻型和短視型車主人數各半;女性、經驗豐富及年輕的車主更具備前瞻性。結果還顯示兩類車主對租客有不同的偏好。根據模型的估計結果,我們計算了未來每一天對前瞻型車主的期權價值(即資源一天可用的價值),發現期權價值隨時間的推移先增後減。我們進行了兩個反事實推論分析。第一項分析表明,如果平台規定最短租期,即便當前的租用條件可帶來更高的預期回報,前瞻型物主仍會傾向拒絕請求。第二項分析則表明,隨著平台對物主更深入的了解,平台可以通過對租賃請求的優化分配或再分配,大幅提高匹配效率,此舉可令絕大部分平台參與者收益。