Publications

The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents’ portfolio holdings. In this paper we argue that the opposite might be true | traditional models might not be able to…

Policymakers and academics recognize that liquidity is central in the dynamics of a financial crisis, and that measurement of liquidity is critical in evaluating and regulating systemic risk. Systemic risk depends primarily on the endogenous…

How consumers choose to spend their time and money defines much of consumer behavior research. Guiding consumer choice is often the question, “What would make me happy?” Yet, research has shown that people’s intuitions about what will bring them…

Governments are beginning to mandate that firms disclose information about social and environmental impacts in their supply chains (e.g., regarding conflict minerals and greenhouse gas emissions). This paper shows that such a mandate will…

Efforts to bring promising health care care to resource-constrained regions of the world often falter — or even fail — because entrepreneurs underestimate the array of obstacles that loom in their path. But aspiring health innovators can benefit…

This research investigated the reciprocal relationship between mental models of conflict and various forms of dysfunctional social relations in organizations, including experiences of task and relationship conflicts, interpersonal hostility,…

Five studies tested the hypothesis that self-perceived attractiveness shapes people’s perceptions of their social class (subjective SES), which, in turn, shape how people respond to inequality and social hierarchies.

Study 1 found that…

Powerful societal leaders - such as politicians and Chief Executives - are frequently met with substantial distrust by the public. But why are people so suspicious of their leaders? One possibility is that ‘power corrupts’, and therefore people…

Across five studies, this research reveals that feeling powerful increases saving. This effect is driven by the desire to maintain one’s current state. When the purpose of saving is no longer to accumulate money, but to spend it on a status-…

Prequential testing of a forecaster is known to be manipulable if the test must pass an informed forecaster for all possible true distributions. Stewart (2011) provides a non-manipulable prequential likelihood test that only fails an informed…

This paper studies the endogenous formation of supply chain networks when procurement is subject to disruption risk. We argue that the presence of non-convexities in the chain (e.g., due to non-convex production technologies or financial…

Narcissism is characterized by traits such as dominance, self-confidence, a sense of entitlement, grandiosity, and low empathy. There is growing evidence that individuals with these characteristics often emerge as leaders, and that narcissistic…

Forthcoming

We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes…

We study the interplay between financial covenants and the operational decisions of a retailer that obtains financing through a secured, inventory-based lending contract. We characterize how leverage affects dynamic inventory decisions, and…

We build on recent theory and research on the role of categories in resource partitioning. We analyze Scotch whisky making between 1826 and 2009 — a case that seemed initially to fail to conform to the pattern of the beer industry now…

A new class of online services allows internet media sites to direct users from articles they are currently reading to other content they may be interested in. This process creates a “browsing path” along which there is potential for repeated…

Various patterns of age dependence in hazards of organizational failure have been documented: liabilities of newness, adolescence, and obsolescence. Prior efforts at providing a unified theory that can accommodate these patterns as special…

This paper formalizes and adapts the well-known concept of Pareto efficiency in the context of the popular robust optimization (RO) methodology for linear optimization problems. We argue that the classical RO paradigm need not produce…