Publications

We study an admissions control problem, where a queue with service rate 1−p receives incoming jobs at rate λ∈(1−p,1), and the decision maker is allowed to redirect away jobs up to a rate of p, with the objective of minimizing the time-average…

The Flow of Funds Accounts are a crucial data source on credit market positions in the U.S. economy. In particular, they combine regulatory data from various sources to produce a consistent set of flow and stock tables in major credit market…

We consider optimal incentive contracts when managers can, in addition to shirking or diverting funds, increase short term profits by putting the firm at risk of a low probability “disaster.” To

avoid such risk-taking, investors…

Sociological theory offers many possible contributions to strategic management, although most of these are not widely recognized as such. Sociological ideas about sustainable advantage among firms involve both capability-based and position-based…

In a multi-armed bandit (MAB) problem a gambler needs to choose at each round of play one of K arms, each characterized by an unknown reward distribution. Reward realizations are only observed when an arm is selected, and the gambler’s…

Excessive leverage (indebtedness) in banking endangers the public and distorts the economy. Yet current and proposed regulations only tweak previous regulations that failed to provide financial stability. This paper discusses the forces that have…

Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary…

Since 1950, 13 economies have grown at an average rate of 7 percent a year or more for 25 years or longer. At that pace of expansion, an economy almost doubles in size every decade. This report is about sustained, high growth of this kind: its…

Although the 1997 Handover of Hong Kong from the United Kingdom to China ranks among the major political transformations in modern history, its impact on new business formation has not been fully scrutinized.

Theory suggests contradictory…

This paper compares two different frameworks recently introduced in the literature for measuring risk in a multi-period setting. The first corresponds to applying a single coherent risk measure to the cumulative future costs, while the…

I examine how the historical legacies of inter-ethnic complementarity and competition interact with contemporary electoral competition in shaping patterns of ethnic violence. Using local comparisons within Gujarat, a single Indian state known for…

This paper presents a case study of offshore oil platforms—a workplace that has traditionally rewarded men for masculine displays of prowess and interactions centered on proving masculinity—in which such displays and interactions were absent. We…

Value investing refers to the buying or selling of stocks on the basis of a perceived gap between their current market price and their fundamental value.  One of the most remarkable regularities in the asset pricing literature is the fact…

The experience of attitudinal ambivalence (subjective ambivalence) is important because it predicts key consequences of attitudes (e.g., attitude–behavior correspondence, attitude stability). However, the field’s understanding of the antecedents…