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Federated Offline Policy Learning
We consider the problem of learning personalized decision policies from observational bandit feedback data across multiple heterogeneous data sources. In our approach, we introduce a novel regret analysis that establishes finite-sample upper…
Fixed Effects and the Generalized Mundlak Estimator
We develop a new approach for estimating average treatment effects in observational studies with unobserved group-level heterogeneity. We consider a general model with group-level unconfoundedness and provide conditions under which aggregate…
How Working from Home Reshapes Cities
In recent decades, economic activity has become increasingly concentrated in major global metropolises. Yet, the rise of working from home threatens this dominance of cities. Using multiple high-frequency datasets on spending, commuting,…
Human Capital Disclosure and Labor Market Outcomes: Evidence from Regulation S-K
We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data, we observe that public firms subject to the regulation increase their disclosure of…
Large Language Models and Humans Converge in Judging Public Figures’ Personalities
ChatGPT-4 and 600 human raters evaluated 226 public figures’ personalities using the Ten-Item Personality Inventory. The correlation between ChatGPT-4 and aggregate human ratings ranged from r = 0.76 to 0.87, outperforming the models…
Long-Term Causal Inference Under Persistent Confounding via Data Combination
We study the identification and estimation of long-term treatment effects by combining short-term experimental data and long-term observational data subject to unobserved confounding. This problem arises often when concerned with long-term…
Qini Curves for Multi-Armed Treatment Rules
Qini curves have emerged as an attractive and popular approach for evaluating the benefit of data-driven targeting rules for treatment allocation. We propose a generalization of the Qini curve to multiple costly treatment arms that quantifies the…
Qini Curves for Multi-Armed Treatment Rules
Qini curves have emerged as an attractive and popular approach for evaluating the benefit of data-driven targeting rules for treatment allocation. We propose a generalization of the Qini curve to multiple costly treatment arms that quantifies the…
Robust Offline Policy Learning with Observational Data from Multiple Sources
We consider the problem of using observational bandit feedback data from multiple heterogeneous data sources to learn a personalized decision policy that robustly generalizes across diverse target settings. To achieve this, we propose a minimax…
Service Quality on Online Platforms: Empirical Evidence about Driving Quality at Uber
Online marketplaces have adopted new quality control mechanisms that can accommodate a flexible pool of providers. In the context of ride-hailing, we measure the effectiveness of these mechanisms, which include ratings, incentives, and behavioral…
Strategy Theory Using Analogy: Rationale, Tools and Examples
We discuss why analogical reasoning is widely used in strategy formulation, implementation and evaluation despite its assessment by many logicians as a weak form of logical argumentation. Given this popularity, we consider how analogies might be…
Textual Dimensions of Sustainability Information, Stock Price Informativeness, and Proprietary Costs: Evidence from Integrated Reports
We examine whether integrated report quality, IRQ, is negatively associated with stock price synchronicity, an inverse measure of firm-specific information, and the extent to which the relation between IRQ and synchronicity is attenuated by…
Transitional Market Dynamics in Complex Environments
This paper presents a new approach to modeling transitional dynamics in dynamic models of imperfect competition, a crucial yet often neglected aspect of empirical models in industrial organization that seek to understand market responses to…
Using Big Data
Big Data is everywhere. Globally, billions of people use online platforms and digital devices to communicate, socialize, study, shop, and work. In the process, they generate a vast trove of digital footprints, documenting their thoughts, feelings…
What Happens When Anyone Can Be Your Representative? Studying the Use of Liquid Democracy for High-Stakes Decisions in Online Platforms
Since the 19th century, political reformers have proposed broadening civic and corporate governance by allowing voters to delegate to any other voter — sometimes known as liquid democracy. Today, systems like liquid democracy have become an…
Gender, Race, and Entrepreneurship: A Randomized Field Experiment on Venture Capitalists and Angels
We study gender and race in high-impact entrepreneurship using a tightly controlled randomized field experiment. We sent out 80,000 pitch emails introducing promising but fictitious start-ups to 28,000 venture capitalists and angels. Each email…
Valuing Long-Term Property Rights with Anticipated Political Regime Shifts
We identify exposure to political risk by exploiting a unique variation around land lease extension protection after 2047 in Hong Kong’s housing market due to historical arrangements under the “One Country, Two Systems” design. Relative to…
Heterogeneous Effects of Medicaid Coverage on Cardiovascular Risk Factors: Secondary Analysis of Randomized Controlled Trial
Objectives: To investigate whether health insurance generated improvements in cardiovascular risk factors (blood pressure and hemoglobin A(1c) (HbA(1c)) levels) for identifiable subpopulations, and using machine learning to…
The Frontier Origins of U.S. Gun Culture
This paper studies the transmission of a county’s historical exposure to the U.S.frontier into its consumers’ present-day preferences for firearm ownership and regulation. Counties with an additional decade on the frontier between 1790–1890 have…
Leveraging Body-Worn Camera Footage to Assess the Effects of Training on Officer Communication During Traffic Stops
Can training police officers on how to best interact with the public actually improve their interactions with community members? This has been a challenging question to answer. Interpersonal aspects of policing are consequential but largely…