Publications

Responding to economic and environmental pressures, a growing number of companies seek to repurpose products (assets) that retain functional capacity beyond their initial first life. This paper examines a generic valuation model for used capacity…

We study how competition between asymmetrically informed banks, one specialized and one nonspecialized, affects loan prices. Both banks possess “general” signals regarding the borrower’s quality, which they use to screen loans. The specialized…

Social media provides citizens with direct access to information shared by politicians. Citizens, in turn, play a critical role in diffusing such content. Do conservative and liberal citizens differ in their decisions about which representatives…

Shifting attachments to organizations are a constant in the modern era. What accounts for variation in the strength of organizational identification? Whereas prior work has emphasized organization-level properties and individual differences, this…

NVIDIA has grown from a small, niche player into one of the titans of the information technology industry, alongside established leaders such as Microsoft and Apple. How has a company that started out by giving gamers a better playing experience…

Consumers frequently perceive a tradeoff between health and taste, leading to poor dietary choices. This research identifies a novel pathway to healthier eating: seeking beauty in food. Across seven pre-registered field and lab studies, pursuing…

In this paper, we present two studies from the first randomized controlled trial on the impact of a values affirmation intervention on academic performance and psychological well-being in school for deaf students in secondary deaf schools in…

This paper studies expectations formation when the underlying process has fat tails. Using a large sample of firm sales growth expectations, we document three facts: (i) the relationship between forecast revisions and future forecast errors is…

Over the last half-century, economic growth stagnated but stock-market wealth boomed. I present evidence that declining innovation productivity reconciles these trends. At the macro level, I document that R&D spending has fallen relative to…

This paper studies whether households are selectively inattentive to interest rates and examines its macroeconomic implications. We first use existing and newly-designed household surveys to establish that households close to durables purchases…

This paper examines the financial fragility of Dutch households by assessing their ability to raise €2000 within a month in the event of a financial emergency. We show that one in seven Dutch households was financially fragile well before the…

Student loans with income-contingent repayment insure borrowers against income risk but can reduce their incentives to earn more. Using a change in Australia’s income-contingent repayment schedule, I show that borrowers reduce their labor supply…

We use administrative corporate tax data from the IRS to study a particular form of tax avoidance for US multinational corporations (MNCs). This strategy relies on cost sharing agreements (CSAs), which govern joint R&D efforts conducted with…

Computational theories of reinforcement learning suggest that two families of algorithm—model-based and model-free—tightly map onto the classic distinction between automatic and deliberate systems of control: Deliberate evaluative responses are…

Load balancing across parallel servers is an important class of congestion control problems that arise in service systems. An effective load balancer relies heavily on accurate, real-time congestion information to make routing decisions. However…

Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We…

Roe vs. Wade (1973) recognized a constitutional right to abortion under various circumstances and, in doing so, facilitated a political environment in which politicians could endorse more restrictive abortion policies that …

Since the 2000s, U.S. public pension funds have actively shifted their risky investments away from public equities and toward alternative assets like private equity and hedge funds—some much more than others. We explore a range of possible…

This research examines how the movements an interface requires of a consumer—that is, its “kinesthetic properties”—can alter what a consumer attends to when responding and, in turn, change the response itself. We compare the kinesthetic…