Publications

This paper explores information disclosure in matching markets, e.g., the informativeness of transcripts given out by universities. We show that the same, benchmark, amount of information is disclosed in essentially all equilibria. We then…

We introduce a simple model of the “percolation” of information of common interest through a large market, as agents encounter each other over time and reveal information to each other, some of which they may have received earlier from other…

We examine whether application of International Accounting Standards is associated with higher accounting quality. The application of IAS reflects the combined effects of features of the financial reporting system, including standards, their…

We investigate the “generalized second-price” (GSP) auction, a new mechanism used by search engines to sell online advertising. Although GSP looks similar to the Vickrey-Clarke-Groves (VCG) mechanism, its properties are very different. Unlike the…

Firms in durable good product markets face incentives to intertemporally price discriminate, by setting high initial prices to sell to consumers with the highest willingness to pay, and cutting prices thereafter to appeal to those with lower…

Analyzing the proliferation of item-level RFID, recent studies have identified the cost sharing of the technology as a gating issue. Various qualitative studies have predicted that conflict will arise, in particular in decentralized supply chains…

Combining longitudinal field research and executive experience, we propose that corporate longevity depends on matching cycles of autonomous and induced strategy processes to different forms of strategic dynamics, and that the role of alert…

Combining longitudinal field research and executive experience, we propose that corporate longevity depends on matching cycles of autonomous and induced strategy processes to different forms of strategic dynamics, and that the role of alert…

This policy overview draws upon two studies, one theoretical and one empirical, to explore lessons from medieval Indian Ocean trade for supporting ethnic tolerance in contemporary settings. The overview begins by sketching a model of inter-ethnic…

This paper shows that the existence of managerial ability, combined with the labor contract prevalent in the industry, implies that the closed‐end fund discount should exhibit many of the primary features documented in the literature. We evaluate…

We propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. We develop a simple algorithm for computing an oblivious equilibrium, in which each firm is assumed to make decisions based…

We define a refinement of Nash equilibria called metastability. This refinement supposes that the given game might be embedded within any global game that leaves its local best reply correspondence unaffected. A selected set of equilibria is…

We provide maximum likelihood estimators of term structures of conditional probabilities of corporate default, incorporating the dynamics of firm-specific and macroeconomic covariates. For US Industrial firms, based on over 390,000 firm-months of…

How does contention over authenticity unfold through social movement processes of mobilization and counter-mobilization? We address this issue by studying how the rise of modern winemaking practices embodied authenticity as creativity, how the…

This chapter discusses structural econometric approaches to auctions. Remarkably, much of what can be learn from auction data can be learned without restrictions beyond those derived from the relevant economic model. This enables us to take…

We examine Hillas and Kohlberg’s conjecture that invariance to the addition of payoff-redundant strategies implies that a backward induction outcome survives deletion of strategies that are inferior replies to all equilibria with the same outcome…