Publications

Discrete choice models of aggregate demand, such as the random coefficients logit, can handle large differentiated products categories parsimoniously while still providing flexible substitution patterns. However, the discrete choice assumption…

Traditional economic analysis of markets with asymmetric information assumes that uninformed agents account for the incentives of informed agents to distort information. We analyze whether investors in the stock market internalize such incentives…

This study addresses an important but neglected topic by investigating the social judgment processes that experts (studio executives and producers in Hollywood) use to assess the creative potential of unknown others (relatively unknown…

Abstract is not available for this article.

This paper uses detailed weekly data on sales of hardcover fiction books to evaluate the impact of the New York Times bestseller list on sales and product variety. In order to circumvent the obvious problem of simultaneity of sales and bestseller…

We study security-bid auctions in which bidders compete for an asset by bidding with securities. That is, they offer payments that are contingent on the realized value of the asset being sold. Such auctions are commonly used, both formally and…

This research demonstrates that people’s goals associated with regulatory focus moderate the effect of message framing on persuasion. The results of 6 experiments show that appeals presented in gain frames are more persuasive when the message is…

This research demonstrates that people’s goals associated with regulatory focus moderate the effect of message framing on persuasion. The results of six experiments show that appeals presented in gain frames are more persuasive when the message…

We analyze a model where an altruistic, but possibly overconfident sender broadcasts one of a finite set of messages to rational receivers. If broadcasting is costless and the sender is rational, there is an informationally efficient equilibrium…

Whose responsibility are children? In twenty-first-century America, the answer too often is “their parents.” Although politicians and pundits frequently make pious pronouncements calling children “our best hope,” “our future,” and “our nation’s…

This paper describes a dynamic analysis of technological advances among hard disk drive (HDD) manufacturers in the areal density of their products across the history of the industry. The study provides (additional) evidence supporting a view of…

In the context of introducing new products around the world, it is important to understand the relative attractiveness of various countries in terms of maximum penetration potential and diffusion speed. In this paper, we examine these market…

In the context of introducing new products around the world, it is important to understand the relative attractiveness of various countries in terms of maximum penetration potential and diffusion speed. In this paper, we examine these market…

The Hribar and Jenkins study (2004, this issue) investigates the effect of accounting restatements on firms’ cost of equity capital. The authors document that the loss of market value associated with restatement announcements is attributable not…

Within a rational general equilibrium model in which agents care only about personal consumption, we consider a setting in which, due to borrowing constraints, individuals endowed with local resources underparticipate in financial markets. As a…

This paper uses an empirical dynamic oligopoly model of the commercial aircraft industry to analyze industry pricing, industry performance, and optimal industry policy. A novel feature of the model with respect to the previous literature is that…

We present a framework to measure empirically the size of indirect network effects in high-technology markets with competing incompatible technology standards. These indirect network effects arise due to inter-dependence in demand for hardware…