Working Papers

As LLMs become the default interface for search, news, and everyday problem-solving, they may filter and frame political information before citizens ever confront it. Identifying and mitigating partisan “bias”—output with a systematic slant…

This paper provides early evidence on the integration and impact of Generative Artificial Intelligence (AI) in accounting at the accountant and task levels. Using a multi-method approach, we first identify heterogeneous adoption patterns,…

We develop a rational, non-behavioral framework in which analysts use empirical Bayesian techniques to construct their forecasts. Our approach assumes that analysts construct a single empirical prior by aggregating information across all of the…

A solution concept that is a refinement of Nash equilibria selects for each finite game a nonempty collection of closed and connected subsets of Nash equilibria as solutions. We impose three axioms for such solution concepts. The axiom of…

Modern recommender systems, which rely on large-scale machine learning (ML) models to predict the next item a consumer will engage with, often lack generalizability and understanding of consumer behaviors due to their black-box nature. To address…

In this overview piece, I review the literature and identify important directions for how developing societies can break out of such ethnic growth traps and instead leverage the gains that can often be had from ethnic diversity. To do this…

What can we learn from the high-frequency responses in bond and currency markets to the recent tariff announcement about the status of the U.S. dollar as the global reserve currency? The dollar depreciated by 3.4% after April 4 in spite of rising…

Geoeconomic pressure — the use of existing economic relationships by governments to achieve geopolitical or economic ends — has become a prominent feature of global power dynamics. This paper introduces a methodology using large language models (…

Allocating capital to investment projects is one of a manager’s most critical responsibilities. However, such decisions are shaped by managers’ own beliefs and risk preferences, which can differ from those of diversified shareholders. To study…

We develop a model of disclosure timing in which the firm can commit to disclose its revenues at a fixed date (a time-based disclosure policy) or after a certain number of transactions have occurred (a news arrival-based disclosure policy). We…

Motivated by the disconnect between regulatory discussions and industry reports on voluntary sustainability investments, we examine the market equilibrium for sustainable products in the absence of regulation, focusing on firms’ strategic…

Modern recommender systems use machine learning (ML) models to predict consumer preferences based on consumption history. Although these “black-box” models achieve impressive predictive performance, they often suffer from a lack of transparency…

We examine whether access to specialized business courts that are more proficient in resolving contractual disputes influences the design of firms’ supply contracts. We use the staggered creation of these courts in different states at different…

For several decades, researchers and practitioners have wondered whether a
“hot hand” exists in domains with repeated, human-controlled trials. Using a comprehensive play-by-play dataset from the game show “Jeopardy!”, we demonstrate that…

Deferred prosecution agreements (DPAs) are now a standard tool used by prosecutors to punish corporate crime. Under a DPA, the defendant escapes prosecution by living up to the terms of the contract. However, if the prosecutor declares a breach,…

In this paper, we argue that the New York City congestion pricing plan whose implementation was paused in the summer of 2024 had a major shortcoming: as designed, it would have had a much more severe impact on the drivers of personal vehicles…

Workers who lose their jobs during recessions face strikingly large and persistent declines in their future earnings. Using individual-level administrative data from the United States, this paper shows that an important driver of these costs is…

We consider a retailer running a switchback experiment for the price of a single product, with infinite supply. In each period, the seller chooses a price from a set of predefined prices that consist of a reference price and a few discounted…

We analyze the effects of veto players when the set of available policies isn’t exogenously fixed, but rather determined by policy developers who work to craft new high-quality proposals. If veto players are moderate, there is active competition…

This paper investigates decision-making in A/B experiments for online platforms and marketplaces. In such settings, due to constraints on inventory, A/B experiments typically lead to biased estimators because of interference; this phenomenon has…