Working Papers

We investigate the scope for cooperation within a community engaged in repeated reciprocal interactions. Players seek the help of others and approach them sequentially according to some fixed order, that is, a ranking profile. We study the…

Being happy and finding life meaningful overlap, but there are important differences. A large survey revealed multiple differing predictors of happiness (controlling for meaning) and meaningfulness (controlling for happiness). Satisfying ones…

We study the evolution of industries in terms of three interrelated key themes that together form an analytical lens. The first-theme strategy and strategic dynamics raises the question of how companies can gain, sustain, or regain profitable…

People acquire ways of thinking about time partly in and from work organizations, where the control and measurement of time use is a prominent feature of modern management an inevitable consequence of employees selling their time for money. In…

The authors investigate how both the amount and source of income affects the importance placed on money using a longitudinal analysis of the British Household Panel Survey and evidence from two laboratory experiments. Larger amounts of money…

This study examines the effects of shareholder support for equity compensation plans on subsequent chief executive officer (CEO) compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs…

Prior research argues that a manager whose wealth is more sensitive to changes in the firms stock price has a greater incentive to misreport. However, if the manager is risk-averse and misreporting increases both equity values and equity risk,…

When do voters win? In this paper we derive conditions under which a democracy will produce policies that favor the voter over special interests. We show that increasing political competition, increasing office holding benefits, decreasing…

This paper proposes that social categorization is driven by an ecological dynamic that operates in two planes: feature space and category space. It develops a theoretical model that links positions in feature space to label assignments in…

We incorporate a stochastic cost for emissions into Venables’ widely-used model of international trade for a single product. Region 1 has climate policy and Region 2 does not. Each region has a distinct  variable cost…

The role of deliberation among citizens to determine and forge agreement on policy is often seen as a crucial feature of democratic government. This paper provides the first large-N empirical evidence on the credibility of voice in a deliberative…

The central argument for increasing the number of women on corporate boards of directors has been the so-called business case for diversity which proposes that women and minorities add valuable new perspectives that result in enhanced corporate…

I present a theory of optimal multilateral trade agreements with public political shocks. I first show that forbearance - where one country withholds retaliation when its trading partner receives a shock - is a feature of an optimal agreement.…

Tariff bindings and administered protection are two characteristics of the WTO that are little understood. Tariff bindings place a ceiling on tariffs that is not always reached, while administered protection ensures that all sectors have access…

The failure to align the incentives of self-interested groups in favor of beneficial reform is often considered a major cause of persistent underdevelopment around the world. However, much less is known about strategies that have been successful…

This paper explores the impact of investor flows and financial market conditions on returns in crude-oil futures markets. I begin with a review of the economic mechanisms by which informational frictions and the associated speculative…

I am grateful for comments from Viral Acharya, Lewis Alexander, Niki Anderson, Peter Axilrod, Dick Berner, Markus Brunnermeier, Stacey Coleman, Rob Engle, Mike Fishman, Mark Flood, John Gidman, Tobi Guldimann, Anil Kashyap, John Khambu, Arvind…

Using an extensive longitudinal data set on franchising firms, we show that established franchisors manage their portfolio of company and franchised units to maintain a particular target level of corporate control and ownership of outlets. On…

The U.S. tri-party repo market is used by major broker-dealers to finance their securities inventories. During the financial crisis of 2007-2009, particularly around the failures of Bear Stearns and Lehman Brothers, it became apparent that this…

Marketing researchers have used models of consumer demand to forecast future sales; to describe and test theories of behavior; and to measure the response to marketing interventions. The basic framework typically starts from microfoundations of…