Working Papers

This paper examines how job destruction impacts labor market conditions after recessionary shocks. To estimate the causal general equilibrium effect of job destruction, we combine administrative data on employment relationships with variation in…

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…

We consider the problem of learning personalized decision policies from observational bandit feedback data across multiple heterogeneous data sources. In our approach, we introduce a novel regret analysis that establishes finite-sample upper…

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data, we observe that public firms subject to the regulation increase their disclosure of…

Qini curves have emerged as an attractive and popular approach for evaluating the benefit of data-driven targeting rules for treatment allocation. We propose a generalization of the Qini curve to multiple costly treatment arms that quantifies the…

Since the 19th century, political reformers have proposed broadening civic and corporate governance by allowing voters to delegate to any other voter — sometimes known as liquid democracy. Today, systems like liquid democracy have become an…

One thread of empirical work in social science focuses on decomposing group differences in outcomes into unexplained components and components explained by observable factors. In this paper, we study gender wage decompositions, which require…

We develop a theoretical and empirical framework to estimate bank franchise value. In contrast to regulatory guidance and some existing models, we show that sticky deposits combined with low deposit rate betas do not imply a negative duration for…

Manual code reviews are an essential but time-consuming part of software development, often leading reviewers to prioritize technical issues while skipping valuable assessments. This paper presents an algorithmic model that automates aspects of…

In this paper, we examine biases arising in A/B tests where firms modify a continuous parameter, such as price, to estimate the global treatment effect of a given performance metric, such as profit. These biases emerge in canonical experimental…

The rise of marketplaces for goods and services has led to changes in the mechanisms used to ensure high quality. We analyze this phenomenon in the Uber market, where the system of pre-screening that prevailed in the taxi industry has been…

U.S. partnerships control more than $40 trillion in assets, vastly outnumber U.S. public firms, and contribute significantly to the U.S. tax non-compliance of pass-through entities, which is larger than the non-compliance of publicly traded…

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…

Companies in various industries are under growing pressure to assess the costs of decarbonizing their operations. This paper develops a generic abatement cost concept to identify the cost-efficient combination of technological and operational…

The CBO cost releases of legislative proposals contain valuable news about surpluses priced in by Treasury investors. Using daily event windows, we find that cost releases with large negative cash flows lowered Treasury valuations by more than 20…

The rapidly growing number of lithium-ion battery packs deployed in electric vehicles (EVs) entails enormous economic potential for used EV batteries to be redeployed in a second life application, e.g., for behind-the-meter stationary energy…

Governments and central banks can protect either taxpayers or bondholders from government spending shocks. When they choose to insulate taxpayers, government bond yields need to increase in response to unfunded fiscal expansions as the government…

We study how international agreements can take advantage of domestic time-inconsistency problems in the context of environmental policies. For example, policymakers will prefer future policies to be sustainable, but find it tempting to raise…