Publications

This article surveys recent theoretical and empirical advancements on the impact of interest rates on bank valuations and stability—two crucial concerns for financial researchers, policy makers, and regulators. We begin by highlighting the…

We praise the performance of virtuous acts (e.g., composting) and condemn the failure to perform dutiful ones (e.g., littering). Importantly, however, moral acts may contain elements of both virtue and duty. Composting elicits praise, but not…

Objective

To estimate the extent to which Medicare Advantage (MA) plans underestimate risk, the additional Part A and Part B (A&B) revenue insurers receive as a result, and how this differs across…

Importance: Surgical comanagement (SCM) is an evidence-based care model in which hospitalists jointly manage medically complex perioperative patients alongside surgical teams. Despite its clinical and financial value, effective…

In the United States, spending on political campaigns has surged dramatically. This article introduces and examines “party-defiance ads,” a novel and increasingly common type of political advertisement in which candidates criticize their own…

Redistributive policies designed to reduce economic inequality through taxes and transfers (e.g., safety-net benefits funded by progressive taxation) receive less support in the United States than in many Western democracies. Recent work suggests…

We study randomized experiments in a service system when stochastic congestion can arise from temporarily limited supply or excess demand. Such congestion gives rise to cross-unit interference between the waiting customers, and analytic…

There appears to be a tension between trade proponents and environmental activists. This paper shows, however, how Contingent Trade Agreements (CTAs) can motivate conservation. I first analyse a standard trade model where trade-specific…

We introduce a generic estimator for the false discovery rate of any model selection procedure, in common statistical modeling settings including the Gaussian linear model, Gaussian graphical model, and model-X setting. We prove that our method…

We survey a growing literature on correlated learning—that is, how information from one choice changes beliefs about others when outcomes are correlated. The core modeling innovation is to represent the unknown mapping from choices to outcomes as…

This revision updates the original working paper with new material on the UNECE ADS regulation, the Chinese operator tier, fleet-level safety resilience, and the financial distress of the traditional automotive industry as structural forces…

Do informational interventions work because they lead subjects to merely update beliefs in the right direction or, to a large extent, because they increase the salience of the decision they target? We randomly assign parents to either an…

Why do consumers accept defaults (preset or suggested options)? This paper estimates a structural model that disentangles two frictions underlying default adherence: a deviation cost (the disutility when the final choice differs from the consumer…

We analyze acquisitions in US power plants by using rich data on hourly productivity and thousands of ownership changes. We find a 2% average increase in efficiency for acquired plants, beginning 5 months after acquisition. Efficiency gains rise…

Despite concern about exposure to content from untrustworthy sources on social media, little is known about the frequency or effects of exposure to their content. We examine 2020 data from all active US adults on Facebook and Instagram to measure…

Significance

Economic inequality continues to widen in the United States and globally, yet the organizational processes that reproduce social stratification remain insufficiently understood. This research identifies negotiation…

People typically read the titles of content (e.g., an article or post) before deciding whether to consume it. Titles can be composed as a statement (e.g., “Green Tea Has Health Benefits”) or a question (e.g., “Does Green Tea Have Health Benefits…

There is growing interest in how large language models (LLMs) can advance social and behavioural science. Previous work has assessed LLMs’ ability to predict survey responses, but less is known about whether they can predict the outcomes of…