Publications

Prediction Markets, sometimes referred to as information markets, idea futures or event futures, are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as market-…

We discuss the case of a monopolist of a base good in the presence of a complementary good provided either by it or by another firm. We assess and calibrate the extent of the influence of the profits from the base good that is created by the…

We study how the intensity of competition and the degree to which manufacturers enjoy market power depends on the retail environment in a given market. Past research has discussed the growing importance of retailers and the power they enjoy over…

I develop a two period model of elections in which voters’ first period actions affect candidates’ estimates of voter preferences and thus affect second period electoral and policy outcomes. I find an equilibrium in which centrist voters abstain…

Organizational scholars and institutional theorists have shown a great deal of interest in the concept of social capital. To a large extent, this interest has been fueled by accumulating evidence that social capital plays a vital role in…

We apply Mertens’ definition of stability for a game in strategic form to a game in extensive form with perfect recall. We prove that if payoffs are generic then the outcomes of stable sets of equilibria defined via homological essentiality by…

Despite its importance, voting in the elections of corporate boards of directors remains relatively unexplored in the empirical literature. We construct a comprehensive dataset of 3,204,890 mutual fund votes in director elections that took place…

A refinement of the set of Nash equilibria that satisfies two assumptions is shown to select a subset that is stable in the sense defined by Kohlberg and Mertens. One assumption requires that a selected set is invariant to adjoining redundant…

A three-stage model isolates conditions under which an executive appointment to a collective choice body, such as a court or a regulatory agency, has an immediate bearing on policy. The model strikes a balance between previous formal models that…

This paper studies the barriers to the diffusion of development across countries over the very long run. We find that genetic distance, a measure associated with the amount of time elapsed since two populations’ last common ancestors, bears a…

We analyze the effect of entry on the technology adoption and calling plan choices of incumbent cellular firms. Focusing on the time period from 1996, when incumbents enjoyed a duopoly market, to 1998, when they faced increased competition from…

A heavily used competitive tactic in the grocery business is the weekly advertising of price reductions in newspaper inserts and store fliers. Store managers commonly believe that advertisements of price reductions and loss leaders help to build…

We propose that the variety a brand offers can influence brand quality perceptions, and consequently, affect brand choice, even when the available option set is held constant. Specifically, brands that offer greater variety of compatible (i.e.,…

Why do successful organizations often move in new directions and then fail? We propose that this pattern is especially likely among organizations that have survived a history of competition. Such experience adapts organizations to their…

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