Publications

Adaptive experiment designs can dramatically improve statistical efficiency in randomized trials, but they also complicate statistical inference. For example, it is now well known that the sample mean is biased in adaptive trials. Inferential…

For over twenty years, electricity market liberalization has advanced short-term market efficiency in wholesale markets, but little progress has been made on coordinated transmission and generation investments. With fast penetration of renewables…

In the present report, we describe two planned direct replications of studies on the relationship between social class and prosocial behavior. In the original studies, individuals with higher socioeconomic status have been shown to behave less…

We examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst…

Can exposure to discernible economic benefits associated with the presence of a high-socioeconomic status immigrant group reduce xenophobic and antiforeigner attitudes? We explore this question using the case of Chinese internationals in the…

Despite the cornerstone role of party identification for analyzing voting behavior in the United States, its measurement (in terms of the classic American National Electoral Studies, or ANES, seven-point scale) is affected by a systematic problem…

Psychological targeting describes the practice of extracting people’s psychological profiles from their digital footprints (e.g. their Facebook Likes, Tweets or credit card records) in order to influence their attitudes, emotions or behaviors…

In many models, economic growth is driven by people discovering new ideas. These models typically assume either a constant or a growing population. However, in high income countries today, fertility is already below its replacement rate: women…

We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk by conditioning repayments on an index. The lender has private information about the ability of this index to measure the…

In recent decades, democratic countries have negotiated hundreds of international treaties and agreements. This paper analyzes the equilibrium design of treaties negotiated by political incumbents seeking reelection. We show that incumbents are…

Understanding how socioeconomic inequalities perpetuate is a central concern among social and organizational psychologists. Drawing on a collection of findings suggesting that different social class contexts have powerful effects on people’s…

In many advanced democracies, mainstream political parties have been disrupted either by the rise of new (populist) parties or by hostile takeovers. In this article we argue that immigration attitudes have had a powerful impact on the strategic…

The allocation of decision authority by a principal to either a human agent or an artificial intelligence (AI) is examined. The principal trades off an AI’s more aligned choice with the need to motivate the human agent to expend effort in…

This paper reports on the results of a global field study conducted in 2014 and 2015 among leading manufacturers from a wide range of industries. It provides insights on managerial practices that concern production sourcing and on the factors…

A healthy and stable financial system enables efficient resource allocation and risk sharing. A reckless and distorted system, however, causes enormous harm. The cycles of boom, bust, and crisis that repeatedly plague banking and finance are…

Essential resources, like electricity and water, can experience rapidly changing demand or supply while the other side of the market is unchanged. Short-run price variation could efficiently allocate resources at these critical times but only if…

Consider a researcher estimating the parameters of a regression function based on data for all 50 states in the United States or on data for all visits to a website. What is the interpretation of the estimated parameters and the standard errors?…

For the past five years, the Stanford Latino Entrepreneurship Initiative has collected survey data from Latino-owned businesses across the country to provide an updated account of the latest trends in Latino entrepreneurship in the United States…

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination.  We find AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial…

In this paper I discuss how theoretical models in finance and economics are used in ways that make them ‘chameleons’, and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on…