Publications

This paper studies the reliability of financial reporting when the credibility of the manager, represented by his misreporting propensity, is unknown. We show that credibility concerns affect the time-series of reported earnings, book values, and…

With growing affective polarization in the United States, partisanship is increasingly an impediment to cooperation in political settings. But does partisanship also affect behavior in nonpolitical settings? We show evidence that it does,…

Revision Requested, American Economic Review

We exploit quasi-experimental variation in assignment of rent control to study its impacts on tenants, landlords, and the overall rental market. Leveraging new data tracking individuals…

This paper provides an assessment of the early contributions of machine learning to economics, as well as predictions about its future contributions. It begins by briefly overviewing some themes from the literature on machine learning, and then…

Whether fair value accounting should be used in financial reporting has been the subject of debate for many years. A key dimension to this debate is whether fair value earnings can provide information to financial statement users that is helpful…

Being hired into a job depends not only on one’s own skill but also on that of other applicants. When another able applicant applies, a well-suited worker may be forced into unemployment or into accepting an inferior job. A model of this process…

An agent facing sequential decisions that are characterized by partial feedback needs to strike a balance between maximizing immediate payoffs based on available information, and acquiring new information that may be essential for maximizing…

We investigate the asymptotic distributions of coordinates of regression M-estimates in the moderate p / n regime, where the number of covariates p grows proportionally with the sample size n. Under appropriate…

Abstract coming soon.

Political preferences in the US are highly correlated with population density, at national, state, and metropolitan-area scales. Using new data from voter registration records, we assess the extent to which this pattern can be explained by…

We develop a general and unified model in which a continuum of agents conduct directed random searches for counterparties. Our results provide the first probabilistic foundation for static and dynamic models of directed search (including the…

We provide a unified analysis of the predictive risk of ridge regression and regularized discriminant analysis in a dense random effects model. We work in a high-dimensional asymptotic regime where p and n grow to infinity and p/n converges…

We consider a game-theoretical multi-agent learning problem where the feedback information can be lost during the learning process and rewards are given by a broad class of games known as variationally stable games. We propose a simple variant of…

We consider a system with an evolving state that can be stopped at any time by a decision maker (DM), yielding a state-dependent reward. The DM does not observe the state except for a limited number of monitoring times, which he must choose, in…

This article summarizes the Opportunity Zone incentive in the Tax Cuts and Jobs Act by providing descriptive statistics on the selected zones, outlining considerations for investors, and using data on the New…

In a multi-armed bandit (MAB) problem a gambler needs to choose at each round of play one of K arms, each characterized by an unknown reward distribution. Reward realizations are only observed when an arm is selected, and the gambler’s objective…

We use a simple three-sector model to narrate the economic history of Argentina during the twentieth century as seen through the prism of its integration into and dis-integration from the world economy. Assuming that capital moves between the…

We analyze a model of policymaking in which only one actor, e.g., a bureaucratic agency or a well-funded interest group, has the capacity to develop high-quality policy proposals. By virtue of her skills, this actor has an effective…