Publications

Starting in February 2021, surging Berkshire Hathaway-A volume mystified market watchers. Averaging 375 shares for a decade, daily volume rose to over 20,000 shares, then plummeted nine-fold in June 2024. We demonstrate that the increased volume…

We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned with these costs. This increases total social welfare and…

Objective

For many products, generic markets are very mature, with aggressive competition driving down the price of products for manufacturers. Under these conditions, manufacturers may not have an ability to invest in high-quality…

Economists have studied the impact of numerous state laws, from welfare rules to voting ID requirements. Yet for all this policy evaluation, what do we know about policy diffusion—how these policies are introduced and spread from state to state?…

As LLMs become the default interface for search, news, and everyday problem-solving, they may filter and frame political information before citizens ever confront it. Identifying and mitigating partisan “bias”—output with a systematic slant…

This paper provides early evidence on the integration and impact of Generative Artificial Intelligence (AI) in accounting at the accountant and task levels. Using a multi-method approach, we first identify heterogeneous adoption patterns,…

We develop a rational, non-behavioral framework in which analysts use empirical Bayesian techniques to construct their forecasts. Our approach assumes that analysts construct a single empirical prior by aggregating information across all of the…

We investigate the ability of Vision Language Models (VLMs) to perform visual perspective taking using a novel set of visual tasks inspired by established human tests. Our approach leverages carefully controlled scenes, in which a single humanoid…

A solution concept that is a refinement of Nash equilibria selects for each finite game a nonempty collection of closed and connected subsets of Nash equilibria as solutions. We impose three axioms for such solution concepts. The axiom of…

Companies across industries face increasing pressure to assess the costs of decarbonizing their operations. This paper develops a generic model for constructing abatement cost curves in connection with carbon dioxide emissions. The resulting…

Failures in omnichannel retailers’ mobile apps can significantly impact shoppers’ purchases. The authors leverage a natural experiment involving an exogenous failure in a large omnichannel retailer’s app that made the app unavailable. They…

Drawing on the experiences of the historical Eurodollar market and recent Chinese dollar bond issuances traded outside US jurisdiction at negative spreads to Treasuries, we examine the conditions under which a parallel offshore dollar financial…

The Organisation for Economic Co-operation and Development (OECD) has promoted the adoption of internationally standardized transfer pricing rules to curb profit shifting for tax avoidance by multinational firms. In a 2023 study, Bustos and…

Recent research has identified several effective strategies for reducing Americans’ animosity toward supporters of opposing political parties. However, whether these strategies can durably reduce partisan animosity in a scalable manner and in…

The growing popularity of generative artificial intelligence (AI) tools presents new challenges for data quality in online surveys and experiments. This study examines participants’ use of large language models to answer open-ended survey…

We study the staggered introduction of a generative AI–based conversational assistant using data from 5,172 customer-support agents. Access to AI assistance increases worker productivity, as measured by issues resolved per hour, by 15% on average…

Artists and policy makers are concerned that Generative Artificial Intelligence (GenAI) may lead to disappearance of non-GenAI content. In this paper we study the implications of GenAI for the production and consumption of creative goods; such as…

This study implemented and evaluated a prediction-driven nurse staffing framework in a large adult emergency department. The framework leveraged a two-stage prediction model that forecasted patient volume and guided staffing decisions. Using a…

With the climate crisis intensifying in urgency, the stakeholders of global companies are clamoring for more reliable reporting regarding a company’s overall carbon footprint as well as the emissions attributed to individual products and services…

Background

The likelihood that a deceased donor kidney will be used evolves during the allocation process. Transplant centers can either decline an organ offer for a single patient or for multiple patients at the same time. We…