Publications

The article focuses on the life and works of American economist and social scientist Gary Becker, who believed that economics could and should tackle serious social problems. According to the author, Becker’s approach was to extend the boundaries…

Certain markets are illicit because the supply is partly coerced, but little is known about the optimal regulation of such markets. We model a prostitution market with voluntary and coerced prostitutes and ask what regulation can restore…

We study a nutrition-sensitive agricultural program in low-income rural Zambia between 2011 and 2015. Using a pre-post design with a control group, we measure program effects along established pathways connecting agriculture to nutrition:…

Top income inequality rose sharply in the United States over the last 40 years but increased only slightly in France and Japan. Why? We explore a model in which heterogeneous entrepreneurs, broadly interpreted, exert effort to generate…

Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro- and microdata. In particular, they generate…

Competence and sociability (warmth) are fundamental dimensions of social judgment in organizations. However, these qualities are frequently seen as negatively related, with mixed evidence on which is more important. In three studies (N = 993), we…

We study which types of activities migrate to the shadow banking sector, why migration occurs in some sectors, and not others, and the quantitative importance of this migration. We explore this question in the $10 trillion US residential mortgage…

Moral outrage has traditionally served a valuable social function, expressing group values and inhibiting deviant behavior, but the exponential dynamics of Internet postings make this expression of legitimate individual outrage appear excessive…

Artificial intelligence has been touted as a technology with great promise for value chain improvements. This paper shares our understanding of how AI can improve various stages in the value chain, provides insight on how to design business…

When people seek to persuade others to purchase a particular product or service, they often give an extremely favorable review of it as a means of doing so. Despite the intuitive appeal of this strategy, the current research demonstrates…

Two salient features of most online platforms are that they do not dictate the transaction prices, and use commissions/subscriptions for extracting revenues. We consider a platform that charges commission rates and subscription fees to sellers…

We study the dynamic mechanism design problem of a seller that repeatedly auctions independent items over a discrete time horizon to buyers that face a cumulative budget constraint. A driving motivation behind our model is the emergence of real-…

Is reducing large-scale intergroup conflict the business of corporations? Although large corporations can use their power and prominence to reduce intergroup conflict in society, it is unclear to what extent stakeholders support corporate…

Research suggests that humans have the tendency to increase the valence of events when these are imagined to happen in the future, but to decrease the valence when the same events are imagined to happen in the past. This line of research…

As technology platforms have created new markets and new ways of acquiring information, economists have come to play an increasingly central role in tech companies – tackling problems such as platform design, strategy, pricing, and policy. Over…

This note explains a new type of auction based on an existing derivatives risk-management technique known as “compression.” A compression auction can be used to convert centrally cleared contracts on an underlying benchmark, such as the London…

We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and…

This research provides new empirical evidence on late-life labor market activities of American households from a new survey implemented under the Vanguard Research Initiative. The survey features following innovations: It measures detailed job…

We consider the problem of multiple-hypothesis testing with generic side information: for each hypothesis Hi we observe both a p-value pi and some predictor xi encoding contextual information…