Publications

The progress in artificial intelligence (AI), fueled by big data, is transforming the economy, culture, society, and lives of individuals. It is also transforming behavioral science: We can ask new kinds of questions and answer old ones in new…

In some developing nations, many end-stage renal disease (ESRD) patients die because the costs of kidney transplantation and dialysis are beyond the reach of most citizens. In this paper, we analyze two proposals for extending kidney exchange to…

People value experiences in part because of the memories they create. Yet, we find that people systematically overestimate how much they will retrospect about their experiences. This overestimation results from people focusing on their desire to…

In this Closer Look, we examine the roles that leadership and culture play in contributing to chronic misbehavior and the manner in which it takes root in an organization. We use the example of Uber Technologies. Between 2012 and 2017, Uber…

There are a lot of jerks in the workplace. I should know. Over the last decade, since I began digging into the effects of incivility, thousands of people have asked me for advice about dealing with bullying bosses, board members,…

We document that the relative placement of analysts’ target price within their subjective distribution of scenario-based valuations for the covered firm (i.e., tilt) is informative to investors. When analysts forecast price appreciation, tilt…

All of the things that allowed companies to build massively- valuable, industrial-scale businesses in the 20th century are now ‘for rent’: You can rent ‘scale’ from companies like Foxconn (as Apple does); communication infrastructure from…

Hydrogen has long been heralded as a potentially critical element in the transition to a low carbon economy. The recent sharp cost declines for renewable energy raise the question whether an economic case can be made to produce hydrogen from…

We examine how liquidity and return concerns at large mutual funds explain their diminished participation in small IPOs since the late 1990s. Using 5825 IPOs and portfolio-level information for 37,052 funds, we exploit Russia’s 1998 debt default…

In this paper, we consider the price effects of risk disclosure. We develop a model in which investors are uncertain about the variance of a firm’s cash flows and the firm releases an imperfect signal regarding this variance. In our model,…

I consider the sequential implementation of a target information structure. I characterize the set of decision time distributions induced by all signal processes that satisfy a per-period learning capacity constraint. I find that all decision…

We measure credit risk premia, meaning the price for bearing corporate default risk in excess of expected default losses, using Markit CDS and Moody’s Analytics EDF data. We find dramatic variation over time in credit risk premia, with peaks in…

The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience…

This paper studies the welfare effects of a ‘partial banking union’ in which cross-country …financial transfers that could be used towards bailouts are decided at the supranational level, but policymakers in member countries hold…

Subjective well-being includes ‘affect’ and ‘satisfaction with life’ (SWL). This study proposes a unified approach to construct a profile of subjective well-being based on social media language in Facebook status updates. We apply sentiment…

We study the calculation of exact p-values for a large class of non-sharp null hypotheses about treatment effects in a setting with data from experiments involving members of a single connected network. The class includes null hypotheses that…