Publications

This submission discusses implications for the quality and safety of financial markets of proposed rules implementing the market-making provisions of section 13 of the Bank Holding Company Act, commonly known as the “Volcker Rule.” The proposed…

Individuals often criticize others’ choices and seek to defend their own. In theory, the ease of criticizing a particular choice should correspond to the ease of defending it. However, we demonstrate that differences in the types of arguments put…

Social media profiles are telling examples of the everyday need for disclosure and concealment. The balance between concealment and disclosure varies across individuals, and personality traits might partly explain this variability. Experimental…

We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks. We define fiscal shocks as surprises in defense spending and show that they are more precisely identified when defense stock…

We study an investment model in which agents have the wrong beliefs about the dynamic properties of fundamentals. Specifically, we assume that agents underestimate the rate of mean reversion. The model exhibits the following six properties: (i)…

A theory of leadership is proposed and tested. Leaders are characterized as those who have the ability to choose the right direction more frequently than their peers. The theory implies that leaders tend to be more able, place themselves in…

We introduce a novel physiologically-based methodology to consumer research—using the glycoprotein miraculin to manipulate the ability to sense and perceive specific taste elements in gustatory experiences. We apply this approach to exploring how…

Perception and misperception play a pivotal role in conflict and negotiation. We introduce a framework that explains how people think about their outcome interdependence in conflict and negotiation and how their views shape their behavior. Seven…

We find that preference for websites, like preference for objects in the offline world, is influenced by personality. We combine personality profiles and website choices of more than 160.000 users and investigate whether different websites…

In Gilligan and Krehbiel’s models of procedural choice in legislatures, a committee exerts costly effort to acquire private information about an unknown state of the world. Subsequent work on expertise, delegation, and lobbying has largely…

Project firms currently have little incentive to incorporate environmental considerations into infrastructure development or management decisions beyond those that are either regulated or subject to public perception. This lack of incentive…

We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system, including quantities, haircuts, and repo rates by type of underlying collateral. We find that repo played only a small role in…

We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system, including quantities, haircuts, and repo rates by type of underlying collateral. We find that repo played only a small role in…

Individuals sort into and out of economic environments based on their preferences and in response to relative prices. We demonstrate the importance of such sorting for the measurement of social preferences, using two laboratory experiments. First…

The current research explores how roles that possess power but lack status influence behavior toward others. Past research has primarily examined the isolated effects of having either power or status, but we propose that power and status interact…

The topic of executive compensation elicits strong emotions but somewhat less critical analysis. How much value creation should be attributable to the efforts of the CEO? What percent of this value should be fairly offered as compensation?

The authors posit that higher levels of guilt-proneness are associated with higher levels of affective organizational commitment. To explain this counterintuitive link, the authors suggest that a dispositional tendency to feel guilt motivates…

How and when does responding to hypothetical questions shape future judgment and behavior? We identify knowledge accessibility as an implicit process through which hypothetical questions influence individuals, and examine moderators of…