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Modeling Idea Markets: Between Beauty Contests and Prediction Markets
This book chapter is motivated by a recent surge of interest in evaluating ideas (such as new products or corporate projects) by means of trading mechanisms known as idea markets. In idea markets, ideas are associated to assets that are then…
Mostly Calibrated
Prequential testing of a forecaster is known to be manipulable if the test must pass an informed forecaster for all possible true distributions. Stewart (2011) provides a non- manipulable prequential likelihood test that only fails an informed…
A Multiplier Approach to Understanding the Macro Implications of Household Finance
Our paper examines the impact of heterogeneous trading technologies for households on asset prices and the distribution of wealth. We distinguish between passive traders who hold fixed portfolios of stocks and bonds, and active traders who adjust…
Organizations as Fonts of Entrepreneurship.
Most entrepreneurs emanate from established organizations, yet systematic theorizing about the ways in which organizations shape the entrepreneurial process has only recently begun to emerge. We provide a framework for organizing this…
Our Twitter Profiles, Our Selves: Predicting Personality with Twitter
Psychological personality has been shown to affect a variety of aspects: preferences for interaction styles in the digital world and for music genres, for example. Consequently, the design of personalized user interfaces and music recommender…
Position Auctions with Consumer Search
This article examines a model in which advertisers bid for “sponsored-link” positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational…
Pressure and Perverse Flights to Familiarity
Under pressure, people often prefer what is familiar, which can seem safer than the unfamiliar. We show that such favoring of familiarity can lead to choices precisely contrary to the source of felt pressure, thus exacerbating, rather than…
Price Controls and Consumer Surplus
Price controls lead to misallocation of goods and encourage rent-seeking. The misallocation effect alone is enough to ensure that consumer surplus is always reduced by a price control in an otherwise-competitive market with convex demand if…
Proxy Advisory Firms and Stock Option Exchanges: The Case of Institutional Shareholder Services
This paper examines the relationship between firm performance and the recommendations provided by Institutional Shareholder Services (ISS), the largest proxy advisory firm in the United States, regarding shareholder votes in stock option exchange…
Real Options Signaling Games with Applications to Corporate Finance
We study games in which the decision to exercise an option is a signal of private information to outsiders, whose beliefs affect the utility of the decision-maker. Signaling incentives distort the timing of exercise, and the direction of…
Reducing the backlash effect: Self-monitoring and women’s promotions
Previous research shows that masculine (agentic) women suffer from a backlash effect in which they are sanctioned for violating the feminine gender role stereotype. We examine the impact of self-monitoring on the promotion rates of MBA men and…
Resources versus respect: Social judgment based on targets' power and status positions
In two experiments, we investigate how individuals’ levels of power and status interact to determine how they are perceived by others. We find that power and status have similar, positive, effects on judged dominance. We also find that power has…
Responsive Leaders: Cognitive and Behavioral Reactions to Identity Threats
Rigor and Relevance: The Many Legacies of Marilynn Brewer
SafePoint II: Sustaining Adoption
After reading a newspaper article that predicted the spread of HIV through medical syringes, Marc Koska committed himself to addressing the threat of unsafe injections. He spent nearly 10 years in the field, investigating all aspects of the…
SafePoint I: Stimulating Adoption
After reading a newspaper article that predicted the spread of HIV through medical syringes, Marc Koska committed himself to addressing the threat of unsafe injections. He spent nearly 10 years in the field, investigating all aspects of the…
Searching and Learning by Trial and Error
I study a dynamic model of trial-and-error search in which agents do not have complete knowledge of how choices are mapped into outcomes. Agents learn about the mapping by observing the choices of earlier agents and the outcomes that are realized…
Self-ambivalence and resistance to subtle self-change attempts
Recent research has demonstrated the malleability of self-views to subtle situational influence but has not uncovered features of the self-concept representation that make it susceptible to such change. Using research on attitude ambivalence as a…
Social Cognition, Social Identity, and Intergroup Relations
Perhaps the defining feature of humanity is the social condition — how we think about others, identify ourselves with others, and interact with groups of others. The advances of evolutionary theory, social cognition, social identity, and…
The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
We evaluate the effect of the Federal Reserve’s purchase of long-term Treasuries and other long-term bonds (QE1 in 2008–09 and QE2 in 2010–11) on interest rates. Using an event-study methodology, we reach two main conclusions. First, it is…