Publications

The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents’ portfolio holdings. In this paper we argue that the opposite might be true | traditional models might not be able to…

We show how being “jilted”-that is, being thwarted from obtaining a desired outcome-can concurrently increase desire to obtain the outcome, but reduce its actual attractiveness. Thus, people can come to both want something more and like it less.…

This study examines European stock market reactions to 16 events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone toward financial reporting…

We develop a game-theoretic model that identifies conditions under which a political executive will be satisfied with the actions of an appointee who decides whether to investigate possible legal violations. Because investigations are a…

This paper explores the influence of social categories on the perceived trade-off between a relatively bad but equal distribution of resources between two parties and a profit maximizing yet unequal one. Studies 1 and 2 showed that people prefer…

Consumers often resolve tradeoffs in a particular order. For example, when making flavor and size decisions, consumers might first decide which flavors to choose, and then decide.

We introduce and study two-sided matching with incomplete information and interdependent valuations on one side of the market. An example of such a setting is a matching market between colleges and students in which colleges receive partially…

In a standard incomplete markets model with a continuum of households that have constant relative risk aversion (CRRA) preferences, the absence of insurance markets for idiosyncratic labor income risk has no effect on the premium for aggregate…

In this article, we report results from a new study that surveyed a large, national sample of American adults about their willingness to pay for health reform. As in previous work, we find that self-identified Republicans, older Americans, and…

We examined how the minority’s perceived (i.e., not real) expertise affects group discussion and performance. In two experiments, participants were randomly assigned to interacting groups in which the minority faction was perceived as either…

I describe asset price dynamics caused by the slow movement of investment capital to trading opportunities. The pattern of price responses to supply or demand shocks typically involves a sharp reaction to the shock and a subsequent and more…

The authors quantify the impact of social interactions and peer effects in the context of physicians’ prescription choices. Using detailed individual-level prescription data, along with self-reported social network information, the authors…

This paper measures how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions during this crisis and how the availability of financing has accommodated such shifts.…

We measure how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions over this crisis and how the availability of financing has accommodated such shifts. Sectors…

Firms central in the interlocking boardroom network earn superior risk-adjusted stock returns. Initiating a long position in the most central firms and a short position in the least central firms earns an average risk-adjusted return of 4.68% per…

Previous studies show that producers that span category boundaries exhibit lower fit to category schemas, accumulate less expertise, and elicit negative reactions from both critics and consumers. We propose that the negative reaction to…

We show how to use micro-level survey data from a tracking study on brand awareness in conjunction with data on sales and advertising expenditures to improve the specification, estimation, and interpretation of aggregate discrete choice models of…

This paper introduces a conception of collective trust applied to organizational settings. In contrast with widely studied interpersonal forms of trust, collective trust is conceptualized as a kind of generalized trust conferred on other…