Publications

We consider a semimartingale reflected Brownian motion (SRBM) Z whose state space is the non-negative quarter plane; the apparently more general case of SRBM in a convex wedge can be transformed to the quarter plane by a simple change of variable…

We study an economy with traders whose payoffs are quasilinear and their private signals are informative about an unobserved state parameter. The limit economy has infinitely many traders partitioned into a finite set of symmetry classes called…

People often struggle to live up to their ideals because of a tension between what they actually want and what they ideally want. Unfortunately, rather than helping people with this, the way recommendation algorithms on social media are…

The nonrivalry of ideas gives rise to increasing returns, a fact celebrated in Paul Romer’s recent Nobel Prize. An implication is that the long-run rate of economic growth is the product of the degree of increasing returns and the growth rate of…

How do the transaction costs of office holding affect congressional careers? These costs may influence the kinds of people who select into public office and therefore the representativeness of democratic institutions. Gaining causal leverage on…

What does it mean to be (seen as) human? Ten studies explore this age-old question and show that gender is a critical feature of perceiving humanness, being more central to conceptions of humanness than other social categories (race, age, sexual…

The linear consumption model, under which products are made, consumed, and then thrown away, is reaching its limits. The excessive pressure this model puts on natural ecosystems, the pollution of air, land, and water bodies resulting from the…

Corporate activism is when a firm takes a public stance on a social or political issue. Although the public increasingly expects corporations to engage in activism, public support varies across individual corporate activist campaigns. While…

We consider the problem of a rational, Bayesian agent receiving signals over time for the purpose of taking an action. The agent chooses when to stop and take an action based on her current beliefs, and prefers (all else equal) to act sooner…

Most companies have digital platforms that support specific functions, such as supply chain management, product design, or operations, and they tightly regulate who may join the platform. The Chinese appliance manufacturer Haier has taken a…

While the shareholder benefits of audits are well documented, evidence on whether audits can facilitate opportunistic behavior by corporate insiders is scarce. In this paper, we examine whether the audit process facilitate one particular form of…

We propose a new adaptive empirical Bayes framework, the Bag-Of-Null-Statistics (BONuS) procedure, for multiple testing where each hypothesis testing problem is itself multivariate or nonparametric. BONuS is an adaptive and interactive knockoff-…

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of adjustment that are usually absent from this view using microdata in the$10 trillion U.S. residential mortgage market. We first…

Resolving microscopic and complex 3D polymeric structures while maintaining high print speeds in …

Despite great falls in global poverty, civil and ethnic conflict remains tragically common. In this chapter, I examine the patterns of persistence and change in conflict around the world through the lens of historical political economy. I compare…

Dominant actors are neither liked nor respected, yet they are reliably deferred to. Extant explanations of why dominant actors are deferred to focus on deferrers’ first-order judgments (i.e., the deferrers’ own private assessment of the dominant…

We examine how executives’ ability to control their firms’ exposure to risk affects the design of their incentive-compensation contracts. Our natural experimental evidence shows that exchange-traded weather derivatives allow executives to control…

Advance market commitments (AMCs) provide a mechanism to stimulate investment by suppliers of products to low-income countries. In an AMC, donors commit to a fund from which a specified subsidy is paid per unit purchased by low-income countries…

How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a quantitative general equilibrium model with regulated and unregulated banks to study the unintended consequences of regulation. Tighter…