Publications

Debates on capitalism get muddled by blind spots about essential institutions, particularly effective governments and legal systems that enable corporations to exist in their current form and markets to succeed at scale. Across regimes,…

The trend to incorporate Environmental, Social, and Governance (ESG) matters into corporate boardrooms and capital markets is pervasive. Nevertheless, considerable uncertainty exists over what ESG is, how it should be implemented, and its…

We discuss “Economic Consequences of Mandatory Auditor Reporting to Bank Regulators” by Balakrishnan, De George, Ertan, and Scobie (BDES, in this issue). BDES concludes that a key benefit of mandatory auditor reporting to bank regulators is…

I incorporate computational constraints into decision theory in order to capture how cognitive limitations affect behavior. I impose an axiom of computational tractability that only rules out behaviors that are thought to be fundamentally hard. I…

We study the hierarchy of communities in real-world networks under a generic stochastic block model, in which the connection probabilities are structured in a binary tree. Under such model, a standard recursive bi-partitioning algorithm is…

In this article we first summarize the specific plans articulated by seven major corporations for reducing their Corporate Carbon Footprints (abbreviated as CCF from hereon). Our sample is not intended to be representative of the broader…

Executive bonus plans often incorporate performance measures that exclude particular costs — a practice we refer to as “cost shielding.” We predict that boards use cost shielding to mitigate underinvestment and insulate new managers from the…

We estimate a measure of segregation, experienced isolation, that captures individuals’ exposure to diverse others in the places they visit over the course of their days. Using Global Positioning System (GPS) data collected from smartphones, we…

Classical approaches to experimental design assume that intervening on one unit does not affect other units. There are many important settings, however, where this non-interference assumption does not hold, eg, when running experiments on…

We develop a measure of how information events impact investors’ expectations of risk. The measure is broadly applicable and simple to implement. We derive it from an option‐pricing model, where investors anticipate an announcement that…

I propose a new approach to mechanism design: rather than assume a common prior belief, assume access to a common dataset. I restrict attention to incomplete information games where a designer commits to a policy and a single agent responds. I…

Research has shown that grandiose narcissists often rise to positions of power in organizations, even though there is little evidence that they perform better. Indeed, some studies show various deleterious effects on both their companies and the…

This paper studies corporate venture capital (CVC) units of large US corporations to learn how they make decisions across several areas: internal organization of CVC units, relationships with parent companies, CVC unit objectives, investment…

In response to the pandemic, the Federal Reserve and US Treasury aggressively supported the corporate debt markets in 2020, both through easy monetary policy and direct participation. As the economy recovered, the Fed maintained an easy monetary…

We model the design of a benchmark fixing as an estimator of fair market value. The fixing data are the transactions of agents whose profits depend on the fixing, implying incentives for manipulation. We derive the optimal linear fixing under an…

Expert advice often extends beyond a simple recommendation, including information about alternative options. To explore the role of this referential advice, we enrich the expert’s informational advantage in a canonical model of communication with…

Ascribing and denying humanity has profound consequences, often leading to devastating outcomes (e.g., violence, genocide). As such, understanding what, exactly, makes “someone human” becomes imperative. In this paper, we leverage the ubiquitous…

It is notable that across distinct, siloed, and disconnected areas of psychology (e.g., developmental, personality, social), there exist two dimensions (the “Big Two”) that capture the ways in which people process, perceive, and navigate their…

Bias in clinical practice, in particular in relation to race and gender, is a persistent cause of healthcare disparities. We investigated the potential of a peer-network approach to reduce bias in medical treatment decisions within an…

Problem Definition

Difficulties in healthcare delivery in developing economies arise from poor road infrastructure of rural communities, where the bulk of the population resides. Although motorcycles are an effective means…