Publications

We study the optimal intervention policy to stop projects in a relational contract between a principal and a policymaker. The policymaker is privately informed about his ability and privately chooses how much effort to exert. Before a project is…

Vaccinating the world’s population quickly in a pandemic has enormous health and economic benefits. We analyze the problem faced by governments in determining the scale and structure of procurement for vaccines. We analyze alternative approaches…

Evidence suggests that collaborative primary care practice models integrating dentists can improve patient outcomes and lower overall healthcare costs, especially for patients with conditions like diabetes, coronary artery disease,…

We analyze how investor expectations about economic growth and stock returns changed during the February−March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed…

Reciprocity implies equality in the giving and receiving of benefits. However, we find that reciprocity does not generate equal benefits, in terms of social status. Instead, across 7 studies (N = 3,426), observers conferred more status to…

We study how fathers’ access to workplace flexibility affects maternal postpartum health. We use variation from a Swedish reform that granted new fathers more flexibility to take intermittent parental leave during the postpartum period and…

We follow a representative panel of US borrowers to study the suspension of household debt payments (debt forbearance) during the COVID-19 pandemic. Between March and October of 2020, loans worth $2 trillion entered forbearance. On average,…

When the government commits to a debt policy, the future value of government primary surpluses at all horizons is dictated by the debt dynamics under the risk-neutral measure. We compare the present discounted value of future surpluses implied by…

Ubiquitous facial recognition technology can expose individuals’ political orientation, as faces of liberals and conservatives consistently differ. A facial recognition algorithm was applied to naturalistic images of 1,085,795 individuals to…

Given the promise of three-dimensional (3D) printing, also known as additive manufacturing, some innovative consumer goods companies have started to experiment with such a technology for on-demand production. In this study, we consider two…

The health care system commonly relies on information about family medical history in the allocation of screenings and in diagnostic processes. At the same time, an emerging literature documents that treatment for “marginally diagnosed”…

This is the sixth annual State of Latino Entrepreneurship report where we have collected robust survey data from Latino-owned businesses across the country to provide a timely account on the fastest-growing segment of the U.S. business population…

Problem definition: Deceased-donor kidney transplant candidates in the United States are ranked according to characteristics of both the donor and the recipient. We seek the ranking policy that optimizes the efficiency–…

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i.e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price…

We examine the connection between discrete‐time models of financial markets and the celebrated Black–Scholes–Merton (BSM) continuous‐time model in which “markets are complete.” Suppose that (a) the probability law of a sequence of discrete‐time…

The impacts of COVID-19 on workers and workplaces across the globe have been dramatic. This broad review of prior research rooted in work and organizational psychology, and related fields, is intended to make sense of the implications for…

In a general model of trading networks with bilateral contracts, we propose a suitably adapted chain stability concept that plays the same role as pairwise stability in two-sided settings. We show that chain stability is equivalent to stability…

Waitlists are often used to ration scarce resources, but the trade‐offs in designing these mechanisms depend on agents’ preferences. We study equilibrium allocations under alternative designs for the deceased donor kidney waitlist. We model the…

We study how opening to trade affects economic growth in a model where heterogeneous firms can adopt new technologies already in use by other firms in their home country. We characterize the growth rate using a summary statistic of the…

Individuals vary widely in how they categorize novel and ambiguous phenomena. This individual variation has led influential theories in cognitive and social science to suggest that communication in large social groups introduces path dependence…