These papers are working drafts of research which often appear in final form in academic journals. The published versions may differ from the working versions provided here.
SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
You may search for authors and topics and download copies of the work there.
Conditional Calibration for False Discovery Rate Control under Dependence
We introduce a new class of methods for finite-sample false discovery rate (FDR) control in multiple testing problems with dependent test statistics where the dependence is fully or partially known. Our approach separately calibrates a data-…
Differences Beyond Identity: Perceived Construal Distance and Interparty Animosity in the United States
What leads people to feel negatively about members of other social groups? While recent work has mostly focused on the strength of group identity, we propose that perceptions of intergroup difference, and the animus they catalyze, are often…
The Good, the Bad, and the Complex: Product Design with Imperfect Information
We study the joint determination of product quality and complexity in a rational setting. We introduce a novel notion of complexity, which affects how costly it is for an agent to acquire information about product quality. In our model, an agent…
Third-Degree Price Discrimination versus Uniform Pricing
We compare the revenue of the optimal third-degree price discrimination policy against a uniform pricing policy. A uniform pricing policy offers the same price to all segments of the market. Our main result establishes that for a broad class of…
Combining Experimental and Observational Data to Estimate Treatment Effects on Long Term Outcomes
There has been an increase in interest in experimental evaluations to estimate causal effects, partly because their internal validity tends to be high. At the same time, as part of the big data revolution, large, detailed, and representative,…
Augmenting Markets with Mechanisms
We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that…
Experimental Design in Two-Sided Platforms: An Analysis of Bias
We develop an analytical framework to study experimental design in two-sided platforms. In the settings we consider, customers rent listings; rented listings are occupied for some amount of time, then become available. Platforms typically use two…
Mean Field Equilibrium: Uniqueness, Existence, and Comparative Statics
The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Instead, we consider mean field equilibrium (MFE) that has been popularized…
How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?
Drawing on lessons from the 2007–2009 Global Financial Crisis (GFC) and a simple conceptual framework, we examine the response of U.S. bank regulators to the COVID-19 pandemic. We argue that the current regulatory strategy of “watchful waiting…
Information Disclosure in Two-Sided Platforms: Optimizing for Supply
While information design has gained significant attention in the recent literature as a tool for shaping consumers’ purchase behavior, little is known about its use and implications in two-sided marketplaces, where both supply and demand…
Searching for Approval
We study the interaction of search and application approval in credit markets. We combine a unique dataset, which details search behavior for a large sample of mortgage borrowers, with loan application and rejection decisions. Our data reveal…
Socioeconomic Network Heterogeneity and Pandemic Policy Response
We develop a heterogeneous-agents network-based model to analyze alternative policies during a pandemic outbreak, accounting for health and economic trade-offs within the same empirical framework. We leverage a variety of data sources, including…
Still the World’s Safe Haven? Redesigning the U.S. Treasury Market After the COVID-19 Crisis
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its…
The Effect of Foreclosures on Homeowners, Tenants, and Landlords
How costly is foreclosure? Estimates of the social cost of foreclosure typically focus on financial costs. Using random judge assignment instrumental variable (IV) and propensity score matching (PSM) approaches in Cook County, Illinois, we find…
Who Sees the Future? A Deep Learning Language Model Demonstrates the Vision Advantage of Being Small
Which groups are most likely to become visionaries that define the future of their field? Because vision is difficult to measure, prior work has reached conflicting conclusions: one perspective emphasizes the benefits of being large,…
Interoperable Payment Systems and the Role of Central Bank Digital Currencies
I explain the meaning of an interoperable payment system and why interoperability is crucial for efficiency. I review some alternative approaches to interoperability, including central bank digital currencies (CBDCs), hybrid CBDCs, and two-ledger…
Life-Cycle Cost of Transportation Services
The rapid deployment of electric vehicles is widely viewed as a promising path towards decarbonizing the transportation sector. The pace at which electric vehicles will replace those with internal combustion engines will depend to a large…
The Impact of Carbon Disclosure Mandates on Emissions and Financial Operating Performance
We examine whether a disclosure mandate for greenhouse gas emissions creates stakeholder pressure for firms to subsequently reduce their emissions. For UK-incorporated listed firms such a mandate was adopted in 2013. Using a difference-in-…