Economics
We ask when an incumbent economy with indivisible goods can accommodate an arbitrary new participant while retaining an efficient allocation supported by anonymous item prices. We call this property universal entry robustness. An economy is…
Durable marriages are presumed to foster the household specialisation that marriage enables. We exploit a recent Dutch reform that temporarily lowered the cost of divorce while leaving consent requirements unchanged. We embed divorce…
We explain the long-standing puzzle of na\"ive diversification with a simple, testable condition: equal weighting is minimum-variance optimal when the forecast-error covariance matrix has a uniform eigenstructure. This "Golden Criterion"…
In this paper, we analyze a multi-strategy network game with three types of players, conformists, rebels, and stubborn agents. Conformists adopt the strategy that is most common among their neighbors, rebels adopt the least common, and…
This paper provides the first analysis of credit relationships between financial institutions and firms through the lens of hypergraphs. Unlike traditional network approaches, which rely on pairwise connections, this framework explicitly…
This article is devoted to the process of diffusing tacit knowledge. This intangible asset has proven crucial for achieving a competitive advantage among market-oriented companies. A novel model of tacit knowledge diffusion is presented,…
Family-firm scholarship offers competing predictions about whether family control protects or threatens market integrity. We argue that the answer depends on how family involvement is exercised. Drawing on socioemotional wealth and…
Top Trading Cycles (TTC) is Pareto efficient and strategy-proof and explicitly uses agents' priorities. Although TTC favors higher-priority agents in each round, we show that this priority advantage vanishes as the market grows large under…
We study bilaterally unitary many-to-many doctor--hospital matching with contracts, taking choice functions as primitives. Doctor choices are substitutable and satisfy irrelevance of rejected contracts, while hospital choices are…
This paper proposes a network-adjusted generalized method of moments (NA-GMM) estimator for social interaction models when the observed network may differ from the true interaction network. NA-GMM is a novel penalized GMM approach that…
Confidence intervals that are conservative against an untestable bias, called bias-aware or honest, are now standard in DiD, IV, RD, and factor-model settings. This paper characterises the local power of the tests they induce. Power is…
A large literature in econometrics proposes decision rules with optimality guarantees based on ex ante criteria, such as minimax regret. We develop a framework for analyzing the dynamic consistency of such rules and show that, in many…
We use a controlled experiment to study how beliefs are updated after receiving qualitative information (AI recommendations) from an unknown data-generating process (DGP). Across 60,252 pairs of prior and posterior beliefs, we document…
We compare the informativeness of order statistics in a sample of conditionally independent draws from a distribution \(F(x\mid\theta)\) as the sample size n increases. The k-th highest of n+1 draws is more accurate than the k-th highest of…
Over the last 15 years the number of U.S. orbital launches has grown by roughly an order of magnitude. About three-quarters of those launches were on SpaceX's Falcon 9 vehicle, and roughly three-fifths of those Falcon launches deployed…
We derive the asymptotic properties of two-way fixed effects M-estimators with missing observations in an asymptotic framework in which the numbers of cross-sectional units and time periods grow jointly. We allow the selection process to be…
Social-media platforms allocate reach, deciding whose content becomes widely visible. We study this as feed/reference design in a networked coordination game where users track an unknown state, coordinate with others, and hold biased ideal…
We investigate population agglomeration in a long narrow economy, in which an odd number of places are evenly distributed over a line segment. The bifurcation analysis of this economy elucidates the mechanism of the emergence of twin cities…
Kawada (2018) proved that every scoring rule is equivalent to the corresponding cosine similarity rule. The original proof relies on a direct analysis of the cosine similarity optimization problem. In this note, we present an alternative,…
We consider the fair allocation of indivisible goods with binary valuations. In this setting, the maximum Nash welfare rule, the leximin rule, and all additive welfarist rules with a strictly concave function coincide. We show that for any…