Economics
The provision of information can improve individual judgments but also fail to make group decisions more accurate; if individuals choose to attend to the same information in the same manner, the predictive diversity that enables crowd…
We introduce a framework for comparing the privacy of different mechanisms. A mechanism designer employs a dynamic protocol to elicit agents' private information. Protocols produce a set of contextual privacy violations -- information…
This paper derives `Scaling Laws for Economic Impacts' -- empirical relationships between the training compute of Large Language Models (LLMs) and professional productivity. In a preregistered experiment, over 500 consultants, data…
This paper revisits the classic Pandora's box problem, studying a decision-maker (DM) who seeks to minimize her maximal ex-post regret. The DM decides how many options to explore and in what order, before choosing one or taking an outside…
This paper proposes a framewrok for analyzing how the welfare effects of policy interventions are distributed across individuals when those effects are unobserved. Rather than focusing solely on average outcomes, the approach uses readily…
The conventional functional form of the Constant-Elasticity-of-Substitution (CES) production function is a general production function nesting a number of other forms of production functions. Examples of such functions include Leontief,…
Purpose: This paper explores gender differences in two distinct forms of risk aversion -- Payoff Risk Aversion (PaRA) and Price Risk Aversion (PrRA) -- in order to provide a more nuanced understanding of how men and women respond to…
Exclusion and shape restrictions play a central role in defining causal effects and interpreting estimates in potential outcomes models. To date, the testable implications of such restrictions have been studied on a case-by-case basis in a…
Energy efficiency gains in production and consumption are undisputed economic and environmental goals. However, potential energy savings derived from efficiency innovations may have short-lasting effects due to increased demand for more…
What is the impact of private equity (PE) investment on healthcare value? Does PE investment hurt or improve healthcare value, and if so, can its effect be mitigated through the use of health information technologies (IT)? Given the…
This chapter surveys the application of matching theory to school choice, motivated by the shift from neighborhood assignment systems to choice-based models. Since educational choice is not mediated by price, the design of allocation…
For a general class of dynamic and stochastic structural models, we show that (i) non-linearity in economic dynamics is a necessary and sufficient condition for time-varying parameters (TVPs) in the reduced-form VARMA process followed by…
This paper presents a novel quantitative approach for comparative economic studies, addressing limitations in current classification methods. Conventional approaches in comparative economics often rely on ad hoc and categorical…
This article expands Milton Friedman's spending matrix to analyse 'spending efficiency' and 'preference compatibility' across different economic systems against five key outcome criteria. By generalising Friedman's typology, it compares…
In nonstandard testing environments, researchers often derive ad hoc tests with correct (asymptotic) size, but their optimality properties are typically unknown a priori and difficult to assess. This paper develops a numerical framework for…
We find that event features extracted by large language models (LLMs) are effective for text-based stock return prediction. Using a pre-trained LLM to extract event features from news articles, we propose a novel deep learning model based…
This paper examines the identification and estimation of treatment effects in staggered adoption designs -- a common extension of the canonical Difference-in-Differences (DiD) model to multiple groups and time-periods -- in the presence of…
We study mechanism design in environments where agents have private preferences and private information about a common payoff-relevant state. In such settings with multi-dimensional types, standard mechanisms fail to implement efficient…
Prevailing methods of course allocation at undergraduate institutions involve reserving seats to give priority to designated groups of students. We introduce a competitive equilibrium-based mechanism that assigns course seats using student…
When subjects who respond to requests for data, such as in surveys or post-treatment follow-up, are not representative of the population as a whole, inferences drawn from the data can be misleading. We show that if subjects' accumulated…