Economics
A $p$-beauty contest is a wide class of games of guessing the most popular strategy among other players. In particular, guessing a fraction of a mean of numbers chosen by all players is a classic behavioral experiment designed to test…
As large language models (LLMs) have demonstrated strong reasoning abilities in structured tasks (e.g., coding and mathematics), we explore whether these abilities extend to strategic multi-agent environments. We investigate strategic…
Market definition holds significant importance in antitrust cases, yet achieving consensus on the correct approach remains elusive. As a result, analysts routinely entertain multiple market definitions to ensure the resilience of their…
I study a repeated auction in which payments are made with a blockchain token created and initially owned by the auction designer. Unlike the ``virtual money'' previously examined in mechanism design, such tokens can be saved and traded…
This paper analyzes the benefits of sampling intraday returns in intrinsic time for the realized variance (RV) estimator. We theoretically show in finite samples that depending on the permitted sampling information, the RV estimator is most…
The Combinatorial Multi-Round Ascending Auction (CMRA) is a new auction format used in recent European spectrum auctions. We show that an auction-specific version of truthful bidding leads to an efficient allocation. We then characterize…
In this paper, I introduce a novel benchmark in games, super-Nash performance, and a solution concept, optimin, whereby players maximize their minimal payoff under unilateral profitable deviations by other players. Optimin achieves…
This paper investigates the causal impact of the parental environment on the student's academic performance in mathematics, literature and English (as a foreign language), using a new database covering all children aged 8 to 15 of the…
We study Pareto-optimal risk sharing in economies with heterogeneous attitudes toward risk, where agents' preferences are modeled by distortion risk measures. Building on comonotonic and counter-monotonic improvement results, we show that…
This paper examines the short- and long-term effects of immigrant assimilation policies in Brazil after the Mass Migration period. It focuses on the Nationalization Campaign, launched amid rising anti-immigrant sentiment during the Great…
We develop a theory of demand economics for an era of material abundance. The binding constraint on growth has shifted from insufficient aggregate demand to inadequate demand-tier upgrading. Our result is that, the new engine of growth lies…
This paper introduces a likelihood ratio (LR)-type test that possesses the robustness properties of \(C(\alpha)\)-type procedures in an extremum estimation setting. The test statistic is constructed by applying separate adjustments to the…
We propose and study a model of strategic network design and exploration where the hider, subject to a budget constraint restricting the number of links, chooses a connected network and the location of an object. Meanwhile, the seeker, not…
Algorithmic recommendation based on noisy preference measurement is prevalent in recommendation systems. This paper discusses the consequences of such recommendation on market concentration and inequality. Binary types denoting a…
The recursive logit (RL) model provides a flexible framework for modeling sequential decision-making in transportation and choice networks, with important applications in route choice analysis, multiple discrete choice problems, and…
This paper develops a nonparametric framework to identify and estimate distributional treatment effects under nonseparable endogeneity. We begin by revisiting the widely adopted \emph{rank similarity} (RS) assumption and characterizing it…
This paper proposes a debiased estimator for causal effects in high-dimensional generalized linear models with binary outcomes and general link functions. The estimator augments a regularized regression plug-in with weights computed from a…
Many causal estimands, such as average treatment effects under unconfoundedness, can be written as continuous linear functionals of an unknown regression function. We study a weighting estimator that sets weights by a minimax procedure:…
This paper resolves the empirical puzzle in the public-private wage literature: why studies using similar data reach contradictory conclusions about wage premiums and penalties. Utilizing rich French administrative panel data (2012-2019),…
This paper studies an exponential bandit model in which a group of agents collectively decide whether to undertake a risky action $R$. This action is implemented if the fraction of agents voting for it exceeds a predetermined threshold $k$.…