Economics

This paper studies contracting in the presence of externalities with a non-contractible outsider. Multiple equilibria arise from strategic symmetry between the insider agent and the outsider. To address strategic uncertainty, the principal…

The study of food security dynamics in the U.S. has long been impeded by the lack of extended longitudinal observations of the same households or individuals. This paper applies a newly-introduced household-level food security measure, the…

Generative AI is transforming the provision of expert services. This article uses a series of one-shot experiments to quantify the behavioral, welfare and distribution consequences of large language models (LLMs) on AI-AI, Human-Human,…

Proton exchange membrane electrolysis (PEMEL) is a key technology for producing green hydrogen, but its scalability is limited by the use of scarce materials, particularly iridium. Iridium oxide, the preferred anode catalyst in PEMEL,…

We develop a novel analytical method for studying optimal paths in dynamic optimization problems under general monotonicity conditions. The method centers on a locator function -- a simple object constructed directly from the model's…

We derive the exact asymptotic distribution of the conditional likelihood-ratio test in instrumental variables regression under weak instrument asymptotics and for multiple endogenous variables. The distribution is conditional on all…

Ordinary least squares (OLS) estimators are widely used in network experiments to estimate spillover effects. We study the causal interpretation of, and inference for the OLS estimator under both design-based uncertainty from random…

We introduce a novel choice dataset, called joint choice, in which options and menus are multidimensional. In this general setting, we define a notion of choice separability, which requires that selections from some dimensions are never…

We study the identification of heterogeneous, intertemporal treatment effects (TE) when potential outcomes depend on past treatments. First, applying a dynamic panel data model to observed outcomes, we show that an instrumental variable…

For a multidimensional It\^o semimartingale, we consider the problem of estimating integrated volatility functionals. Jacod and Rosenbaum (2013) studied a plug-in type of estimator based on a Riemann sum approximation of the integrated…

Shrinkage methods are frequently used to improve the precision of least squares estimators of fixed effects. However, widely used shrinkage estimators guarantee improved precision only under strong distributional assumptions. I develop an…

Model misspecification in multivariate econometric models can strongly influence estimates of quantities of interest such as structural parameters, forecast distributions or responses to structural shocks, even more so if higher-order…

This paper introduces a novel concept of impulse response decomposition to disentangle the dynamic contributions of the mediator variables in the transmission of structural shocks. We justify our decomposition by drawing on causal mediation…

This study investigates the identification of marginal treatment responses within multi-valued treatment models. Extending the hyper-rectangle model introduced by Lee and Salanie (2018), this paper relaxes restrictive assumptions, including…

We propose a dynamic factor model (DFM) where the latent factors are linked to observed variables with unknown and potentially nonlinear functions. The key novelty and source of flexibility of our approach is a nonparametric observation…

In this paper, we study voting rules on the interval domain, where the alternatives are arranged according to an externally given strict total order and voters report intervals of this order to indicate the alternatives they support. For…

We investigate the salience of extinction risk as a source of impatience. Our framework distinguishes between human extinction risk and individual mortality risk while allowing for various degrees of intergenerational altruism.…

We explore a specific parametric example of a regime change game in which a policymaker defends the status quo against a continuum of atomistic agents who seek to overthrow it. At the start of the game, the policymaker can initiate a policy…

Does it matter whether a government is "left wing" or "right wing" for economic growth? Using a panel of 113 countries (1995 2022), we combine: (i) the economic ideology of the executive branch (V Dem), (ii) the disaggregated institutional…

We introduce the Cut-Based Valuation (CBV), a unified framework for consolidated value in equity/flow networks. The central idea is that economic value is never absolute: it is always defined relative to an observer Omega, which fixes…