Economics
The emergence of agentic artificial intelligence (AI) represents a fundamental transformation in financial markets, characterized by autonomous systems capable of reasoning, planning, and adaptive decision-making with minimal human…
Treatment effect distributions are not identified without restrictions on the joint distribution of potential outcomes. Existing approaches either impose rank preservation -- a strong assumption -- or derive partial identification bounds…
This paper studies cost pass-through in differentiated-product oligopoly. I derive a general representation of the pass-through matrix that decomposes equilibrium price responses into the roles of demand curvature, substitution, and…
Survey data are widely used to study how income inequality, poverty, and welfare evolve over time. A common practice is to estimate the income distribution separately for each year, treating annual observations as independent…
The First Fundamental Theorem of Welfare Economics assumes that welfare-bearing agents are autonomous and implicitly relies on a binary distinction between autonomy and instrumentality. Welfare subjects are those who have autonomy and…
Local government meetings are the most common formal channel through which residents speak directly with elected officials, contest policies, and shape local agendas. However, data constraints typically limit the empirical study of these…
This study investigates the identification power gained by combining experimental data, in which treatment is randomized, with observational data, in which treatment is self-selected, for distributional treatment effect (DTE) parameters.…
Recent advances in artificial intelligence (AI) have led to a wide range of predictions about its long-term impact on humanity. A central focus is the potential emergence of transformative AI (TAI), eventually capable of outperforming…
This paper examines the impact of racial discrimination in hiring on employment, wages, and wealth disparities between black and white workers. Using a labor search-and-matching model with racially prejudiced and non-prejudiced firms, we…
Building upon factor decomposition to overcome the curse of dimensionality inherent in multivariate volatility processes, we develop a factor model-based multivariate stochastic volatility (fMSV) framework. We propose a two-stage estimation…
We analyze the effects of enforcing vs. exempting access ISP from net neutrality regulations when platforms are present and operate two-sided pricing in their business models. This study is conducted in a scenario where users and Content…
Realized ecosystem services (ES) are the actual use of ES by societies, which is more directly linked to human well-being than potential ES. However, there is a lack of a general analysis framework to understand how much ES was realized. In…
Systematically biased forecasts are typically interpreted as evidence of forecasters' irrationality and/or asymmetric loss. In this paper we propose an alternative explanation: when forecasts inform policy decisions, and the resulting…
We provide an original analysis of historical documents to describe the assignment procedures used to allocate entry-level civil service jobs in China from the tenth to the early twentieth century. The procedures tried to take different…
This paper develops a highly general convex duality framework for the perturbed utility route choice (PURC) model. We show that the traveler's constrained, potentially non-smooth utility maximization problem admits a dual formulation: an…
We study dynamic multi-battle contests and examine how the contest structure shapes dynamic incentives and determines the extent of rent dissipation. A discouragement effect often arises -- such as in tug-of-war and best-of-$K$ contests --…
Between 2005 and 2019, U.S. business applications rose 40 percent while conversion to employer firms fell by nearly half. We study whether boundary redrawing helps explain this pattern. Structured routine-cognitive work can be governed…
Standard intergenerational measures have been shown to understate the long-run persistence of socioeconomic advantages in developed countries. We study theoretically and empirically whether this pattern extends to less developed settings,…
Blockchain technology is widely expected to reduce transaction costs by automating contract enforcement and eliminating intermediaries; yet, the execution costs imposed by network congestion have received little attention in the operations…
AI agents powered by large language models are increasingly acting on behalf of humans in social and economic environments. Prior research has focused on their task performance and effects on human outcomes, but less is known about the…