Economics

We study intergenerational transfers of income. In our stylized model, each generation in an infinite (but countable) stream is endowed with some income. An allocation rule associates with each infinite stream another stream, thus involving…

Time variability is a pervasive feature of mobility services and a major source of welfare loss. Although literature has quantified the cost of time variability (COTV), it remains theoretically unclear how bad time variability can be in the…

Immediately after the establishment of the New Meiji Government in the 19th century, a system of conscription was adopted. The exemption rule has changed several times. Using individual-level panel data on the academic performance of Keio…

As AI agents increasingly act on behalf of human stakeholders in economic settings, understanding their behavior in complex market environments becomes critical. This article examines how Large Language Models coordinate on markets that are…

A utility function has been proposed that values more those lives that are saved by not imposing a harmful treatment and values less those lives that could be saved by treating people who would otherwise die. I do not dispute the ethical…

We study dynamic relationships in which one party extracts current surplus in ways that degrade the future state, while the counterparty cannot exit but adjusts effort in response. Standard stationary Markov equilibria may sustain collapse…

In this paper, we design two chapters to discuss trade dynamics with heterogeneous fluctuations, contributing new insights to macroeconomic issues related to international trade. In the first chapter, we model general exchange rate…

The expansion of wind and solar power is driving the European energy system transformation, thereby also driving our reliance on this weather-dependent resources. Integrating renewable scarcity events into long-term planning has therefore…

In the context of voting with ranked ballots, an important class of voting rules is the class of margin-based rules (also called pairwise rules). A voting rule is margin-based if whenever two elections generate the same head-to-head margins…

A growing number of authorities use mechanisms to allocate students to schools in a way that reflects student preferences and school priorities. However, most real-world mechanisms incentivize students to strategically misreport their…

We prove a central limit theorem for network formation models with strategic interactions and homophilous agents. Since data often consists of observations on a single large network, we consider an asymptotic framework in which the network…

This paper studies optimal consumption and saving decisions under uncertainty about the transition dynamics of the economic environment. We consider a general optimal savings problem in which the exogenous state governing discounting,…

Data in modern economic and financial applications often arrive as a stream, requiring models and inference to be updated in real time -- yet most semiparametric methods remain batch-based and computationally impractical in large-scale…

Automated Market Makers (AMMs) are a central component of decentralized exchanges, yet their equilibrium foundations and microeconomic mechanisms remain incompletely understood. This paper develops a dynamic equilibrium framework for…

We develop a new identification strategy for average treatment effects on the treated (ATT) in panel data with discrete outcomes. Standard difference-in-differences (DiD) relies on parallel trends, which is frequently violated in…

We propose a simple binarization of predictors, an "at-risk" transformation, as an alternative to the standard practice of using continuous, standardized variables in recession forecasting models. By converting predictors into indicators of…

A standard assumption in the Bayesian estimation of linear regression models is that the regressors are exogenous in the sense that they are uncorrelated with the model error term. In practice, however, this assumption can be invalid. In…

This paper develops a unified identification framework for counterfactual analysis in incomplete models characterized by support and moment restrictions. I demonstrate that identifying structural parameters and conducting counterfactual…

We introduce ForeComp, an R package for comparing predictive accuracy using Diebold-Mariano type tests of equal predictive ability with standard and fixed smoothing inference. The package provides a common interface for loss differential…

Induced order statistics (IOS) arise when sample units are reordered according to the value of an auxiliary variable, and the associated responses are analyzed in that induced order. IOS play a central role in applications where the goal is…