Economics
A designer offers vertically-differentiated positions to agents in the absence of transfers. Agents have private outside options and may reject their offers ex-post. The designer has preferences over the quantity of agents who accept each…
This paper rigorously analyzes the properties of the local projection (LP) methodology within a high-dimensional (HD) framework, with a central focus on achieving robust long-horizon inference. We integrate a general dependence structure…
We study instrumental-variable designs where policy reforms strongly shift the distribution of an endogenous variable but only weakly move its mean. We formalize this by introducing distributional relevance: instruments may be purely…
We study the instrumental value of conceptual knowledge when making statistical decisions. Such knowledge tells agents how unknown, payoff-relevant states relate. It is distinct from the statistical knowledge gained from observing signals…
We study the implications of a central bank digital currency (CBDC) for the transmission of household preference shocks and for welfare in a New Keynesian framework where the CBDC competes with bank deposits for household resources and…
We study finite normal-form games in which payoffs are subject to random perturbations and players face uncertainty about how these shocks co-move across actions, an ambiguity that naturally arises when only realized (not counterfactual)…
A decision-maker faces uncertainty governed by a data-generating process (DGP), which is only known to belong to a set of sequences of independent but possibly non-identical distributions. A robust decision maximizes the expected payoff…
This paper develops a framework to study the statistical power of revealed-preference tests. With randomly sampled budgets and mild smoothness of demand, statistical learning implies that any model consistent with the data must approximate…
We study how shareholder values shape firms' costly prosocial actions and who bears their costs. We develop a model in which some shareholders are publicly associated with a firm (e.g., founders or other prominent individual blockholders).…
Consider a persuasion game where both the sender and receiver are ambiguity averse with maxmin expected utility (MEU) preferences and the sender can choose an ambiguous information structure. This paper analyzes the game in an ex-ante…
To completely understand the effects of urban ecosystems, the effects of ecosystem disservices should be considered along with the ecosystem services and require more research attention. In this study, we tried to better understand its…
We study a monopolistic insurance market with hidden information, where the agent's type $\theta$ is private information that is unobservable to the insurer, and it is drawn from a continuum of types. The hidden type affects both the loss…
A prominent theme in behavioural contract theory is the study of present-biased agents represented through quasi-hyperbolic discounting. In a model of competitive credit provision, we study an alternative to this framework in which the…
Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the cognitive psychology and experimental…
This paper examines the sign-dependent international spillovers of Federal Reserve and European Central Bank monetary policy shocks. Using a consistent high-frequency identification of pure monetary policy shocks across 44 advanced and…
We study the effects of a significant design and policy change at a major ridesharing platform that altered both provider earnings and platform transparency, examining how it affected outcomes for drivers, riders, and the platform, and…
Estimating the Riesz representer is central to debiased machine learning for causal and structural parameter estimation. We propose generalized Riesz regression, a unified framework for estimating the Riesz representer by fitting a…
We quantify the impact of Generative Artificial Intelligence (GenAI) on firm productivity through a series of large-scale randomized field experiments involving millions of users and products at a leading cross-border online retail…
Economic theory implies strong limitations on what types of consumption behavior are considered rational. Rationality implies that the Slutsky matrix, which captures the substitution effects of compensated price changes on demand for…
Firms increasingly delegate decisions to learning algorithms in platform markets. Standard algorithms perform well when platform policies are stationary, but firms often face ambiguity about whether policies are stationary or adapt…