Economics
We develop an axiomatic theory for Automated Market Makers (AMMs) in local energy sharing markets and analyze the Markov Perfect Equilibrium of the resulting economy with a Mean-Field Game. In this game, heterogeneous prosumers solve a…
To evaluate the effectiveness of a counterfactual policy, it is often necessary to extrapolate treatment effects on compliers to broader populations. This extrapolation relies on exogenous variation in instruments, which is often weak in…
A repo trade involves the sale of a security coupled with a contract to repurchase at a later time. Following the 2008 financial crisis, accounting standards were updated to require repo intermediaries, who are mostly banks, to increase…
Despite their evolution from early copper-token schemes to sophisticated digital solutions, loyalty programs remain predominantly closed ecosystems, with brands retaining full control over all components. Coalition loyalty programs emerged…
Some well-known solutions for cooperative games with transferable utility (TU-games), such as the Banzhaf value, the Myerson value, and the Aumann-Dreze value, fail to satisfy efficiency. Despite their desirable normative properties, this…
How does targeted advertising influence electoral outcomes? This paper presents a one-dimensional spatial model of voting in which a privately informed challenger persuades voters to support him over the status quo. I show that targeted…
This paper introduces a new framework for multivariate quantile regression based on the multivariate distribution function, termed multivariate quantile regression (MQR). In contrast to existing approaches--such as directional quantiles,…
We examine whether gender norms - proxied by the outcome of Switzerland's 1981 public referendum on constitutional gender equality - continue to shape local female startup activity today, despite substantial population changes over the past…
We characterize single-item auction formats that are shill-proof in the sense that a profit-maximizing seller has no incentive to submit shill bids. We distinguish between strong shill-proofness, in which a seller with full knowledge of…
We study social learning in which agents weight neighbors' opinions differently based on their degrees, capturing situations in which agents place more trust in well-connected individuals or, conversely, discount their influence. We derive…
This paper surveys the literature on theories of discrimination, focusing mainly on new contributions. Recent theories expand on the traditional taste-based and statistical discrimination frameworks by considering specific features of…
Economists often define the middle class based on income distribution, yet selecting which segment constitutes the `middle' is essentially arbitrary. This paper proposes a definition of the middle class based solely on the properties of…
In this paper, we study axiomatic foundations of Bayesian persuasion, where a principal (i.e., sender) delegates the task of choice making after informing a biased agent (i.e., receiver) about the payoff relevant uncertain state (see, e.g.,…
I develop a revealed preference framework to test whether an aggregate allocation of indivisible objects satisfies Pareto efficiency and individual rationality (PI) without observing individual preferences. Exploiting the type-based…
This paper investigates the decentralized provision of public goods in directed networks. We establish a correspondence between kernels in graph theory and specialized equilibria in which players either contribute a fixed threshold amount…
This paper examines how regulation can push an oligopoly from one pricing regime to another. It uses rich data from Chilean pharmacy chains to study a ban on comparative price advertising. Before the ban, ads created demand spillovers…
Despite a substantial body of theoretical and empirical research in the fields of conjoint and discrete choice analysis as well as product line optimization, relatively few papers focused on the simulation of subsequent competitive dynamics…
We study the evolution of intergenerational educational mobility and related distributional statistics in Spain. Over recent decades, mobility has risen by one-third, coinciding with pronounced declines in inequality and assortative mating…
This study proposes an end-to-end algorithm for policy learning in causal inference. We observe data consisting of covariates, treatment assignments, and outcomes, where only the outcome corresponding to the assigned treatment is observed.…
Using detailed data on workplace benefits linked with administrative registers in Korea, we analyze patterns of separations and job transitions to study how parents sort into family-friendly firms after childbirth. We examine two…