Related papers: Multi-Dimensional Pass-Through and Welfare Measure…
This paper develops theoretical criteria and econometric methods to rank policy interventions in terms of welfare when individuals are loss-averse. Our new criterion for "loss aversion-sensitive dominance" defines a weak partial ordering of…
We present a general analysis of multidimensional matching problems with transferable utility, paying particular attention to the case in which the dimensions of heterogeneity on the two sides of the market are unequal. A particular…
This paper revisits the classic instrument choice problem in a setting with consumption externalities, through the lens of robust mechanism design. A regulator can implement any incentive-compatible policy but is uncertain about how…
Economic and financial models -- such as vector autoregressions, local projections, and multivariate volatility models -- feature complex dynamic interactions and spillovers across many time series. These models can be integrated into a…
We draw attention to an important, yet largely overlooked aspect of evaluating fairness for automated decision making systems---namely risk and welfare considerations. Our proposed family of measures corresponds to the long-established…
This paper proposes a framewrok for analyzing how the welfare effects of policy interventions are distributed across individuals when those effects are unobserved. Rather than focusing solely on average outcomes, the approach uses readily…
This paper provides a comprehensive examination of a Brazilian corporate tax reform targeted at the sector and product level. Difference-in-differences estimates instrumented by sector eligibility show that a 20 percentage point cut on…
Studying competition and market structure at the product level instead of brand level can provide firms with insights on cannibalization and product line optimization. However, it is computationally challenging to analyze product-level…
Selective contests can impair participants' overall welfare in overcompetitive environments, such as school admissions. This paper models the situation as an optimal contest design problem with binary actions, treating effort costs as…
I study symmetric competitions in which each player chooses an arbitrary distribution over a one-dimensional performance index, subject to a convex cost. I establish existence of a symmetric equilibrium, document various properties it must…
Building on the generalized hedonic-linear model of Pellegrino (2025), this paper studies optimal product differentiation when a representative consumer has preferences over product characteristics. Under multiproduct monopoly, the…
In the context of fair division, the concept of price of fairness has been introduced to quantify the loss of welfare when we have to satisfy some fairness condition. In other words, it is the price we have to pay to guarantee fairness.…
We investigate a model of sequential decision-making where a single alternative is chosen at each round. We focus on two objectives -- utilitarian welfare (Util) and egalitarian welfare (Egal) -- and consider the computational complexity of…
Institutional crossing platforms face a hidden-information problem: investors value trades as portfolios, but liquidity discovery is typically organized around individual securities. We model portfolio crossing as limited-communication…
Markov decision processes (MDPs) with multi-dimensional weights are useful to analyze systems with multiple objectives that may be conflicting and require the analysis of trade-offs. We study the complexity of percentile queries in such…
Multivalued treatment models have typically been studied under restrictive assumptions: ordered choice, and more recently unordered monotonicity. We show how treatment effects can be identified in a more general class of models that allows…
This paper models firm-to-firm trade in a production network as a set of double auctions. Firms have multilateral market power, namely, can affect prices in both input and output markets. The size and division of surplus are endogenous and…
We study proportional representation in the temporal voting model, where collective decisions are made repeatedly over time over a fixed horizon. Prior work has extensively investigated how proportional representation axioms from…
We propose a simple and general framework for nonparametric estimation of heterogeneous treatment effects under fairness constraints. Under standard regularity conditions, we show that the resulting estimators possess the double robustness…
Strong empirical evidence from laboratory experiments, and more recently from population surveys, shows that individuals, when evaluating their situations, pay attention to whether they experience gains or losses, with losses weighing more…