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Motivated by electricity markets, this paper studies the impact of forward contracting in situations where firms have capacity constraints and heterogeneous production lead times. We consider a model with two types of firms - leaders and…
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…
Gender inequalities in science have long been observed globally. Studies have demonstrated it through survey data or published literature, focusing on the interests of subjects or authors; few, however, examined the manifestation of gender…
The proliferation of personalized recommendation technologies has raised concerns about discrepancies in their recommendation performance across different genders, age groups, and racial or ethnic populations. This varying degree of…
We study two-sided many-to-one matching markets with transferable utilities, e.g., labor and rental housing markets, in which money can exchange hands between agents, subject to distributional constraints on the set of feasible allocations.…
Choo-Siow (2006) proposed a model for the marriage market which allows for random identically distributed noise in the preferences of each of the participants. The randomness is McFadden-type, which permits an explicit resolution of the…
This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous manners across several markets. Our key contribution is a new theorem providing…
Recent studies have analyzed whether one forecast method dominates another under a class of consistent scoring functions. While the existing literature focuses on empirical tests of forecast dominance, little is known about the theoretical…
The persistence of racial inequality in the U.S. labor market against a general backdrop of formal equality of opportunity is a troubling phenomenon that has significant ramifications on the design of hiring policies. In this paper, we show…
Fairness constitutes a concern within machine learning (ML) applications. Currently, there is no study on how disparities in classification complexity between privileged and unprivileged groups could influence the fairness of solutions,…
A financial market is a system resulting from the complex interaction between participants in a closed economy. We propose a minimal microscopic model of the financial market economy based on the real economy's symmetry constraint and…
Despite rapid growth in the data science workforce, people of color, women, those with disabilities, and others remain underrepresented in, underserved by, and sometimes excluded from the field. This pattern prevents equal opportunity for…
Algorithmic discrimination is a critical concern as machine learning models are used in high-stakes decision-making in legally protected contexts. Although substantial research on algorithmic bias and discrimination has led to the…
While machine learning (ML) technology affects diverse stakeholders, there is no one-size-fits-all metric to evaluate the quality of outputs, including performance and fairness. Using predetermined metrics without soliciting stakeholder…
We present analytic and numerical results for two models, namely the minority model and the bar-attendance model, which offer simple paradigms for a competitive marketplace. Both models feature heterogeneous agents with bounded rationality…
Prior work finds a diversity paradox: diversity breeds innovation, and yet, underrepresented groups that diversify organizations have less successful careers within them. Does the diversity paradox hold for scientists as well? We study this…
Accurate demand forecasting in the retail industry is a critical determinant of financial performance and supply chain efficiency. As global markets become increasingly interconnected, businesses are turning towards advanced prediction…
The article develops a general equilibrium model where power relations are central in the determination of unemployment, profitability, and income distribution. The paper contributes to the market forces versus institutions debate by…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics is offering models of markets as complex systems, such as the gas-like model, able to predict money distributions…
Insights are relative - influenced by a range of factors such as assumptions, scopes, or methods that together define a research perspective. In normative and empirical fields alike, this insight has led to the conclusion that no single…