综合经济学
Instrumental Variable (IV) provides a source of treatment randomization that is conditionally independent of the outcomes, responding to the challenges of counterfactual and confounding biases. In finance, IV construction typically relies…
The cost of the impacts of climate change have already proven to be larger than previously believed. Understanding the costs and benefits of adapting to the changing climate is necessary to make targeted and appropriate investment…
Machine learning is critical for innovation and efficiency in financial markets, offering predictive models and data-driven decision-making. However, challenges such as missing data, lack of transparency, untimely updates, insecurity, and…
This paper introduces a definition of ideological polarization of an electorate around a particular central point. The definition is flexible about the location or boundaries of the center. Using US survey data, the paper shows how this…
This paper studies inter-firm heterogeneity in production. Unlike much of the existing research, which primarily addresses heterogeneous production through unobserved fixed effects, our approach also focuses on differences in factors'…
It is widely assumed that increases in economic productivity necessarily lead to economic growth. In this paper, it is shown that this is not always the case. An idealized model of an economy is presented in which a new technology allows…
Informal carers provide the majority of care for people living with challenges related to older age, long-term illness, or disability. However, the care they provide often results in a significant income penalty for carers, a factor largely…
We analyze a type of voting paradox which we term an involvement paradox, in which a candidate who loses an election could be made into a winner if more of the candidate's non-supporters participated in the election, or a winner could be…
Demand response (DR) programs play a crucial role in improving system reliability and mitigating price volatility by altering the core profile of electricity consumption. This paper proposes a game-theoretical model that captures the…
This paper shows a cascading mechanism through which international trade-induced deforestation results in a decline of health outcomes in cities distant from where trade activities occur. We examine Brazil, which has ramped up agricultural…
We study the price rounding regulation in Israel, which outlawed non-0-ending prices, forcing retailers to round 9 ending prices, which in many stores, comprised more than 60 percent of all prices. The goal of the regulation was to…
This paper introduces a new approach for estimating core inflation indicators based on common factors across a broad range of price indices. Specifically, by utilizing procedures for detecting multiple regimes in high-dimensional factor…
Heat pumps play a major role in decreasing fossil fuel use in heating. They increase electricity demand, but could also foster the system integration of variable renewable energy sources. We analyze three scenarios for expanding…
We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. We find that: initially, the fraction of low-earning workers…
Tax administrative cost reduction is an economically and socially desirable goal for public policy. This article proposes total administrative cost as percentage of total tax revenue as a vivid measurand, also useful for cross-jurisdiction…
It is well-established that the home advantage (HA), the phenomenon that on average the local team performs better than the visiting team, exists in many sports. In response to the COVID-19 outbreak, spectators were banned from football…
Ranked-choice voting anomalies such as monotonicity paradoxes have been extensively studied through creating hypothetical examples and generating elections under various models of voter behavior. However, very few real-world examples of…
The present study investigates the price (co)volatility of four dairy commodities -- skim milk powder, whole milk powder, butter and cheddar cheese -- in three major dairy markets. It uses a multivariate factor stochastic volatility model…
This paper designs a market algorithm for fractional ownership of an indivisible asset. It provides an efficient market mechanism, named Direct Fractional Auction (DFA) that offers valuable assets to both small and large investors who can…
Privacy regulations often necessitate a balance between safeguarding consumer privacy and preventing economic losses for firms that utilize consumer data. However, little empirical evidence exists on how such laws affect firm performance.…