经济学
We study sequential social learning with endogenous information acquisition when agents have a taste for nonconformity. Each agent observes predecessors' actions, chooses whether to acquire a private signal (and its precision), and then…
This paper extends difference-in-differences to settings with continuous treatments. Specifically, the average treatment effect on the treated (ATT) at any level of treatment intensity is identified under a conditional parallel trends…
This paper analyzes difference-in-differences designs with a continuous treatment. We show that treatment-on-the-treated-type parameters are identified under a parallel trends assumption analogous to the binary treatment case. However,…
Many applications involve estimating the mean of multiple binomial outcomes as a common problem -- assessing intergenerational mobility of census tracts, estimating prevalence of infectious diseases across countries, and measuring…
Consumer regret is a widespread post-purchase emotion that significantly impacts satisfaction, product returns, complaint behavior, and customer loyalty. Despite its prevalence, there is a limited understanding of why certain consumers…
Why are interventions with weak evidence still adopted? We study charitable incentives for physical activity in Japan using three linked methods, including a randomized field experiment (N=808), a stakeholder belief survey (local government…
This paper introduces a novel framework for analysing equilibrium in structured production systems incorporating a static social division of labour by distinguishing between consumption goods traded in competitive markets and intermediate…
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.,…