经济学
Oligarchic control exerts significant distortions on economic efficiency. Ukraine exemplifies this phenomenon, where oligarchs dominate key sectors and achieve economies of scale through vertical integration of coal mines, steel mills, and…
Traditionally, the impact of minimum wages on employment has been studied, and it is generally believed to have a negative effect. Yet, some recent studies have shown that the impact of minimum wages on employment can sometimes be positive.…
We study the problem of an organization that matches agents to objects where agents have preference rankings over objects and the organization uses algorithms to construct a ranking over objects on behalf of each agent. Our new framework…
Political and advertising campaigns increasingly exploit social networks to spread information and persuade people. This paper studies a persuasion model to examine whether such a strategy is better than simply sending public signals.…
While seasonality inherent to raw macroeconomic data is commonly removed by seasonal adjustment techniques before it is used for structural inference, this may distort valuable information in the data. As an alternative method to commonly…
Latent variable models are widely used to account for unobserved determinants of economic behavior. This paper introduces a quasi-Bayes approach to nonparametrically estimate a large class of latent variable models. As an application, we…
A flourishing empirical literature investigates the prevalence of $p$-hacking based on the distribution of $p$-values across studies. Interpreting results in this literature requires a careful understanding of the power of methods for…
The question of how a pure fiat currency is enforced and comes to have a non-zero value has been much debated (Selgin, 1994). What is less often addressed is the case where the enforcement is taken for granted and we ask what value (in…
We explore the twin questions of when and why the strategy method creates behavioral distortions in the elicitation of choices in laboratory studies of sequential games. While such distortions have been widely documented, the theoretical…
We develop a Bayesian framework for the efficient estimation of impulse responses using Local Projections (LPs) with instrumental variables. It accommodates multiple shocks and instruments, accounts for autocorrelation in multi-step…
We introduce a class of Bayesian matrix dynamic factor models that accommodates time-varying volatility, outliers, and cross-sectional correlation in the idiosyncratic components. For model comparison, we employ an importance-sampling…
Blockchain technology is essential for the digital economy and metaverse, supporting applications from decentralized finance to virtual assets. However, its potential is constrained by the "Blockchain Trilemma," which necessitates balancing…
I study the optimal design of ratings to motivate agent investment in quality when transfers are unavailable. The principal designs a rating scheme that maps the agent's quality to a (possibly stochastic) score. The agent has private…
In the distributed systems landscape, Blockchain has catalyzed the rise of cryptocurrencies, merging enhanced security and decentralization with significant investment opportunities. Despite their potential, current research on…
Decentralized Autonomous Organizations (DAOs), utilizing blockchain technology to enable collective governance, are a promising innovation. This research addresses the ongoing query in blockchain governance: How can DAOs optimize human…
Ethereum 2.0, as the preeminent smart contract blockchain platform, guarantees the precise execution of applications without third-party intervention. At its core, this system leverages the Proof-of-Stake (PoS) consensus mechanism, which…
Decentralized Finance (DeFi) is reshaping traditional finance by enabling direct transactions without intermediaries, creating a rich source of open financial data. Layer 2 (L2) solutions are emerging to enhance the scalability and…
Gamification is an effective strategy for motivating and engaging users, which is grounded in business, marketing, and management by designing games in nongame contexts. Gamifying education, which consists of the design and study of…
Decentralized finance (DeFi) is known for its unique mechanism design, which applies smart contracts to facilitate peer-to-peer transactions. The decentralized bank is a typical DeFi application. Ideally, a decentralized bank should be…
We develop new econometric methods for estimation and inference in high-dimensional panel data models with interactive fixed effects. Our approach can be regarded as a non-trivial extension of the very popular common correlated effects…