经济学
Economic institutions often influence market outcomes not by directly controlling sellers' menus, but by shaping the market composition sellers face. We study the welfare effects of this upstream choice in a monopoly screening model. An…
A designer relies on an experimenter to provide information to a decision maker, but the experimenter has incentives to persuade rather than merely transmit information. Anticipating this motive, the designer can restrict the set of…
Brazil's working-time debate is no longer only a choice between keeping the 44-hour week and moving directly to 36 hours. Alternatives around 40 hours, a five-day schedule and phased transitions are also on the table. This policy note asks…
I study multidimensional sequential screening. A monopolist contracts with a buyer who privately observes information about the distribution of their eventual valuations for multiple goods. After initial private information is reported and…
Inference for fixed effects estimators is often unreliable due to Nickell- and incidental parameter biases. While these issues are well understood for classical two-dimensional panels, little is known about three-dimensional panel…
This paper analytically demonstrates that, in a Two-Agent New Keynesian model with Rotemberg-type price and wage rigidities, monetary transmission can be amplified when two mechanisms are sufficiently strong: the heterogeneity-induced…
We develop and estimate a structural model of bargaining in firm-to-firm trade to study the determinants of tariff pass-through. The model features oligopoly and oligopsony power and yields analytical expressions for bilateral markups and…
Blockchain's economic value lies in enabling financial and economic transactions without relying on trusted, centralized intermediaries. In practice, however, transactions pass through a fragmented chain of intermediaries before being…
Sequential search models provide a powerful framework for studying consumer search using rich data that records the sequence of consumer actions taken during the search process. In existing empirical applications, their implementation often…
We study how coordinated disinformation campaigns affect elections. We develop a constrained information design model in which a sender deploys uninformative messages that mimic voters' exogenous informative signals. Voters initially…
We propose a novel method for estimating nonseparable selection models. We show that, for a given selection function, the potential outcome distributions are nonparametrically identified from the selected outcome distributions and can be…
We develop a unified estimation and inference framework for dyadic network formation with individual fixed effects, covering both transferable-utility (TU) and nontransferable-utility (NTU) links under general link functions. Under NTU,…
I study a principal-agent model in which a principal hires an agent to collect information about an unknown continuous state. The agent acquires a signal whose distribution is centered around the state, controlling the signal's precision at…
Estimating network formation models with degree heterogeneity raises two problems in empirical networks. First, agents that send no links, receive no links, or link to all remaining agents can make the fixed-effects MLE fail to exist.…
This study investigates the properties and stability of the Multiplicative Kantian Equilibrium (MKE) in symmetric games. We first demonstrate that MKE lacks strategic equivalence: the Kantian best-response function is not invariant under…
In this paper we study the least squares (LS) estimator in a linear panel regression model with unknown number of factors appearing as interactive fixed effects. Assuming that the number of factors used in estimation is larger than the true…
We analyze linear panel regression models with interactive fixed effects and predetermined regressors, for example lagged-dependent variables. The first-order asymptotic theory of the least squares (LS) estimator of the regression…
We extend the Berry, Levinsohn and Pakes (BLP, 1995) random coefficients discrete-choice demand model, which underlies much recent empirical work in IO. We add interactive fixed effects in the form of a factor structure on the unobserved…
The medium of exchange of the traditional economy is mainly the fiat currency of each country or region, and when cross-border transactions occur, they need to be settled according to the exchange rate. In the AI world, however, the medium…
This paper develops the logical extension of the JFR-rg framework introduced in Part I within the same observables-centered and regime-conditional architecture. Six extensions are formalized: the Virtuous Ratchet (E1), the corrected…