经济学
Financial firms have gone through three major technological waves: computerization in the 1980s and 1990s, the rise of indexing and passive investing in the 2000s and 2010s, and the AI and automation wave from roughly 2015 to the present.…
Enterprise hiring systems generate data across multiple disconnected platforms: applicant tracking systems (ATS) record candidate profiles, human resource information systems (HRIS) record performance outcomes, and behavioral assessments…
Understanding how corporate control concentrates in modern ownership systems is crucial in an economy increasingly shaped by cross-border mergers and acquisitions. Rather than expanding productive capacity, these operations reorganize…
This paper develops a general method of inference for fixed effects models which is (i) automatic, (ii) computationally inexpensive, (iii) tuning parameter-free, and (iv) highly model agnostic. Specifically, we show how to combine a…
This paper develops an asymptotic and inferential theory for fixed-effects panel quantile regression (FEQR) that delivers inference robust to pervasive common shocks. Such shocks induce cross-sectional dependence that is central in many…
How do cost shocks pass through to prices in markets with price dispersion? We decompose the problem into two layers. In the competition layer, consumers' consideration sets determine equilibrium distributions of normalized margins. In the…
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing rule on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase…
This paper proposes a model of tax compliance and fiscal capacity grounded in universalization reasoning. Citizens partially internalize the consequences of concealment by imagining a world in which everyone acted similarly, linking their…
We introduce a model of dynamic matching with transferable utility, extending the static model of Shapley and Shubik (1971). Forward-looking agents have individual states that evolve with current matches. Each period, a matching market with…
No trade theorems examine conditions under which agents cannot agree to disagree on the value of a security which pays according to some state of nature, thus preventing any mutual agreement to trade. A large literature has examined…
This paper develops a sensitivity analysis framework for the perturbed utility route choice (PURC) model and the accompanying stochastic traffic equilibrium model. We derive analytical sensitivity expressions for the Jacobian of the…
We study information aggregation in a dynamic trading model with partially informed traders. Ostrovsky [2012] showed that `separable' securities aggregate information in all equilibria, however, determining whether a security is separable…
We study information design in games where players choose from a continuum of actions and have continuously differentiable payoffs. We show that an information structure is optimal when the equilibrium it induces can also be implemented in…
Causal inference methods (instrumental variables, difference-in-differences, regression discontinuity, etc.) are primary tools used across many social science milieus. One area where their application has lagged however, is in the study of…
Bastos, Geloso, and Bologna Pavlik (2026) argue that the US embargo explains less than one tenth of the difference in per capita income between Cuba and a counterfactual scenario in which the country did not follow socialist economic…
We study whether zero-sum decision rules, maximin and minimax, harm agents' interests in positive-sum strategic environments relative to Nash equilibrium behavior or, more generally, than best response behaviour. Contrary to an influential…
Altruism is fundamental to human societies, fostering cooperation and social cohesion. Recent studies suggest that large language models (LLMs) can display human-like prosocial behavior, but the internal computations that produce such…
In the midst of the COVID-19 pandemic in 2020, the Australian Government launched two programs to incentivise new apprentices to start and complete apprenticeships -- the Boosting Apprenticeship Commencements (BAC) and Completing…
In random assignment, fairness is often captured by stochastic-dominance envy-freeness (SD-EF). We observe that assignments satisfying SD-EF may admit decompositions that result in each agent envying another agent with high probability. To…
We study a new measure of codependency in the second moment of a continuous-time multivariate asset price process, which we name the realized copula of volatility. The statistic is based on local volatility estimates constructed from…