Paper title: TBA Keep up to date with announcements by subscribing to our mailing list.

Paper title: TBA Keep up to date with announcements by subscribing to our mailing list.

Paper title: TBA Keep up to date with announcements by subscribing to our mailing list.

Paper title: Idea Diffusion and Property Rights joint with Zhu Wang Abstract: We study the innovation and diffusion of technology at the industry level. We derive the full dynamic paths of an industry’s evolution, from birth to its maturity, and we characterize the impact of diffusion on the incentive to innovate. The model implies that […]

Zoom Registration Paper title: “True Cost of Immediacy” joint with Dmitry Livdan, Dan Li, and Norman Schürhoff Abstract: Traditional liquidity measures can provide a false impression of the liquidity and stability of financial market trading. Using data on auctions (bids wanted in competition; BWICs) from the collateralized loan obligation (CLO) market, we show that a standard measure […]

Paper title: TBA Keep up to date with announcements by subscribing to our mailing list.

Paper title: Incentive Constrained Risk Sharing, Segmentation and Asset Pricing joint with Johan Hombert and Pierre-Olivier Weill Abstract: Incentive problems make securities’ payoffs imperfectly pledgeable, limiting agents’ ability to issue liabilities. We analyze the equilibrium consequences of such endogenous incompleteness in a dynamic exchange economy. Because markets are endogenously incomplete, agents have different intertemporal marginal […]

Paper title: Financial Market Ethics Abstract: We use a model of psychological-games-played-on-a-network to demonstrate a role for endogenously-determined, rationally chosen ethics. Our analysis produces sharp results about the contagion of non-ethical or ethical behavior and about the possible stable configurations of each type of behavior. We find, and quantify, critical densities for clusters of each […]

Paper title: The Worker-Job Surplus Abstract: The worker-job surplus — the sum of the worker’s and the employer’s values of an employment relationship — is a key object in most matching models of the labor market. It drives workers’ employment transitions and wages, as well as equilibrium sorting patterns. In this paper, we develop a […]

Paper title: “iBuyers: Liquidity in Real Estate Markets?” Abstract: We study the benefits and limits of dealer-intermediation in residential real estate through the window of “iBuyers,” real estate companies with online acquisition platforms that buy and sell residential real estate. iBuyers provide liquidity by purchasing houses almost immediately. This allows households to bypass a lengthy […]