Working Papers

For several decades, researchers and practitioners have wondered whether a
“hot hand” exists in domains with repeated, human-controlled trials. Using a comprehensive play-by-play dataset from the game show “Jeopardy!”, we demonstrate that…

Deferred prosecution agreements (DPAs) are now a standard tool used by prosecutors to punish corporate crime. Under a DPA, the defendant escapes prosecution by living up to the terms of the contract. However, if the prosecutor declares a breach,…

In this paper, we argue that the New York City congestion pricing plan whose implementation was paused in the summer of 2024 had a major shortcoming: as designed, it would have had a much more severe impact on the drivers of personal vehicles…

Workers who lose their jobs during recessions face strikingly large and persistent declines in their future earnings. Using individual-level administrative data from the United States, this paper shows that an important driver of these costs is…

We consider a retailer running a switchback experiment for the price of a single product, with infinite supply. In each period, the seller chooses a price from a set of predefined prices that consist of a reference price and a few discounted…

We analyze the effects of veto players when the set of available policies isn’t exogenously fixed, but rather determined by policy developers who work to craft new high-quality proposals. If veto players are moderate, there is active competition…

This paper investigates decision-making in A/B experiments for online platforms and marketplaces. In such settings, due to constraints on inventory, A/B experiments typically lead to biased estimators because of interference; this phenomenon has…

In recent years, U.S. public companies have increasingly begun to voluntarily disclose official workforce diversity data (i.e., EEO-1 reports), which they previously only confidentially filed with the U.S. Equal Employment Opportunity Commission…

We consider the problem of learning personalized decision policies from observational bandit feedback data across multiple heterogeneous data sources. In our approach, we introduce a novel regret analysis that establishes finite-sample upper…

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data, we observe that public firms subject to the regulation increase their disclosure of…

Qini curves have emerged as an attractive and popular approach for evaluating the benefit of data-driven targeting rules for treatment allocation. We propose a generalization of the Qini curve to multiple costly treatment arms that quantifies the…

Forthcoming in Management Science

Online marketplaces have adopted new quality control mechanisms that can accommodate a flexible pool of providers. In the context of ride-hailing, we measure the effectiveness of these mechanisms…

Since the 19th century, political reformers have proposed broadening civic and corporate governance by allowing voters to delegate to any other voter — sometimes known as liquid democracy. Today, systems like liquid democracy have become an…

One thread of empirical work in social science focuses on decomposing group differences in outcomes into unexplained components and components explained by observable factors. In this paper, we study gender wage decompositions, which require…

We develop a theoretical and empirical framework to estimate bank franchise value. In contrast to regulatory guidance and some existing models, we show that sticky deposits combined with low deposit rate betas do not imply a negative duration for…

Recent decades have seen major changes to the local media environment in the United States, with the absorption of many formerly independent local TV stations into conglomerates. Using a comprehensive dataset of acquisitions, we examine the…

Manual code reviews are an essential but time-consuming part of software development, often leading reviewers to prioritize technical issues while skipping valuable assessments. This paper presents an algorithmic model that automates aspects of…

In this paper, we examine biases arising in A/B tests where firms modify a continuous parameter, such as price, to estimate the global treatment effect of a given performance metric, such as profit. These biases emerge in canonical experimental…

The rise of marketplaces for goods and services has led to changes in the mechanisms used to ensure high quality. We analyze this phenomenon in the Uber market, where the system of pre-screening that prevailed in the taxi industry has been…

U.S. partnerships control more than $40 trillion in assets, vastly outnumber U.S. public firms, and contribute significantly to the U.S. tax non-compliance of pass-through entities, which is larger than the non-compliance of publicly traded…