We estimate the value employees place on remote work using revealed preferences in a high-stakes, real-world context, focusing on U.S. tech workers. On average, employees are willing to accept a 25% pay cut for partly or fully remote roles. Our estimates are three to five times that of previous...

We partner with a large US payment-processing company to run a 5-year, 10 wave panel survey of incentivized quarterly sales forecasts on over 6,000 firms. We match firm predictions to proprietary revenue data to assess accuracy. We find firms forecast poorly, with issues of inaccuracy,...

Combining a variety of survey and administrative data, this paper measures the progressivity of taxes and transfers at the U.S. federal level and separately for each state. The findings are as follows. (i) The federal tax and transfer system is progressive. (ii) State and local tax and transfer...

We study how preferences over the demographic composition of co-patrons affects income segregation in shared spaces. To distinguish demographic preferences from tastes for other venue attributes, we study venue choices within business chains. We find two notable regularities: preferences for...

Firms frequently fail to adopt profitable business opportunities even when they do not face informational or liquidity constraints. We explore three behavioral frictions that explain inertia among individuals--present bias, limited memory, and distrust--in a managerial setting. In partnership...

We present new and rich evidence on intersectional discrimination in labor markets, focusing on wages in the traditional residual wage differential approach to discrimination. We interpret "intersectional discrimination" in the framework of interactions, in which discrimination along two...

We find that test score optional policies harm the likelihood of elite college admission for high achieving applicants from disadvantaged backgrounds. We show that at one elite college campus, SAT (and ACT) scores predict first year college GPA equally well across income and other demographic...

Drawing on the experiences of the historical Eurodollar market and recent Chinese dollar bond issuances traded outside U.S. jurisdiction at negative spreads to Treasurys, we examine the conditions under which a parallel offshore dollar financial system that circumvents Western sanctions may...

When multiple forces potentially underlie discriminatory behavior, pinning down the precise sources becomes a challenge, making proposed policy solutions speculative. This study introduces an empirical approach, tightly linked to theory, to dissect two specific channels of discrimination:...

Crisis bargaining games are widely used to analyze bilateral conflicts, featuring strategic bluffing akin to poker. Players risk substantial losses from overplaying their hand but can secure significant gains if their opponent concedes. Since decisions in crises typically emerge from collective...