We study Colonel Blotto games with sequential battles and a majoritarian objective. For a large class of contest success functions, the equilibrium is unique and characterized by an even split: Each battle that is reached before one of the players wins a majority of battles is allocated the same...

This paper studies mechanisms for allocating rights to forge new blocks on a blockchain. The proof of work contest (PoW) where all block generators, or miners, compete for finding the next block is characterized. The central feature of the PoW contest is that no miner has an incentive to...

This paper quantifies the impact of effective corporate tax rates on aggregate total factor productivity (TFP). Using Chilean manufacturing data, we document a large dispersion in the effective tax rate faced by firms and a mass of firms facing a 0 percent tax rate. We incorporate these findings...

The Chinese central government has adopted a nationwide administrative allocation policy to reduce carbon and sulfur emissions. Using the ZSG-DEA (Zero-Sum Gain Data Envelopment Analysis) approach, this paper evaluates and compares the emission efficiencies of China's provincial CO2 and SO2, and...

We exploit a variation in organizational hierarchy induced by a reorganization plan implemented in roughly 2,000 bank branches in India, to investigate how organizational hierarchy affects the allocation of credit. We find that increased hierarchization of a branch induces credit rationing,...

In this paper, we discuss the models of continuous dynamics on the 2-simplex that arise when different qualitative restrictions are imposed on the (continuous) functions that generate the dynamics on the 2-simplex. We consider three types of qualitative restrictions: inequality (or...

This paper uses a quasi-experimental study of a major bridge construction in Bangladesh to understand the effects of a large reduction in trade costs on the pattern of structural change and agricultural productivity. We develop a spatial general equilibrium model with a core and two hinterlands...

In various fields of applications such as capital allocation, sensitivity analysis and systemic risk evaluation, one often needs to compute or estimate the expectation of a random variable given that another random variable is equal to its quantile at some pre-specified probability level. A...

Emerging economies are characterized as having underdeveloped financial markets. Furthermore, many of these economies have employment protection laws that make it costly for firms to fire workers. Understanding the interaction between these features is key for evaluating financial and labor...

I develop and estimate a novel dynamic model of the secondary market trading of intangible assets in an environment where financial market frictions interfere with firm investment. Intangible asset trading (IAT) not only serves as an alternative means of financing but also reallocates investment...