The Berry, Levinsohn, and Pakes (1995, BLP) model is widely used to obtain parameter estimates of market forces in differentiated product markets. The results are often used as an input to evaluate economic activity in a structural model of demand and supply. Precise estimation of parameter...

The rationality of choices is one of the most fundamental assumptions of traditional economic analysis. Yet, substantial evidence has documented that choices often cannot be rationalized by utility maximization. Several measures of rationality have been introduced in the literature to quantify...

The share of private consumption has long been small in the Chinese GDP. The share started to increase in the past decade, but the trend reversed with the covid-19 pandemic. Now as the Chinese economy reopens and recovers from covid restrictions, the share of consumption could return to a...

1 Descartes’ Analytic Geometry -- 1.1 Lines -- 1.2 Quadratic Equations -- 1.3 Lines and Circles -- 1.4 Hyperbole -- 1.5 Parabola -- 1.6 Long Division of Polynomials and Horner’s Rule -- 1.7 Roots of Polynomials -- 1.8 Tangents to Polynomial Curves -- 1.9 Derivatives of Polynomials -- 1.10...

An interconnected world increases economic efficiency while giving certain countries leverage over others. We aim to describe and understand international power stemming from trade. Using an illustrative model of trade with possibilities of bilateral disputes and ex-post hold-ups, we highlight...