Leading AI firms claim to prioritize social welfare. How should firms with a social mandate price and deploy AI? We derive pricing formulas that depart from profit maximization by incorporating incentives to improve welfare and reduce labor disruptions. Using US data, we evaluate several...

Leading AI firms claim to prioritize social welfare. How should firms with a social mandate price and deploy AI? We derive pricing formulas that depart from profit maximization by incorporating incentives to improve welfare and reduce labor disruptions. Using US data, we evaluate several...

"In the final decades of the 20th century and the first decade of the 21st, long-term borrowing costs fell - with significant consequences for the global economy and financial markets. The Price of Money introduces a new model of the natural rate of interest, bringing together a top-down...

"In the final decades of the 20th century and the first decade of the 21st, long-term borrowing costs fell - with significant consequences for the global economy and financial markets. The Price of Money introduces a new model of the natural rate of interest, bringing together a top-down...

"The economic case for self-interest at the outer limits of being morally good. Modern life is an exercise in discomfort. In the face of endless injustice, how much selfishness is permissible? How do we square suffering elsewhere with our hope to thrive at home? How does one strive for the...

This article investigates the political cost of poverty in democracies marked by deep social divisions. We develop a probabilistic voting model that incorporates clientelism as a strategic tool employed by elite political parties to secure electoral support from non-elite voters. Unlike models...