Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming,...

We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive...

We introduce a novel methodology for adaptive targeted experiments. Our Tempered Thompson Algorithm balances the goals of maximizing the precision of treatment effect estimates and maximizing the welfare of experimental participants. A hierarchical Bayesian model allows us to adaptively target...

Every year tens of thousands of refugees are resettled to dozens of host countries. While there is growing evidence that the initial placement of refugee families profoundly affects their lifetime outcomes, there have been few attempts to optimize resettlement decisions. We integrate machine...

Efficient computability is an important property of solution concepts. We consider the computational complexity of finding and verifying various solution concepts in trading networks—multi-sided matching markets with bilateral contracts and without transferable utility—under the assumption...

We consider a model of matching in trading networks in which firms can enter into bilateral contracts. In trading networks, stable outcomes, which are immune to deviations of arbitrary sets of firms, may not exist. We define a new solution concept called trail stability. Trail-stable outcomes...

Anthropogenic climate change poses a threat to all people and governments, but the response to that threat varies enormously across countries. Some adopt politically costly and economically challenging climate change mitigation policies, while others deny that climate change is occurring. Why do...