We model trading and information diffusion in OTC markets, when dealers can engage in many bilateral transactions at the same time. We show that information diffusion is effective, but not efficient. While each bilateral price partially reveals all dealers' private information after a single...

It is well-known that men and women segregate by occupation, but less is known about how they segregate by task within occupation. We show that the tasks performed by women are less skill intensive on the average than those performed by men having the same occupation. Neither demographic...

This paper estimates the long-lasting effects of institutions imposed by the three Empires: Austro-Hungary, Prussia and Russia during the Partition of Poland on the performance of Polish students. Using the two-dimensional geographical Regression Discontinuity Design I show that the Habsburg...

We seed noisy information to members of a real-world social network to study how information diffusion and information aggregation jointly shape social learning. Our environment features substantial social learning. We show that learning occurs via diffusion which is highly imperfect: signals...

We consider a functional parameter called the conditional average treatment effect (CATE), designed to capture heterogeneity of a treatment effect across subpopulations when the unconfoundedness assumption applies. In contrast to quantile regressions, the subpopulations of interest are defined...

This paper proposes a practical method for estimating consumer lock-in effects from firm-level data. The method compares the behavior of already contracted consumers to the behavior of new consumers, the latter serving as a counterfactual to the former. In panel regressions on firms' incoming...

The paper introduces for the most frequently used three-dimensional fixed effects panel data models the appropriate within estimators. It analyzes the behaviour of these estimators in the case of no-self-flow data, unbalanced data and dynamic autoregressive models. Then the main results are...

In this paper, we introduce and analyze a new class of stochastic process, named Boundary Crossing Counting Process. We show how to assess its finite-sample probability distribution using first exit time distributions. We discuss and calibrate three different methods for estimating this...

Rietz (1988) and Barro (2006) subject consumption and dividends to rare disasters in the growth rate. We extend their framework and subject consumption and dividends to rare disasters in the growth persistence. We model growth persistence by means of two hidden types of economic slowdowns:...

I explore the efficiency properties of a decentralized labor market for scientists. I use a model where firms produce science by building labs and hiring researchers in a competitive market. Firms may invest in science to produce new scientific knowledge or to increase their absorptive capacity:...