In a standard auction, bidders bid more aggressively when the number of bidders increases. However, Krishna and Rosenthal (1996, Games and Economic Behavior) show that when bidders have multiple-unit demand that generates positive synergies, bidders bid less aggressively as the number of bidders...

The high growth rate of mortgage debt in various emerging and developed economies has captured headlines following the financial crisis. In this paper, we investigate how mortgage debt impacts household consumption behavior and various components of household consumption. Utilizing a...

We study whether and how the experimentally elicited risk and time preferences of subjects are associated with their behavior in long-run projects. First, risk and time preferences are elicited from time-dated monetary choices to estimate a general discount and utility function at an individual...

This thesis empirically investigates the effects of agency problemson endogenous managerial effort, firm performance, corporatestructure and industry-wide productivity.In the second chapter, I develop an industrial evolution model withendogenous managerial effort and endogenous organizational...

Chapter 1: Previous work on the denomination structure of currency treats as exogenous the distribution of transactions and the denominations held by people. Here, by way of a matching model, both are endogenous. In the model, trades in pairwise meetings alternate in time with the opportunity to...

This research involves the use of robust systems theory tools to deal with identification,model uncertainty and optimization in macroeconomic stabilization problems,in order to avoid Lucas Critique.This is accomplished by using time domain based robust semi-blind identificationto obtain models...

This dissertation consists of three essays related to the efficiency of real estate markets.The first essay attempts to explain the causes of these inefficiencies by attributing them to unique characteristics of real estate markets. We consider an experimental asset market where all investors...

In their attempts to become more open, policy makers can, with the best of intentions, adopt policies that have unforeseen and often undesirable side effects. Australia, New Zealand and Colombia in 1980s and 90s, attempted a gradual phase out of quantitative restrictions by converting quotas to...

In this thesis, I empirically investigate the selection process and the evolution of an industry in response to aggregate shocks.In the first essay (Chapter 2), I develop a new way to quantify the effects of import competition on intra-industry patterns of job creation and destruction and...

This dissertation comprises of three essays related to real estate auctions:The first essay examines the increase in number of bidders on bidding behavior. In a standard auction, bidders bid more aggressively when the number of bidders increases. However, Krishna and Rosenthal (1996, Games and...