How much information should a central bank (CB) have about (i) policy objectives and (ii) operational shocks to the effect of monetary policy? We consider a version of the Barro-Gordon credibility problem in which monetary policy signals an inflation-biased CB's private information on both these...

We generalize the canonical problem of Nash implementation by allowing agents to voluntarily provide discriminatory signals, i.e. evidence. Evidence can either take the form of hard information or, more generally, have differential but non-prohibitive costs in different states. In such...

Previous research has argued that, in the mature phase of competition, telecommunications networks may use access charges as an instrument of collusion. We show that this result depends totally on the assumption of linear pricing. Though under nonlinear pricing, the access charge alters the way...

We show how differences in demand and unbalanced call flows affect considerably the pricing strategies of competing telecommunications networks and this both for competition in linear and nonlinear pricing. Differences in demand give also scope for targeted entry. If networks are close...

This paper studies sequential information acquisition by an ambiguity-averse decision maker (DM), who decides how long to collect information before taking an irreversible action. The agent optimizes against the worst-case belief and updates prior by prior. We show that the consideration of...

We develop a network-flow approach for characterizing interim-allocation rules that can be implemented by ex post allocations. Our method can be used to characterize feasible interim allocations in general multi-unit auctions where agents face capacity constraints, both ceilings and floors....

We use a novel dataset of online advertiser performance and product sales to quantify the medium-term economic effects of Apple's App Tracking Transparency Policy (ATT). We find that ATT significantly degraded the ability by Facebook advertisers to target advertisements based on its off-platform...

A liquidity-constrained entrepreneur needs to raise capital to finance a business activity that may cause injuries to third parties the tort victims. Taking the level of borrowing as fixed, the entrepreneur finances the activity with senior (secured) debt in order to shield assets from the tort...

We study Pareto efficient mechanisms in matching markets when the number of agents is large and individual preferences are randomly drawn from a class of distributions, allowing for both common and idiosyncratic shocks. We provide a broad set of circumstances under which, as the market grows...

This paper develops a methodology for characterizing expected revenue from auctions when bidders' types come from an arbitrary distribution. In particular, types may be multidimensional, and there may be mass points in the distribution. One application extends existing revenue equivalence...