Using bi-weekly snapshots of Zillow in three US cities, we document how home sellers and buyers interact with Zillow's Zestimate algorithm during the sales cycle of residential properties. We find that listing and selling outcomes respond significantly to Zestimate, and Zestimate is quickly...

Using proprietary data from Alibaba, we examine how the 2015 Food Safety Law (FSL) affects e-commerce in China. The FSL requires most food sellers on e-commerce platforms to obtain a valid, online license for retail food handling. Because the FSL was rolled out progressively, we have a rare...

Before reaping transaction cost savings from the Internet, online sellers must credibly communicate the quality of their goods or their reliability of delivery. We use baseball cards as an example to address (1) whether consumers fully understand the risk of online trading, (2) the extent to...

This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major cities in China. We then identify 2,330 unfinished...

Since 2006, Taiwan's National Health Insurance (NHI) covers the full cost of baseline treatment in cardiac stents (bare-metal stents, BMS), but requires patients to pay the incremental cost of more expensive treatments (drug-eluting stents, DES). Within this "top-up" design, we study how...

This paper examines the link between price, quality, seller claims and seller reputation in Internet auctions. To obtain a precise measure of quality, we purchased actual baseball cards and have them professionally graded. These cards were systematically purchased so half of the sample came from...

This paper examines the role of repetition in government regulation using Florida restaurant inspection data from 2003 to 2010. In the raw data, inspectors new to inspected restaurants tend to report 27% more violations than repeat inspectors. After ruling out regulatory capture and endogenous...

In this paper, we use mobile messaging to leverage recipients' social ties and encourage offline prosocial activities in groups. In particular, we conduct a randomized field experiment with 80,000 blood donors and study how behavioral interventions and economic rewards motivate offline group...