We show that supply networks are inefficiently, and insufficiently, resilient. Upstream firms can expand their production capacity to hedge against supply and demand shocks. But the social benefits of such investments are not internalized due to market power and market incompleteness. Upstream...

Manufacturers of durable goods can encourage consumers facing transaction costs to upgrade by accepting used units as trade-ins. These "buyback schemes" increase demand for new units, but increase the supply of used units if trade-ins are resold. In this paper, I investigate the equilibrium...

We study changes in markups across 72 product markets from 2006 to 2018. A growing literature has documented a rise in markups over time using a production function approach; we instead employ the standard microeconomic method, which is to estimate demand and then invert firms' first-order...

We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish conditions under which the equilibrium is unique and converges to a system of differential equations. Using unique and comprehensive pricing and bookings data for competing...

Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that disaggregates "R" from "D" to study how US firms...

Firms have inefficiently low incentives to innovate when other firms benefit from their inventions and the innovating firm therefore does not capture the full surplus of its innovations. We show that common ownership of firms mitigates this impediment to corporate innovation. By contrast,...

Using a randomized control trial, this paper studies an at-scale preschool construction program that serves poor communities in rural Mozambique. We show that the program significantly increased preschool enrollment in treated communities by 73 percentage points, from a small base of 2 percent...

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners target and manage these assets? And does the contract form--control rights (concession) vs. outright ownership (sale)--matter? We explore these questions in the context of global...

We investigate whether two characteristics of non-profit hospital boards - the number of board members and whether the CEO is a board member - are associated with CEO pay and several measures of hospital performance, including price, operating margin, quality, and service to low-income patients....

How do economic costs affect religious choices, and how do religious institutions adapt to economic realities? We study the Seventh-Day Adventist (SDA) church in Sub-Saharan Africa, which prohibits production of tobacco, coffee, and tea, creating salient opportunity costs for potential members...