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...

Network diffusion models are used to study things like disease transmission, information spread, and technology adoption. However, small amounts of mismeasurement are extremely likely in the networks constructed to operationalize these models. We show that estimates of diffusions are highly...

We examine friendships and study partnerships among university students over several years. At the aggregate level, connections increase over time, but homophily on gender and ethnicity is relatively constant across time, university residences, and different network layers. At the individual...

To understand new information, we exchange models or interpretations with others. This paper provides a framework for thinking about such social exchanges of models. The key assumption is that people adopt the interpretation in their network that best explains the data, given their prior...

Adaptation to dynamic conditions requires a certain degree of diversity. If all agents take the best current action, learning that the underlying state has changed and behavior should adapt will be slower. Diversity is harder to maintain when there is fast communication between agents, because...

The adoption of new ideas is critical for realizing their full potential and for advancing the knowledge frontier but it involves analyzing innovators, potential adopters, and the networks that connect them. This paper applies natural language processing, network analysis, and a novel fixed...

We examine how peers influence the allegiances of West Point cadets in the American Civil War. Specifically, we analyze how quasi-random variations in the proportion of cadets from northern (low-slave) states influenced the decisions of cadets in choosing which army to join. A higher proportion...

The paper summarizes research on the heterogeneous experiences of actors in agriculture in Europe and the Americas between the First and Second World Wars. Following a period of increasing globalization of agricultural markets, the First World War sharply limited farming in the main combatant...

Irrigation in the Eastern US receives little attention compared to the West, but farmers in humid states of the US, traditionally reliant on rainfall, have more than tripled irrigation since 1978. We examine this trend in Illinois where there has been a nearly threefold increase in center pivot...

Do governments systematically intervene in agricultural markets in response to climate shocks? If so, what are the aggregate and distributional consequences? We construct a global dataset of agricultural policies and extreme heat exposure by country and crop since 1980. We find that extreme heat...