This paper examines the regulation of technological innovation direction under uncertainty about potential harms. We … in resource allocation across research paths, challenging common intuitions about diversification. These insights have …

We build a model of optimal fixed-rate mortgage refinancing with fixed costs and inattention and derive a new …

asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …

Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …

To understand the effects of regulation on mortgage risk, it is instructive to track the history of regulatory changes …-changing regulation impacted mortgage lending and risk. We use cross-sectional differences in the time- series variation of delinquency … rates, conditional on initial interest rates, to detect the effects of regulation on mortgage delinquencies …

increased credit to unaffected parts of the conforming-mortgage market. Banks responded by reallocating provision of speculative … mortgage credit across their local markets, which in turn affected their provision of small business credit. These adjustments …

case and may affect the allocation of litigation costs. Specifically, if the parties litigate to judgment, then the … allocation of litigation costs may depend on how the judgment compares with the special offer. This paper develops a model of …