Using data from about seven millions room postings by hotels in France and the UK, we document that, rather than smoothly decreasing to zero, cancellation premia remain positive at roughly 10% to 15% of the full price until two days before the stay. A model where travelers have different...

In many markets insurers are barred from price discrimination based on consumer characteristics like age, gender, and medical history. In this paper, I build on a recent literature to show why such policies are inefficient if consumers differ in their willingness-to-pay for insurance conditional...

This paper analyzes pharmaceutical pricing between and within countries to achieve second best static and dynamic efficiency. We distinguish countries with and without universal insurance, because insurance undermines patients' price sensitivity, potentially leading to prices above second-best...

The PPP puzzle is based on empirical evidence that international price differences for individual goods (LOOP) or baskets of goods (PPP) appear highly persistent or even non-stationary. The present consensus is these price differences have a half-life that is of the order of five years at best,...

Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's 'beta testers' on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use word embedding methods to...

In this paper, I present a simple characterization of the sample selection bias problem that is also applicable to the conceptually distinct econometric problems that arise from truncated samples and from models with limited dependent variables. The problem of sample selection bias is fit within...

Within the past few years, renewed interest in understanding marital behavior has resulted in a number of studies which focus on an equation estimating the probability of divorce or remarriage. This paper reports on one such effort. It offers a brief rationale for and an estimation of...

We examine the Cochrane and Piazzesi (2005, 2008) model in several out-of-sample analyzes. The model's one-factor forecasting structure characterizes the term structures of additional currencies in samples ending in 2003. In post-2003 data one-factor structures again characterize each currency's...

This paper analyzes statistical issues arising from networks based on non-representative samples of the population. We first characterize the biases in both network statistics and estimates of network effects under non-random sampling theoretically and numerically. Sampled network data...