Economists routinely make functional form assumptions about consumer demand to obtain welfare estimates. How sensitive are welfare estimates to these assumptions? We answer this question by providing bounds on welfare that hold for families of demand curves commonly considered in different...

This paper studies fixed-price mechanisms in bilateral trade with ex ante symmetric agents. We show that the optimal price is particularly simple: it is exactly equal to the mean of the agents' distribution. The optimal price guarantees a worst-case performance of at least 1/2 of the first-best...

How does a private market influence the optimal design of a public program? In this paper, I study a designer who has preferences over how a public option and a private good are allocated. However, she can design only the public option. Her design affects the distribution of consumers who...

When individuals generate different amounts of externality that cannot be directly measured or taxed, how should they be regulated? I study the optimal regulation of externalities via an imperfect proxy good, characterize the optimal policy, and show that it includes quantity surcharges and...

New technologies have enabled firms to elicit granular behavioral data from consumers in exchange for lower prices and better experiences. This data can mitigate asymmetric information and moral hazard, but it may also increase firms' market power if kept proprietary. We study a voluntary...

The United States spends twice as much per person on pharmaceuticals as European countries, in large part because prices are much higher in the US. This fact has led policymakers to consider legislation for price controls. This paper assesses the effects of a US international reference pricing...

We develop a heterogeneous-agents network-based model to analyze alternative policies during a pandemic outbreak, accounting for health and economic trade-offs within the same empirical framework. We leverage a variety of data sources, including data on individuals' mobility and encounters...

We develop and implement a heterogeneous-agents network-based empirical model to analyze alternative policies during a pandemic outbreak. We combine several data sources, including information on individuals' mobility and encounters across metropolitan areas, information on health records for...