We study spillover effects within co-offending networks by leveraging deaths of co-offenders for causal identification. Our results demonstrate that the death of a co-offender significantly reduces the criminal activities of other network members. We observe a decaying pattern in the magnitude...

We propose a novel mechanism to facilitate understanding of systemic risk in financial markets. The literature on systemic risk has focused on two mechanisms, common shocks and domino-like sequential default. Our approach is a formal model that provides an intellectual combination of the two by...

We study a structural model of R&D alliance networks in which firms jointly form R&D collaborations to lower their production costs while competing on the product market. We derive the Nash equilibrium of this game, provide a welfare analysis and determine the optimal R&D subsidy program that...