the private good improves economic efficiency under a condition that is always fulfilled under stochastic independence and satisfied for an open set of joint distributions. Our model is an example where there is an efficiency loss from separating revenue and expenditure problems, and is...

We analyze a model in which agents endogenously decide whether to locate close to other members of the extended family, as opposed to different cities or states. The agents' decisions are affected by several factors including the nature of the shock process affecting incomes, initial wealth,...

We empirically implement an equilibrium labor market search model where both wages and health insurance provisions are endogenously determined and use it to predict the impact of the 2010 U.S. health insurance reform on health insurance coverage and labor market outcomes. In our model, employers...

timber auctions.

This paper builds and estimtates a dynamic equilibrium model to study renegotiation between borrowers and lenders over distressed fixed-rate mortage loans using a unqie mortgage loan level data. The model captures borrowers' as well as lenders' behavior prior to borrowers' mortgages becoming...

We consider an environment with asymmetric information about preferences for a public good and a private good. If the public good must be financed from contributions made by participants and if participants must be given incentives to participate in the mechanism, we show that there are...

In this chapter, I discuss innovation and entrepreneurship in residential real estate and construction (housing). Based on R&D spending and patent statistics, housing does not appear to be a very innovative sector. But in the last two decades, there has been a significant increase in the amount...

Using a novel dataset which merges real estate listings with real estate transactions in San Francisco from 2007-2009, we present new evidence that foreclosures causally depress nearby home prices. We show that this decrease occurs only after the foreclosed home is listed for sale, which...