In dispersed cities, congestion tolls would drive up central wages and rents and would induce centrally located producers to want to disperse closer to their workers and their customers, paying lower rents and realizing productivity gains from land to labor substitution. But the tolls would also...

We study favoritism via hometown ties, a common source of favor exchange in China, in fellow selection of the Chinese Academies of Sciences and Engineering. Hometown ties to fellow selection committee members increase candidates' election probability by 39 percent, coming entirely from the...

This report studies how flows in large scale transportation networks can be subjected to rapid estimation. It describes an efficient transportation network analysis (TNA) procedure that provides the system-wide changes of network flows under numerous scenario earthquakes. The first objective of...

We apply numerical dynamic programming to multi-asset dynamic portfolio optimization problems with proportional transaction costs. Examples include problems with one safe asset plus two to six risky stocks, and seven to 360 trading periods in a finite horizon problem. These examples show that it...

This study examines the long-term effect of a pandemic on a crucial human capital decision, namely college major choice. Using China’s 2008–2016 major-level National College Entrance Examination (Gaokao) entry grades, we find that the 2003 SARS had a substantial deterrent effect on the...

It's commonly believed that managers with higher ability would be less likely to be taken over. We set out a model, which is built on Zwiebel (1996), to show that there is no monotonic relationship between manager's ability and the probability of being taken over. A manager with relatively high...