Affirmative action policies often take two forms: quotas, where a certain number of individuals from underrepresented minority groups are to be admitted; and priority subsidies, where these individuals are given higher admissions scores relative to some baseline. Should a policymaker concerned...

In this paper we present a general equilibrium model to analyze competition between multiple venues (dealers), endogenous market segmentation, transaction speeds and fees, trading volume, optimal regulator's choice for taxing traders, and welfare in illiquid asset markets. Differences in trading...

This paper considers a network model of social cooperation that allows individuals to rely on multiple partners to obtain favors (i.e., cooperation of different partners is substitutable) and studies bilateral enforcement of cooperation. When cooperation isn't substitutable, the value of...

Many institutions implement affirmative action programs when hiring individuals or allocating resources, indicating a preference for diversity as well as quality. I introduce a framework to analyze diversity preferences and their effect on the affirmative action policies and choice rules adopted...

We consider a model of international unions where countries have heterogeneous preferences for integration and their integration decisions are strategic complements. We analyze equilibrium integration under different integration protocols and characterize the preferences of countries over...

We study interactions between cryptocurrency trading venues, traders, and taxation in which the venues differ in technology (fast vs. slow). The property distinguishing this market from other markets like equities is the fact that each venue clears trades separately from one another. We show...

I analyze a setting where the Boston Mechanism (BM) is applied repeatedly and students form their application strategies by best-responding to the admission cutoffs of the previous period, a process I call the Repeated Boston Mechanism (RBM). If students are truthful in the initial period, the...

We study a general class of consumption-savings problems with recursive preferences. We characterize the sign of the consumption response to arbitrary shocks in terms of the product of two sufficient statistics: the elasticity of intertemporal substitution between contemporaneous consumption and...

We document that attention to macroeconomic conditions is counter-cyclical using a natural-language-processing method that analyzes US public firms' regulatory filings. We rationalize this phenomenon as an optimal stochastic choice pattern in response to higher stakes for tracking macroeconomic...

Policymakers can choose from a variety of fiscal stimulus levers: conditional transfers, unconditional transfers, or direct purchases from certain industries. This choice is complicated by the rich network structures that connect households and industries via employment, directed consumption,...