This paper develops a one-sector general equilibrium model featuring differentiated products, monopolistic competition, and endogenous environmental policy to examine the effects of intra-industry trade on the environment. Our results suggest: (i) the environmental effects of trade depend on how...

The practice of selling multiple products or services under nonlinear pricing has a long history in the business community. Consumers may face demand uncertainty when choosing a service plan, and preferences for multiple products or services may be inter-dependent. To examine a demand system...

This paper develops an estimable model to quantify the efficiency loss arising from both risk sharing and talent misallocation due to the presence of moral hazard in the market for CEOs. I estimate the model parameters characterizing CEOs' preferences, firms' technologies, and their productive...

This paper documents and compares two designs for crowdfunding markets, namely, pure crowds, where all crowd members participate as equals, and hybrid crowds, where crowd members are led by an expert investor. The hybrid design is rarely studied in the crowd funding literature, despite its large...

This paper develops a model of used vehicle trade between countries with different environmental regulations regarding vehicle emissions. We show that the US, given its strict environmental regulations, has incentives to export used vehicles to Mexico, which impacts air pollution emissions...