Marschak (1953) suggested that applied research should begin by determining the minimal set of assumptions and data needed to make a prediction of interest. Standard identification analyses correspond poorly to this search, as they have either stringent data (local average treatment effects/IV...

Absent convex preferences or in the presence of indivisibilities, many classical results in general equilibrium fail. We provide a simple solution in a continuum economy: allow traders to engage in simple lotteries between two wealth levels. Such lottery equilibria approximately clear finite...

Hanoch Dagan critiques Radical Markets for insufficient attention to the value of autonomy. While most of his concrete disagreements result from miscommunications, he appears sympathetic to a theory of autonomy, which is more widespread and deserves response. Human agency is fundamentally...

Many of the leading controversies in competition policy in the last two decades, especially those surrounding the Microsoft case, reflect the challenges posed by platform industries. Unfortunately, too often economists and policymakers have drawn the wrong lessons when thinking about such...

The Gulf Cooperation Council (GCC) countries accept massive numbers of migrants from poor countries and pay wages that dramatically improve over outside options but are meagre by the standards of natives. As such they do dramatically more per capita to reduce global inequality than do the...

A group of N individuals must choose between two collective alternatives. Under Quadratic Voting (QV), agents buy votes in favor of their preferred alternative from a clearing house, paying the square of the number of votes purchased; the sum of all votes purchased determines the outcome. We...

This online appendix to "Insulated Platform Competition" includes proofs and details of our applications.The paper to which these Appendices apply is available at the following URL: "http://ssrn.com/abstract=1694317" http://ssrn.com/abstract=1694317

Selection markets, like insurance and finance, where the value of customers depends on their identity, create fundamental challenges for competition policy. Competition is often harmful in these markets either by creating socially excessive supply or leading to degradation of product quality....

I document empirically that the field of financial economics has been mostly concerned with positive issues (largely related to “informational efficiency” of prices) rather than allocative efficiency relative to the field of industrial organization, which I take as a comparison point. I...

We propose a simple and practical "raffle" mechanism for allocating a limited supply of heterogeneous goods among unit demand consumers. While the mechanism is inspired by the common "tricky tray" raffle and a housing allocation system in Singapore, it has not been analyzed before, perhaps...