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Designing Stress Scenarios

Thomas Philippon, Cecilia Parlatore   Apr 26,2022

We develop a tractable framework to study the optimal design of stress scenarios. A principal wants to manage the unknown risk... Read More

Private Compensation and Organizational Design

Qing Liu, Lucy White , Andrea Buffa   Sep 15,2021

Most of the literature on organizational design and incentives assumes public contracting. Yet most real world compensation contracts are private... Read More

Monitor Reputation and Transparency

Ivan Marinovic , Martin Szydlowski   Sep 22,2020

We study the disclosure policy of a regulator overseeing a monitor with reputation concerns, such as a bank or... Read More

Pricing and Liquidity in Decentralized Asset Markets

Semih Uslu   Mar 27,2019

I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich... Read More

Published: Econometrica, 2019, 87(6), 2079-2140

The Good, the Bad, and the Complex: Product Design with Imperfect Information

Dana Foarta, Vladimir Asriyan Victoria Vanasco   Nov 05,2019

We study the joint determination of product quality and complexity in a rational setting. We introduce a novel notion of... Read More

Published: AEJ-Micro, 2021, (), -

Aggregation and Design of Information in Markets with Adverse Selection

Brett Green , William Fuchs , Vladimir Asriyan   Nov 05,2019

How effectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in a... Read More

Published: Journal of Economic Theory, 2021, (), -

Why is capital slow moving? Liquidity hysteresis and the dynamics of limited arbitrage

James Dow,Jungsuk Han, Francesco Sangiorgi   Sep 20,2018

Will arbitrage capital flow into a market experiencing a liquidity shock, mitigating the adverse effect of the shock on price... Read More

The Market for Conflicted Advice

Briana Chang , Martin Szydlowski   Sep 21,2018

We present a model of the market for advice in which advisers have conflicts of interest and compete for... Read More

Trust in Signals and the Origins of Disagreement

Alice Hsiaw, Ing-Haw Cheng   Dec 14,2018

Why do individuals interpret the same information differently? We propose that individuals follow Bayes' Rule when forming posteriors with one exception:... Read More

Compensation in High Finance: A Theory of Periodic Labor Markets and Guaranteed Bonuses

Brian Waters , Edward Van Wesep   Dec 17,2018

We present a general equilibrium model of labor market ows that features a periodic equilibrium in which turnover is high... Read More