Papers

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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

Trust in Signals and the Origins of Disagreement

Alice Hsiaw, Ing-Haw Cheng   Nov 14,2022

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

The Limits of Multi-Dealer Platforms

Chaojun Wang   Nov 14,2022

On many important multi-dealer platforms, customers mostly request quotes from very few dealers. I build a model of multi-dealer platforms... Read More

Bayesian Doublespeak

Alice Hsiaw, Ing-Haw Cheng   Nov 15,2022

Why does misinformation persist, and how does it distort the long-run beliefs and actions of rational agents? Suppose receivers see... Read More

Providing Incentives with Private Contracts

Qing Liu, Lucy White Andrea Buffa   Nov 18,2022

Agents working together to produce a joint output care about each other’s incentives. Because real world contracts are typically 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