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This paper develops a theory to illustrate the relationship between the profitability of firms producing along the value chain and the sequential production stages. Using a bilateral monopoly framewor...
We examine the impact of policy uncertainty on trade and real income through firms’ export investments in general equilibrium. We quantify the trade policy causes and welfare effects of China’s export...
In our leading example, buyers affiliated with Stanford University have exclusive access to houses on campus.1 We begin by presenting evidence on house prices on and right around Stanford’s ...
Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this ‘make-or-buy’ choice that highlights the trade-o...
I study a model of investment and sale of ideas and test its empirical implications using a novel data set from the market for original movie ideas. Consistent with the theoretical results, I find tha...
This paper theoretically and empirically analyzes the effect of strengthening intellectual property rights in developing countries on the level and composition of industrial development. We develop a ...
Conventional wisdom depicts corruption as a tax on incumbent firms. This paper challenges this view in two ways. First, by arguing that corruption matters not so much because of the value of the bribe...
People respond to those who ask. Within the charitable fundraising community, the power of the ask represents the backbone of most fundraising strategies. Despite this, the optimal design of communica...
We analyse the impact of labour turnover on profits. We extend the efficiency wage model of Salop (1979) by separating incumbent and newly hired workers in the production function. We show that an exo...
Temporary migration, though empirically relevant, is often ignored in formal models. This paper proposes a migration model with hetero-geneous agents and persistent cross country income di®erenti...

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