Learn More
Exposing Corrupt Politicians: The Effects of Brazil’s Publicly Released Audits on Electoral Outcomes This paper examines whether access to information enhances political accountability. Based upon the results of Brazil’s recent anti-corruption program that randomly audits municipal expenditures of federally-transferred funds, it estimates the effects of the(More)
It is widely recognized that active media can play a role in enhancing political competition by informing voters. However, collusion between government and media can undermine this role. We extend the political accountability model to include the presence of media outlets and the possibility that the incumbent exerts influence over them. In equilibrium, the(More)
We provide new evidence from the 1980, 1990, and 2000 Decennial Census of Housing that the expenditure share on housing is constant over time and across U.S. metropolitan areas (MSA). Consistent with this observation, we consider a basic model in which identical households with Cobb-Douglas preferences for housing and numeraire consumption choose an MSA in(More)
We set up and solve a spatial, dynamic equilibrium model of the housing market based on two main assumptions: households with heterogenous abilities flow in and out metropolitan areas in response to local wage shocks, and the housing supply cannot adjust instantly because of regulatory constraints. In our equilibrium, house prices compensate for(More)
This paper analyzes collective decision making when individual preferences evolve through learning. Voters must take into account the effect of their votes on everyone’s learning and, hence, future preferences. The analysis is conducted in a two-arm bandit model with a safe alternative and a risky alternative whose payoff distribution, or “type”, varies(More)
We model an organization as a game in which all agents share a common decision problem and some level of coordination is necessary between individual actions. Agents have individual private information on the task they have to perform and they share this private information through pairwise channels of communication. We analyze how this communication(More)
Recent studies show that single-quarter institutional herding positively predicts short-term returns. Motivated by the theoretical herding literature, which emphasizes endogenous persistence in decisions over time, we estimate the e¤ect of multi-quarter institutional buying and selling on stock returns. Using both regression and portfolio tests, we …nd that(More)
We evaluate the impact on crime of a localized policing experiment that depenalized the possession of small quantities of cannabis in the London borough of Lambeth. We find that depenalization policy caused the police to reallocate effort towards non-drug crime. Despite the overall fall in crime attributable to the policy, we find the total welfare of local(More)