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In this paper, I develop and estimate a dynamic model of strategic network formation with heterogeneous agents. While existing models have multiple equilibria, I prove the existence of a unique stationary equilibrium, which characterizes the likelihood of observing a specific network in the data. As a consequence, the structural parameters can be estimated(More)
This paper develops a framework for analyzing individuals’ choices in the presence of endogenous social networks and implements it with data on teen smoking decisions and friendship networks. By allowing actions and friendships to be jointly chosen, the framework extends the literature on social interactions, which either models choices, taking the social(More)
I develop a dynamic heterogeneous agents model of strategic network formation, where a matching technology and preferences for same-type individuals drive the dynamics of friendship. The model converges to a unique stationary distribution that is structurally estimated using Markov Chain Monte Carlo methods and stochastic approximation techniques. I use(More)
This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader in 2002. We find that the stock market perceived this event as(More)
A key target of the U.S. health policies is to reduce costly adverse birth outcomes to which prenatal smoking is one of the most significant contributors. This paper represents the first attempt to examine whether implementing the minimum cigarette purchase age of 21 can curb smoking among young mothers and thus improve their newborn’s health. The research(More)
Viral Altruism? Generosity and Social Contagion in Online Networks How do the social media affect the success of charitable promotional campaigns? We use individual-level longitudinal data and experimental data from a social-media application that facilitates donations while broadcasting donors’ activities to their contacts. We find that broadcasting is(More)
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