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A Price Theory of Multi-Sided Platforms
I develop a general theory of monopoly pricing of networks. Platforms use insulating tariffs to avoid coordination failure, implementing any desired allocation. Profit-maximization distorts in the…
Stability and Competitive Equilibrium in Trading Networks
We introduce a model in which agents in a network can trade via bilateral contracts. We find that when continuous transfers are allowed and utilities are quasi-linear, the full substitutability of…
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Patent Trolls: Evidence from Targeted Firms
We develop a theoretical model of, and provide the first large-sample evidence on, the behavior and impact of non-practicing entities (NPEs) in the intellectual property space. Our model shows that…
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Matching in Networks with Bilateral Contracts
We introduce a model in which firms trade goods via bilateral contracts which specify a buyer, a seller, and the terms of the exchange. This setting subsumes (many-to-many) matching with contracts,…
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A Theory of Intergenerational Mobility
We study the link between market forces, cross-sectional inequality, and intergenerational mobility. Emphasizing complementarities in the production of human capital, we show that wealthy parents…
View on U Chicago Press
Big Data and Big Cities: The Promises and Limitations of Improved Measures of Urban Life
New, “big” data sources allow measurement of city characteristics and outcome variables higher frequencies and finer geographic scales than ever before. However, big data will not solve large urban…
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Reserve Design: Unintended Consequences and the Demise of Boston’s Walk Zones
We show that in the presence of admissions reserves, the effect of the precedence order (i.e., the order in which different types of seats are filled) is comparable to the effect of adjusting reserve…
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Agglomerative Forces and Cluster Shapes
TLDR
This model highlights how agglomerative forces lead to localized, individual connections among firms, while interaction costs generate a defined distance over which attraction forces operate, and identifies how the lengths over which agglomersic forces operate influence the shapes and sizes of industrial clusters.
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To Groupon or not to Groupon: The profitability of deep discounts
We examine the profitability and implications of online discount vouchers, a relatively new marketing tool that offers consumers large discounts when they prepay for participating firms’ goods and…
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Matching with Slot-Specific Priorities: Theory
TLDR
A two-sided, many-to-one matching with contracts model in which agents with unit demand match to branches that may have multiple slots available to accept contracts is introduced, demonstrating that stable outcomes exist in the slot-specific priorities framework.
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