arXiv preprints from January 1, 2026 through September 5, 2026 — 00:31:54 EST
We introduce a behavioral notion of domain-specific risk aversion that separates attitudes toward risk from deterministic utility: an agent is more pure risk averse in one domain than in another if, for prizes that are indifferent under certainty, he is more averse to risk in the former domain than in the latter. We develop a model...
Concave consumption functions imply a marginal propensity to consume that falls with wealth. I characterize the utility functions that guarantee this property in finite-horizon optimal saving problems with stochastic discounting, returns, income, and borrowing limits. Under conditional impatience---the conditional expected discounted...
We study a setting in which an agent receives private information before choosing from a menu and anticipates hindsight scrutiny. Such scrutiny creates a motive for conservatism toward menu expansions. Our key axiom, conservatism, is a direct weakening of preference for flexibility: Adding an option is weakly beneficial whenever it...
The VCG family and the AGV mechanism are two classical approaches to efficient implementation in the static social choice problem. In 2024, Csóka et al. showed that AGV has critical weaknesses. In contrast, the transferable-utility Guaranteed Utility Mechanism (TU-GUM) retains all the standard desirable properties of AGV while adding...
In this paper, we study causal non-causal state space models to model time series characterised by a local explosive increase followed by a sharp decrease such as stock prices. To motivate the use of causal non-causal state space models, we show that the causal non-causal convolution autoregressive model introduced by Gourieroux and...
We present a suite of R packages for macroeconomic forecasting that leverages advanced Bayesian, structural, multivariate, dynamic, hierarchical, non-linear, and non-Gaussian models. The suite enables both structural and predictive analyses, and is adapted to time series data across various types, dimensions, and sampling frequencies....
South Korea has the world's lowest fertility and an intense education race. Families devote nine percent of lifetime income to education, mostly to private tutoring with near-zero measured returns. I show that competition for coveted careers generates an assignment externality: when all families spend more, the admission bar rises and...
Opposing advocates may be unable to fabricate evidence but can choose which true observations to present. We study how a court, editor, or platform should divide potential exposure between an advocate who prefers a higher decision and one who prefers a lower decision. Each advocate controls a separate evidence pool, exposure is...
We study the properties of the cumulative offer mechanism (COM) when institutions' choice functions satisfy strong observable substitutability (strong OS). First, we show that each of the following properties of the COM characterizes strong OS: IR monotonicity, weak Maskin monotonicity, and dropping monotonicity. Dropping monotonicity...
This study examines whether customer disclosures affect how supplier firms allocate capital across business segments. Customer disclosures can shape supplier investment decisions through two competing channels. They can improve suppliers' information about downstream demand, helping suppliers align capital with growth opportunities...
Quiet quitting reflects a form of worker disaffection that operates along the intensive margin of labor supply rather than through job exit. We study how alternative workplace narratives shape workers' behavioral responses using a randomized survey experiment on a representative sample of employees in Italy and France. Respondents are...
Dual-class shares allocate control to founders whose firm-specific investments drive firm value but separate control from ownership, raising agency costs. We analyze this trade-off dynamically. Using new data on US dual-class firms spanning 52 years and difference-in-differences designs, we show that valuations rise following...
We study random assignment of indivisible objects among a set of agents with strict preferences and outside options. When agents may rank some objects as unacceptable, we consider different notions of measuring waste of object(s) from an ex-ante perspective. The most natural one is $q$-agent-object-waste whereby both one agent and one...
We study identification of two-way unobserved heterogeneity in the nonparametric panel regression $G_{it}=g(α_i,γ_t)+\varepsilon_{it}$, where identification of the latent types reduces to constructing identified, \emph{injective} proxies for them. To this end we consider the singular value decomposition (SVD) of the bivariate...
How do we define an occupation? By its job title? An accountant at a small trading company keeps the books; at a listed firm the same title demands a certified-accountant licence, and the week goes to the reports that regulators and the board read. Same title, different bar, different work. What defines an occupation is who it lets in...
Which visual choices make a post perform better? A growing literature answers this question with pooled coefficients estimated across many creators, which platforms translate into creative recommendations. We show that these coefficients blend two distinct patterns that can point in opposite directions for the same attribute. The...
We develop a novel method of inference for network-dependent high-dimensional random vectors. Dependence is characterized via a functional dependence measure based on graph distance, allowing the approximation theory to capture the interaction between the decay of dependence and the growth of network neighborhoods. We establish...
This paper develops the Municipal Equitable and Sustainable Well-being Index (MESWI) for all Italian municipalities, extending the 12-domain BES framework to the local level through 49 indicators. Results reveal substantial territorial heterogeneity that regional and provincial statistics may conceal. The North-South divide remains...
This data paper describes an anonymized release derived from controlled behavioral experiments on decision-making under risk (known probabilities) and ambiguous uncertainty (partially specified or unknown probabilities) in Ellsberg-type urn tasks. The release contains 4,486 decision records from 246 adult participant records across...
Dual-class shares allocate control to founders whose firm-specific investments drive firm value but separate control from ownership, raising agency costs. We analyze this trade-off dynamically. Using new data on US dual-class firms spanning 52 years and difference-in-differences designs, we show that valuations rise following...
In a number of large, important families of finite games, not only is the set of pure-strategy Nash equilibria nonempty but it is also reachable from any initial strategy profile by some sequence of myopic single-player moves to a better or best-reply strategy. This weak acyclicity property is weaker than acyclicity of the game, which...
Many empirical investigations of long-run relations are based on cross-section regressions in averaged or long differenced data that effectively have the time dimension of a $T\times N$ panel compressed. We analyze a class of time-compressed I(1) data and show that they have magnified variability stemming from the fact that the...
Agnostic sequential equilibrium (ASE) is a refinement of sequential equilibrium that does not force on the players a single, arbitrary belief system. In addition, whereas sequential equilibrium assumes the players' beliefs to be fully consistent (a notion that is based on perturbations of strategies), ASE employs a novel, simpler and...
This paper develops a new econometric framework to identify and estimate policy-relevant causal effects in contexts with endogenous selection into treatment and spillovers within single large networks or spatial settings. Conventional causal inference methods relying on either unconfoundedness or no-interference assumptions are...
Artificial intelligence (AI) is increasingly embedded in scientific work, but researchers may not evaluate its use uniformly across research tasks. This study examines task-specific attitudes towards AI among an international, self-selected sample of 3,785 PhD students in STEM and medical and health sciences who participated in...