The Evolution of Market Power in the US Auto Industry (with Paul L.E. Grieco and Charles Murry)
June 2021

+ Click for Summary
We estimate margins and consumer surplus in the US auto industry from 1980-2018. We find that margins decreased and consumer surplus increased while prices rose and concentration decreased. The trends are driven by increasing product quality and decreasing marginal costs.

Concentration in Product Markets (with Lanier Benkard and Anthony Lee Zhang)
February 2021

+ Click for Summary
We analyze market share and brand ownership data to estimate levels and trends in industry concentration for various levels of aggregation in market definition.

Quantitative Analysis of Multi-Party Tariff Negotiations (with Kyle Bagwell and Robert Staiger)
February 2021
Forthcoming, Econometrica

+ Click for Summary
We embed a quantitative trade model into a model of bilateral bargaining externalities to study the non-discrimination principle in WTO tariff negotiations.

Multilateral Trade Bargaining: A First Look at the GATT Bargaining Records (with Kyle Bagwell and Robert Staiger)
Online Appendix
American Economic Journal: Applied Economics, Vol. 12, No. 3, July 2020

+ Click for Summary
We empirically examine recently declassified offer and counteroffer data from multi-party international tariff negotiations. We document eight stylized facts. We assess the role of relaxing bilateral reciprocity to multilateral reciprocity, and whether preferential tariffs served as a stumbling block for liberalization.

"Nash-in-Nash" Tariff Bargaining (with Kyle Bagwell and Robert Staiger)
Journal of International Economics,Vol. 122, January 2020

+ Click for Summary
We derive some theoretical results on the efficiency properties of Nash-in-Nash equilibrium tariffs under Most-Favored-Nation (MFN) rules and with no MFN restriction.

The Welfare Effects of Vertical Integration in Multichannel Television Markets (with Gregory Crawford, Robin Lee, and Michael Whinston)
Econometrica, Vol. 86, Issue 3, May 2018

+ Click for Summary
We estimate the welfare effects of vertical integration of upstream regional sports networks with downstream cable distribution firms. We measure efficiencies due to integration (reduction of double marginalization) against potential foreclosure incentives (exclusion and raising rivals' costs). We also analyze regulatory policy towards integrated firms.

Bias in Cable News: Persuasion and Polarization (with Gregory Martin)
American Economic Review, Vol. 107, No. 9, September 2017

+ Click for Summary
We measure the persuasive effects of cable news. We consider these effects in a model where consumers prefer news that is closer to their own ideology. The results suggest that media mergers may raise additional public policy issues compared to mergers in other product markets.

Dynamic Natural Monopoly Regulation: Time Inconsistency, Moral Hazard, and Political Environments (with Claire Lim)
Online Appendix
Journal of Political Economy, Vol. 126, No. 1, February 2018

+ Click for Summary
Examines infrastructure investment dynamics and degree of power outages under monopoly regulation. We simulate regulatory commitment and explore regulator heterogeneity.

The Role of Government Reimbursement in Drug Shortages (with Eli Liebman and David Ridley)
American Economic Journal: Policy, Vol. 9, No. 2, May 2017

+ Click for Summary
Examines dramatic increase in reported drug shortages and the contribution of changing regulatory reimbursement design. The theoretical framework is an oligopoly with supply uncertainty where manufacturers invest in capacity and face differing reimbursement schemes for their drugs.

The Welfare Effects of Bundling in Multichannel Television Markets (with Gregory S. Crawford)
American Economic Review, Vol. 102, No. 2, April 2012
Download Code for Estimation and Simulation (Synthetic Data Included)

+ Click for Summary
An empirical model to predict the effects of a la carte pricing regulations in cable television, accounting for the renegotiation of bilateral contracts between upstream content and downstream distribution.

Invited Comments prepared for the FCC "State of The Video Marketplace" Workshop
March 2016

+ Click for Summary
Non-technical overview on research related to bundling, programming costs, vertical integration, and social effects of the media.

Economics of the Media, Entertainment, and Communications Sector

Period: 2021 - present
Level: MBA elective

Data and Decisions

Period: 2010 - present
Level: MBA core

Statistics and Data Analysis for Business Applications

  • Probabilistic foundations
  • Sampling theory
  • Regression Analysis
  • Model Selection
  • Penalized Regression, Neural Networks, Regression Trees and Random Forests for Prediction

Econometrics (E604)

Period: 2011 - 2018
Level: PhD

First year econometrics course for GSB PhD students.

Syllabus

Industrial Organization

Period: various
Level: Undergraduate and PhD