co-authors in parentheses
Pricing Power in Advertising Markets: Theory and Evidence (with Matthew Gentzkow, Jesse Shapiro, and Frank Yang)
We generalize and extend a theoretical result on advertising prices and test it using data from television and social media advertising.
The Evolution of Market Power in the US Automobile Industry (with Paul L.E. Grieco and Charles Murry)
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.
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)
Econometrica, Vol. 89, Issue 4, July 2021
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)
American Economic Journal: Applied Economics, Vol. 12, No. 3, July 2020
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.
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
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.
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
Journal of Political Economy, Vol. 126, No. 1, February 2018
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
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
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.
Structural Empirical Analysis of Contracting in Vertical Markets (with Robin
Lee and Michael Whinston)
Chapter for Handbook of Industrial Organization volume 4.
Chapter for Bargaining Current Research and Future Directions
Non-technical overview on research related to bundling, programming costs, vertical integration, and social effects of the media.
Current and previous courses
Period: 2021 - present
Level: MBA elective
Period: 2010 - 2020
Level: MBA core
Statistics and Data Analysis for Business Applications
Period: 2011 - 2018
First year econometrics course for GSB PhD students.
Level: Undergraduate and PhD