This dissertation comprises three essays that study dynamic decisions under uncertainty--in particular, ambiguity. The first two chapters develop new decision models that emphasize the role of making statistical inferences in decisions. The third chapter highlights, in the context of persuasion, how different decision models can lead to distinct conclusions in...
The first chapter of this dissertation looks at strategic complementarities among investors inpooled investment vehicles where fund managers and investors have different objectives. Could
lessening strategic complementarities among the investors of a fund make investing in the fund
less appealing? Exploiting the 2014 Reform of the money market mutual fund...
This dissertation consists of three essays on housing and macroeconomics. The first chapter explores the impact of demographic change on housing price using a heterogeneous agent overlapping generations model. The second chapter examines the relationship between the marginal propensity to consume (MPC) and the housing choice. The third chapter presents...
This dissertation consists of three chapters on empirical industrial organization. The first chapter explores how a seller uses a public reserve price to signal her private info about the object’s value to the bidder. The second chapter studies how a behavioral consumer preference called “price reference effect” could overturn the...
In the first Chapter of this Dissertation, I develop an integrated reasoning model of expectations formation to describe how people learn the effects of novel macroeconomic policies. My model of expectations has two key elements. First, people have a limited ability to understand the general-equilibrium effects of a new policy....
Chapter 1 proposes and tests a model where a country aligns with a foreign power to obtain its support and reduce its geopolitical risks, which also depend on the country's exposure to the other foreign powers. We show that the country's alignment with a given foreign power is increasing in...
This thesis revisits classic optimal tax theory, recognizing that most people live in multi-person households. We derive optimal tax schedules for married agents, seriously taking the distinction between interpersonal and interhousehold inequality. After showing how individual-oriented utilitarianism typically leads to a misalignment between the households’ and the government’s objectives, which...
This dissertation consists of three chapters that each study the interaction between government policy and real estate markets. All three chapters are connected by a broad interest in renters, landlords, and rental markets. Chapter 1 investigates the relationship between place-based policies and real estate and rental markets empirically by studying...
The three essays composing this dissertation are unified by their focus on the macroeconomic aspects of economic development. In Chapter one titled "Land Property Rights, Financial Frictions, and Resource Allocation in Developing Countries'', I study the effects of weak land property rights and limited access to finance on aggregate productivity...
Models of recursive preferences are commonly associated with a preference for early resolution of uncertainty, often regarded as an important economic channel in applications. This dissertation provides a different understanding of recursive preferences based on attitudes toward correlation, and in particular aversion to intertemporally correlated risks. Part 1 provides a...