We study a dynamic problem of selling data without commitment to a budget-constrained receiver. The sender has access to a data-generating process, informative about a fundamental state, and can sell it either as granular observations (raw data) or summary statistics...

We develop a model of Decentralized Finance (DeFi) lending platforms that set interest rates as programmable functions of the utilization of available funds. These platforms are unable to incorporate off-chain information into the platform’s interest rates, leading to inefficient DeFi...

We evaluate approaches to estimating demand elasticities in dynamic asset markets, both theoretically and empirically. We establish strict, necessary conditions that the dynamics of instrumented asset price variation must satisfy for valid identification. We illustrate these insights in a general...

Prosocial banks avoided panic runs despite weak fundamentals. We show that socially responsible investments deter panic runs in any global game with nonrival public goods, even if every depositor is atomistic, rational, and selfish. We study financial and social impacts...

We study how dominant employers can act as electoral monopsonies, directly shaping electoral outcomes by leveraging local labor market power. We consider a model where a dominant employer can reshape the political preferences of the local electorate by conditioning their...

We show that the standard econometric approach relying on exogenous residual supply shocks systematically underestimates the slope of investors' asset demand curves in dynamic settings. We develop a multi-asset, multi-agent continuous-time model featuring long-lived investors and short-lived hedgers whose demand...