Papers
Uploaded: Oct 9, 2025
Amusing Ourselves to Death? Education and Careers Under Digital Influence
The increasingly ubiquitous digital (social/self) media and influencer economy reshape how people allocate time and consumption, which, in turn, alter individual educational/career decisions, relative returns across occupations, and resource allocation in the society. Educational pursuits exhibit stage-switch externality, intensifying short-run...
Uploaded: Oct 8, 2025
A Model of Bank Hedging
This model concerns itself with how banks hedge their business risk, as composed of cash-flow risk and discount rate risk. In equilibrium, the two risks are intertwined as they are linked via the optimal hedging strategy. Ultimately, the bank stabilizes...
Uploaded: Oct 8, 2025
Should Naked Credit Default Swaps (CDS) Be Banned?
In November 2011, the European Union adopted the Short Selling Regulation, introducing a ban on naked sovereign credit default swaps (CDS), which was formally implemented in 2012. The Regulation permits only covered CDS positions for hedging purposes, a restriction that...
Uploaded: Oct 8, 2025
Should Naked Credit Swaps (CDS) Be Banned?
In November 2011, the European Union adopted the Short Selling Regulation, introducing a ban on naked sovereign credit default swaps (CDS), which was formally implemented in 2012. The Regulation permits only covered CDS positions for hedging purposes, a restriction that...
Uploaded: Oct 8, 2025
Integrating Generative Artificial Intelligence and Humans under Uncertainty
This paper develops a real options framework to analyze optimal adoption and switching strategies for humanāAI collaboration. I model four distinct configurations, human-only, AI-only, hybrid, and human-in-the-loop (HITL), within a unified dynamic decision-making setting, deriving value functions and optimal thresholds...
Uploaded: Oct 8, 2025
Public Disclosure and Private Capital
This paper analyzes a model of firms' decisions to publicly disclose information and investors' incentives to provide private capital to non-disclosing firms. In this model, (i) disclosure externalities and scope for welfare-improving policy interventions arise via a financing channel; (ii)...
