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    Best-selling and New Cases by Ben Esty

    Best-Selling Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • 2024
    • Working Paper

    Behavioral Attenuation

    By: Thomas Graeber, Benjamin Enke, Ryan Oprea and Jeffrey Yang
    We report a large-scale examination of behavioral attenuation: due to information-processing constraints, the elasticity of people’s decisions with respect to economic fundamentals is generally too small. We implement more than 30 experiments, 20 of which were... View Details
    Keywords: Decisions; Behavior; Cognition and Thinking; Behavioral Finance
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    • 2019
    • Working Paper

    Large-Scale Demand Estimation with Search Data

    By: Tomomichi Amano, Andrew Rhodes and Stephan Seiler
    In many online markets, traditional methods of demand estimation are difficult to implement because assortments are very large and individual products are sold infrequently. At the same time, data on consumer search (i.e., browsing) behavior are often available and are... View Details
    Keywords: High-dimensional Data; Demand Estimation; Consideration Sets; Consumer Search
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    • November 2019
    • Supplement

    Gillette: Cutting Prices to Regain Share

    By: Benjamin C. Esty and Daniel Fisher
    After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by cutting prices on its razors and blades in April 2017. Bonnie Herzog, an equity analyst at Wells Fargo, must assess how the... View Details
    Keywords: Marketing Strategy; Product Positioning; Business Strategy; Competition; Price; Public Equity; Retail Industry; Consumer Products Industry; United States
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    • 2016
    • Working Paper

    Economic Transition and Private-Sector Labor Demand: Evidence from Urban China

    By: Lakshmi Iyer, Xin Meng, Nancy Qian and Xiaoxue Zhao
    This paper studies the policy determinants of economic transition and estimates the elasticity demand for labor in the infant private sector in urban China. We show that a reform that untied access to housing in urban areas from working for the state sector accounts... View Details
    Keywords: Economic Transition; Structural Change; Labor Mobility; Transition; Human Capital; Private Sector; China
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    • January 2013
    • Article

    Preference Heterogeneity and Optimal Capital Income Taxation

    By: Mikhail Golosov, Maxim Troshkin, Aleh Tsyvinski and Matthew Weinzierl
    We examine a prominent justification for capital income taxation: goods preferred by those with high ability ought to be taxed. In an environment where commodity taxes are allowed to be nonlinear functions of income and consumption, we derive an analytical expression... View Details
    Keywords: Taxation
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    • 06 Jan 2021
    • Working Paper Summaries

    Aggregate Advertising Expenditure in the US Economy: What's Up? Is It Real?

    Keywords: by Alvin J. Silk and Ernst R. Berndt; Advertising; Media & Broadcasting
    • 04 Feb 2018
    • Working Paper Summaries

    The Long-Run Dynamics of Electricity Demand: Evidence from Municipal Aggregation

    Keywords: by Alexander MacKay, Tatyana Deryugina, and Julian Reif; Utilities
    • October 2004
    • Article

    Are Politicians Really Paid Like Bureaucrats?

    By: Rafael Di Tella and Raymond Fisman
    We provide the first empirical analysis of gubernatorial pay. Using U.S. data for 1950-90, we document substantial variation in the wages of politicians, both across states and overtime. Gubernatorial wages respond to changes in state income per capita and taxes. We... View Details
    Keywords: Government and Politics; Compensation and Benefits
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    • 2016
    • Working Paper

    Options-Pricing Formula with Disaster Risk

    By: Robert J. Barro and Gordon Y. Liao
    A new options-pricing formula applies to far-out-of-the money put options on the overall stock market when disaster risk is the dominant force, the size distribution of disasters follows a power law, and the economy has a representative agent with Epstein-Zin utility.... View Details
    Keywords: Option Pricing; Rare Disaster; Price; Stock Options; Financial Crisis
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    • 2025
    • Working Paper

    Trade and Industrial Policy in Supply Chains: Directed Technological Change in Rare Earths

    By: Laura Alfaro, Harald Fadinger, Jay Schymik and Gede Virananda
    Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare earth elements (REEs)—critical inputs for manufacturing at the knowledge... View Details
    Keywords: Industrial Policy; Global Value Chains; Directed Technological Change; Input-output Linkages; Innovation; Trade; Metals and Minerals; Technological Innovation; Supply Chain; Technology Industry
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    • Forthcoming
    • Article

    The Imperfect Intermediation of Money-Like Assets

    By: Jeremy C. Stein and Jonathan Wallen
    We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in... View Details
    Keywords: Debt Securities; Demand and Consumers; Price
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    • January 2020
    • Article

    The Long-Run Dynamics of Electricity Demand: Evidence from Municipal Aggregation

    By: Tatyana Deryugina, Alexander MacKay and Julian Reif
    We study the dynamics of residential electricity demand by exploiting a natural experiment that produced large and long-lasting price changes in over 250 Illinois communities. Using a flexible difference-in-differences matching approach, we estimate that the price... View Details
    Keywords: Electricity Demand; Consumption Dynamics; Energy; Policy; Demand and Consumers; Price; Mathematical Methods
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    • 2023
    • Working Paper

    Flow-Driven ESG Returns

    By: Philippe van der Beck
    I show that the recent returns to ESG investing are strongly driven by price impact from flows towards ESG funds. Using data on institutional trades, I estimate the market’s ability to accommodate the demand of ESG funds, which is given by the elasticity of... View Details
    Keywords: Investment Funds; Corporate Social Responsibility and Impact; Financial Markets; Investment Return
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    • October 2019
    • Article

    Returns to Talent and the Finance Wage Premium

    By: Boris Vallée and Claire Célérier
    To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster in finance since the 1980s than in other sectors. Both wage returns to... View Details
    Keywords: Compensation; Finance; Compensation and Benefits; Wages; Banking Industry
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    • February 2018
    • Article

    Heterogeneous Technology Diffusion and Ricardian Trade Patterns

    By: William R. Kerr
    This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and... View Details
    Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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    • 2013
    • Working Paper

    Heterogeneous Technology Diffusion and Ricardian Trade Patterns

    By: William R. Kerr
    This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and... View Details
    Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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    • February 2010
    • Article

    Input Constraints and the Efficiency of Entry: Lessons from Cardiac Surgery

    By: David M. Cutler, Robert S. Huckman and Jonathan T. Kolstad
    Prior studies suggest that, with elastically supplied inputs, free entry may lead to an inefficiently high number of firms in equilibrium. Under input scarcity, however, the welfare loss from free entry is reduced. Further, free entry may increase use of high-quality... View Details
    Keywords: Government Legislation; Health Care and Treatment; Medical Specialties; Market Entry and Exit; Welfare; Health Industry; Pennsylvania
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    • November 2004
    • Tutorial

    Principles of Microeconomics for Strategists

    By: Felix Oberholzer-Gee, Pai-Ling Yin and Elizabeth Raabe
    Reviews microeconomic principles from a business strategy perspective, using the digital music industry as context. Contains three modules: demand, supply, and equilibrium. The demand module discusses the willingness to pay, market demand, price elasticity, and... View Details
    Keywords: Business Strategy; Supply and Industry; Demand and Consumers; Microeconomics; Balance and Stability; Price; Cost; Revenue; Music Industry
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    • Forthcoming
    • Article

    Institutional Corporate Bond Pricing

    By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
    We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details
    Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds
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