Publications

Educators

August 2022
Article

Contract Duration and the Costs of Market Transactions

By: Alexander MacKay

The optimal duration of a supply contract balances the costs of reselecting a supplier against the costs of being matched to an inefficient supplier when the contract lasts too long. I develop a structural model of contract duration that captures this tradeoff and... View Details

Keywords: Supply Contracts; Intermediate Goods; Switching Costs; Vertical Relationships; Transaction Costs; Contract Duration; Identification; Supply Chain; Cost; Contracts; Auctions; Mathematical Methods

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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Forthcoming
Article

Proximate (Co-)Working: Knowledge Spillovers and Social Interactions

By: Maria P. Roche, Alexander Oettl and Christian Catalini

We examine the influence of physical proximity on between-start-up knowledge spillovers at one of the largest technology coworking hubs in the United States. Relying on the exogenous assignment of office space to the hub’s 251 start-ups, we find that proximity... View Details

Keywords: Knowledge Integration; Coworking; Microgeography; Business Startups; Technology Adoption; Diversity; Interpersonal Communication; Knowledge Sharing; Geographic Location

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August 2008 (Revised July 2009)
Supplement

Gazprom (B): Energy and Strategy in a New Era

By: Rawi E. Abdelal, Sogomon Tarontsi and Alexander Jorov

President Putin publicly stated that Gazprom, the largest natural gas producer in the world, was a powerful political lever of the Russian state in the world and a keystone in the foundation of the country's energy security. Thus the top leadership of Russia has... View Details

Keywords: Non-Renewable Energy; Growth and Development Strategy; State Ownership; Business and Government Relations; Expansion; Energy Industry; Russia; Ukraine

June 2018
Article

Deviations from Covered Interest Rate Parity

By: Wenxin Du, Alexander Tepper and Adrien Verdelhan

We find that deviations from the covered interest rate parity (CIP) condition imply large, persistent, and systematic arbitrage opportunities in one of the largest asset markets in the world. Contrary to the common view, these deviations for major currencies are not... View Details

Keywords: Interest Rates; Financial Markets; Banks and Banking; Price

06 Mar 2012
First Look

First Look: March 6

productive. The authors have studied when 161 countries adopted 104 technologies over the past 200 years, and they conclude that profound economic advantages-as measured by per capita income-accrue to early adopters of technology. Read... View Details

Keywords: Sean Silverthorne

January 2021
Article

Chain Stability in Trading Networks

By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp

We show that in general trading networks with bilateral contracts, a suitably adapted chain stability concept (Ostrovsky, 2008) is equivalent to stability (Hatfield and Kominers, 2012; Hatfield et al., 2013) if all agents' preferences are fully substitutable and... View Details

Keywords: Matching; Trading Networks; Chain Stability; Stability; Competitive Equilibria; Full Substitutability; Laws Of Aggregate Supply And Demand; Contracts; Market Design; Balance and Stability

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29 Jun 2022
News

As Prices Skyrocket, Coupons Are Harder to Find Than Ever

21 Aug 2012
First Look

First Look: August 21

http://www.hbs.edu/research/pdf/13-016.pdf Channels of Influence Authors:Lauren Cohen, Umit G. Gurun, and Christopher J. Malloy Abstract We demonstrate that simply by using the ethnic makeup surrounding a firm's location, we can predict,... View Details

Keywords: Sean Silverthorne

2011
Other Unpublished Work

What Do Private Firms Look Like?

By: John Asker, Joan Farre-Mensa and Alexander Ljungqvist

Private firms in the U.S. are not subject to public reporting requirements, so relatively little is known about their characteristics and behavior—until now. This Data Appendix describes a new database on private U.S. firms, created by Sageworks Inc. in cooperation... View Details

Keywords: Data and Data Sets; Behavior; Public Sector; Corporate Disclosure; Private Sector; Financial Statements; United States

SSRN

2023
Working Paper

Evaluation and Learning in R&D Investment

By: Alexander P. Frankel, Joshua L. Krieger, Danielle Li and Dimitris Papanikolaou

We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach... View Details

Keywords: Research and Development; Forecasting and Prediction; Valuation; Pharmaceutical Industry

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Article

Stability and Competitive Equilibrium in Trading Networks

By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp

We introduce a model in which agents in a network can trade via bilateral contracts. We find that when continuous transfers are allowed and utilities are quasi-linear, the full substitutability of preferences is sufficient to guarantee the existence of stable outcomes... View Details

Keywords: Balance and Stability; Markets

Working Paper

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

By: Tatyana Deryugina, Alexander MacKay and Julian Reif

Economic theory suggests that demand is more elastic in the long run relative to the short run, but evidence on the empirical relevance of this phenomenon is scarce. We study the dynamics of residential electricity demand by exploiting price variation arising from a... View Details

Keywords: Energy; Demand and Consumers; Price; Policy; Mathematical Methods

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14 Nov 2017
First Look

New Research and Ideas: November 14, 2017

experts to discuss how researchers can impact a broader audience, by lending their scientific expertise to pressing social issues, current events, and public debates. The landmark Brown v. Board of Education case, in which the Supreme... View Details

Keywords: Carmen Nobel

Forthcoming
Article

The Rise of Remote Work: Evidence on Productivity and Preferences from Firm and Worker Surveys

By: Alexander Bartik, Zoë Cullen, Edward L. Glaeser, Michael Luca and Christopher Stanton

Drawing on surveys of small business owners and employees, we present three main findings about the evolution of remote work after the onset of COVID-19. First, uptake of remote work was abrupt and widespread in jobs suitable for telework according to the task-based... View Details

Keywords: COVID-19; Remote Work; Health Pandemics; Jobs and Positions; Demographics; Surveys

2023
Article

Association Between Regulatory Submission Characteristics and Recalls of Medical Devices Receiving 510(k) Clearance

By: Alexander O. Everhart, Soumya Sen, Ariel D. Stern, Yi Zhu and Pinar Karaca-Mandic

Importance: Most regulated medical devices enter the U.S. market via the 510(k) regulatory submission pathway, wherein manufacturers demonstrate that applicant devices are “substantially equivalent” to 1 or more “predicate” devices (legally marketed medical devices... View Details

Keywords: Recalls; Governing Rules, Regulations, and Reforms; Medical Devices and Supplies Industry