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- June 2025
- Article
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
High commissions in the U.S. residential real estate agency market present a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to... View Details
Keywords: Real Estate Agents; Real Estate; Realtors; Broker Networks; Brokerage; Brokerage Commissions; ＂Brokerage Industry; Brokered Markets; Brokering; Brokers; Industrial Organization; Repeated Game Framework; ＂Repeated Games＂; Collusion; Antitrust; Microeconomics; Market Design; Theory; Game Theory; Real Estate Industry
- 2025
- Working Paper
Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation
By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson
We measure the real effects of private equity buyouts on worker outcomes by building a new
database that links transactions to matched employer-employee data in the United States. To
guide our empirical analysis, we derive testable implications from three theories in... View Details
- 2025
- Working Paper
A Cognitive Theory of Reasoning and Choice
By: Pedro Bordalo, Nicola Gennaioli, Giacomo Lanzani and Andrei Shleifer
We present a theory of decisions in which attention to the features of choice options is determined by the decision maker's categorization of the current choice problem in a set of problems she solved in the past. Categorization depends on goal-relevant as well as... View Details
- 2024
- Other Teaching and Training Material
Earth
By: Barry Nalebuff and Max Bazerman
Earth was created to provide participants with the opportunity to negotiate a solution to the most important environmental challenge that faces humanity — climate change. Just as finding solutions to climate change is challenging, students will be challenged to find a... View Details
- October 2024
- Article
Racial Inequality in Organizations: A Systems Psychodynamic Perspective
By: Sanaz Mobasseri, William A. Kahn and Robin J. Ely
This paper uses systems psychodynamic concepts to develop theory about the persistence of racial inequality in U.S. organizations and to inform an approach for disrupting it. We treat White men as the dominant group and Black people as the archetypal subordinate group... View Details
- August 2023
- Article
Financing the Litigation Arms Race
By: Samuel Antill and Steven R. Grenadier
Using a dynamic real-option model of litigation, we show that the increasingly popular practice of third-party litigation financing has ambiguous implications for total ex-post litigant surplus. A defendant and a plaintiff bargain over a settlement payment. The... View Details
- 2023
- Working Paper
Beyond the Hype: Unveiling the Marginal Benefits of 3D Virtual Tours in Real Estate
By: Mengxia Zhang and Isamar Troncoso
3D virtual tours (VTs) have become a popular digital tool in real estate platforms, enabling potential buyers to virtually walk through the houses they search for online. In this paper, we study home sellers’ adoption of VTs and the VTs’ relative benefits compared to... View Details
- March 2023
- Article
Not from Concentrate: Collusion in Collaborative Industries
By: Jordan M. Barry, John William Hatfield, Scott Duke Kominers and Richard Lowery
The chief principle of antitrust law and theory is that reducing market concentration—having more, smaller firms instead of fewer, bigger ones—reduces anticompetitive behavior. We demonstrate that this principle is fundamentally incomplete.
In many... View Details
In many... View Details
Keywords: Antitrust; Antitrust Law; Antitrust Theory; Law And Economics; Collusion; Collaboration; Collaborative Industries; Regulation; ＂Repeated Games＂; IPOs; Initial Public Offerings; Underwriters; Real Estate; Real Estate Agents; Realtors; Syndicated Markets; Syndication; Brokers; Market Concentration; Competition; Law; Economics; Collaborative Innovation and Invention; Governing Rules, Regulations, and Reforms; Game Theory; Initial Public Offering
- 2022
- Conference Presentation
Towards the Unification and Robustness of Post hoc Explanation Methods
By: Sushant Agarwal, Shahin Jabbari, Chirag Agarwal, Sohini Upadhyay, Steven Wu and Himabindu Lakkaraju
As machine learning black boxes are increasingly being deployed in critical domains such as healthcare and criminal justice, there has been a growing emphasis on developing techniques for explaining these black boxes in a post hoc manner. In this work, we analyze two... View Details
Keywords: AI and Machine Learning
- 2021
- Working Paper
Racial Inequality in Organizations: A Systems Psychodynamic Perspective
By: Sanaz Mobasseri, William Kahn and Robin Ely
This paper uses systems psychodynamic concepts to develop a theory about the persistence of racial inequality in U.S. companies, treating White men as the dominant group and Black people as an illustrative subordinate group. We theorize that this persistence is rooted... View Details
- Article
Towards the Unification and Robustness of Perturbation and Gradient Based Explanations
By: Sushant Agarwal, Shahin Jabbari, Chirag Agarwal, Sohini Upadhyay, Steven Wu and Himabindu Lakkaraju
As machine learning black boxes are increasingly being deployed in critical domains such as healthcare and criminal justice, there has been a growing emphasis on developing techniques for explaining these black boxes in a post hoc manner. In this work, we analyze two... View Details
- April 2021
- Case
Transforming BlackBerry: From Smartphones to Software
By: Ranjay Gulati and Nicole Tempest Keller
On the verge of failure, BlackBerry brought in John Chen as CEO in 2013 to orchestrate a bold turnaround of the company. Once an iconic leader in the smartphone market, BlackBerry was best known for its tactile QWERTY keyboard, strong security, and a focus on business... View Details
Keywords: Pivot; Managing Change; Turnaround; Smartphone; Change Management; Leading Change; Transformation; Organizational Change and Adaptation; Digital Platforms; Change; Information Infrastructure; Applications and Software; Competitive Strategy; Cybersecurity; Technology Industry; Transportation Industry; Canada
- August 2020
- Article
Financial Market Risk Perceptions and the Macroeconomy
By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
- January 2020
- Case
A Tough Call: SEAL Team Leader in Kandahar (A)
By: George A. Riedel
The case, which is a disguised version of real events, is set in Kandahar, Afghanistan (2013) during the long running Afghan war. Lt. Paul Rickson, a Navy SEAL Platoon Commander, is leading a team of 30 U.S. and Afghan soldiers on a mission to clear hostile forces in... View Details
- May 2020
- Article
Scalable Holistic Linear Regression
By: Dimitris Bertsimas and Michael Lingzhi Li
We propose a new scalable algorithm for holistic linear regression building on Bertsimas & King (2016). Specifically, we develop new theory to model significance and multicollinearity as lazy constraints rather than checking the conditions iteratively. The resulting... View Details
- November 2019
- Supplement
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by... View Details
- November 2019
- Case
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by... View Details
- 2020
- Working Paper
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
The U.S. residential real estate agency market presents a puzzle for economic theory: commissions on real estate transactions have remained high for decades even though entry is frequent and costs are low. We model the real estate agency market, and other brokered... View Details
- 2020
- Working Paper
To Infinity and Beyond: Scaling Economic Theories via Logical Compactness
By: Yannai A. Gonczarowski, Scott Duke Kominers and Ran I. Shorrer
Many economic-theoretic models incorporate finiteness assumptions that, while introduced for simplicity, play a real role in the analysis. Such assumptions introduce a conceptual problem, as results that rely on finiteness are often implicitly nonrobust; for example,... View Details
- Article
Games of Threats
By: Elon Kohlberg and Abraham Neyman
A game of threats on a finite set of players, N, is a function d that assigns a real number to any coalition, S ⊆ N, such that d(S) = -d(N\S). A game of threats is not necessarily a coalitional game as it may fail to satisfy the condition d(Ø) = 0. We show that analogs... View Details