“Norms, competition and visibility in contemporary science: the legacy of Robert K Merton” (Note: the seminar is on Friday) Abstract Can Robert K. Merton’s seminal work in the sociology of science still offer useful insights to understand key features, trends and challenges of science in contemporary societies? This paper focuses on two main topics. It addresses…

"A Test for Instrument Validity" Abstract This paper develops a specification test for instrument validity in the heterogeneous treatment effect model with a binary treatment and a discrete instrument. The strongest testable implication for instrument validity is given by the condition for non-negativity of point- identifiable complier’s outcome densities. Our specification test infers this testable…

"Dynamic Contracting with Limited Commitment and the Ratchet Effect"

"Inconspicuous conspicuous consumption” (Note: the seminar is on Friday)

"Budget-Constrained Procurement'' Abstract We characterize optimal procurement mechanisms for a financially constrained buyer facing suppliers with privately known costs. Optimal mechanisms can be implemented by simple sequential auctions.

"Optimal mechanisms with risk-loving buyers"

"Social Bias in Online Product Ratings - AQuasi-Experimental Study" (Note: the seminar is on Thursday)

"From Agent-based models to network analysis (and return)"

"Sales and nonlinear prices when consumers have time inconsistent preferences" (Note: the seminar is on Thursday)

"The Crisis in Economic Theory" abstract This presentation will suggest that we need an alternative approach to economic modeling in general, and macroeconomic modelling in particular, if we are to capture salient characteristics of recent economic developments. There has been an implicit acceptance of the idea that an economy in which individuals are left essentially to their own devices will…

"Real Options and Dynamic Incentives" abstract We examine a dynamic principal-agent model in which the output is correlated over time. The optimal contract determines a payment schedule from the principal to the agent and a liquidation policy. Incentive compatibility, together with the agent’s limited liability, requires that the firm is liquidated following a history of low returns. With…

"Making Collusion Hard: Asymmetric Information as a Counter-Corruption Measure"

"Forbidden fruits: the political economy of science, religion, and growth"

"Crises and the Puzzle of Reforms" (Note: the seminar is on Thursday)

"More Battles Among Licensed Occupations: Estimating the Effects of Scope of Practice and Direct Access on the Chiropractic, Physical Therapist, and Physician Labor Market"

"Average-Cost Pricing: Some Evidence and Implications" Abstract We present new survey evidence on pricing behavior for more than 14,000 European firms, and study its macroeconomic implications.  Among firms that are price setters, roughly 75% respond that their prices are set as a markup on total costs, a business practice termed "full cost pricing''.  Only 25%…

"A Model of Educational Investment and Social Status"