Selected Publications

We use an experimental approach to study the effect of market structure on theincidence of misreporting by credit rating agencies. We find that competition among rating agencies significantly reduces the likelihood of misreporting.
In Review of Finance (forthcoming)*

Recent Publications

  • Does competition aggravate moral hazard? A multi-principal-agent experiment, Journal of Financial Intermediation, Forthcoming, 2017

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  • On the dynamic stability of a price dispersion model using gradient dynamics, Journal of Economic Dynamics and Control, Forthcoming, 2017

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  • Does competition affect truth-telling? An experiment with rating agencies

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  • On the evolution of continuous types: replicator and gradient, Dynamic Games and Applications, Vol. 7(1), pp. 76--92, 2017.

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  • Evolution of markets a simulation with centralized, posted offer and decentralized formats Journal of Evolutionary Economics, Forthcoming, 2016

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Recent & Upcoming Talks

Working Papers

An experiment on the efficiency of bilateral exchange when markets are incomplete

We test in a controlled laboratory environment whether traders in a bilateral ex- change internalize the impact of their actions on market prices better than in a large market. In this model, traders choose asset holdings, constrained by a technology frontier. Next, each trader experiences a random shock which makes only one type of asset profitable. In a general equilibrium environment with incomplete markets, this leads to pecuniary externalities because traders increase scarce asset holdings beyond what is socially optimal. This behavior is especially exacerbated in large experimen- tal markets as traders fail to internalize the impact of their actions on prices. We find that when markets are incomplete, a bilateral exchange can slightly mitigate the extent of pecuniary externalities, and weakly increase welfare.


I am teaching the following courses at Colby College:

  • Economics as Experimental Science
  • Experimental Finance
  • Principles of Microeconomics

Please visit the course website