Published and Forthcoming
joint with Bernard Herskovic
joint with Elliot Lipnowski
joint with Elliot Lipnowski and Aditya Kuvalekar
joint with Luiz Brotherhood Bernard Herskovic
Popular Press (Daily Bruin)
Popular Press (Anderson Review)
joint with Aditya Kuvalekar and Johannes Schneider
joint with Ala Avoyan
We consider a team-production environment where all participants are motivated by career concerns, and where a team's joint productive outcome may have different reputational implications for different team members. In this context, we characterize equilibrium disclosure of team-outcomes when team-disclosure choices aggregate individual decisions through some deliberation protocol. In contrast with individual disclosure problems, we show that equilibria often involve partial disclosure. Furthermore, we study the effort-incentive properties of equilibrium disclosure strategies implied by different deliberation protocols; and show that the partial disclosure of team outcomes may improve individuals' incentives to contribute to the team. Finally, we study the design of deliberation protocols and characterize productive environments where effort incentives are maximized by unilateral decision protocols or more consensual deliberation procedures.
We study a continuous-time model of partnership, with persistence and imperfect state monitoring. Partners exert private efforts to shape the stock of fundamentals, which drives the pro ts of the partnership, and the profits are the only signal they observe. The near-optimal strongly symmetric equilibria are non-Markovian and are characterized by a novel differential equation that describes the supremum of equilibrium incentives for any level of relational capital. Imperfect monitoring of the fundamentals helps sustain incentives, due to deferred incentives, and increases the partnership's value (Sand in the wheels). Good profit outcomes rally the partners to further increase effort when relational capital is low, but lead them to coast and decrease effort when relational capital is high. Even partnerships with high fundamentals may unravel after a short spell of terrible signals (Beatles' break-up).
Viewing the relationship between politicians and voters as a principal-agent interaction afflicted by moral hazard, we examine how political careers are shaped by the incentives that voters provide incumbents to work in the public interest. When moral hazard binds, the optimal way for voters to hold politicians accountable is to provide re-election incentives that evolve dynamically over their careers in office. Under these incentives, first-term politicians are among the most electorally vulnerable and the hardest-working; politician effort rises with electoral vulnerability; electoral security increases following good performance and decreases following bad; and both effort and electoral vulnerability tend to decline with tenure. In extensions, we study limited voter commitment, voluntary retirement from politics, and adverse selection.
French - Mother Tongue
Teaching at USC Marshall
Microeconomics for Business
Topics in Microeconomic Theory II (PhD level)
Teaching at Queen Mary university of London
Strategy, Leadership and Management of Investment Banks
Microeconomic Theory II (PhD level)
Fall 2016, 2022, 2023
Spring 2017, 2018, 2019, 2020
Spring 2021, 2022