I discuss recent contributions to the theory of group formation and the provision of jointly
consumed public goods and services. I highlight the distinction between models of pure …

Economists assume that people make choices based on their preferences and their budget
constraints. The preferences and values of others play no role in the standard economic …

This paper explores the implications for risk-taking behavior and the equilibrium distribution
of income of assuming that the desire for status positions is a powerful motive and that it …

This paper defines a general equilibrium model with exchange and club formation. Agents
trade multiple private goods widely in the market, can belong to several clubs, and care …

This chapter puts forward a manual for how to setup and solve a continuous time model that
allows to analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk …

Do investors making complementary investments face the correct incentives, especially
when they cannot contract with each other prior to their decisions? We present a two-sided …

Do Walrasian markets function orderly in the presence of adverse selection? In particular, is
their outcome efficient when exclusive contracts are enforceable? This paper addresses …

We study how matchmakers use prices to sort heterogeneous participants into competing
matching markets and how equilibrium outcomes compare with monopoly in terms of prices …

This paper evaluates the role of rising income inequality in explaining observed growth in
college tuition. We develop a competitive model of the college market, in which college …

Financial constraints and entrepreneurship are key factors affecting economic performance
in develo** countries. I formulate and solve a model of occupational choice with moral …