Accepted Papers

New

Optimal Decision Rules when Payoffs are Partially Identified

20 February 2026

Timothy Christensen, Hyungsik Roger Moon, and Frank Schorfheide

We derive asymptotically optimal statistical decision rules for discrete choice problems when payoffs depend on a partially-identified parameter θ and the decision maker can use a point-identified parameter µ to deduce restrictions on θ. Examples include treatment choice under partial identification and pricing with rich unobserved heterogeneity.

New

Identification Of Time-Inconsistent Models: The Case Of Insecticide Treated Nets

20 February 2026

Aprajit Mahajan, Christian Michel, and Alessandro Tarozzi

Time-inconsistency may play a central role in explaining inter-temporal behavior, particularly among poor households. However, little is known about the distribution of time-inconsistent agents, and time-preference parameters are typically not identified in standard dynamic choice models. We formulate a dynamic discrete choice model in an unobservedly heterogeneous population of possibly time-inconsistent agents.

New

Coarse Bayesian Updating

13 February 2026

Alexander M. Jakobsen

Studies have shown that the standard law of belief updating—Bayes’ rule—is descriptively invalid in various settings. In this paper, I introduce and analyze a generalization of Bayes’ rule—Coarse Bayesian updating—accommodating much of the empirical evidence. I characterize the model axiomatically, show how it generates several well-known biases, and derive its main implications in static and dynamic settings.

New

Decision Theory for Treatment Choice Problems with Partial Identification

9 February 2026

José Luis Montiel Olea, Chen Qiu, and Jörg Stoye

We apply classical statistical decision theory to a large class of treatment choice problems with partial identification. We show that, in a general class of problems with Gaussian likelihood, all decision rules are admissible; it is maximin-welfare optimal to ignore all data; and, for severe enough partial identification, there are infinitely many minimax-regret optimal decision rules, all of which sometimes randomize the policy recommendation.

New

Narratives about the Macroeconomy

9 February 2026

Peter Andre, Ingar Haaland, Christopher Roth, Mirko Wiederholt, and Johannes Wohlfart

We study narratives about the macroeconomy—the stories people tell to explain macroeconomic phenomena—in the context of a historic surge in inflation. In our empirical analysis, we field surveys with more than 10,000 US households and 100 academic experts, measure economic narratives in open-ended questions, and represent them as Directed Acyclic Graphs.

New

Dynamic Regulation with Firm Linkages: Evidence from Texas

26 January 2026

Matthew Leisten and Nicholas Vreugdenhil

We evaluate the efficiency of dynamic linked environmental regulation. Linked regulation allows inspectors who uncover violations at one plant to increase future enforcement at other plants that share a common owner. When compliance costs are correlated, regulators can then target scarce enforcement resources towards bad actors without inspecting everyone.

New

Do The Effects of Nudges Persist? Theory and Evidence from 38 Natural Field Experiments

26 January 2026

Alec Brandon, Paul Ferraro, John A. List, Robert D. Metcalfe, Michael K. Price, and Florian Rundhammer

We formalize a research design to uncover the mechanisms underlying long-term reductions in energy consumption caused by a widely implemented nudge. We consider two channels: technology adoption and habit formation. Using data from 38 natural field experiments, we isolate the role of technology adoption by comparing treatment and control homes after the initial resident moves, which discontinues the treatment for a home.

New

Investing in influence: Investors, portfolio firms, and political giving

18 January 2026

Marianne Bertrand, Matilde Bombardini, Raymond Fisman, Francesco Trebbi, and Eyub Yegen

We examine how the rise of institutional ownership has influenced firms’ political activities. We find that, after the acquisition of a large stake, a firm’s political action committee giving mirrors more closely that of the acquiring investor. Consistent with a causal interpretation, this pattern is also observed for acquisitions driven by new index inclusions.

The Review of Economic Studies Follow

The official account of the Review of Economic Studies, one of the world's top economics journals.

"We prove a CLT for strategic network formation with homophilous agents. This enables inference on statistics derived from a single large network. We discuss practical procedures."

New Paper by Leung & Moon:

https://www.restud.com/normal-approximation-in-large-network-models/

#REStud
#EconX
#EconTwitter

Reply on Twitter 2034586724051857572 Retweet on Twitter 2034586724051857572 9 Like on Twitter 2034586724051857572 27 Twitter 2034586724051857572

"A new theory on how regional shocks affect aggregate welfare—applied to US highway network improvements—unpacking how and why it deviates from the Fogel/Hulten characterization."

New paper by @MiyauchiYuhei, @EricDonald, & Fukui:

https://www.restud.com/unpacking-aggregate-welfare-in-a-spatial-economy/

#REStud

Reply on Twitter 2033827362492625267 Retweet on Twitter 2033827362492625267 10 Like on Twitter 2033827362492625267 61 Twitter 2033827362492625267

New paper by Campos-Mercade, Goette, Graeber, Kellogg, and Sprenger:

https://www.restud.com/de-gustibus-and-disputes-about-reference-dependence/

#REStud
#EconX
#EconTwitter

Reply on Twitter 2033469744192344555 Retweet on Twitter 2033469744192344555 2 Like on Twitter 2033469744192344555 15 Twitter 2033469744192344555

New paper by Le Grand, Martin-Baillon & Ragot:

https://www.restud.com/should-monetary-policy-care-about-redistribution-optimal-monetary-and-fiscal-policy-with-heterogeneous-agents/

#REStud
#EconX
#EconTwitter

Reply on Twitter 2029913437573206037 Retweet on Twitter 2029913437573206037 18 Like on Twitter 2029913437573206037 64 Twitter 2029913437573206037