Broadly, my research focuses on situations with a poor contractual environment due to asymmetric information or lack of formal enforcement. I study how repeated interactions or policies can be used to partially overcome the underlying frictions.

    My work is mostly theoretical and carried out at a relatively high level of abstraction, but the insights gathered can be widely applied from the design of transnational institutions, to the design of contracts within an organization, and the regulation of diverse markets by governments. More recently I have started trying to use these tools to understand problems in development and used theory guided randomized controlled trials to try to find solutions that can be implemented in the field.  [Research statement]

 Work in Progress:

Rules versus Disclosure: Prudential Regulation and Market Discipline  (with Satoshi Fukuda and Dan Neuhann) 

Shaping Institutions (with Satoshi Fukuda

See  for a short informal interview explaining the paper.

Demand-System Asset Pricing: Theoretical Foundations [SSRN]  (12/2023, with Satoshi Fukuda and Dan Neuhann) 

Automated SMS Training and Micro-Entrepreneurship Performance (with Ganesh Iyer and Przemyslaw Jeziorski) 

Time Trumps Quantity in the Market for Lemons (with Piero Gottardi and Humberto Moreira)

Who to Listen to: A Model of Endogenous Delegation (with Satoshi Fukuda and Mahyar Sefidgaran) Online Appendix  Greatly improved our main Thm 5/21/24 


Published and Forthcoming Work:                   

Survey on Bargaining with Asymmetric Information  (with Andy Skrzypacz)

Dynamic Bargaining with Private Information. In: Karagözoğlu, E., Hyndman, K.B. (eds) Bargaining. Palgrave Macmillan, Cham. (2022)

Self-enforcing Contracts with Persistence (with Jangwoo Lee andMartin Dumav)  

Journal of Monetary Economics (2022)

Optimal Arrangements for Distribution in Developing Markets: Theory and Evidence (with Brett Green andDavid I. Levine) 

American Economic Journal: Microeconomics (2022)

This paper was to  the best of our knowledge the first to use crowdfunding to finance a field experiment in economics. 

Media Coverage about the project and funding:,, Daily Californian

Aggregation and Design of Information in Dynamic Markets with Adverse Selection (with Vladimir Asriyan andBrett Green)
Journal of Economic Theory (2021)

Liquidity Sentiments  (with Vladimir Asriyan andBrett Green)  

American Economic Review (2019)

From Equals to Despots: The Dynamics of Repeated Group Decision Taking with Private Information (w/ Vinicius Carrasco and Satoshi Fukuda )

Journal of Economic Theory (2019)

Costs and Benefits of Dynamic Trading in a Lemons Market  (with Andy Skrzypacz)

Review of Economic Dynamics (2019)

Information Spillovers in Asset Markets with Correlated Values (with Vladimir Asriyan and Brett GreenONLINE APPENDIX

 American Economic Review (2017)  

Adverse Selection, Slow Moving Capital and Misallocation (with Brett Green andDimitris Papanikolaou

Journal of Financial Economics (2016)

Transparency and Distressed Sales under Asymmetric Information (with Aniko Oery andAndy Skrzypacz)

Theoretical Economics (2016)

Subjective evaluations: Discretionary Bonuses and Feedback Credibility.      

 American Economic Journal: Microeconomics (2015)

Optimal Contracting and the Organization of Knowledge (with Luis Garicano and Luis Rayo) Online Supplement

Review of Economic Studies (2015)

Government Interventions in a Dynamic Market with Adverse Selection (with Andy Skrzypacz)

Journal of Economic Theory (2015) 

Bridging the Gap: Bargaining with Interdependent Values. (with Andy Skrzypacz)

Journal of Economic Theory (2013)

Bargaining with Deadlines and Private Information. (with Andy Skrzypacz)

American Economic Journal: Microeconomics (2013)

Bargaining with Arrival of New Traders (with Andy Skrzypacz

American Economic Review (2010) ONLINE APPENDIX

Matching Problems with Expertise in Firms and Markets (With Luis Garicano)

Journal of the European Economic Association (2010)

Contracting with Repeated Moral Hazard and Private Evaluations

American Economic Review  (2007) 

Landau Prize for Best Student Working Paper. 

Monetary Union with Voluntary Participation (with Francesco Lippi)

Review of Economic Studies (2006) 

CEPR/ESI Prize 2004 for the Best Central Bank Research Paper.