I am an economist with primary interests in behavioral economics and econometrics.

I work at QuantCo.

I am an economist with primary interests in behavioral economics and econometrics.

I work at QuantCo.

with Andrew Caplin, John Leahy and Oded Nov

Revise & Resubmit at *The Quarterly Journal of Economics*

Costs of attention, while central to choice behavior, have proven hard to measure. We introduce a simple method of recovering them from choice data. Our recovery method rests on the observation that costs of attention play precisely the same role in consumer choice as do a competitive firm's costs of production in its supply decision. This analogy extends to welfare analysis: consumer welfare net of attention costs is measured in precisely the same way as the profits of a competitive firm. We implement our recovery method in a purpose-built experiment. We quantitatively assess the trade-off between reward level and task complexity. Estimated attention costs are highly correlated with decision time, an important common input in process-based models of attention.

with Bálint Szőke

We consider Bayesian learning about a stable environment when the learner's entertained set of probability distributions (likelihoods) is misspecified. We study how this entertained set affects the agent's welfare through the limit point of learning and the associated best-responding policy. To this end, we introduce a performance measure of likelihoods based on their induced policies' long-run average payoff. Using this measure we define two asymptotic properties of sets of likelihoods that a utility-maximizing agent would find desirable. We show that arbitrary sets of likelihoods coupled with Bayesian learning fail to satisfy both of our properties. However, we characterize a class of decision problems for which one can construct a misspecified set of likelihoods that achieves the highest attainable long-run average payoff irrespective of the data generating process. Our recommendation builds on the payoff-relevant moments—specific to the decision problem at hand—to provide the sufficient statistics of an exponential family of likelihoods. This set of likelihoods coupled with Bayesian learning ensures that the moments targeted by learning coincide with the moments that are relevant for implementing well-performing policies.

I study how attentional constraints affect elasticity and substitution patterns in demand. I identify "attentional complementarity", whereby goods that are substitutes in utility appear as complements in behavior due to limits on attention. Adopting the framework of rational inattention, I identify the channels through which attention influences observed substitution patterns. The in-sample fit of these models can be similar to that of standard discrete choice models, yet counterfactual predictions differ substantially when attentional frictions are accounted for. I provide conditions for identification of the model in standard stochastic choice data. A key obstacle in estimation is the genericity of corner solutions which endogenously gives rise to consideration sets. The estimation strategy I employ is robust to this feature. In an empirical application, I show that elasticities are underestimated by models not accounting for attentional frictions. I conduct an experiment allowing for the detailed analysis of attention strategies and find that subjects allocate their attention in line with the theory.

with Tommaso Bondi and Evan K. Friedman

Several behavioral theories suggest that, when choosing between multi-attribute goods, choices are systematically affected by the range of values in each attribute. Two theories provide such predictions explicitly in terms of attribute ranges. According to the theory of Focusing (Kőszegi and Szeidl, 2013), attributes with larger ranges receive more attention. On the other hand, Relative thinking (Bushong, Rabin, and Schwartzstein, 2017) posits that fixed differences look smaller when the range is large. It is as if attributes with larger ranges are over- and under-weighted, respectively. Since the two theories make opposing predictions, it is important to understand what features of the environment affect their relative prevalence. We conduct an experiment designed to test for both of these opposing range effects in different environments. Using choice under risk, we use a two-by-two design defined by high or low stakes and high or low dimensionality (as measured by the number of attributes). In the aggregate, we find evidence of focusing in low-dimensional treatments. Classifying subjects into focusers and relative thinkers, we find that focusers are associated with quicker response times and that types are more stable when the stakes are high.

Industrial Organization (Syllabus) | NYU, 2016, 2017 Summer |

Python Data Bootcamp | NYU Stern, 2017 Spring |

Reinforcement in Calculus and Statistics | Barcelona GSE, 2012 Fall |

Microeconomics | NYU Stern, 2018, 2017 Fall, 2016 Spring |

Introduction to Microeconomics | NYU, 2017, 2016 Fall |

Statistics | NYU, 2015 Fall |

Topics in Econometrics | NYU, 2015 Spring |

Game Theory (graduate) | UAB, 2012 Fall |

Some projects I was working on under QuantEcon.

with Thomas J. Sargent and Bálint Szőke

This lecture explores the Black-Litterman model of mean-variance portfolio choice theory. We discuss issues regarding the relative difficulty of estimating means compared to covariances and its implication of recommending extreme long-short positions. We modify the baseline model using robust control theory and applying Bayesian estimation techniques which help regularizing the extreme recommendations of the model.

with Spencer Lyon

rvlib is a Python package for distributions. The aim of rvlib is to mimic the user friendly API of the Distributions.jl package while improving upon the performance of scipy.stats by exploiting numba.

with Bálint Szőke

This is a collection of notes we took mostly to organize our own thoughts and catalogue some interesting concepts that we encontoured while reading about statistical learning theory and econometrics. Some of the concepts are demonstrated through short simulations using Python.