Development

• Involuntary Entrepreneurship – Evidence from Thai Urban Data, World Development 149, 2022 (with T. Yindok) [PDF]
  
  Keywords: entrepreneurship, credit constraints, occupational choice, misallocation
• Credit Lines in Microcredit: Short-Term Evidence from a Randomized Controlled Trial in India, Journal of Development Economics 146, 2020 (with F. Aragon and K. Krishnaswamy) [PDF]
  
  Keywords: microfinance, credit line, flexible loans, field experiment, RCT
• Bogus Joint Liability Groups in Microfinance, European Economic Review 122, 2020 (with Y. Xue and X. Xing) [PDF]
  
  Keywords: microcredit, default, joint liability, Lei Da Hu, phantom borrowers
• (Dis)Advantages of Informal Loans – Theory and Evidence, European Economic Review 102, 2018 (with A. Kessler) [PDF]
  
  Keywords: informal credit, family loans, social capital, limited enforcement, default risk
• Non-grant Microfinance, Incentives and Efficiency, Applied Economics 50, 2018 [PDF]
  
  Keywords: microcredit, for-profits, MFI funding
• Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes, Econometrica 82(3), 2014 (with R. Townsend) [PDF] [Supplement]
  
  NBER Working Paper 19617Keywords: consumption smoothing, investment, model selection, structural maximum likelihood, moral hazard, limited commmitment
• Contractual Structure in Agriculture with Endogenous Matching, Journal of Development Economics 110 Special Issue: Land and Property Rights, 2014 (with M. Ghatak) [PDF]
  
  Keywords: tenancy contracts, sharecropping, matching, double-sided moral hazard
• Financial Constraints and Occupational Choice in Thai Villages, Journal of Development Economics 97(2), 2012 [PDF]
  
  Keywords: entrepreneurship, financial constraints, maximum likelihood, lotteries, moral hazard, saving, borrowing
• Distinguishing Limited Liability From Moral Hazard in a Model of Entrepreneurship, Journal of Political Economy 144(1), 2006 (with A. Paulson and R. Townsend) [PDF]
  
  Keywords: occupational choice, financial constraints, limited commitment, maximum likelihood, Vuong test

Risk sharing and financial contracts

• Incentive-Compatible Unemployment Reinsurance for the Euro Area, European Economic Review 186, 2026 (with B. Mojon, L. Pereira da Silva, A. Pierres-Tejada and R. Townsend) [PDF]
  
  NBER Working Paper 32396 Keywords: unemployment insurance, risk sharing, reinsurance, euro area, fiscal policy,mechanism design, limited commitment
• Digital Safety Nets: A Roadmap, BIS Papers 139, 2023 (with B. Mojon, L. Pereira da Silva and R. Townsend) [PDF]
  Keywords: digital platforms, risk sharing, smart contracts
• Family Firms, Bank Relationships and Financial Constraints: A Comprehensive Score Card, International Economic Review 60(2), 2019 (with J. Saurina and R. Townsend) [PDF]
  
  Keywords: family firms, firm networks, investment cashflow sensitivity, financial constraints
• Markov-perfect Risk Sharing, Moral Hazard and Limited Commitment, Journal of Economic Dynamics and Control 94, 2018 (with F. Martin) [PDF]
  
  Keywords: Markov-perfect equilibrium, time consistency, insurance, risk sharing
• Market Power and Asset Contractibility in Dynamic Insurance Contracts, Federal Reserve Bank of St. Louis Review 98(2), 2016 (with F. Martin) [PDF]
  
  Keywords: Markov-perfect equilibrium, time consistency, market structure, risk sharing
• Dynamic Optimal Insurance and Lack of Commitment, Review of Economic Dynamics 18(2), 2015 (with F. Martin) [PDF]
  
  Keywords: Markov-perfect equilibrium, time consistency, limited commitment, risk sharing
• Learning by Doing vs. Learning from Others in a Principal-Agent Model, Journal of Economic Dynamics and Control 34(10), 2010 (with J. Arifovic) [PDF]
  
  Keywords: social learning, individual learning, evolutionary learning, reinforcement learning, share contract, moral hazard
• Social Learning in a Model of Adverse Selection, ch.12 in West, Dow and Eckert (eds.), Industrial Organization, Trade, and Social Interaction, U. of Toronto Press, 2010 (with J. Arifovic) [PDF]

Public economics and policy

• COVID-19 Vaccination Mandates and Vaccine Uptake, Nature Human Behaviour 6, 2022 (with D. Kim, S. Lu and H. Shigeoka) [PDF]
  
  NBER Working Paper 29563 *Policy/media: CDC, Nature, The Economist, Euronews, National Post, Financial Post, Toronto Star, EPI, ACSH, U of Tokyo, SFU News Keywords: COVID-19, vaccine mandates, vaccine certificates, vaccine uptake, vaccine hesitancy, proof of vaccination, difference-in-differences, time series, counterfactuals
• Face Masks, Public Policies and Slowing the Spread of COVID-19: Evidence from Canada, Journal of Health Economics 78, 2021 (with S. Lu, H. Shigeoka, C. Chen and S. Pamplona) [PDF]
  
  NBER Working Paper 27891 *Policy/media: WHO, WHO(2), CDC, Gov. of Canada, ECDC, Nature, National Post, Vancouver Sun, Ottawa Citizen, New York Post, Yahoo!, The Telegraph, VoxEU, SFU News Keywords: COVID-19, face masks, mask wearing, non-pharmaceutical interventions (NPI), event study, counterfactuals
• Heterogeneity, Returns to Scale, and Collective Action, Canadian Journal of Economics 42(2), 2009 [PDF]
  
  Keywords: public goods, wealth inequality, valuation heterogeneity, expected provision, replacement function
• Wealth Inequality and Collective Action, Journal of Public Economics 91 Special Issue: Celebrating the 20th Anniversary of Bergstrom, Blume, and Varian's “On the Private Provision of Public Goods", 2007 (with P. Bardhan and M. Ghatak) [PDF]
  
  Keywords: public goods, inequality, within-group inequality, between-group inequality
• Can a Raise in Your Wage Make You Worse Off? A Public Goods Perspective, Journal of Development Economics 84(1), 2007 (with S. Ghosh) [PDF]
  
  Keywords: public goods, externalities, opportunity cost of time
• A Case for Bundling Public Goods, Journal of Public Economic Theory 9(3), 2007 (with S. Ghosh and M. Oak) [PDF]
  
  Keywords: voluntary contributions, pooling, fundraising, income inequality
• Pareto Improving Lotteries and Voluntary Public Good Provision, The B.E. Journal of Theoretical Economics (Topics) 6(1), 2006 [PDF]
  
  Keywords: randomization, inequality, collective action
• Inequality and Collective Action, ch.3 in Bardhan, Bowles and Baland (eds.), Inequality, Cooperation and Environmental Sustainability, Princeton U. Press, 2006 (with P. Bardhan and M. Ghatak) [PDF]

Networks and blockchains

• Economic Determinants of Ethereum Transaction Fees in the Priority Fee and Proof of Stake Periods, Applied Economics 57(58), 2025 (with S. Zarifian) [PDF]
  Keywords: transaction fees, Ethereum blockchain, gas price, supply and demand factors, time series analysis
• Transaction Fee Economics in the Ethereum Blockchain, Economic Inquiry 60, 2022 (with A. Donmez) [PDF]
  
  Keywords: blockchain, transaction fees, Ethereum, time series, queueing theory
• A Social Network Model of COVID-19, PLOS One 15(10), 2020 [PDF]
  
  Keywords: COVID-19, social networks, superspreaders, simulations, policy interventions, NPI
• Understanding Optimal Criminal Networks, Global Crime 10(1), 2009 (with S. Easton) [PDF]
  
  Keywords: network theory, organized crime, law enforcement

Other publications

• Face mask mandates slowed the spread of COVID-19 in Canada, VoxEU, 2020 (with S. Lu and H. Shigeoka)
• Criminal Organizations and Networks, in Robert D. Morgan (ed.) The SAGE Encyclopedia of Criminal Psychology, SAGE Publications Inc., 2019 (with S. Easton)
• The Impact of a Micro-Overdraft Facility in India, Financial Access Initiative, 2016 (with K. Krishnaswamy)
• Understanding Optimal Criminal Networks, ch. 4 in M. Bouchard and C. Wilkins (eds.) Illegal Markets and the Economics of Organized Crime, Routledge, 2010 (with S. Easton)
• Distinguishing Limited Liability from Moral Hazard in a Model of Entrepreneurship, ch. 5 in T. Beck (ed.) Entrepreneurship in Developing Countries, Edward Elgar Publishing, 2009 (with A. Paulson and R. Townsend)