Cowles Foundation

Join us in congratulating Steven Berry, who was recently appointed the Sterling Professor of Economics—the highest academic honor a @Yale professor can receive. Berry joined Yale in 1988 and is the inaugural director of the @YaleTobinCenter. More here: news.yale.edu/2025/07/22/ber…

"This paper examines how high school specialization shapes college investment decisions and their subsequent returns through dynamic complementarities." NEW @YaleCowles Discussion Paper by John Eric Humphries, Juanna Schrøter Joensen, & Gregory Veramendi: cowles.yale.edu/research/cfdp-…

"This paper develops a complete-markets model to analyze the determinants of endogenous trade imbalances across countries." NEW Discussion Paper by Lorenzo Caliendo, Samuel Kortum, and Fernando Parro: cowles.yale.edu/research/cfdp-…

Like other industries, "complements" are merging in healthcare. Most physicians are now hospital employees. Associated prices increase with measures of foreclosure and recapture, from @zackcooperYale, @stuartcraig, Aristotelis Epanomeritakis, @matthewgrennan, Joseph R. Martinez,…

"This paper empirically analyzes the effects of mergers between complementary firms on competition and pricing." NEW @nberpubs by Zack Cooper, Stuart Craig, Aristotelis Epanomeritakis, Matthew Grennan, Joseph Martinez, Fiona Scott Morton, Ashley Swanson: nber.org/papers/w34039

Studying how authorities should allocate resources under uncertainty finds that adaptive priority mechanisms implement the optimal allocation, dominating priority and quota policies, from Oğuzhan Çelebi and @joel_flynn nber.org/papers/w34035

Hospitals are gobbling up physician practices—and health care prices are rising as a result. New research in @nberpubs shows that vertical mergers between hospitals & physician practices are driving up physician & hospital prices. Read our policy brief: tobin.yale.edu/research/hospi…

Professor Philipp Strack becomes Faculty Director of the Cowles Foundation this summer. "With all due respect to my colleagues, I can’t think of a better choice than Philipp Strack to carry on the Cowles mission," says outgoing Director Samuel Kortum. cowles.yale.edu/news/250718/co…

"We develop and quantify a novel growth theory in which economic activity endogenously shifts from material production to quality improvements." NEW in @nberpubs by Philippe Aghion, Timo Boppart, Michael Peters, Matthew Schwartzman, & Fabrizio Zilibotti: nber.org/papers/w33634

❔Why are academic conferences important? Organizers of this year's Cowles Summer Conferences say that the gathering is key for facilitating insightful discussions and sparking new research ideas. cowles.yale.edu/news/250715/re…

How should authorities that care about match quality and diversity allocate resources in the face of uncertainty? NEW in @nberpubs by Oğuzhan Çelebi and Joel P. Flynn: nber.org/papers/w34035

"In this paper, we provide an equilibrium treatment of how data-intensive mechanisms for selling advertising impact product prices and welfare both on and off the platform." NEW in @RevEconStudies by Dirk Bergemann, Alessandro Bonatti, and Nicholas Wu: academic.oup.com/restud/article…

The @YaleCowles Foundation's postdoctoral program helps advance research while building networks and expertise that will serve postdocs throughout their careers. Learn more about our newly minted faculty members: economics.yale.edu/news/250630/de…

🏆Congratulations to this year's Anderson fellows! These PhD students were selected by Cowles faculty to receive the historic prize, which provides a respite from teaching responsibilities to focus on their research. cowles.yale.edu/news/250707/in…

As we near a long weekend, a Call For Papers reminder: Papers selected for presentation at the Cowles Foundation Conference on Spatial Dynamics will be considered for inclusion in a special issue of the Journal of International Economics (JIE). cowles.yale.edu/events/2025/sp…

"We study how a seller optimally maximizes profit through personalized pricing while complying with anti-discrimination regulations." NEW @YaleCowles Discussion Paper by Philipp Strack and Kai Hao Yang: cowles.yale.edu/research/cfdp-…

As we say farewell to our departing Cowles post-docs, they leave us with reflections on the program's impact on their research, their careers and their friendships. cowles.yale.edu/news/240722/de…

📑 New Cowles Discussion Paper from Philipp Strack and Kai Hao Yang. To understand profit-maximizing pricing strategies under a non-discrimination constraint, read the paper here: cowles.yale.edu/research/cfdp-…