I am an Assistant Professor of Strategic Management at the University of Toronto, appointed at the Department of Management (University of Toronto Mississauga), and cross-appointed at the Rotman School of Management.
I am an economist specializing in Empirical Industrial Organization. My research interests include the study of industry entry and exit dynamics, auction and procurement markets, and topics related to technology/IP and competition policy. I have worked on a variety of industries, including agricultural and natural resources, e-commerce and retail, telecommunications, and entertainment.
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Fractional Ownership and Copyright Licensing: Evidence from the Music Industry
(with Alberto Galasso) - R&R, Management Science
Abstract |
Download (Last updated: Nov 2024) |
SSRN |
CEPR DP
Creative content is often the product of collaboration, which may lead to fractional ownership of intellectual property. We study the effect of fractional ownership on the licensing of copyrighted material and its use in follow-on works. To do so, we compile new data on the copyright ownership structure of songs and their licensing for use in movies. We document that fractional song ownership has increased substantially: the mean number of songwriters and publishers per song has tripled between 1958 and 2021. We show that, conditional on a rich set of controls, greater fractionalization is associated with lower likelihood of licensing. We leverage the Sony-led acquisition of EMI Music Publishing in 2012 to obtain within-song variation in ownership and find that consolidating ownership rights significantly increases licensing, beyond any standalone effects of the merger.
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Diversification, Market Entry, and the Global Internet Backbone
(with Andrew Steck) - Accepted, Review of Economic Studies
Abstract |
Download (Last updated: Jan 2025) |
SSRN
In many industries, buyers diversify their supplier base to manage supplier disruption risk. We investigate the importance of such diversification as a determinant of demand and supplier entry in the context of the internet backbone, the worldwide network of undersea fiber-optic cables that underpins the internet. We specify a model of international bandwidth demand and cable operators' dynamic entry and supply choices. The model is estimated using novel data on cross-border data flows, prices, cable characteristics, and disruptions. Counterfactual analysis reveals that supplier diversification accounts for a large share of entry and surplus created between 2005 and 2021. Relative to the socially optimal level of entry, distortions due to suppliers' inability to capture fully the social benefits of diversity are as large as distortions due to business stealing.
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Dynamic Entry & Spatial Competition: An Application to Dollar Store Expansion
(with Brett Hollenbeck and Matthew Osborne) - R&R, RAND Journal of Economics
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Download (Last updated: Jul 2025) |
SSRN
We incorporate spatial differentiation into a dynamic oligopoly game of retail competition. We propose a tractable estimation strategy based on the ECCP estimator of Kalouptsidi et al. (2020), adapted to games. The model is used to study dollar store chains’ expansion in the US and its impact on spatial market structure. We show that accounting for rival stores’ spatial reallocation is crucial to quantify the net impact of dollar stores. Dispersal policies restricting dollar store clustering can reduce retail variety by limiting rivals’ ability to spatially differentiate. Our results highlight the importance of accounting for spatial dynamics when evaluating retail entry regulation.
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The Impact of Dollar Store Expansion on Local Market Structure and Food Access
(with Brett Hollenbeck and Matthew Osborne)
Abstract |
Download (Last updated: Jun 2024) |
SSRN
This paper studies the expansion of dollar store chains in the U.S. since 2008, which has generated public interest in their impact on retail markets and food accessibility. We show evidence that dollar store chains compete strongly with the grocery segment and find that their expansion has led to a large decline in the number of grocery stores and a significant reduction in fresh produce consumption for households with low income and high travel costs. The impact of dollar store entry increases in the number of entries. We find no significant changes in spending in other product categories.
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Content Providers and the Deployment of Internet Infrastructure
(with Andrew Steck) - Information Economics and Policy, 71, 2025
Abstract |
Download (Last updated: Mar 2025) |
SSRN
This paper documents the growing role that content providers play upstream in the global internet supply chain. Using novel data, we establish three stylized facts: (1) As bandwidth buyers, content providers' share of global used bandwidth has grown dramatically (from 5% to 69%) over the period 2005–2021, with important heterogeneity across regions. (2) Content providers (in particular, Amazon, Google, Meta, and Microsoft) account for an increasingly large share of investment in internet cable infrastructure. (3) The growth in content providers' demand is associated with the roll-out of their data centers globally and corresponding increase in inter-data center traffic; their investment in private cables is in part driven by data center siting, which are in locations that may lack connectivity to public internet cables. We discuss implications of these trends for innovation, internet traffic transparency, technology standard adoption, and network resilience.
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Consumer Demand with Social Influences: Evidence from an E-Commerce Platform
(with Chiara Farronato, John J. Horton, and Robert Schultz) - Accepted, Management Science
Abstract |
Download (Last updated: Aug 2024) |
NBER WP
For some kinds of goods, rarity itself is valued. “Fashionable” goods are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry and bidding in multi-unit auctions and construct demand curves from realized bids. We find that doubling inventory reduces willingness to pay by 7- 15%. From the monopolist perspective, ignoring the value of rarity leads to substantial overproduction: auctioned quantities are 82% above the profit-maximizing level. From the consumer perspective, however, the deadweight loss from restricting quantity more than offset the benefits of rarer goods.
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Bid Rigging and Umbrella Damages
(with John Asker, Vikram Kumar, and Enrico De Magistris) - CPI Antitrust Chronicle, October, 2023
Abstract |
Download (Last updated: Oct 2023)
When a cartel does not include all sellers in a market, it raises the possibility of buyers paying elevated prices on purchases made from non-cartel members and therefore suffering “umbrella damages” due to the cartel’s conduct. While certain jurisdictions (e.g. the EU) allow plaintiffs to claim umbrella damages, it is not clear whether plaintiffs seeking umbrella damages in the U.S. have standing. This article analyzes the role of umbrella damages when conducting damage assessment in bid-rigging cases. The article explains why umbrella damages may be a consideration in certain auction formats but not others and describes the underlying economic rationale. It summarizes findings from a case study of these types of damages using data from the Texas dairy industry. It concludes with some practical considerations when assessing umbrella damages.
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Secret Reserve Prices by
Uninformed Sellers
(with Pasha Andreyanov) - Quantitative Economics, 13(3), 1203-1256, 2022
Abstract |
Download (Last updated: Feb 2022) |
SSRN
If bidders are better informed than the seller about a common component of auction heterogeneity, the seller can allocate more efficiently by keeping her reserve price secret and revising it using submitted bids. We build a model of a first-price auction under unobserved auction heterogeneity, imperfectly observed by the seller, that captures this rationale and derive conditions for identification. An application to French timber auctions, where such revisions are widely used, shows that having perfect information about unobserved auction heterogeneity would increase surplus by 5.22%. Combining a secret reserve price with learning from submitted bids reduces this surplus gap by up to 84%.
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Estimating the Costs of Standardization: Evidence from the Movie Industry - Review of Economic Studies, 90(2), 597–633, 2023
Abstract |
Download (Last updated: Mar 2022) |
Online Appendix
This paper studies the decentralized adoption of a technology standard when network effects are present. If the new standard is incompatible with the current installed base, adoption may be inefficiently delayed. I quantify the magnitude of ``excess inertia" in the switch of the movie distribution and exhibition industries from 35mm film to digital. I specify and estimate a dynamic game of digital hardware adoption by theaters and digital movies supply by distributors. Counterfactual simulations establish that excess inertia reduces surplus by 16% relative to the first-best adoption path; network externalities explain 41% of the surplus loss. Targeted adoption subsidies or a mandate on digital distribution help bridge this welfare gap.
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A Study of Umbrella Damages from Bid-Rigging - Journal of Law and Economics, 65(2), 239-277, 2022
Young Economists' Essay Award - EARIE 2019
Abstract |
Download (Last updated: Feb 2021)
If non-cartel firms adjust their pricing to the supra-competitive level sustained by a cartel, purchasers from non-cartel firms may suffer umbrella damages. This paper examines the bidding behavior of non-cartel firms against the Texas school milk cartel between 1980 and 1992. Evidence is found that the largest non-cartel firm bid less aggressively when facing the cartel. Structural estimation reveals that, per contract, damages due to non-cartel firms bidding higher are at least 35% of damages caused by the cartel. Inefficiencies raise the winner's cost by 5.9%. These results shed light on the importance of umbrella damages from a civil liability perspective.
