Working Papers
Coexistence of Banks and Non-Banks: Intermediation Functions and Strategies
Nicola Catorelli, Gonzalo Cisternas, Asani SarkarNEW
- What’s special about non-banks and how do they interact with banks?
- We integrate existing models under a common framework and explore new questions on the coexistence between banks and non-banks
Misinformation in Social Media: The Role of Verification Incentives
Gonzalo Cisternas and Jorge VasquezR&R Journal of the European Economic Association - New Version
- When people verify and share news, strategic complementarities in verification incentives can arise
- High rates of misinformation production and diffusion can then be consistent with more welfare
A Note on the Comparative Statics of Optimal Procurement Auctions
Gonzalo Cisternas and Nicolás Figueroa- A supplier with private information about her costs becomes more efficient
- Will this lead to more profits when an optimal mechanism is in place?
Publications
Leader-Follower Dynamics in Shareholder Activism
Doruk Cetemen, Gonzalo Cisternas, Aaron Kolb and S. ViswanathanJournal of Finance, forthcoming
PDF Online Appendix Code files
- We develop a theory of coordination and influence among blockholders
- To control acquisition costs, activists build blocks in sequence; order flows are then used to influence others to bear greater intervention costs
Signaling with Private Monitoring
Gonzalo Cisternas and Aaron KolbThe Review of Economic Studies , 92(2), 909–953, 2025
PDF Journal Article Supplementary Appendix Code: spm.nb
- A dynamic signaling game in which the receiver’s observations are private leads to a complex problem of higher-order beliefs
- Situations like this abound – we introduce a framework for analyzing them
Consumer Scores and Price Discrimination
Alessandro Bonatti, Gonzalo CisternasThe Review of Economic Studies, 87(2), 750–791, 2020
PDF Slides Journal Article Supplementary Appendix Code: scores.nb
Corrigendum
- A score based on signals of past purchases is used to price discriminate
- Strategic consumers can benefit from data collection, but score transparency is key
Career Concerns and the Nature of Skills
Gonzalo CisternasAmerican Economic Journal: Microeconomics, 10(2), 152-89, 2018
PDF Journal Article Media: AEA Research Highlights
- Workers exert effort to attempt to boost their reputations for being skilled
- Whether skills are endogenous or not matters
Two-Sided Learning and the Ratchet Principle
Gonzalo CisternasThe Review of Economic Studies, 85(1), 307–351, 2018
PDF Slides Journal Article
- Attempting to manipulate others’ beliefs can come at the cost of higher expectations of future performance
- An unexpected way to find equilibria based on a novel ODE is uncovered
Dynamic Oligopoly with Incomplete Information
Alessandro Bonatti, Gonzalo Cisternas, Juuso ToikkaThe Review of Economic Studies, 84(2), 503–546, 2017
PDF Slides Journal Article
- A market in which prices are noisy and firms have private information about their costs opens up
- A race for leadership with firms trying to manipulate rivals’ beliefs emerges
Sequential Procurement Auctions and Their Effect on Investment Decisions
Gonzalo Cisternas, Nicolas FigueroaRAND Journal of Economics, 46, 824-843, 2015
PDF Slides Journal Article
- Can a buyer promote competition and cost-reducing investments among suppliers?
- Optimal advantages to past winners can achieve both goals
