We develop a novel framework for measuring regulatory exposure by leveraging large language models (LLMs) and retrieval-augmented generation (RAG). We construct two complementary exposure metrics: perceived exposure, derived from firms' explicit …
This paper examines the long-term effects of early-life exposure to large-scale industrialization on adult health, economic outcomes, and well-being. Leveraging the spatial and temporal variation in China's Soviet-aided 156 Projects, a cornerstone of …
This research focuses on the principal-agent problem, when both the principal and the agent are constrained only by limited commitment. Contrary to the conventional wisdom that lack of commitment would harm the principal's benefits in the …