Working Papers

“The Value of Intermediation in Bikeshare” (Job Market Paper)

Abstract: Transportation markets often face imbalances between demand and supply when agents do not internalize the system-wide effects of their choices. Intermediaries arise in such markets to ameliorate these imbalances. This paper studies the role of intermediation in New York City’s Citi Bike system, where the operator rebalances bikes between locations to mediate demand between current and future consumers. I develop and estimate a spatial matching model using granular trip and bike availability data from 2018–2024. A unique aspect of this setting is that it allows me to consider the impact of network expansion, as the system expanded rapidly during this period. The model features consumer demand, spatial matching for bikes and docks, and a steady-state equilibrium, allowing me to quantify how travel patterns respond to changes in wait times. The estimates show that matching is more frictional for electric bikes than for regular bikes, though most riders find a bike within minutes. Demand for biking is sensitive to search times at both origins and destinations. In a counterfactual with no rebalancing, I find that the number of consumers using the system falls sharply due to longer wait times. This result underscores the critical value of intermediation in maintaining network viability, with implications for other spatially imbalanced markets. Finally, I use the model to examine how the system’s rapid network expansion interacts with rebalancing operations to shape spatial service quality.

Works in Progress

“Much ADU about Something? Evidence from a Recent Reform” (with Danny Gold)

Abstract: In response to rising housing costs exacerbated by historically low levels of new housing construction, many U.S. cities have enacted reforms to encourage accessory dwelling unit (ADU) development on lots otherwise zoned for single-family development. These policies aim to increase housing density without requiring broader zoning changes or more disruptive development. This paper examines a 2019 reform in Seattle that eased ADU restrictions. First, we consider the impact of this reform on homeowners’ decisions to build ADUs. We then examine the effect of the policy and new ADU constructions on property values. We find that ADU permit applications surged following the reform. Using a repeat-sales framework, we estimate that constructing an ADU increased property values by 13\%. Additionally, we provide evidence that the option value of ADU construction increased home values in all ADU-eligible lots, with greater appreciation observed for properties with lower initial lot coverage ratios. Our findings inform ongoing debates on urban residential land use policy.

“Impacts and Drivers of Washington State Marijuana Potency” (with Giselle Labrador-Badia and Hanna Han)

Abstract: This paper investigates the drivers of increasing cannabis potency in Washington State and its implications for mental health. Using detailed administrative data on retail and wholesale transactions, we document a sustained rise in THC concentration and analyze whether this trend is driven by supply-side innovations or shifts in consumer preferences. Using hedonic regressions and markup analysis, we find that while extracts drive the retail trend, THC content is strongly capitalized into wholesale prices. Leveraging linked survey data from the Washington Behavioral Risk Factor Surveillance System (BRFSS), we further estimate the impact of local product potency on mental health outcomes using a triple-difference design based on geographic dispensary access and cannabis usage. Our findings contribute to the literature on drug markets and public health by incorporating product potency as a central dimension of consumer behavior and market evolution.

Authored Software

  • pyRVtest — with Marco Duarte, Lorenzo Magnolfi, Mikkel Sølvsten, and Christopher Sullivan
  • pyHDFE — with Jeff Gortmaker

Policy Publications