We find that measurement uncertainty in firms’ carbon intensity commands a positive risk premium, distinct from and alongside a robust premium associated with carbon-intensity levels. Because most emissions are estimated rather than disclosed, our main contribu­tion is to construct an...

This article proposes a way of understanding meritocracy from retrospective versus prospective points of view. Retrospective meritocracy is static or backwards-looking: Merit is based on an individual’s characteristics or past achievements as representative of excellence or as desert for a...

We study how an automating technology affects career dynamics, human capital, and welfare in an economy where workers acquire skill through the tasks they perform. In a continuous-time general equilibrium model, learning-by-doing is determined jointly with the share of tasks...

The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...

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