Random Utility with Unobservable Alternatives

By Haruki Kono, Kota Saito, and Alec Sandroni

American Economic Review

The random utility model (RUM), a cornerstone in economics, is typically studied under the assumption that choice frequencies of all alternatives are observable. In practice, however, some alternatives have unobservable choice frequencies and are commo...

Uncertainty and Change: Survey Evidence of Firms’ Subjective Beliefs

By Rüdiger Bachmann, Kai Carstensen, Stefan Lautenbacher, Manuel Menkhoff, and Martin Schneider

American Economic Review

This paper studies how managers plan under uncertainty. In a new panel survey of German manufacturing firms, we observe both forecasts of sales growth and a quantitative measure of subjective uncertainty. We show that subjective uncertainty reflects c...

Cool Cities: The Value of Urban Trees

By Lu Han, Stephan Heblich, Christopher Timmins, and Yanos Zylberberg

American Economic Review: Insights

As urban populations grow, more people face extreme heat, increasing demand for natural cooling. Urban trees offer various amenities, including cooling benefits, yet their economic value is hard to quantify. This paper estimates the implicit value of u...

Christopher Sims (1942–2026)

[News]

March 16, 2026

Economics profession saddened by loss of Nobel laureate and former AEA president.

Math Preparation for Graduate School

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Program Rankings

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How graduate programs stack up.

Graduate Degrees in Economics

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Funding Opportunities for Graduate School

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Understanding the Job Market

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EconSpark: AEA Economics Discussion Forum

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Considerations for Prospective Graduate Students in Economics

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Deep Learning for Solving Economic Models

By Jesús Fernández-Villaverde

Journal of Economic Literature

The ongoing revolution in deep learning is reshaping research across many fields, including economics. Its effects are especially clear in solving dynamic economic models. These models often lack closed-form solutions, so economists have long relied on nu...

AEASP: Participants

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Summer Economics Fellows Program

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Information on the Summer Economics Fellows Program

AEA Summer and Scholarship Programs

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