AEA/AFA Joint Luncheon Address

• I gave the 2017 AEA/AFA Joint Luncheon Address, entitled "Will the Market Fix the Market?"
  AEA Video
  Slides, Transcript

Other Recent Public Talks

• Keynote "How to Fix the Market for Event Tickets" at the June 2019 FTC Conference on the Online Event Tickets Market
  Here are my Slides
  Here is the Video (I start at around 17:30)
  
• Presentation on Bitcoin Research at the May 2019 Atlanta Fed Financial Markets Conference
  Here are my Slides
  Here is the Audio and Transcript
  Here is a March 2021 Virtual MD Seminar Presentation
  
• Presentation on Quantifying the High-Frequency Trading "Arms Race" at the Microstructure Exchange Virtual Seminar, June 2020
  Updated Slides for Quantifying the HFT Arms Race
  
• Presentation on Market Design for Covid-19 Vaccine Supply at a Booth Alumni Event, Aug 2021
  Chicago Booth Management Conference Panel "Perspectives on Covid-19", May 2021
  
• R≤1 as an Economic Constraint
  Slides and Video (10 mins) from an April 2020 IGM Covid-19 policy conference
  Slides and Video (30 mins) from a May 2020 Stigler Center Covid-19 policy conference
  Updated slides for talks in Jan 2021

Covid-19 Policy

• Market Design to Accelerate COVID-19 Vaccine Supply
  (with Amrita Ahuja, Susan Athey, Arthur Baker, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan, Witold Wiecek)
  Science, Vol.371(6534), Mar 2021, pg 1107-1109.
  Wall Street Journal Op-Ed (with Chris Synder)
  Additional Scenarios for The Economist, May 2021
  Interview with The Economic Times, June 2021
  
• An Economic Framework for Vaccine Prioritization
  (with Mohammad Akbarpour, Piotr Dworczak, Scott Duke Kominers)
  Conditionally accepted, Quarterly Journal of Economics
  Updated draft: Dec 2021.
  
• Preparing for a Pandemic: Accelerating Vaccine Availability
  (with Amrita Ahuja, Susan Athey, Arthur Baker, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan, Witold Wiecek)
  American Economic Association Papers and Proceedings, Vol. 111, May 2021, pg 331-35
  
• Maximize Utility subject to R ≤ 1: A Simple Price-Theory Approach to Covid-19 Lockdown and Reopening Policy
  New draft: November 9, 2020.
  April 1 draft: R < 1 as an Economic Constraint: Can We "Expand the Frontier" in the Fight Against Covid-19?
  Slides and Video (10 mins) from an April 2020 IGM Covid-19 policy conference
  Slides and Video (30 mins) from a May 2020 Stigler Center Covid-19 policy conference
  Updated slides for talks in Jan 2021
• Three Pillars of the Economic Policy Response to the Covid-19 Crisis
  (with IGM Co-Directors Anil Kashyap, Ralph Koijen and Brent Neiman)
  March 18, 2020 (minor updates March 23, 2020).
  IGM Covid-19 Research Page
  

Exchange Message Data Codebook

• Code and Detailed Guidebook for researchers, academics and regulators to conduct their own studies using exchange message data
  Accompanies our forthcoming QJE paper: Quantifying the High-Frequency Trading "Arms Race"

Working Papers

• The Economic Limits of Bitcoin and the Blockchain
  New version: May 2022 Earlier version (June 2018)
  NBER Working Paper No. 24717
  AFA Panel: Blockchain Myth and Reality
  Press: Bloomberg, Barrons, MIT Technology Review, Techcrunch, Marginal Revolution
• Flow Trading
  (with Peter Cramton, Pete Kyle, Mina Lee, David Malec)
  Preliminary draft: October 2021.
  
• Maximize Utility subject to R ≤ 1: A Simple Price-Theory Approach to Covid-19 Lockdown and Reopening Policy
  New draft: November 9, 2020.
  See related links above
  
• A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?
  (with Robin Lee and John Shim)
  Revise and Resubmit, Journal of Political Economy
  Appendix
  NBER Working Paper No. 25855
  Press: Matt Levine, WSJ
  Policy: SEC Commissioner Jackson, SEC Feb 2020 Proposal re Market Data Infrastructure
  Latest draft: July 2021
  

Published and Forthcoming Papers

• An Economic Framework for Vaccine Prioritization
  (with Mohammad Akbarpour, Piotr Dworczak, Scott Duke Kominers)
  Conditionally accepted, Quarterly Journal of Economics
  Updated draft: Dec 2021.
  
• Market Design
  (with Nikhil Agarwal)
  Invited Chapter for the Handbook of Industrial Organization
  
• Primary-Market Auctions for Event Tickets: Eliminating the Rents of "Bob the Broker"?
  (with Aditya Bhave)
  Forthcoming, American Economic Journal: Microeconomics
  NBER Working Paper No. 23770
  Press: Freakonomics Podcast, NBER Digest
  See links for FTC Keynote on the event tickets market above
  
• Quantifying the High-Frequency Trading "Arms Race"
  (with Matteo Aquilina and Peter O'Neill)
  Quarterly Journal of Economics, Vol. 137(1), Feb 2022, 493-564 Seminar Slides
  Released Jan 2020 as UK Financial Conduct Authority Occasional Paper 50
  June 2020 Addendum to Occasional Paper 50
  FCA Occasional Paper landing page with brief summary and links
  Winner, WFA 2020 Two Sigma Award for Best Paper on Investment Management
  FCA Insight brief description of the paper
  Press: WSJ, FT, Matt Levine
  Data and Code Appendix
• Market Design to Accelerate COVID-19 Vaccine Supply
  (with Amrita Ahuja, Susan Athey, Arthur Baker, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan, Witold Wiecek)
  Science, Vol.371(6534), Mar 2021, pg 1107-1109.
  Wall Street Journal Op-Ed (with Chris Synder)
  
• Can Market Participants Report their Preferences Accurately (Enough)?
  (with Judd Kessler)
  Forthcoming, Management Science
  Published Online: June 2021.
  NBER Working Paper No. 22448
  Press: FT, Bloomberg Businessweek
  A-CEEI Mechanism Theory Paper
  
• An Improved Bound for the Shapley-Folkman Theorem
  (with Philip J. Reny)
  Published: Journal of Mathematical Economics, Vol. 89, Aug 2020, pg 48-52
  
• Strategy-proofness in the Large
  (with Eduardo Azevedo)
  Published: Review of Economic Studies, Vol. 86(1), Jan 2019, pp 81-116
  Supplementary Appendix
  2016 Working Paper Version
  
• Course Match: A Large-Scale Implementation of Approximate Competitive Equilibrium from Equal Incomes for Combinatorial Allocation
  (with Gerard Cachon, Judd Kessler and Abe Othman)
  Published: Operations Research, Vol. 65(2), March-April 2017, pp 314-336
  Wharton "Course Match" Website
  Press: FT, Bloomberg Businessweek
  A-CEEI Mechanism Theory Paper
  
• The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response
  (with Peter Cramton and John Shim)
  Published: Quarterly Journal of Economics, 130(4), Nov 2015, pp 1547-1621 (lead article)
  Online Appendix
  Winner, 2014 AQR Insight Award
  Winner, 2015 Utah WFC Best Paper Award
  Seminar Slides
  Panel Discussions: CME, Chicago Booth, CFTC TAC
  Press: FT, Bloomberg, Chicago Tribune, Bloomberg Editorial, Economist
  Policy Discussion: SEC Chair White Speech, European Commission, NY AG Speech
  CFTC Comment Letter
  IEX Comment Letter
  Comment Letter on Proposed Commission Interpretation of One Millisecond as De Minimis
  Response to RFI on the Evolution of the U.S. Treasury Market Structure
  Response to ESMA's Call for Evidence re Periodic Auctions
  Short Paper with Additional Implementation Details
  
• Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials
  (with Benjamin Roin and Heidi Williams)
  Published: American Economic Review, Vol 105(7), pp 2044-2085
  Online Appendix
  Press: Slate, The Economist, Bloomberg, New York Times
  Winner, the Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research
  Winner, the Arrow Award for "best paper published in health economics" in 2015
• Designing Random Allocation Mechanisms: Theory and Applications
  (with Yeon-Koo Che, Fuhito Kojima and Paul Milgrom)
  Published: American Economic Review, Vol. 103(2), April 2013, pp 585-623
  Online Appendix
  
• The Combinatorial Assignment Problem: Approximate Competitive Equilibrium from Equal Incomes
  Published: Journal of Political Economy, Vol. 119(6), Dec 2011, pp 1061-1103
  2010 Working Paper Version
  Data Appendix
  Slides
  Implementation at Wharton
  
• The Multi-Unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard
  (with Estelle Cantillon)
  Published: American Economic Review, Vol 102(5), Aug 2012, pp 2237-71.
  Data Appendix
  
• Finding Approximate Competitive Equilibria: Efficient and Fair Course Allocation
  (with Abe Othman and Tuomas Sandholm)
  Published: Proc. of 9th Int. Conf. on Autonomous Agents and Multiagent Systems (AAMAS 2010)
  
• Buy Prices in Online Auctions: Irrationality on the Internet?
  (with Lisa Takeyama)
  Published: Economics Letters, Vol. 72(3), 2001, pp. 325-33
  

Non-Refereed Papers

• Patents and Research Investments: Assessing the Empirical Evidence
  (with Benjamin Roin and Heidi Williams)
  Forthcoming: American Economic Review Papers and Proceedings, May 2016
  Online Appendix
  
• Implementation Details for Frequent Batch Auctions: Slowing Down Markets to the Blink of an Eye
  (with Peter Cramton and John Shim)
  Published: American Economic Review Papers and Proceedings, May 2014
  Main Paper on Frequent Batch Auctions
  
• Matching "versus" Mechanism Design
  Published: ACM SIGecom Exchanges, Vol. 11, No. 2, December 2012, pp. 4-15
  Slides