Prof. Eric Budish
Paul G. McDermott Professor of Economics and Entrepreneurship
Centel Foundation/Robert P. Reuss Faculty Scholar
University of Chicago
Booth School of Business
Eric Budish is the Paul G. McDermott Professor of Economics and Entrepreneurship at the University of Chicago, Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research, Co-Director of the Initiative on Global Markets at Chicago Booth, Co-Director of the Chicago Booth Economics PhD Program, and the Krane Distinguished Visiting Professor at the University of Chicago Law School.
Budish’s main area of research is market design, with specific topics studied including financial markets, matching markets, market design theory, ticket markets, blockchains and cryptocurrencies, and incentives for innovation. His most recent research has concerned various aspects of the Covid-19 crisis, especially on how to use market design to accelerate global vaccination.
Budish’s best-known research has proposed a new market design for financial exchanges, frequent batch auctions, to address the arms race for trading speed and its effects on efficiency, liquidity and the market’s complexity. This research has received several awards, has been discussed in major policy addresses by financial market regulators, and has influenced exchange design proposals in stock markets and futures markets around the world. Budish’s research on patent design and cancer R&D shows how flawed innovation incentives led to underinvestment in long-term research for cancer prevention. This work received the Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research, and the Arrow Award for the best paper in Health Economics. Budish’s research on matching theory developed a new market design, Approximate Competitive Equilibrium from Equal Incomes, that is now in use at many universities for matching students to schedules of courses. This research also developed new criteria of fairness and incentives that have been influential in the literature.
Budish received his PhD in Business Economics from Harvard University, his MPhil in Economics from Oxford (Nuffield College), and his BA in Economics and Philosophy from Amherst College. Prior to graduate school, Budish was an analyst at Goldman Sachs. Budish’s honors include giving the 2017 AEA-AFA joint luncheon address, the Sloan Research Fellowship, and the Marshall Scholarship.