Flow Trading https://ericbudish.org/wp-content/uploads/2022/06/Flow-Trading.pdf
Market Design and Live Events
An Economic Framework for Vaccine Prioritization https://ericbudish.org/wp-content/uploads/2022/01/An-Economic-Framework-for-Vaccine-Prioritization.pdf
Beyoncé Is Going on Tour. Is Ticketmaster Ready? https://ericbudish.org/wp-content/uploads/2023/02/Beyonce_is_going_on_tour_Is_Ticketmaster_ready_The_Washington_Post.pdf
Online Appendix https://ericbudish.org/wp-content/uploads/2023/01/Online-Appendix.pdf
Replication Package
Primary-Market Auctions for Event Tickets: Eliminating the Rents of “Bob the Broker”? https://ericbudish.org/wp-content/uploads/2023/01/Ticket-Auctions-Bob-the-Broker-AEJ-Micro-2023.pdf
Everyone Hates Ticketmaster. Is Everyone Wrong? https://ericbudish.org/wp-content/uploads/2023/01/Hating-Ticketmaster-long-predates-the-Taylor-Swift-fiasco.pdf
What an Unusual Auction Says About the Art Market https://ericbudish.org/wp-content/uploads/2023/03/Going_Dutch.pdf
Distributing a Billion Vaccines: COVAX Successes, Challenges, and Opportunities https://ericbudish.org/wp-content/uploads/2023/01/Distributing-a-Billion-Vaccines-COVAX.pdf
Taylor Swift’s Ticketmaster Meltdown: What Happened? Who’s to Blame? https://ericbudish.org/wp-content/uploads/2022/12/Taylor-Swifts-Ticketmaster-meltdown_-What-happened_-Whos-to-blame_-The-Washington-Post.pdf
Chicago Trading Firms Will Feel Shock Waves From FTX Bankruptcy https://ericbudish.org/wp-content/uploads/2022/11/FTX-bankruptcy-will-affect-DRW-Jump-SME-Cboe-trading-_-Crains-Chicago-Business.pdf
Harvard Harris Lecture: The Economics of Cryptocurrencies (November 2022)
A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market? https://ericbudish.org/wp-content/uploads/2022/10/A-Theory-of-Stock-Exchange-Competition-and-Innovation.pdf
Appendix
How Costly is Trust in the Blockchain? https://ericbudish.org/wp-content/uploads/2022/07/How-costly-is-trust-in-the-blockchain_-Marginal-REVOLUTION.pdf
Preparing for a Pandemic: Accelerating Vaccine Availability https://ericbudish.org/wp-content/uploads/2021/03/Market-Design-for-Vaccine-Supply-2022-AEAs.pdf
Seminar Slides, UPenn (Aug 2017) https://ericbudish.org/wp-content/uploads/2022/06/Budish-Kessler-Management-Science-2017-Talk-1.pdf
AEA/AFA Joint Luncheon Address, Will the Market Fix the Market?
Slides, 2018 NBER Summer Institute https://ericbudish.org/wp-content/uploads/2022/03/economic_limits_slides_nber2018.pdf
Slides, 2022 Northwestern University Conference https://ericbudish.org/wp-content/uploads/2018/06/Economic-Limits-Bitcoin-Blockchain-June-2022.pdf
Flow Trading https://ericbudish.org/wp-content/uploads/2022/06/Flow-Trading-Slides-June-2022.pdf
Primary-Market Auctions for Event Tickets https://ericbudish.org/wp-content/uploads/2021/09/Primary-Market-Auctions-for-Event-Tickets-Slides-_June_2018.pdf
Slides, An Economic Framework for Vaccine Prioritization https://ericbudish.org/wp-content/uploads/2022/01/An-Economic-Framework-for-Vaccine-Prioritization-June-2022-Slides.pdf
Slides, Will the Market Fix the Market? https://ericbudish.org/wp-content/uploads/2017/01/4-Will-the-Market-Fix-the-Market-Slides-AEA-AFA-Joint-Luncheon-2017.pdf
Designing Random Allocation Mechanisms Seminar Slides (Oct 2010) https://ericbudish.org/wp-content/uploads/2022/07/Designing-Random-Allocation-Mechanisms-Seminar-Slides-Oct-2010.pdf
Slides, Do Firms Underinvest in Long-Term Research? https://ericbudish.org/wp-content/uploads/2022/07/Do-Firms-Underinvest-Seminar-Slides-April-2015.pdf
Policy Audience Slides (FCA, Feb 2016) https://ericbudish.org/wp-content/uploads/2022/07/HFT-Arms-Race-Policy-Audience-Slides-Feb-2016.pdf
ACM EC Panel Discussion Slides (June 2018) https://ericbudish.org/wp-content/uploads/2022/07/SPL-ACMEC-panel-Slides-June-2018.pdf
Transcript, Why Is the Live-Event Ticket Market So Screwed Up? No PDF
Transcript, Does the Crypto Crash Mean the Blockchain Is Over? No PDF
Behind the Celsius Sales Pitch was a Crypto Firm Built on Risk https://ericbudish.org/wp-content/uploads/2022/06/Behind-the-Celsius-Sales-Pitch-Was-a-Crypto-Firm-Built-on-Risk-WSJ.pdf
Freakonomics Podcast, Does the Crypto Crash Mean the Blockchain Is Over? https://ericbudish.org/wp-content/uploads/2022/06/Transcript_Does-the-Crypto-Crash-Mean-the-Blockchain-Is-Over-Freakonomics.pdf
The Economic Limits of Bitcoin and Anonymous, Decentralized Trust on the Blockchain https://ericbudish.org/wp-content/uploads/2018/06/Economic-Limits-Bitcoin-Blockchain-June-2022.pdf
How ‘Trustless’ Is Bitcoin, Really? https://ericbudish.org/wp-content/uploads/2022/06/How-‘Trustless-Is-Bitcoin-Really_-The-New-York-Times.pdf
Can Market Participants Report their Preferences Accurately (Enough)? https://ericbudish.org/wp-content/uploads/2021/06/Can-Market-Participants-Report-Their-Preferences-Accurately-Enough.pdf
Cognomos
Wikipedia entry: A-CEEI
Wikipedia entry: EF1
Wikipedia entry: Maximin share
CV No PDF
The Economics of Cryptocurrencies (April 2022)
Exchange Message Data Codebook
Quantifying the High-Frequency Trading “Arms Race” https://ericbudish.org/wp-content/uploads/2022/02/Quantifying-the-High-Frequency-Trading-Arms-Race.pdf
AEA Presentation (Jan 2022) https://ericbudish.org/wp-content/uploads/2022/07/A-Theory-of-Stock-Exchange-Jan-2022-Presentation-Slides.pdf
Greedy Bots Cornered the Sneaker Market. What Now?
Data and Code Appendix https://ericbudish.org/wp-content/uploads/2022/03/Code_and_Data_Appendix.pdf
Why Are Bots Buying Sneakers? https://ericbudish.org/wp-content/uploads/2021/10/Transcript-Why-Are-Bots-Buying-Sneakers_.pdf
You Could Be Competing With Bots to Buy Gifts This Christmas https://ericbudish.org/wp-content/uploads/2021/10/When-it-comes-to-online-shopping-you-might-be-competing-with-super-speedy-greedy-bots_.pdf
Market Design https://ericbudish.org/wp-content/uploads/2021/10/Ch-10-Market-Design.pdf
Market Design for Covid-19 vaccine supply
How High-Frequency Traders Are Costing the Rest of Us Billions of Dollars Each Year https://ericbudish.org/wp-content/uploads/2021/08/Opinion_-How-high-frequency-traders-are...pdf
Measuring the 15-Microsecond Dash with Professor Eric “Batch” Budish
We Can Sustainably End the Pandemic with 7.2 Billion Vaccine Courses a Year: Chicago Booth’s Eric Budish https://ericbudish.org/wp-content/uploads/2022/03/economic_times_sustainably_end_pandemic_with_7.2_billion_vaccine_courses.pdf
Management Conference ’21: Perspectives on COVID-19
Seminar slides https://ericbudish.org/wp-content/uploads/2022/03/Quantifying_HFT_Races_Slides.pdf
Bitcoin Holders Have No Choice but to Trust in Chinese Crypto Miners https://ericbudish.org/wp-content/uploads/2022/03/marketwatch_bitcoin_holders_have_no_choice_but_to_trust_in_chinese_crypto_miners.pdf
How Can More Covid-19 Vaccines be Made Available? https://ericbudish.org/wp-content/uploads/2022/03/economist_how_can_more_vaccines_be_made_available.pdf
Preparing for a Pandemic: Accelerating Vaccine Availability https://ericbudish.org/wp-content/uploads/2022/03/preparing_pandemic.pdf
The Big Pharma CEO Who’s Helping to Put an End to COVID-19 https://ericbudish.org/wp-content/uploads/2022/03/newsweek_big_pharma_ceo_helping_end_covid_19.pdf
Bigger Is Better When It Comes to Vaccine Production https://ericbudish.org/wp-content/uploads/2022/03/wsj_op-ed_bigger_is_better.pdf
Market Design to Accelerate Covid-19 Vaccine Supply https://ericbudish.org/wp-content/uploads/2022/03/market_design_accelerate_covid_19_vaccine_supply.pdf
How Is This Legal? https://ericbudish.org/wp-content/uploads/2021/03/Resale-ticket-market-leaves-fans-feeling-manipulated-and-angry.pdf
Virtual MD Seminar Presentation, March 2021
Think GameStop Is Wild? Meet Dogecoin, the Meme-Inspired Digital Currency That Began As a Joke and Is Now Worth Billions https://ericbudish.org/wp-content/uploads/2022/03/chicago_tribune_meet_dogecoin.pdf
William Watson: Carrots, Sticks and Sledgehammers https://ericbudish.org/wp-content/uploads/2022/03/financial_post_covid_policy_preference.pdf
Updated Slides for Talks in January 2021 https://ericbudish.org/wp-content/uploads/2021/01/maximize_utility_subject_r_1_slides.pdf
Maximize Utility Subject to R ≤ 1: A Simple Price-Theory Approach to Covid-19 Lockdown and Reopening Policy https://ericbudish.org/wp-content/uploads/2022/03/maximize_utility_subject_r_1.pdf
The Future of Money
A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market? https://ericbudish.org/wp-content/uploads/2022/03/theory_stock_exchange_competition_innovation_7-1-2020.pdf
FCA Occasional Paper landing page with brief summary and links https://ericbudish.org/wp-content/uploads/2022/03/fca_occasional_paper_landing_page_brief_summary_links.pdf
Quantifying the High-Frequency Trading ‘Arms Race’: A new methodology and estimates
June 2020 Addendum to Occasional Paper 50 https://ericbudish.org/wp-content/uploads/2022/03/june_2020_addendum_occasional_paper_50.pdf
R<1 as an Economic Constraint (May 2020)
Slides, May 2020 https://ericbudish.org/wp-content/uploads/2022/03/r_1_slides_stiglerconferenceoncovid19may72020.pdf
An Improved Bound for the Shapley-Folkman Theorem https://ericbudish.org/wp-content/uploads/2022/03/shapley_folkman_theory.pdf
R<1 as an Economic Constraint (April 2020)
Slides, April 2020 https://ericbudish.org/wp-content/uploads/2022/03/r_1_slides_igmconferencecovid19crisisapril92020.pdf
April 2020 draft: “R<1 as an Economic Constraint: Can we 'Expand the Frontier' in the Fight Against Covid-19?" https://ericbudish.org/wp-content/uploads/2022/03/r_1_economic_constraint_4-1-2020.pdf
IGM Covid-19 Research Page
Three Pillars of the Economic Policy Response to the Covid-19 Crisis https://ericbudish.org/wp-content/uploads/2022/03/three_pillars_economic_policy_response_covid_19_crisis.pdf
SEC Feb. 2020 Proposal re: Market Data Infrastructure https://ericbudish.org/wp-content/uploads/2022/03/sec_feb_2020_proposal_market_data_infrastructure_securitiesandexchangecommission.pdf
Money Stuff: Latency Arbitrage https://ericbudish.org/wp-content/uploads/2022/03/matt_levine_quantifyinghft.pdf
FCA Insight Brief Description of “Quantifying the High-Frequency Trading ‘Arms Race'” https://ericbudish.org/wp-content/uploads/2022/03/fca_insight_brief_description_paper_matteoaquilinapeteroneill.pdf
FCA Researchers Outline $5bn ‘Tax’ Imposed by High-Speed Trading https://ericbudish.org/wp-content/uploads/2020/01/17-FT-Philip-Stafford.pdf
UK Financial Conduct Authority Occasional Paper 50 https://ericbudish.org/wp-content/uploads/2022/03/uk_financial_conduct_authority_occasional_paper.pdf
Ultrafast Trading Costs Stock Investory Nearly $5 Billion a Year, Study Says https://ericbudish.org/wp-content/uploads/2022/03/wsj_ultrafast_trading_costs_investors.pdf
SEC Commissioner Jackson https://ericbudish.org/wp-content/uploads/2022/03/sec_commissioner_jackson_robertjjacksonjr.pdf
Slides, FTC Keynote “How to Fix the Market for Event Tickets” https://ericbudish.org/wp-content/uploads/2019/06/Budish-FTC-Keynote-powerpoint-slides.pdf
PowerPoint Slides with Speaking Notes https://ericbudish.org/wp-content/uploads/2019/06/Budish-FTC-Keynote_powerpoint_slides_with_speaking_notes.pdf
FTC Keynote Talk, How to Fix the Market for Event Tickets
The Trades Are Free, the Data Will Cost You https://ericbudish.org/wp-content/uploads/2022/03/trades_are_free_data_will_cost.pdf
Presentation on Bitcoin Research at the May 2019 Atlanta Fed Financial Markets Conference https://ericbudish.org/wp-content/uploads/2022/03/atlanta_fed_transcript.pdf
Response to ESMA’s Call for Evidence re Periodic Auctions No PDF
AFA panel “Blockchain: Myth and Reality”
Bitcoin Is Less Secure Than Most People Think https://ericbudish.org/wp-content/uploads/2022/03/marginal_revolution_bitcoin_less_secure_than_people_think.pdf
Transcript and audio recording, Atlanta Fed
SEC Commissioner Calls for Regulators to Bolster Market Oversight https://ericbudish.org/wp-content/uploads/2018/09/20-WSJ-Gretchen-Morgenson.pdf
Strategy-proofness in the Large https://ericbudish.org/wp-content/uploads/2022/03/strategyproofness_large.pdf
Why Bitcoin Will Never Replace Gold https://ericbudish.org/wp-content/uploads/2022/03/barrons_why_bitcoin_will_never_replace_gold.pdf
Rental Attacks Mean That Blockchains Must Evolve or Die https://ericbudish.org/wp-content/uploads/2018/07/4-Techcrunch-Abraham-Othman.pdf
Primary-Market Auctions for Event Tickets: Eliminating the Rents of “Bob the Broker”? https://ericbudish.org/wp-content/uploads/2022/03/primarymarket_auctions_event_tickets_07-18-2018.pdf
Appendix No PDF
Bitcoin Looks More Like Gold Than a Currency https://ericbudish.org/wp-content/uploads/2022/03/bloomberg_bitcoin_looks_more_like_gold_than_currency.pdf
Bitcoin’s Inherent Economics Could Keep It from Ever Being Very Important https://ericbudish.org/wp-content/uploads/2022/03/mit_technology_review_bitcoins_inherent_economics_keeps_growth_constrained.pdf
June 2018 version, NBER Working Paper No. 24717 https://ericbudish.org/wp-content/uploads/2022/03/economic_limits_bitcoin_blockchain.pdf
Performance Ticket Auctions: Going, Going, Gone https://ericbudish.org/wp-content/uploads/2022/03/nber_digest_performance_ticket_auctions.pdf
Freakonomics Podcast, Why Is the Live-Event Ticket Market So Screwed Up? https://ericbudish.org/wp-content/uploads/2022/07/Transcript_-Why-Is-the-Live-Event-Ticket-Market-So-Screwed-Up-Freakonomics.pdf
Course Match: A Large-Scale Implementation of Approximate Competitive Equilibrium from Equal Incomes for Combinatorial Allocation https://ericbudish.org/wp-content/uploads/2017/06/3-Course-Match-A-Large-Scale-Implementation-of-Approximate-Competitive-Equilibrium-from-Equal-Incomes-for-Combinatorial-Allocation-2017-Operations-Research.pdf
AEA/AFA Joint Luncheon Address, Will the Market Fix the Market?
Transcript, Will the Market Fix the Market?
2016 Working Paper Version https://ericbudish.org/wp-content/uploads/2022/03/strategyproofness_large_9-2-2016.pdf
Appendix https://ericbudish.org/wp-content/uploads/2022/03/patents_online_appendix.pdf
Patents and Research Investments: Assessing the Empirical Evidence https://ericbudish.org/wp-content/uploads/2022/03/patents_research_investments.pdf
Response to RFI on the Evolution of the U.S. Treasury Market Structure https://ericbudish.org/wp-content/uploads/2022/03/response_rfi_evolution_us_treasury_market_structure.pdf
Comment Letter on Proposed Commission Interpretation of One Millisecond as De Minimis https://ericbudish.org/wp-content/uploads/2022/03/comment_letter_proposed_commission_interpretation_one_millisecond_de_minimis.pdf
IEX Comment Letter https://ericbudish.org/wp-content/uploads/2022/03/iex_comment_letter.pdf
Why Preventing Cancer Is Not the Priority in Drug Development https://ericbudish.org/wp-content/uploads/2022/03/new_york_times_why_preventing_cancer_is_not_the_priority.pdf
Appendix https://ericbudish.org/wp-content/uploads/2022/03/online_appendix_high_frequency_trading_arms_race.pdf
The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response https://ericbudish.org/wp-content/uploads/2022/03/high_frequency_trading_arms_race.pdf
What Cures Are We Missing Out On? https://ericbudish.org/wp-content/uploads/2022/03/bloomberg_what_cures_are_we_missing_out_on.pdf
Seminar Slides (Sept 2015) https://ericbudish.org/wp-content/uploads/2022/03/high_frequency_trading_arms_race_slides_seminar2015.pdf
Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials https://ericbudish.org/wp-content/uploads/2022/03/do_firms_underinvest_longterm_research.pdf
Frequent but Inefficient https://ericbudish.org/wp-content/uploads/2022/03/economist_frequent_but_inefficient.pdf
Technology Brings Choice to MBA Students https://ericbudish.org/wp-content/uploads/2022/03/ft_technology_brings_choice_to_mba_students.pdf
Patents That Kill https://ericbudish.org/wp-content/uploads/2022/03/economist_patents_that_kill.pdf
Slowing Down the Stock Market https://ericbudish.org/wp-content/uploads/2022/03/bloomberg_slowing_down_the_stock_market.pdf
Slides, Jerusalem Summer School (Summer 2014) https://ericbudish.org/wp-content/uploads/2022/07/combinatorial-assignment-theory-data-practice-jerusalemsummerschool2014.pdf
SEC Chair White Speech https://ericbudish.org/wp-content/uploads/2022/03/sec_chair_white_speech_maryjowhite.pdf
Implementation Details for Frequent Batch Auctions: Slowing Down Markets to the Blink of an Eye https://ericbudish.org/wp-content/uploads/2022/03/implementation_details_frequent_batch_auctions.pdf
Everything You Need to Know About High-Frequency Trading https://ericbudish.org/wp-content/uploads/2022/03/atlantic_everything_you_need_to_know_about_hft.pdf
Professor Proposes Slowing Down Automated Trading https://ericbudish.org/wp-content/uploads/2022/03/chicago_tribune_ameetsachdev.pdf
New York Attorney General Speech https://ericbudish.org/wp-content/uploads/2022/03/ny_ag_speech.pdf
Declawing Speed Traders Is Goal of Stock Market Revamp Proposal https://ericbudish.org/wp-content/uploads/2022/03/bloomberg_declawing_speed_traders_is_goal_of_stock_market_revamp_proposal.pdf
CFTC Comment Letter No PDF
CFTC’s Technology Advisory Committee Meeting
Is high frequency trading good for financial markets?
Gaming Wharton’s Course Scheduling System Just Got Tougher https://ericbudish.org/wp-content/uploads/2022/03/bloomberg_wharton_mba_course_scheduling_system.pdf
Why Aren’t There More Cancer Vaccines? https://ericbudish.org/wp-content/uploads/2022/03/slate_blame_patent_law_for_lack_of_cancer_vaccines.pdf
The Need for Less Speed https://ericbudish.org/wp-content/uploads/2022/03/ft_timharford_the_need_for_less_speed.pdf
Slides, Matching in Practice Conference https://ericbudish.org/wp-content/uploads/2022/03/matching_slides_matchinginpracticeconference2013.pdf
Appendix https://ericbudish.org/wp-content/uploads/2022/03/online_appendices_designing_random_allocation_mechanisms.pdf
Designing Random Allocation Mechanisms: Theory and Applications https://ericbudish.org/wp-content/uploads/2022/03/designing_random_allocation_mechanisms.pdf
Matching “Versus” Mechanism Design https://ericbudish.org/wp-content/uploads/2022/03/matching_mechanism_design.pdf
Seminar Slides (Nov 2012) https://ericbudish.org/wp-content/uploads/2022/07/SPL-Seminar-Slides-Nov-2012.pdf
Appendix https://ericbudish.org/wp-content/uploads/2022/03/multi_unit_assignment_problem_appendix.pdf
The Multi-Unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard https://ericbudish.org/wp-content/uploads/2022/03/multi_unit_assignment_problem.pdf
Appendix
Implementation at Wharton
The Combinatorial Assignment Problem: Approximate Competitive Equilibrium from Equal Incomes https://ericbudish.org/wp-content/uploads/2022/03/combinatorial_assignment_problem.pdf
Wharton “Course Match” website
2010 Working Paper Version No PDF
Finding Approximate Competitive Equilibria: Efficient and Fair Course Allocation https://ericbudish.org/wp-content/uploads/2022/03/finding_approximate_competitive_equilibria.pdf
Slides, Economic Theory Seminar https://ericbudish.org/wp-content/uploads/2022/03/combinatorial_assignment_problem_working_paper_08-06-2010.pdf
Slides, Columbia Seminar (Nov 2009) https://ericbudish.org/wp-content/uploads/2022/07/comboassignment_bothpapers_Seminar-Slides-Nov-2009.pdf
Job Market Talk Slides (Feb 2009) https://ericbudish.org/wp-content/uploads/2009/02/ApproxCEEI_JobTalkSlides-Feb-2009.pdf
Buy Prices in Online Auctions: Irrationality on the Internet? https://ericbudish.org/wp-content/uploads/2022/03/buy_prices.pdf