As on home page currently, using publication-single-homepage template

New Work and Recent Highlights

Missing Markets for Innovation: Evidence from New Uses for Existing Drugs Coauthors: Maya Durvasula, Benjamin Roin, Heidi Williams
National Bureau of Economic Research Working Paper Series, No. 34222, 2025. [PDF] [Related Material]

R<1 as an Economic Constraint Review of Economic Design, (2025): 29, no.1, 9-43. [PDF] [Related Material]

Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains Quarterly Journal of Economics, (2025): 140, no.1, 1-62. [PDF] [Podcast] [Related Material]

Flow Trading Coauthors: Peter Cramton, Albert S Kyle, Jeongmin Lee, and David Malec
American Economic Review, Revise-and-Resubmit. [PDF] [Related Material]

The Economic Limits of Permissionless Consensus Coauthors: Andrew Lewis-Pye, Tim Roughgarden
SIAM Journal on Computing (SICOMP), Revise-and-Resubmit. [PDF] [Related Material]

Recent Publications

A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market? Coauthors: Robin Lee and John Shim
Journal of Political Economy, (2024): 132, no. 4, 1209-1246. [PDF] [Related Material]

An Economic Framework for Vaccine Prioritization Coauthors: Mohammad Akbarpour, Piotr Dworczak, and Scott Duke Kominers
The Quarterly Journal of Economics, (2024): 139, no.1, 359-417. [PDF] [Related Material]

Quantifying the High-Frequency Trading “Arms Race” Coauthors: Matteo Aquilina and Peter O'Neill
The Quarterly Journal of Economics, (2022): 137, no. 1, 493-564. [PDF] [Related Material]

Market Design to Accelerate Covid-19 Vaccine Supply Coauthors: Juan Camilo Castillo, Amrita Ahuja, Susan Athey, Arthur Baker, Tasneem Chipty, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Greg Larson, Jean Lee, Canice Prendergast, Christopher M Snyder, Alex Tabarrok, Brandon Joel Tan, and Witold Więcek
Science, (2021): 68, no.2, 1107-1109. [PDF] [Related Material]

Using publication-listing template

New Work and Recent Highlights

Missing Markets for Innovation: Evidence from New Uses for Existing Drugs

Coauthors: Maya Durvasula, Benjamin Roin, Heidi Williams
National Bureau of Economic Research Working Paper Series, No. 34222, 2025.
[PDF] [All Related Material]

R<1 as an Economic Constraint

Review of Economic Design, (2025): 29, no.1, 9-43.
Lead Article for Special Issue: The Economics of Epidemics (Part II)
April 1st 2020 draft: “R<1 as an Economic Constraint: Can we 'Expand the Frontier' in the Fight Against Covid-19?"
Slides, April 9th 2020 “IGM Conference on the Covid-19 Crisis”
Slides, May 2025 Published Version
Nov 2020 NBER Working Paper No. w28093
[PDF] [Slides] [All Related Material]

Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains

Quarterly Journal of Economics, (2025): 140, no.1, 1-62.
Lead Article
Online Appendix
Sources for Appendix C: 51% Attacks, Crypto Thefts and Crypto Collapses to Date
June 2018 NBER Working Paper version (see early versions of equations [1]-[3] and Bitcoin collapse scenarios)
June 2022 working paper version (see Section 7 on Bitcoin collapse scenarios)
Harvard Harris Lecture: The Economics of Cryptocurrencies (November 2022)
[PDF] [Slides] [Podcast] [All Related Material]

Flow Trading

Coauthors: Peter Cramton, Albert S Kyle, Jeongmin Lee, and David Malec
American Economic Review, Revise-and-Resubmit.
[PDF] [Slides] [All Related Material]

The Economic Limits of Permissionless Consensus

Coauthors: Andrew Lewis-Pye, Tim Roughgarden
SIAM Journal on Computing (SICOMP), Revise-and-Resubmit.
Previous version published in EC ’24: Proceedings of the 25th ACM Conference on Economics and Computation 704-731, 2024. 
Tim Roughgarden Video Presentation
[PDF] [All Related Material]

Recent Publications

A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?

Coauthors: Robin Lee and John Shim
Journal of Political Economy, (2024): 132, no. 4, 1209-1246.
AEA/AFA Joint Luncheon Address, Will the Market Fix the Market?
Transcript, Will the Market Fix the Market?
Slides, Will the Market Fix the Market?
[PDF] [Slides] [All Related Material]

An Economic Framework for Vaccine Prioritization

Coauthors: Mohammad Akbarpour, Piotr Dworczak, and Scott Duke Kominers
The Quarterly Journal of Economics, (2024): 139, no.1, 359-417.
[PDF] [Slides] [All Related Material]

Quantifying the High-Frequency Trading “Arms Race”

Coauthors: Matteo Aquilina and Peter O'Neill
The Quarterly Journal of Economics, (2022): 137, no. 1, 493-564.
Winner -- WFA 2020 Two Sigma Award for Best Paper on Investment Management
Data and Code Appendix
Exchange Message Data Codebook
FCA Occasional Paper landing page with brief summary and links
[PDF] [Slides] [All Related Material]

Market Design to Accelerate Covid-19 Vaccine Supply

Coauthors: Juan Camilo Castillo, Amrita Ahuja, Susan Athey, Arthur Baker, Tasneem Chipty, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Greg Larson, Jean Lee, Canice Prendergast, Christopher M Snyder, Alex Tabarrok, Brandon Joel Tan, and Witold Więcek
Science, (2021): 68, no.2, 1107-1109.
Supplementary Materials
Bigger Is Better When It Comes to Vaccine Production
How Can More Covid-19 Vaccines be Made Available?
Management Conference ’21: Perspectives on COVID-19
[PDF] [Slides] [All Related Material]