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Articles by Eric Budish
Blockchain Technology for Traditional Finance
This paper was originally prepared for the 2023 Macroprudential Conference hosted by the Sveriges Riksbank. We thank our two discussants, Markus Brunnermeier and Steven Maijoor, our colleagues Eugene Fama, Sam Hanson, Anil Kashyap, Jacob Leshno, Shengwu Li and Jeremy Stein, several financial-sector executives, and conference participants for their helpful comments. We thank George Rao for outstanding research assistance.
Bigger Is Better With Vaccine Production
Eric Budish & Christopher Snyder March 17, 2021 (AP Photo/David Zalubowski) The world is producing and delivering enough Covid-19 vaccines to inoculate more than a billion people a year. This is a remarkable scientific, engineering and logistical achievement. The pandemic and its tremendous costs in health, education, economic productivity and human well-being may finally come to an end.
Opinion | Bigger Is Better When It Comes to Vaccine Production
The world is producing and delivering enough Covid-19 vaccines to inoculate more than a billion people a year. This is a remarkable scientific, engineering and logistical achievement. The pandemic and its tremendous costs in health, education, economic productivity and human well-being may finally come to an end. Yet at the current rate of vaccination, it will take more than a year to vaccinate most rich countries and as many as three years to vaccinate the world.
Preparing for a Pandemic: Accelerating Vaccine Availability
Athey acknowledges a generous gift from Schmidt Futures. Ahuja and Kremer acknowledge generous funding from the Wellspring Philanthropic Fund. Baker and Więcek acknowledge generous funding from Emergent Ventures. Kominers acknowledges generous funding from the Washington Center for Equitable Growth. Kremer is a Senior Advisor to the World Bank on vaccines; he is also a co-founder and scientific director of USAID’s Development Innovation Ventures.
Preparing for a Pandemic: Accelerating Vaccine Availability
Vaccinating the world’s population quickly in a pandemic has enormous health and economic benefits. We analyze the problem faced by governments in determining the scale and structure of procurement for vaccines. We analyze alternative approaches to procurement, arguing that buyers should directly fund manufacturing capacity and shoulder most of the risk of failure, while maintaining some direct incentives for speed.
Deep Dive Series - The Future of Money?
If use of cash continues to wane, will cryptocurrency be the new dollar bill? Is it a revolution or just hype? Economists Eric Budish and Luigi Zingales join blockchain experts to help explain how Bitcoin functions and its implications for the future of money.
Economic Implications of COVID-19
Research, commentary, and news from UChicago scholars on the economic implications of COVID-19 for the United States and around the world.
Maximize Utility subject to R≤1: A Simple Price-Theory Approach to Covid-19 Lockdown and Reopening Policy
An earlier version of the ideas in this paper circulated on April 1, 2020 under the title “R<1 as an Economic Constraint: Can We ‘Expand the Frontier’ in the Fight Against Covid-19?” The goal of the April 1st draft was to influence thinking about Covid-19 lockdown and reopening policy in real time. This draft has more formal detail and discussion of related literature in the hopes of clarifying the argument and building academic knowledge that may prove useful in the future.
Economic policy principles for combatting the COVID-19 crisis
Credit: Associated Press Governments around the world are in the midst of deploying a host of policies to deal with the crisis created by the spread of COVID-19. The economic shock from this crisis is going to be huge, with an enormous human cost. The pain will fall disproportionately on certain people and sectors. Some policies can be taken from the usual macroeconomic toolkit. Central banks have appropriately eased monetary conditions.
Three pillars of the economic policy response to the COVID-19 crisis
Governments around the world are in the midst of deploying a host of policies to deal with the crisis created by the spread of COVID-19. The economic shock from this crisis is going to be huge, with an enormous human cost. The pain will fall disproportionately on certain people and sectors. Some policies can be taken from the usual macroeconomic toolkit. Central banks have appropriately eased monetary conditions.
Big bucks from small change
Latency races are worth a few dollars a time and take place in a timescale of micro-seconds, but for high frequency traders the stakes soon add up. For the first time, economists at the FCA and the University of Chicago have put some hard numbers on the costs. In 2014 the arcane topic of high frequency trading (HFT) became a best-seller with Michael Lewis’ book Flash Boys.
The Economic Limits of Bitcoin and the Blockchain
Project start date: Feb 18, 2018. First public draft: May 3, 2018. For the record, the first large-stakes majority attack of a well-known cryptocurrency, the $18M attack on Bitcoin Gold, occurred a few weeks later in mid-May 2018 (Wilmoth, 2018; Wong, 2018).
Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials
Abstract We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials -- and hence, project durations -- are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention.
The Multi-unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard
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Do firms underinvest in long-term research? Evidence from cancer clinical trials
Journal List HHS Author Manuscripts PMC4557975 Am Econ Rev. Author manuscript; available in PMC 2015 Sep 2. Published in final edited form as: PMCID: PMC4557975 NIHMSID: NIHMS662192 Eric Budish, Benjamin N.
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