8:00 PM Singapore| Hong Kong | China | Malaysia
5:30 PM Delhi
4:00 PM Dubai
1:00 PM London
8:00 AM New York
7:00 AM Chicago
Online Webinar and a Panel Discussion.
Covid-19 vaccination is biggest concern facing most governments in the world. Over 230 vaccine candidates were considered, and seven are in use in at least one country. But although the world has administered over 3.5 billion doses of Covid-19 vaccines, a large inequality has also emerged in how developed and developing countries have fared in the vaccination challenge.
Understanding how policymakers can use economic mechanisms to allocate and incentivize vaccine supply, and also distribution, is of utmost importance. A key lesson is that different contracting policies and supply-chain constraints affect how vaccine producers respond in building their capacity.
An economic calculation of the benefits and costs of vaccine distribution can also guide supranational policymakers in allocating aid across different countries. In particular, understanding the scale benefits from vaccination in terms of economic value can guide policymakers and business leaders in designing country or company-wide Covid-19 policies.
Eric Rosenkranz ('75) will be in conversation with Professor Eric Budish to evaluate the economic value of vaccination supply, and discuss how countries can use market design principles to more efficiently get themselves back towards normalcy.
Professor Eric Budish will share his timely research (published in March 12, 2021) titled "Market design to accelerate COVID-19 vaccine supply" in Science magazine discusses estimates of vaccine value and market design principles that can facilitate the production closer to an optimal level.
This will be followed by a discussion that will focus on how developing markets can use the market design principles, acknowledging unique challenges in emerging markets.
Eric Budish (Speaker)
Steven G. Rothmeier Professor of Economics, The University of Chicago Booth School of Business
Budish's main area of research is market design, with specific topics studied including financial markets, matching markets, ticket markets, cryptocurrencies, and incentives for innovation. Budish's research on high-frequency trading and the design of financial exchanges received the AQR Insight Award and the Leo Melamed Award, has been discussed in major policy addresses by the NY Attorney General and the SEC Chair, and has influenced exchange design proposals in both stock markets and futures markets.
Budish's dissertation research concerned the matching problem of assigning students to schedules of courses, or workers to schedules of shifts. Budish's proposed design, which applies price-theoretic competitive equilibrium ideas to a matching market, was successfully adopted for use in practice by the Wharton School in 2013 and is currently being used by several other universities. Budish's research on patent design and cancer R&D 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 most recent research concerns the economic limitations of bitcoin and the blockchain.
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 the Marshall Scholarship, the Sloan Research Fellowship, and giving the 2017 AEA-AFA joint luncheon address.
Eric Rosenkranz (Moderator) '75
Founder and Chairman, e.three
Eric is Founder and Chairman of e.three, a strategic advisory helping organizations determine and execute their long term plans. He specializes in strategic advisory, coaching and mentoring for start-ups as well as large organizations. He has appeared as a panelist and moderator at the World Economic Forum, and wrote a monthly column on strategy for the daily newspaper The Nation in Thailand for 14 years. Eric has worked twenty four years in Asia, ten in Europe and eleven in North & South America.
For over 30 years, Eric's work spanned the globe as he helped craft the strategic direction of multinational companies such as P&G, Mars, Wrigley, GSK, BAT, Novartis, Danone, 3M, and Oracle. At marketing communications giant Grey Global Group, Eric was CEO Asia Pacific and Latin America, and Executive Vice-President Europe, Middle East, Africa and Eastern Europe. Eric managed Grey's marketing services companies and was responsible for preparing and executing long term strategy, Mergers and Acquisitions, and opening divisions offering new strategic capabilities.
Eric has an MBA from The University of Chicago and a BA in Economics from The George Washington University. He teaches in the Masters of Branding and Marketing Program at Chulalongkorn University, Bangkok, lectures at the Asian Campus of the University of Chicago Booth School of Business in Marketing as well as at SASIN, the Thailand-based MBA program.