Faculty & Research

Eric Budish

Eric Budish

Steven G. Rothmeier Professor of Economics and Centel Foundation/Robert P. Reuss Faculty Scholar

Eric Budish is the Steven G. Rothmeier Professor of Economics at the University of Chicago, Booth School of Business, a Research Associate at the National Bureau of Economic Research, and Co-Director of the Initiative on Global Markets at Chicago Booth.
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.


2020 - 2021 Course Schedule

Number Title Quarter
33610 Applied Economics Workshop 2021  (Spring)
33903 Microeconomics Reading and Research Seminar 2020  (Autumn)
33904 Microeconomics Reading and Research Seminar 2021  (Winter)
33905 Microeconomics Reading and Research Seminar 2021  (Spring)
42001 Competitive Strategy 2021  (Winter)
42800 Competitive Strategy 2021  (Winter)


Other Interests

Technology, politics, music, travel, outdoors


Research Activities

Market design, microeconomic theory, industrial organization, finance

With Peter Cramton and John Shim, "The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response," Quarterly Journal of Economics Vol. 130(4), Nov 2015, pp 1547-1621.

With Benjamin Roin and Heidi Williams, "Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials," American Economic Review Vol. 105(7), July 2015, pp 2044-2085.

"The Combinatorial Assignment Problem: Approximate Competitive Equilibrium from Equal Incomes,” Journal of Political Economy Vol. 119(6), pp 1061-1103 (Dec 2011).

With Estelle Cantillon, "The Multi-Unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard," American Economic Review, Vol. 102(5), Aug 2012, pp. 2237-71.

With Yeon-Koo Che, Fuhito Kojima, and Paul Milgrom, "Designing Random Allocation Mechanisms: Theory and Applications" American Economic Review, Vol. 103(2), April 2013, pp 585-623.