Eric Budish Biography

Professor of Economics at the University of Chicago's Booth School of Business, Eric Budish Budish is an applied microeconomist and game theorist who studies market design, which entails figuring out how to design a market's "rules of the game" so that self-interested conduct by market players leads to economically appealing results. “I am driven by the hope that my work will increase the efficacy of real-world market institutions,” Budish writes. Budish's research has covered a wide range of market design topics, including financial exchange design, markets for scheduling students into classes and employees into shifts, patent design, and R&D incentives, online auctions, school choice processes, and the market for event tickets. Budish's most well-known work, on the architecture of financial exchanges, demonstrates that the high-frequency trading arms race is only a symptom of an underlying market design defect, and suggests a new market design termed frequent batch auctions to address the issue directly. This study has been presented to large exchanges, high-frequency trading businesses, broker-dealers, investors, and regulators, and has received the 2014 AQR Insight Award and the 2015 Utah WFC best paper award. Insignificant policy addresses, SEC Chair Mary Jo White and New York Attorney General Eric Schneiderman highlighted Budish's design suggestion. Budish's dissertation study focused on the challenge of allocating students to course schedules or workers to shift schedules. The Wharton School has adopted Budish's suggested system for MBA course allocation, which applies price-theoretic competitive equilibrium principles to a matching market. Budish's patent design research, which he co-authored with a health economist and a patent scholar, demonstrates that the patent system mistakenly under-incentivizes long-horizon R&D for cancer medicines, earned the Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research in 2013. Before entering Chicago Booth in 2009, Budish obtained his Ph.D. in Business Economics from Harvard University. He graduated from Amherst College with a BA in Economics and Philosophy and an M.Phil. in Economics from Oxford (Nuffield College), where he was a Marshall Scholar.

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