Published Papers

Journal Articles

An Application of Shapley Value Cost Allocation to Liquidity Savings Mechanisms,” Journal of Money, Credit and Banking, forthcoming.

Dinero Electrónico: The Rise and Fall of Ecuador’s Central Bank Digital Currency,” with A. Arauz and D. F. Ramos F., Latin American Journal of Central Banking, forthcoming.

Privacy as a Public Good: A Case for Electronic Cash” with M. van Oordt, Journal of Political Economy, forthcoming.

Auctions with Speculators: An Experimental Study,” with S. Georganas, Games and Economic Behavior, forthcoming.

Entrepreneurial Incentives and the Role of Initial Coin Offerings,” with M. van Oordt, Journal of Economic Dynamics and Control, forthcoming.

The Economics of Distributed Ledger Technology for Securities Settlement,” with E. Benos and P. Gurrola-Perez, The Ledger, 2019, 4.

Let Me, Or Let George: Motives of Competing Altruists,” with T. Bergstrom and G. Leo, Games and Economic Behavior, November 2019, 118, 269-283.

Nonlinear pricing and the market for settling payments,” with A. Copeland, Journal of Money, Credit and Banking, February 2019, 51(1), 195-226.

Bitcoin 1, Bitcoin 2,…: An Experiment in Privately Issued Outside Monies,” with N. Wallace, Economic Inquiry, March 2018.

Centralized Netting in Financial Networks,” with P. Zimmerman, Journal of Banking & Finance, December 2017.

Central bank cryptocurrencies” with Morten Bech, Quarterly Review, September 2017; Also published in Spanish as “Criptomonedas de Bancos Centrales.

Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?” with J. Chapman, S. Hendry, A. McCormack, and W. McMahon, Bank of Canada, Financial System Review, June 2017.

Missing Links: A Global Study on Uncovering Financial Network Structure from Partial Data,” with Kartik Anand, Iman van Lelyveld, Ádám Banai, Soeren Friedrich, Gregorz Halaj,  Bradley Howell,  Ib Hansen, Serafín Martínez Jaramillo, Hwayun Lee, Jose Luis Molina-Borboa,  Stefano Nobili, Sriram Rajan, Dilyara Salakhova, Thiago Christiano Silva, Laura Silvestri and Sergio Rubens Stancato de Souza, Journal of Financial Stability, 2017.

Using Shapley’s Asymmetric Power Index to Measure Banks’ Contributions to Systemic Risk” with Lewis Webber and Matthew Willison, Journal of Network Theory in Finance, June 2016, 2(2), 35-55.

Identification of Over and Under Provision of Liquidity in Real-Time Payment Systems,” with Edd Dendee and Peter Zimmerman, Journal of Financial Market Infrastructures, December 2015, 4(2), 1-19.

Saving Lives with Stem Cell Transplants,” with Ted Bergstrom and Damien Sheehan-Connor, Journal of Risk and Uncertainty, August 2015, 51(1), 23-51.

Mapping Change in the Interbank Money Market,” with Morten Bech, Carl Bergstrom and Martin Rosvall, Physica A: Statistical Mechanics and its Applications, April 2015, 424, 44-51.

The Great Entanglement: The Contagious Capacity of the International Banking Network Just Before the 2008 Crisis,” with Lavan Mahadeva and Katya Svirydenska, Journal of Banking & Finance, December 2014, 49, 367–385.

The Role of Counterparty Risk in CHAPS Following the Collapse of Lehman Brothers,” with Evangelos Benos and Peter Zimmerman, International Journal of Central Banking, December 2014, 10(4), 143-171.

Choosing Partners: A Classroom Experiment,” with Carl Bergstrom and Ted Bergstrom, Journal of Economic Education. January 2013, 44(1), 47-57.

The State Street Mile: Age and Gender Differences in Competition-Aversion in the Field,” with Catherine Weinberger and Nick Johnson, Economic Inquiry, January 2013, 51(1), 806-815.

Illiquidity in the Interbank Payment System Following Wide-Scale Disruptions,” with Morten Bech, Journal of Money, Credit & Banking. August 2012, 44(5), 903-929.

Stem Cell Matching for Patients of Mixed Race,” with Ted Bergstrom and Damien Sheehan-Connor, The B.E. Journal of Economic Analysis & PolicyContributions, July 2012, 12(1), Art. 30, 1-25.

Behavior in Second Price Auctions by Highly Experienced eBay Buyers and Sellers,” with John Wooders and Mark Walker, Experimental Economics, March 2012, 15(1), 44-57.

Efficiency of Second Price Auctions: A New Look at Old Data,” with John Wooders, Review of Industrial Organization, July 2010, 37, 43-50.

Which Bank is the “Central” Bank?” with Morten Bech and James Chapman, Journal of Monetary Economics, April 2010, 57(3), 352-363.

One Chance in a Million: Altruism and the Bone Marrow Registry,” with Ted Bergstrom and Damien Sheehan-Connor, American Economic Review, September 2009, 99(4), 1309-34.

Collusion via Resale,” with Thomas Tröger and Charles Zheng, Econometrica, July 2009, 77(4), 1095-1136.

Bank Runs as Coordination Failures: An Experimental Study,” with Todd Keister, Journal of Economic Behavior & Organization, August 2009, 71(2), 300-317.

Speculation in Standard Auctions with Resale,” with Thomas Tröger, Econometrica, May 2006, 74(3), 753-769. See also “Supplement to Speculation in Standard Auctions with Resale,” which is published on the Econometrica web site.

Potential Maximization and Coalition Government Formation,” with Jim Parco, Cheng-Zhong Qin, and Amnon Rapoport, International Game Theory Review, December 2005, 7(4), 407-429.

A Tale of Two Cities and a Giffen Good,” Canadian Journal of Economics, February 2005, 38(1), 49-56.

Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case,” with Todd Keister and Karl Shell, International Economic Review, May 2004, 45(2), 351-386.

On Potential Maximization as a Refinement of Nash Equilibrium,” with Cheng-Zhong Qin, Economics Bulletin, 2003, 3 (12), 1-11.

On Cooperation Structures Resulting from Simultaneous Proposals,” with Cheng-Zhong Qin, Economics Bulletin, 2003, 3 (5), 1-8.

Equity Risk, Conversion Risk, and the Demand for Insurance,” with John M. Marshall, Journal of Risk and Insurance, September 2003, 70(3), 439-460.

The Intraday Liquidity Management Game,” with Morten L. Bech, Journal of Economic Theory, April 2003, 109, 198-219.

A Characterization of Robust Sunspot Equilibria,” with Todd Keister, Journal of Economic Theory, November 2002, 107, 136-144.

Equilibrium Prices when the Sunspot Variable is Continuous,” with Todd Keister, Cheng-Zhong Qin and Karl Shell, Journal of Economic Theory, November 2002, 107, 11-38.

Exclusions and the Demand for Insurance,” with John M. Marshall, Geneva Papers on Risk and Insurance Theory, 2001, 25, 131-139.

A Free Entry and Exit Experiment,” Journal of Economic Education, January 2000, 31(3), 237-243.

On Market Games When Agents Cannot be Two Places at Once,” with Cheng-Zhong Qin, Games and Economic Behavior, May 2000, 31(2), 165-173.

On Bargaining for an Indivisible Good,” Games and Economic Behavior, 1999, vol. 26, 186-192.

On a Market for Coalitions With Indivisible Agents and Lotteries,” with Cheng-Zhong Qin, Journal of Economic Theory, November 1997, 77(1), 81-101.

Indivisibilities, Inferior Goods and Giffen Goods,” Canadian Journal of Economics, February 1997, vol. 30, no.1, 246-251.

Insurable Interest, Options to Convert and Demand for Upper Limits in Optimum Property Insurance,” with John Marshall, Journal of Risk and Insurance, June 1996, vol. 63, no. 2, 185-206. (Finalist for Robert C. Witt Research Award for the best JRI Feature Article)

Cores and Competitive Equilibria in an Exchange Model With Indivisibilities and Lotteries,” (with Cheng-Zhong Qin), Journal of Economic Theory, February 1996, 68(2), 531-543.

Optimum College Admissions, Taxes, and Tuitions When Completion is Uncertain,” with John Marshall, Education Economics, December 1995, 3(3), 219-234.

Decentralizing Lottery Allocations in Markets With Indivisible Commodities,” Economic Theory, 1995, vol. 5, 295-313.

Income Redistributions Without Catastrophes,” with Aditya Goenka, Journal of Economic Dynamics and Control, Jan/Feb 1995, 19(1&2), 441-455.

Concavifiability and The Marginal Rate of Substitution,” with Cheng-Zhong Qin, Journal of Mathematical Economics, 1994, 23, 395-397.

Public Finance of Private Goods: The Case of College Education,” with John Marshall, Journal of Political Economy, 1994, 102(3), 566-582.

The Connectedness of the Set of Equilibrium Money Prices Depends on the Choice of the Numeraire,” Journal of Economic Theory, 1992, 56(1), 206-217.

Book Chapters

“Methods for Evaluating Liquidity Provision in Real-Time Gross Settlement Payment Systems,” with E. Denbee and P. Zimmerman, in Diagnostics for the Financial Markets – Computational Studies of Payment System, Simulator Seminar Proceedings 2009–2011Chapter 3, Matti Hellqvist and Tatu Laine, Eds) Scientific Monographs E:45, 2012.

“Lotteries and the Law of Demand,” in New Insights into the Theory of Giffen Goods, (W Heijman and P. von Mouche, Eds.), Lecture Notes in Economics and Mathematical Systems 655, Springer-Verlag Berlin Heidelberg 2012.

“Supplemental Health Insurance,” with John Marshall, in Essays in Law and Economics: Financial Markets and Insurance, (D. Heremans, P. Van Cayseele and R. Van den Bergh, Eds.), MAKLU Publishers, Antwerpen-Appeldoorn, 1996.

Industry Reports

A Proposal for a Decentralized Liquidity Savings Mechanism with Side Payments,” with A. Furgal, Z. Guo, and D. Hudson, R3 Reports, June 2018.

CAD-coin versus Fedcoin,” R3 Reports, November 2016.