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My area of research is mainly industrial organization, auctions and financial markets. Financial support from the National Science Foundation under Grants No. SES-0752860, SES-1123314 and SES-1352305, and from the Alfred P. Sloan Foundation is gratefully acknowledged.



Personalized Pricing and The Value of Time: Evidence from Auctioned Cab Rides,, with N. Buchholz, L. Doval, F. Matejka and T. Salz, 2020 (R&R at Econometrica



QE Reverse Auctions in the UK and the US,, with Lena Boneva nad Filip Zikes, 2022 (R&R at Journal of Financial Economics )


Estimating Demand Systems For Treasuries, with Jason Allen and Milena Wittwer, 2023


Quantifying Delay Externalities in Airline Networks, with Liyu Dou and John Lazarev, 2018  



Liquidity Auctions, Fixed Rate Tenders & Bailouts in the EURO Zone, with Nuno Cassola and Ali Hortacsu  

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Empirical Analysis of Funding Cost Spillovers in the EURO Zone with Application to Systemic Risk, with Pietro Bonaldi and Ali Hortacsu (First Version 03/2013, Current Version 06/2015), (submitted)  

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Revisiting Cap-and-Trade in Presence of Publicly Owned Polluters: The Case of Italy 2006-2018, with Bruno Baranek and Federico Boffa

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PUBLISHED PAPERS (in reverse chronological order):


Crisis Management: Analyzing Default Risk and Liquidity Demand during Financial Stress, with Jason Allen and Ali Hortacsu forthcoming at AEJ:Micro  

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Auctions in Financial Markets, International Journal of Industrial Organization , 2020  

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Selling Information to Competitive Firms , with Marco Pagnozzi and Salvatore Piccolo, Rand Journal of Economics, 49(1), pp.254-282, 2018  

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Bid Shading and Bidder Surplus in the U.S. Treasury Auction System , with Ali Hortacsu and Allen Zhang, , American Economic Review, 108(1), 2018  

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Recent Advances in Empirical Analysis of Financial Markets: Industrial Organization Meets Finance, In B. Honore, A. Pakes, M. Piazzesi, & L. Samuelson (Eds.), Advances in Economics and Econometrics: Eleventh World Congress (Econometric Society Monographs, pp. 231-270). Cambridge: Cambridge University Press, 2017.  

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The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds, with Nuno Cassola and Ali Hortacsu, 2009 (Econometrica, 81(4), pp.1309-1345, 2013)  

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Delegation, Ownership Concentration and R&D Spending: Evidence from Italywith David Martimort and Salvatore Piccolo ( Journal of Industrial Economics, 61(1), pp. 84-107, 2013)



Valuing Dealers' Informational Advantage: A Study of Canadian Treasury Auctions , with Ali Hortacsu, last version January 2012 ( Econometrica, 80(6), pp.2511-2542, 2012) (previous title: Do Bidders in Canadian Treasury Bill Auctions Have Private Values?)

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On the Properties of Equilibria in Private Value Divisible Good Auctions with Constrained Bidding - last version February 2011 ( Journal of Mathematical Economics , 48(6), pp.339-352, 2012)

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When Should Manufacturers Want Fair Trade?: New Insights from Asymmetric Information, with David Martimort and Salvatore Piccolo - last version September 2009 (Journal of Economics and Management Strategy, 20(3), 2011)

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Discrete Bids and Empirical Inference in Divisible Good Auctions  - last version June 2010 - (Review of Economic Studies, 78 (3), pp. 974-1014, 2011 )

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Wily Welfare Capitalists: Werner von Siemens and the Pension Fund, with Lyndon Moore, last version July 2008 (Cliometrica, 4(3), pp. 321-348, 2010)

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Estimating Demand for U.S. Treasuries, with Ali Hortacsu

Platform Design in Ride Hail: An Empirical Investigation, with N. Buchholz, L. Doval and T. Salz