Anthony Lee Zhang


I'm an assistant professor of finance at the UChicago Booth School of Business. My research covers topics such as banking and financial intermediation, household finance, money markets, housing markets, financial derivatives, bilateral bargaining, and the allocation of natural resource use rights. My CV is here, and you can reach me at

If you're an undergrad or grad student at UChicago, I'm occasionally hiring for part-time RA work. Shoot me an email if you're interested!

Working papers

Concentration in Product Markets, with Lanier Benkard and Ali Yurukoglu, April 2021
Media: The Times

Competition and Selection in Credit Markets, with Constantine Yannelis, June 2021

Monetary Policy Transmission in Segmented Markets, with Jens Eisenschmidt and Yiming Ma, March 2021
Media: ECB

Competition and Manipulation in Derivative Contract Markets, May 2021. R&R, Journal of Financial Economics.

Depreciating Licenses, with Glen Weyl, April 2021. R&R, AEJ: Economic Policy.

Liquidity in Residential Real Estate Markets, with Nadia Kotova, April 2021
Video presentation (AREUEA Virtual Seminar 2020). Older version (Feb 2020)

Subsidy Schemes in Double Auctions, with Daniel Chen, December 2020

Mediation in Bargaining: Evidence from Large-Scale Field Data on Business-to-Business Negotiations, with Carol Lu and Brad Larsen, March 2020
Media: CEC

A Mechanism Design Approach to Identification and Estimation, with Brad Larsen, July 2018


Redesigning Spectrum Licenses, with Paul Milgrom and Glen Weyl, Regulation, 2017, 40(3): 22–26.

Implementability, Walrasian Equilibria, and Efficient Matchings, with Piotr Dworczak, Economics Letters, 2017, 153 pp. 57–60.


Miscellaneous writing

Notes and derivations