Anthony Lee Zhang


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

Working papers

Competition and Manipulation in Derivative Contract Markets, July 2020.
This is a revised version of the first half of my job market paper. The JMP version and online appendix, from December 2018, is longer and contains material which will be incorporated into my work-in-progress paper "A Bayesian Volatility Index".

Search Frictions and Idiosyncratic Price Dispersion in the US Housing Market, with Nadia Kotova, February 2020.

Efficiency and Revenue in Linear-Quadratic Double Auctions, with Daniel Chen, August 2020.

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

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

Depreciating Licenses, with Glen Weyl, July 2019. Previously circulated under the title "Ownership of the Means of Production." Online appendix.


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.

Work in progress

A Bayesian Volatility Index


Notes and derivations