Anthony Lee Zhang 张翼东


I'm an assistant professor of finance at the UChicago Booth School of Business. My research covers topics such as crypto/defi, industrial organization, and real estate. Here's my CV, and here's a research statement which gives an overview of my work. You can reach me at

Working Papers

Quantifying Bargaining Power Under Incomplete Information: A Supply-Side Analysis of the Used-Car Industry, with Brad Larsen, November 2021. R&R, Review of Economic Studies.
Subsumes some material from A Mechanism Design Approach to Identification and Estimation.

Intermediaries in Bargaining: Evidence from Business-to-Business Used-Car Inventory Negotiations, with Carol Lu and Brad Larsen, August 2021. R&R, Journal of Political Economy.
Media: CEC, Chicago Booth Review

Collateral Value Uncertainty and Mortgage Credit Provision, with Erica Jiang, March 2023. R&R, Journal of Financial Economics.
Twitter thread. Media: Chicago Booth Review, Chicago Booth Review Video

Data and Welfare in Credit Markets, with Mark Jansen, Fabian Nagel, and Constantine Yannelis, August 2023. R&R, Journal of Financial Economics.
Twitter thread. Media: Chicago Booth Review

Digital Veblen Goods, with Sebeom Oh and Samuel Rosen, December 2023. R&R, Journal of Finance.
Media: Chicago Booth Review

Competition in the Cryptocurrency Exchange Market, with Junyi Hu, March 2024. R&R, Journal of Financial Economics.
Twitter thread

Automated Market Making and Loss-Versus-Rebalancing, with Jason Milionis, Ciamac C. Moallemi, and Tim Roughgarden, May 2024.
User's guide for empiricists trying to use LVR to measure LP returns, Twitter thread, Twitter thread 2, Substack post

Stablecoin Runs and the Centralization of Arbitrage, with Yiming Ma and Yao Zeng, December 2023.
Twitter thread. Media: Chicago Booth Review

The Pricing of Property Tax Revenues, with Baiyun Jing and Erica Jiang, April 2024

Zoning for Profits: How Public Finance Shapes Land Supply in China, with Zhiguo He, Scott Nelson, Yang Su, and Fudong Zhang, December 2023
Twitter thread. Media: Chicago Booth Review, Vox China

The Credit Channel of Monetary Policy Transmission: Evidence From the Chonsei System, with Baiyun Jing and Seongjin Park, November 2022.
Twitter thread, Twitter thread 2, Substack post. Media: Chosun Ilbo Part 1, Part 2, Chicago Booth Review

Concentration in Product Markets, with Lanier Benkard and Ali Yurukoglu, September 2023
Media: The Times, NBER Digest, Chicago Booth Review

Liquidity in Residential Real Estate Markets, with Erica Jiang and Nadia Kotova, March 2024.

Accepted and Published Papers

Monetary Policy Transmission in Segmented Markets, with Jens Eisenschmidt and Yiming Ma. Journal of Financial Economics (2024)
Media: ECB, Chicago Booth Review, Central Banking

Competition and Selection in Credit Markets, with Constantine Yannelis, Journal of Financial Economics (2023)

Competition and Manipulation in Derivative Contract Markets, Journal of Financial Economics (2022)
Twitter thread. Media: Regulatory Compliance Watch. Cited in Petition to CFTC to ban Nasdaq Veles California Water Index Futures contracts.

Depreciating Licenses, with Glen Weyl. AEJ: Economic Policy (2022).
Twitter thread, MD4SG post, PolicyTracker. Referenced in UK Office of Communications (Ofcom) Consultation on Supporting the UK’s wireless future. Discussed in Ofcom-LSE Conference on Foothold Auctions.

Short Papers

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


Grad school advice, etc.

My Substack

My Medium

Conflict of Interest Disclosure