E. Glen WeylE-mail: weyl@fas.harvard.edu Permanent cell phone: +1 (617) 599-8919 Primary academic:Harvard Society of Fellows Personal:41 Kirkland Street, Apt. 305 Born: May 6, 1985 Education at Princeton UniversityA.B. in Economics (2007), Valedictorian; certificates in Finance and Applications of Computing; senior thesis: "The Price Theory of Two-Sided Markets" M.A., Ph.D. in Economics (2008), dissertation: "Essays in Industrial Organization and Economic Methodology" Primary EmploymentJunior Fellow at the Society of Fellows, Harvard University (2008-present)
Post-Doctoral Fellow, Department of Economics, Harvard University (2008-present) Other PositionsRecurrent Visiting Researcher, Toulouse School of Economics (TSE) (2008-present)
Visitor, Centro de Investigación Económica, Instituto Tecnológico Autónomo de México (CIE-ITAM) (2009)
Visiting Scholar, Instituto Nacional de Matemática Pura e Aplicada (IMPA) in Rio de Janeiro, Brazil (2007, 2008)
Visiting Advisor, Ministerio de la Hacienda, Santiago de Chile (2008)
Visiting Graduate, Becker Center on Chicago Price Theory at the University of Chicago (2008)
Price Theory Scholar, Becker Center on Chicago Price Theory at the University of Chicago (2007)
Summer economic analysis clerk at the Economic Analysis Group of the Department of Justice Division of Antitrust (2006)
Quantitative analyst at New York City hedge fund Blue Mountain Capital Management. Used statistical financial modeling to design an arbitrage strategy (2005)
Econometric research assistant to Stanford economic history professor Stephen Haber (2004) Published and Forthcoming Articles"Whose Rights? A Critique of Individual Agency as the Basis of Rights," Politics, Philosophy and Economics, 2009, 8(2), 139-171.
"Monopoly, Ramsey and Lindahl in Rochet and Tirole (2003)," Economics Letters, 2009, 103(2), 99-100.
"A Price Theory of Multi-Sided Platforms," forthcoming in the American Economic Review, 2010, 100(4).
"Economic Contract Theory Tests Models of Mutualism," forthcoming in Proceedings of the National Academy of Sciences. Book under Contract"Simon Kuznets: Cautious Empiricist of the Eastern European Jewish Diaspora": two volumes of unpublished work by Kuznets, edited jointly with Stephanie Lo, with introductory original research chapter of the same name by myself, under contract with Transaction Publishers. Unpublished (Working) Papers"Biasing Auctions," Princeton University, April 2006.
"The Price Theory of Two-Sided Markets," Harvard University. First version: December 2006, current version March 2009.
"A Simple Theory of Scientific Learning," Princeton University, September 2007.
"Is Arbitrage Socially Beneficial?" Princeton University, October 2007.
"Psychic Income, Taxes and the Allocation of Talent," Princeton University, December 2007. Under revision with Charlie Nathanson, Harvard University.
"Double Marginalization in Two-Sided Markets," Harvard University and TSE, July 2008.
"Pass-Through as an Economic Tool" with Michal Fabinger, Harvard University. First version: July 2008, current version October 2009.
"Slutsky meets Marschak: First-Order Identification of Multi-product Production," Harvard University, December 2009.
"Linear Demand Systems are Inconsistent with Discrete Choice," with Sonia Jaffe, Harvard University, submitted February 2010.
"Concordance among Holdouts" with Scott Duke Kominers, Harvard University, submitted July 2010.
"Imperfect Platform Competition: A General Framework" with Alexander White, Harvard University and TSE, May 2010.
"Materialistic Genius and Market Power: Uncovering the Best Innovations" with Jean Tirole, Harvard University and TSE, August 2010. Software"Apt Demand Toolkit" with Yali Miao, Harvard University, April 2009.
"Holdout Software" with William Weingarten and Scott Duke Kominers, Harvard University, April 2010.
"Materialistic Genius Simulation Code" with Vladimir Mukharlyamov and David Smalling, Harvard University, July 2010. Work in Progress"The First-Order Approach to Merger Analysis" with Sonia Jaffe, Harvard University (coming soon).
The notion that the consumer surplus effect of mergers can be approximated by the product of pass-through rates, diversion ratios and mark-ups plays an important role in the draft revision of the US merger guidelines and the on-going revision of those in the United Kingdom. But it currently lacks rigorous foundations, which we are working to supply by generalizing this "first-order approach" to allow broader conduct, providing a clear sense of when it is a valid approximation, specifying which pass-through rates are appropriate and how to covert price effects into effects on consumer welfare.
"Pass-through and the Theory of Monopoly" with Michal Fabinger, Harvard University.
This spin-off of the core initial section of "Pass-through as an Economic Tool", greatly generalizing and simplifying simultaneously, proving all results for general cost functions and without assuming declining marginal revenue.
"Pass-through and Functional Forms" with Michal Fabinger, Harvard University.
Virtually all demand systems used in empirical and theoretical applications of imperfect competition are severely restrictive on one of the most important determinants of results: the pass-through rate. We propose functional forms that overcome this problem.
"Multi-Sided Platforms with Heterogeneous Externalities" with Andre Veiga, Harvard University and TSE.
Most models of multi-sided platforms counter-factually assume users are homogeneous in the externalities they deliver. We develop tools, based on the theory of multidimensional screening with endogenous information structures developed by Weyl and Tirole (2010), that allow this assumption to be substantially relaxed while yielding simple, tractable solutions in a very general model.
"A Multi-Dimensional Envelope Theorem with Endogenous Choice Sets" with Michal Fabinger, Harvard University.
We extend Milgrom and Segal (2002)'s general envelope theorem to multiple dimensions and parameter-dependent choice sets. In these environments maximization under free disposal indifference manifolds, except on a set of measure zero. Our approach provides a general foundation (necessary and sufficient conditions) for the isotransfer approach to multidimensional screening problems. "Oligopoly Pass-Through," Harvard University.
In highly but imperfectly competitive markets, the relative elasticity of residual supply and demand determines whether the pass-through rate is high or near zero. "The Correspondence Principle and the Law of Demand" with Jon Ullman, Harvard University.
The law of demand is perhaps the most fundamental principle of economics, yet conventional wisdom in game and general equilibrium theory suggests it holds in equilibrium only under stringent conditions. We show, to the contrary, that Samuelson (1941)'s local correspondence principle, that stability conditions sign basic comparative statics, holds extremely generally (N-player games, non-differentiable payoffs) so long as a reasonable notion of stability is considered. We also establish a global correspondence principle: the global version of the appropriate stability condition is equivalent to a strong form of equilibrium uniqueness. Systems governed by the dynamic our notion of stability suggests obey the law of demand. "A Practical Test for D-Stability" with Jon Ullman, Harvard University.
We propose an intuitive, quick algorithm for testing the D-stability of large matrices. The algorithm never gives a false answer and while it may fail to give an answer, we show through simulations that this virtually never occurs in practice. Accompanying software implements the algorithm.
"A Signaling Theory of Privacy" with Jon Ullman, Harvard University.
Privacy of a sphere of life protects that sphere from signaling externalities. Thus the private and social demands for privacy are likely to diverge, justifying regulation and norms about the sacredness of privacy.
Opinion Articles"Financial Guidance from FDA," Boston Globe, December 3rd, 2008. "Put the Bankers Back to Work," Huffington Post, February 5th, 2009. HonorsResearch gift from Microsoft Corporation (2010)
Sloan Foundation Research Grant, joint with Charlie Nathanson (2010)
American Economic Review Excellence in Refereeing Award (2010)
Harvard Real Estate Academic Initiative Faculty Research Grant, joint with Scott Duke Kominers (2010)
Milton Fund research grant, Harvard University (2009)
J. Wallace Ely '32 Fund, Princeton University (2008)
Supplemental Merit Fellowship, Princeton University Department of Economics (2007-2008)
Princeton University Graduate School Fellowship (2007-2008)
Elected Valedictorian by a vote of the Princeton faculty (2007)
Halbert White '72 Prize to the most outstanding economics major (2007)
Wolf Balleisan Memorial Prize for best economics senior thesis (2007)
Birch Family Prize, to the Finance Certificate student with the best grades in finance classes (2007)
Awarded Highest Honors (Summa Cum Laude) in economics (2007)
USA TODAY All-USA College Academic Team (2007)
George B. Wood Legacy Junior Prize for exceptional academic achievement in the junior year at Princeton University (2006)
Josephine De Karman Fellowship (2006)
Elected in the fall of senior year to Phi Beta Kappa with a dozen other students (2006)
Humane Studies Fellowship (2006)
Merit Scholarship from National Scholars Honor Society (2005)
Merit Award from the National Society of Collegiate Scholars (2005)
Twice, Shapiro Prize for Academic Excellence to top 35 students in each of the sophomore and junior classes at Princeton (2004, 2005)
Quin Morton '36 Writing Seminar Essay Prize to the top 10 essays by freshmen at Princeton (2004)
Walter E. Hope Prize and Spencer Trask Medal to best freshman debater at Princeton (2004)
The Daily Princetonian Arts Writing Award (2004) Teaching ExperienceInvited guest lectures: Special lecture to masters 1 and 2 students at Toulouse School of Economics and ECO321 Industrial Organization (Princeton, undergraduate, Professor Swati Bhatt) on "Pass-Through, Double Marginalization and Two-Sided Markets" and COS444 Electronic Auctions (Princeton, undergraduate, Professor Ken Steiglitz) on "Frontiers of Behavioral Auction Theory" (2008).
Teaching assistant for Professors Markus Brunnermeier and José Scheinkman in Financial Economics I (PhD asset pricing), Princeton University, Fall 2006. Average course evaluation rating: 4.22/5.0. Dissertations and Theses AsvisedAlexander White, PhD at TSE, June 2010, committee co-chair. Initial placement: post-doc at Harvard with Ariel Pakes and myself.
Scott Duke Kominers, PhD at Harvard University in progress, committee member.
Michal Fabinger, PhD at Harvard University, committee member.
Andre Veiga, PhD at TSE in progress, committee co-chair.
William Weingarten, MA at Harvard University: expected completion June 2011. Professional ExperienceReferee: American Economic Journal: Microeconomics, American Economic Review, Econometrica, Economic Inquiry, Economics Letters, Journal of Finance, Journal of Economics and Management Strategy, Journal of Economic Theory, Journal of Industrial Economics, International Journal of Industrial Organization, Journal of Moral Philosophy,Journal of Political Economy, National Science Foundation, Network and Spatial Economics, Politics, Philosophy and Economics, Quarterly Journal of Economics, RAND Journal of Economics, Review of Economic Studies,Review of Network Economics, Scandinavian Journal of Economics
Guest Editor, Competition Policy International Antitrust Chronicle Conference session chair: 2010 AEA meetings, NET Institute Conference and History of Economics Society (HES) Meetings Discussant: IIOC 2009 and 2010 National Bureau of Economic Research Intellectual Property and the Economy Day Invited Seminars and Presentations"The Price Theory of Two-Sided Markets": United States Department of Justice (USDOJ) Antitrust Division, Princeton University, Institute d'Économie Industrielle, Paris-Jourdan Sciences Économiques (PSE) (2006), University of Chicago , USDOJ Antitrust Division , Wilkie Farr & Gallagher, Google, 26o Colóquio Brasileiro de Matemática, Fundação Getulio Vargas (FGV) (2007), Northwestern University, Pontificia Universidad Católica de Chile and Universidad de Chile (2008), MIT/Harvard Theory Workshop (2009).
"A Simple Theory of Scientific Learning": IMPA, University of Chicago and Ricoh Innovations (2007).
"Whose Rights?": George Mason University (2008).
"Is Arbitrage Socially Beneficial?": Princeton University (2008).
"Pass-Through, Double Marginalization and Two-Sided Markets" : USDOJ Antitrust Division (2006 initial notes only), Princeton University, IDEI, Stanford GSB and Ministerio de Hacienda de Chile (2008).
"Pass-Through as an Economic Tool": University of California, San Diego, Massachusetts Institute of Technology, Banco Central de Chile, Northwestern University, The University of Chicago, IMPA, Pontifícia Universidade Católica do Rio de Janeiro, FGV, LACEA (2008), University of California, Berkeley, Stanford University, 7th International Industrial Organization Conference (IIOC), Duke/Northwestern/Texas IO Theory Conference, Toulouse School of Economics, Universitat Pompeu Fabra, INSEAD and Massachusetts Institute of Technology (2009).
"Monopolies in Two-Sided Markets": Harvard University, Northwestern University, Compass Lexecon, University of Chicago, IMPA and LAMES (2008), University of California, Berkeley, Compass Lexecon and IIOC (2009).
"Organization and Chaos: Two Sides of my Dismal Science": Harvard Society of Fellows (2008) and Princeton Club of Northern California (2009).
"The Labor Economics of Mutualism": 5th Annual Harvard Plant Biology Symposium (2009).
"A Price Theory of Multi-Sided Platforms": Harvard University, New York University, IESE Business School, Barcelona Graduate School of Economics, Télécom ParisTech Conference on the Economics of Information and Communications Technology, CIE-ITAM (2009) and American Economics Association (2010).
"Economic Technology for the Economics of Technology" : TSE (2009).
"Concordance among Holdouts": The University of Chicago, University of California, Santa Barbara(2009), the Johns Hopkins University, Columbia University and TSE (2010).
"Mutualists Don't Look Back in Anger" : The University of Chicago (2009) and TSE (2010).
"Slutsky meets Marschak: First-Order Identification of Multi-product Production": American Economics Association, Harvard University and TSE (2010).
"Simon Kuznets: Cautious Empiricist of the Eastern European Jewish Diaspora": Duke University and HES Meetings (2010).
"Imperfect Platform Competition: A General Framework": University of Virginia, Bates-White, PSE, Tilburg University and TSE (2010).
"Materialistic Genius": Oxford University and TSE (2010)
"The First-Order Approach to Merger Analysis": UK Competition Commission, Directorate General for Competition in the EU, UK Office of Fair Trading, Federal Communications Commission and TSE (2010). Other ActivitiesAdvisory Board Member, Esopus Magazine and Foundation (2008-present)
Graduate Fellow, Forbes College (2007-2008)
Junior Fellow, James Madison Program in American Institutions and Ideals (2004-2008)
Peer Advisor, Forbes College (2006-2007)
Undergraduate Fellow at Forbes College, Center for Human Values and Princeton Institute for International and Regional Studies (2004-2007)
Founder and President of Princeton Against Protectionism (2004-2006)
Tutor in mathematics, physics, and economics (2004-2006)
Weekly film and food columnist for The Daily Princetonian (2003-2005)
Founder and President of Latin American Studies Student Organization (2003-2004)
Member, Princeton Debate Panel (2003) Professional AffiliationsAmerican Economic Association, Econometric Society, European Economics Assocation, Latin American and Caribbean Economic Association, Western Economic Association International |
