Eiichiro Kazumori

Table of Contents

1. CV
2. Education and Professional Appointments
3. Awards and Conference Presentations
4. Theory
5. Debt Management Policy
6. Spectrum Allocation Policy.
7. Asset Pricing.
8. Blockchain and Cryptocurrency.
9. Health
10. Industrial Organization.
11. Environment.
12. Teaching Methodology.
13. Teaching.

A. CV

1. CV.
2. Research Statement.
3. Teaching Statement.
4. Teaching Evaluations.
5. Diversity Statement.

B. Education and Professional Appointments

B1. Education

1. Stanford University. Palo Alto, CA. Department of Economics. Ph.D.
2. The University of Tokyo. Tokyo, Japan. Graduate School of Economics . Master of Economics.
3. The University of Tokyo. Tokyo, Japan. College of Arts and Sciences (Social Sciences and International Relations) . Bachelor of Arts.

B2. Professional Appointments

1. The University of Massachusetts. Lecturer.
2. The State University of New York. Biostatistics Department. Research Assistant Professor. (Honorary, Non-Benefited.)
3. The State University of New York. Economics Department. Assistant Professor.
4. The University of Tokyo . Faculty of Economics. Computing Office. Research Fellow.³
5. California Institute of Technology. Humanities and Social Sciences. Postdoctoral Fellow.

C. Awards and Conference Presentations

C1. Awards

1. The State University of New York. The Baldy Center Proposal Development Grants. 2015.
2. The State University of New York . The Civic Engagement Research Dissemination Fellowship. $3,800, 2014-16.
3. The State University of New York . The Baldy Center Proposal Development Grants . 2014.
4. The State University of New York . The Baldy Center for Law and Social Policy Grant. $3,825. 2013-14.
5. The State University of New York . The Baldy Center Proposal Development Grants. 2013.
6. The National Science Foundation . SES-1247988 "Market Mechanisms for Allocation of Spectrum" (PI). $65,000. 2012-13.
7. The State University of New York . Dean's Office Travel Fund. $500. 2012-13.
8. The State University of New York . The Baldy Center for Law and Social Policy Grant. $1000. 2010-11.
9. The Japan Society for Promotion of Science. Grant-in-Aid for Scientific Research. PI for Grant No. 208032, 2053226, and 228026. $38,990. 2008-10.
10. The Nomura Foundation Grant. $1000. 2008.
11. The Information Processing Agency of the Ministry of Economy, Trade, and Industry. The Exploratory IT Human Resources Project (The MITOH Program). $17,000. 2007.
12. The European Economic Association . The Young Economist Award . Journal of the European Economic Association, Volume 3, Issue 2-3, 1 May 2005, Pages 791.
13. Stanford University. R&D Dissertation Fellowship. 2003.
14. Fulbright Scholarship. The Graduate Grant . (Offered.)

C2. Conference Presentations Since 2012

1. The 2021 ASSA Annual Meeting. Virtual. January 3-5, 2021.


2. The 12th World Congress of The Econometric Society. Virtual. August 17-21, 2020.
3. The 10th Annual AEA Conference on Teaching and Research in Economic Education (CTREE). Chicago, IL. May 27-29, 2020.
4. The 2020 ASSA Annual Meeting. San Diego, CA. January 2-5, 2020.


5. The 30th Stony Brook International Conference on Game Theory. Stony Brook, NY. July 11-19, 2019.
6. The 2019 ASSA Annual Meeting. Atlanta, GA. January 4-6, 2019.


7. The 1st UMass System Economics Conference. Lowell, MA. October 27, 2018.
8. The 29th International Conference on Game Theory. Stony Brook, NY. July 16-20, 2018.
9. The 2018 North American Summer Meeting of the Econometric Society. Davis, CA. June 21-24, 2018.
10. The 19th ACM conference on Economics and Computation (ACM EC’18). Ithaca, NY. June 18-22, 2018.
11. The 2018 ASSA Annual Meeting. Philadelphia, PA. Jan 05-07, 2018.


12. CAEC17: Third Cambridge Area Economics and Computation Day. Cambridge, MA. Dec 1, 2017.
13. The 2017 FMA Annual Meeting. Boston, MA. Oct 11-14, 2017. ( Discussant Slides.)
14. The 28th International Conference on Game Theory In Honor of Pradeep Dubey and Yair Tauman. Stony Brook, NY. July 17-21, 2017.
15. The Third Workshop on Marketplace Innovation. Palo Alto, CA. June 1-2, 2017.
16. The 2017 ASSA Annual Meeting. Chicago, IL. January 6-8, 2017.


17. INFORMS Annual Meeting. Nashville, TN. November 13-16, 2016.
18. Workshop on Complex Auctions and Practice. Stony Brook, NY. July 9-11, 2016.
19. AEA Annual Meeting. San Francisco, CA. January 3-5, 2016.


20. The 11th World Congress of the Econometric Society. Palais des Congres de Montreal, Canada. August 17-21, 2015.
21. The 15th SAET Conference on Current Trends in Economics. University of Cambridge, UK. July 27-31, 2015.
22. The 26th International Conference on Game Theory. Stony Brook University. July 20-24, 2015.
23. Dynamic Approach to Game and Economic Theory - Celebrating Sergiu Hart's 65th birthday. Hebrew University of Jerusalem. June 21-24, 2015.


24. The Fall 2014 Midwest Economic Theory and International Trade Meeting. University of Kansas. October 11-13, 2014.
25. International Workshop on Game Theory and Economic Applications of the Game Theory Society (IWGTS-2014). University of Sao Paulo. July 25-31, 2014.
26. The 25th Summer Festival on Game Theory. The State University of New York at Stony Brook. July 07-11, 2014.
27. W-PIN+NetEcon 2014: The Joint Workshop on Pricing and Incentives in Networks and Systems in Conjunction with ACM SIGMETRICS 2014. University of Texas at Austin. June 16-20, 2014.
28. The 2014 North American Winter Meeting of the Econometric Society. Philadelphia, Pennsylvania. January 3-5, 2014.


29. The Fall 2013 Midwest Economic Theory and International Trade Meeting. University of Michigan at Ann Arbor. October 11-13, 2013.
30. NSF Enhancing Access to the Radio Spectrum (EARS) Principal Investigators' Workshop. Washington DC. October 8-9, 2013.
31. The 24th Summer Festival on Game Theory. Stony Brook, New York. July 08-18, 2013.
32. The 2013 North American Summer Meeting of the Econometric Society. University of South California, California. July 13-16, 2013.
33. The 24th Jerusalem School in Economic Theory. Jerusalem, Israel. June 10-19, 2013.
34. The 5th Israel Game Theory Conference. Tel-Aviv, Israel. June 3, 2013.
35. The 2013 Second Cambridge Area Economics and Computation Day. MIT, Massachusetts. April 26, 2013.
36. The University of Tokyo Empirical Microeconomics Research Seminar. Tokyo, Japan. March 2013.
37. The 2013 North American Winter Meeting of the Econometric Society. San Diego, California. January 4-6, 2013.


38. The Fall 2012 Midwest Economic Theory and International Trade Meetings. University of Washington St. Louis, Missouri. October 26-28, 2012.
39. The 4th World Congress of the Game Theory Society. Istanbul, Turkey. June 22-26, 2012.
40. The 23rd Summer Festival on Game Theory. Stony Brook, New York. June 12-19, 2012.
41. The University of Tokyo Macro-Finance, Monetary Economics and International Finance Workshop. ("Liquidity-Adjusted Capital Asset Pricing Model in Japanese and US Markets") Tokyo, Japan. June 11, 2012.
42. The University of Tokyo Empirical Micro Research Seminar. ("Information Aggregation in Large Double Auctions with Interdependent Values") Tokyo, Japan. May 28, 2012.

D. Theory

1. Kazumori, Eiichiro. 2017. Information Aggregation in Double Auction Markets with Interdependent Values: an Asymptotic Approximation Approach

• Computational Appendix for "Information Aggregation in Double Auction Markets with Interdependent Values: an Asymptotic Approximation Approach."
• Matlab Code for Asymptotic Approximation of Equilibrium Bids in Interdependent Value Uniform Price Auctions.
• Matlab Code for Asymptotic Approximation of Equilibrium Bids in Interdependent Value Uniform Price Double Auctions.
• Discussion Paper Version of "Information Aggregation in Double Auction Markets with Interdependent Values."
• Presentation Slides of "Information Aggregation in Double Auction Markets with Interdependent Values."

1. Kazumori, Eiichiro. 2017. The Continuous Approximation Method for Games with Discontinuous Payoffs. .

• Presentation Slides of "The Continuous Approximation Method for Games with Discontinuous Payoffs."
• Poster of "The Continuous Approximation Method for Games with Discontinuous Payoffs."

1. Kazumori, Eiichiro. 2019. Games where Players Offer Games to Play: A Foundation of Market Design .

1. Kazumori, Eiichiro. 2007. Paul Milgrom's Putting Auction Theory to Work, Japanese Edition . (Joint with Yumiko Baba, Kunio Kawamata, and Masahiro Okuno-Fujiwara.) Published by Toyo Keizai Shinpo Sha, Tokyo, Japan. ISBN: 9784492313855.

E. Debt Management Policy

1. Kazumori, Eiichiro. 2018. On the Virtue of Being Regular and Predictable: Evaluating US Treasury Debt Issuance Strategies.

1. Kazumori, Eiichiro. 2018. On the Virtue of Being Regular and Predictable: A Structural Analysis of the Primary Dealer System in the United States Treasury Auctions.

• US Treasury Auctions Auction Results and Allotment, and Investor Class Data, 2003-18
• Computational Appendix for "On the Virtue of Being Regular and Predictable: A Structural Analysis of the Primary Dealer System in the United States Treasury Auctions."
• Matlab Code for Asymptotic Approximation of Equilibrium Bids in Private Value Uniform Price Auctions.
• Matlab Code for Asymptotic Approximation of Equilibrium Bids in the Primary Dealer System.
• A Poster of "On the Virtue of Being Regular and Predictable: A Structural Analysis of the Primary Dealer System in the United States Treasury Auctions."
• The Discussion Paper Version of the Paper "On the Virtue of Being Regular and Predictable: A Structural Analysis of the Primary Dealer System in the United States Treasury Auctions."

F. Spectrum Management Policy

1. F1. Generalized Deferred Acceptance Auctions
2. F2. Vickrey Auctions versus Proxy Auctions
3. F3. Core-Selecting Auctions
4. F4. T-tree: Tokyo Toolbox for Readymade Economic Experiments
5. F5. Simultaneous Ascending Auctions with Heterogenous Objects
6. F6. An Efficient Combinatorial Auction for Sequentially Arriving Bidders
7. F7. Auctions, Market Design, and Experimental Economics

G. Asset Pricing

1. Kazumori, Eiichiro. 2017. What Drives Stock Returns of Facebook, Apple, Microsoft, and Google? Industry Structure and Stock Returns in the US Computer Industry, 1965-2017.

• SAS Code
• Log File
• Output File for All Industries
• Output File for the Computer Industry. )
• Presentation Slides.

1. Kazumori, Eiichiro. 2019. Asset Pricing with Liquidity Risk: A Replication and Out-of-Sample Tests with the Recent US and the Japanese Market Data. Critical Finance Review. Vol 8-1/2.

• Replication Results for US 1964-1999. ( Code , Log File )
• Out-of-Sample Test for US 2000-2016. ( Code , Log File )
• Out-of-Sample Test for Japan 1978-2011. ( Code , Log File )
• Presentation Slides

1. Kazumori, Eiichiro. 2017. Tokyo Financial Research Data Services. (Currently hosted at the University of Tokyo website.)

• The University of Tokyo Discussion Paper CARF-F-203 .
• Factors Data for Equity Markets for US 1964-2016 ( Code , Log File )
• Factors Data for Equity Markets for Japan 1978-2012 ( Code , Log File )

1. Kazumori, Eiichiro. 2004. Asset Pricing in Networks

H. Blockchain and Cryptocurrency

1. Kazumori, Eiichiro. 2018. Social Cost of Anonymity: Limit of Arbitrage in The Bitcoin Cryptocurrency Protocol.

I. Health and Economic Growth

I1. Health as Human Capital

1. Kazumori, Eiichiro. 2020. Health as Human Capital: Implications on Economic Growth, Trade, and Inequality

J. Industiral Organization

1. Kazumori, Eiichiro. 2004. Markov Industry Dynamics with Network Externality and Switching Costs: Theory, Computation, and Estimation.

• European Economic Association Meeting EEA Young Economist Award, Madrid, Spain.

1. Kazumori, Eiichiro and John McMillan. 2005. Selling Online versus Live . Journal of Industrial Economics. 53(4), 543-569.


2. Kazumori, Eiichiro and John McMillan. 2003. Art Online . Stanford GSB Case EC35. Palo Alto, CA.


3. Kazumori, Eiichiro. 2003. Coordinaiton and Decomissioning: the NSFNET and the Evolution of the Internet in the United States, 1985-95 . Stanford SIEPR Policy Paper No.02-007.

K. Environmental Economics

1. Kazumori, Eiichiro., et al. 2019. Understanding Economic Potentials of "Sea-to-Table" Markets: Estimation of Consumer and Producer Benefits for the Southeastern Massachusetts Fishery Market.

L. Teaching Methodology

1. Kazumori, Eiichiro. 2020. Teaching Producer Theory and Perfect Competition Using a Real-World Example of Trucking Industry and the Autonomous Vehicles Technology.
2. Kazumori, Eiichiro. 2020. Teaching Economic Growth and Inequality Using a Real-World Example of the Autonomous Vehicles Technology.

M. Teaching

1. M1. Environmental Law
2. M2. International Organizations
3. M3. Public Health
4. M4. Introduction to Macroeconomics
5. M5. Introduction to Microeconomics
6. M6. Re-Imagining Introductory Economics
7. M7. Healthcare Management
8. M8. Engineering Economics
9. M9. Mathematics for Economics
10. M10. Options, Futures, and Derivatives
11. M11. Risk Management for Financial Institutions
12. M12. Introduction to Market Microstructure
13. M13. Teaching Evaluations

M1. Environmental Law (Fall 2019, Spring 2021)

1. Week 1. Syllabus
2. Week 1. What This Course is About
3. Week 2. Environmental Problem
4. Week 2. Week 2 iClicker Assignment Questions
5. Week 3. Week 2 Homework Answers
6. Week 3. Historical Developments, Part 1
7. Week 3. Week 3 iClicker Assignment Questions
8. Week 4. Week 3 Homework Answers
9. Week 4. Historical Developments, Part 2
10. Week 4. Week 4 iClicker Assignment Questions
11. Week 5. Week 4 Homework Answers
12. Week 5. National Environmental Policy Act (NEPA), Part 1
13. Week 6. National Environmental Policy Act (NEPA), Part 2
14. Week 7. Exam 1.
15. Week 8. Pollution
16. Week 9. Air Pollution Prevention Under the Clean Air Act
17. Week 10. Case Studies
18. Week 11. Case Studies
19. Week 12. Exam 2
20. Week 13. Guest Lecture (City of New Bedford)
21. Week 14. Guest Lecture (EPA)
22. Week 15. Final Exam

M3. Public Health (Fall 2020)

1. Week 1. Course Logistics, Introduction to Public Health
2. Week 2. What is Public Health? / Political Theory of Public Health
3. Week 3. Pandemics that Changed the World, Part 1
4. Week 4. Pandemics that Changed the World, Part 2
5. Week 5. US Public Health System Part 1: Historical Development
6. Week 6. US Public Health System Part 2: Current System
7. Week 7. Practice Exam, Exam 1.
8. Week 8. Social Determinants of Health Part 1: Industry Politics and Healthcare System
9. Week 9. Social Determinant of Health Part 2: SDOH
10. Week 10. Affordable Care Act
11. Week 11. COVID-19
12. Week 12. Review Session, Practice Exam, and Exam 2
13. Week 13. Guest Lecture 1 (City of New Bedford Health Department)
14. Week 14. Guest Lecture 2 (Southcoast Health) and 3 (City of New Bedford Health Department)
15. Week 15. Optional Final

M2. International Organizations (Spring 2020)

1. Week 1. Course Logistics. Introduction and Definition
2. Week 2. History of International Organizations
3. Week 3. The Role and Efficacy of International Organizations
4. Week 4. The Design of International Organizations
5. Week 5. United Nations 1. Historical Origins and Organizations
6. Week 6. Review of Week 1-5 and Practice Exam
7. Week 7. Exam 1.
8. Week 8. United Nations 2
9. Week 9. International Monetary Funds and World Bank 1
10. Week 10. International Monetary Funds and World Bank 2
11. Week 11. Environment
12. Week 12. Review of Week 8-11 and Practice Exam
13. Week 13. Second Exam
14. Week 14. Case Study Presentations
15. Week 15. Final Exam

M4. Introduction to Macroeconomics (Summer 2019)

1. Week 1. Syllabus, Course Setup, and Introduction to Macroeconomics
2. Week 2. The Measurement and Structure of the National Economy
3. Week 3. Productivity, Output, and Employment
4. Week 4. Consumption, Saving, and Investment
5. Week 5. Long-Run Economic Growth, Exam 1
6. Week 6. The Asset Market, Money, and Prices
7. Week 7. Business Cycle and IS-LM
8. Week 8. Keyesian Economics
9. Week 9. Monetary Policy
10. Week 10. Fiscal Policy
11. Week 11. Case Study
12. Week 12. Optional Final Exam.

M5. Introduction to Microeconomics (Spring 2016 - Spring 2019)

1. Week 1. Syllabus.
2. Week 2. What is Economics?
3. Week 2. Graphs and Functions.
4. Week 3. The Economic Problem.
5. Week 4. Demand and Supply.
6. Week 5. Elasticity
7. Week 6. Efficiency of the MarketMechanisms
8. Week 7. Exam 1.
9. Week 8. Consumer Demand.
10. Week 9. Producer Supply.
11. Week 10. Perfect Competition.
12. Week 11. Monopoly.
13. Week 12. Exam 2.
14. Taylor, Timothy. 2019. Some Journal of Economic Perspectives Articles Recommended for Classroom Use . Journal of Economic Perspectives.


15. Harvard Kennedy School Policy Memo Guide. ( Video ),
16. Simon Board on Case Presentation
17. Policy Memo Example: "A Report to the National Security Council - NSC 68."
18. Policy Memo Example: Minimum Wage.
19. Case: Artificial Intelligence ( Susan Athey Videos )
20. Case: Globalization and Unemployment ( Michael Spence Videos ).
21. Case: Globalization and Inequality. ( Eric Maskin Videos ).
22. Case: Emission Trading
23. Case: Property Rights
24. Case: The Evolution of Cooperation. ( Robert Axerlod Videos ).
25. Case: "The Antitrust Revolution."
26. Case: Market Design. ( Al Roth Videos )
27. Case: NRMP
28. Case: Kidney Exchange
29. Case: School Choice
30. Case: Prediction Markets.
31. Case: Northwestern Purple Pricing. ( Jeff Ely Videos ),
32. Case: "Feeding America" ( Canice Prendergast Videos )
33. Case Study Preparation Guide.
34. Case Study Example
35. Case: Google
36. Case: Yelp
37. Case: Facebook
38. Case: LinkedIn
39. Case: Amazon
40. Case: Dropbox
41. Case: Spotify
42. Case: Netflix
43. Case: Tesla
44. Case: Bitcoin
45. Case: Uber
46. Case: Airbnb

M6. Re-Imagining Introductory Economics (Project for Kazanjian Foundation)

1. Week 1. Syllabus. Section I Digitalization
2. Week 2. Google and the PageRank Algorithm (Jeff Dean Videos)
3. Week 3. Facebook and the Social Network
4. Week 4. Big Data
5. Week 5. Silicon Valley and Route 128
6. Week 6. Social Media and 2016 Presidential Election
7. Week 7. III. Globalization and Inequality , The China Syndrome?
8. Week 8. How Computers Changed the Labor Market
9. Week 9. Income Inequality in the US
10. Week 10. Recruiting Talents
11. Week 11. Section IV. Sharing Economy Uber
12. Week 12. Airbnb
13. Week 13. V. Market Design for the Social Good Emission Trading
14. Week 14. School Choice , Kidney Exchange
15. Week 15. Feeding America

M7. Healthcare Management (Proposed)

1. Week 1. Syllabus and Getting Started
2. Week 2. An Overview of Health Care Management
3. Week 3. Leadership
4. Week 4. Organizational Behavior and Management Thinking
5. Week 5. Strategic Planning
6. Week 6. Healthcare Marketing
7. Week 7. Midterm 1
8. Week 8. Quality Improvement Basics
9. Week 9. Information Technology
10. Week 10. Financing Health Care and Health Insurance
11. Week 11. Managing Costs and Revenues
12. Week 12. Managing Health Care Professionals
13. Week 13. The Strategic Management of Human Resources

M8. Engineering Economics (Proposed)

1. Week 1. Syllabus, Course Setup, and Introduction to Engineering Economics
2. Week 2. Cost Concepts and Design Economics
3. Week 3. The Time Value of Money
4. Week 4. Evaluating a Single Project
5. Week 5. Decision Making for Multiple Projects
6. Week 6. Depreciation and Income Taxes
7. Week 7. Midterm 1
8. Week 8. Benefit Cost Ratio Analysis
9. Week 9. Sensitivity and Breakeven Analysis
10. Week 10. Inflation
11. Week 11. Economic Analysis Under Uncertainty
12. Week 12. Midterm 2
13. Week 13. Case Study 1
14. Week 14. Case Study 2
15. Week 15. Final Exam

M9. Mathematics for Economics

1. Week 1. Syllabus.
2. Week 2. One Variable Calculus (Videos )
3. Week 3. Eucledean Spaces (Videos )
4. Week 4. Linear Independence (Videos )
5. Week 5. Functions of Several Variables (Videos )
6. Week 6. Calculus of Several Variables (Videos )
7. Week 7. Implicit Functions and Their Derivatives (Videos , Homework 1 , Hw1 Solutions , Mathematica Homework 1, Mathematica Hw1 Solutions )
8. Week 8. Exam 1
9. Week 9. Quadratic Forms and Definite Matrices ( Videos )
10. Week 10. Unconstrained Optimization ( Videos )
11. Week 11. Constrained Optimization ( Videos )
12. Week 12. Envelope Theorem ( Videos )
13. Week 13. Convex Analysis ( Videos , Homework 2 , Hw2 Solutions , Mathematica Homework 2, Mathematica Hw2 Solutions )
14. Week 14. Exam 2
15. Week 15. Case: The Springfield Nor'easters: Maximizing Revenues in the Minor Leagues, Case: Hanson Production: Pricing for Opening Day, Case: Price Discrimination in Broadway Theatre , Case: The Fashion Channel, Case: Avari Ramada Hotel: Pricing Hotel Rooms

M10. Options, Futures, and Derivatives (Fall 2009 - Fall 2015)

1. Week 1. Syllabus Introduction ( Videos )
2. Week 2. Mechanics of Futures Markets ( Videos )
3. Week 3. Hedging Strategies Using Futures ( Videos )
4. Week 4. Interest Rates ( Videos )
5. Week 5. Determination of Forward and Futures Prices ( Videos , Homework 1 , Hw1 Solutions , Bloomberg Homework 1, Bloomberg Hw1 Solutions )
6. Week 6. Exam 1
7. Week 7. Interest Rate Futures ( Videos )
8. Week 8. Swaps ( Videos )
9. Week 9. Mechanics of Options Markets ( Videos )
10. Week 10. Properties of Stock Options ( Videos )
11. Week 11. Trading Strategies Involving Options ( Videos )
12. Week 12. Binomial Trees ( Videos , Homework 2, Hw2 Solutions , Bloomberg Homework 2, Bloomberg Hw2 Solutions ).
13. Week 13. Exam 2.
14. Week 14. Case: Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001 , Case: Fuel Hedging at Jetblue Airways, Case: Foreign Exchange Hedging Strategies at General Motors , Case: Walmart's Use of Interest Rate Swaps
15. Week 15. Case: Goldman Sachs and the Big Short, Case: Commercializing Biomedical Research Through Securitization Techniques, Andrew Lo Videos , Summary.

M11. Introduction to Risk Management for Financial Institutions (Fall 2009 - Fall 2015)

1. Week 1. Syllabus , CAPM ( Videos )
2. Week 2. Banks and Insurance Companies ( Videos ), Insurance Companies, ( Videos ), Mutual Funds and Hedge Funds ( Videos )
3. Week 3. Financial Instruments ( Videos ) Review of Options and Margins , ( Videos )
4. Week 4. How Traders Manage Their Exposures ( Videos )
5. Week 5. Greek Letters ( Videos )
6. Week 6. Duration and Hedging of Interest Rate Risk ( Videos, Homework 1, Hw1 Solutions , Bloomberg Homework 1 , Bloomberg Hw1 Solutions )
7. Week 7. Exam 1
8. Week 8. Value at Risk ( Videos ),
9. Week 9. Volatility ( Videos ), Correlations ( Videos )
10. Week 10. BASEL ( Videos )
11. Week 11. Copulas ( Videos )
12. Week 12. Credit Risk. ( Videos ) Homework 2 , Hw2 Solutions , Bloomberg Homework 2 , ( Bloomberg Hw2 Solutions )
13. Week 13. Exam 2
14. Week 14. Case: Understanding Corporate Value at Risk through a Comprehensive and Simple Example, Case: Risk Management at Wellfleet Bank, Case: Risk Management at Lehman Brothers, 2007-2008 , Case: Deciphering the Liquidity and Credit Crunch 2007-2008 ( Hyun Shin, Markus Brunnermeier, Harrison Hong, and Paul Krugman Videos )
15. Week 15. Case: The Failure Mechanics of Dealer Banks ( Darrel Duffie Videos), Case: BASEL III., Case: IMF Global Financial Stability Report, ( IMF GFSR videos)

M12. Introduction to Market Microstructure (2008)

1. Week 1. Syllabus.
2. Week 2. The Walrasian Asset Pricing Theory
3. Week 3. Institutional Background: Instruments , Market Participants
4. Week 4. Fixed Income Markets, Equity Markets , Currency Markets
5. Week 5. Models of Market Microstructure: Market Microstructure Introduction
6. Week 6. Standard Auction Theory, Double Auctions
7. Week 7. Continuous Auction Models
8. Week 8. Information-based Models of Specialist Behavior
9. Week 9. Inventory Model of Specialist Behavior
10. Week 10. Search Models of OTC Markets
11. Week 11. Investor Behavior and Asset Pricing: Evidences on Standard Asset Pricing Models
12. Week 12. Factor Models
13. Week 13. Momentum Strategies
14. Week 14. Mutual Funds and Hedge Funds
15. Week 15. Liquidity Asset Pricing
16. Appendiex: Using the Financial Market Data: Bloomberg ( Note on Using Bloomberg ) Wharton Reserch Data Services ( Note on Using WRDS ), Nikkei Financial Database.

M13. Teaching Evaluations

1. Fall 2020. University of Massachusetts. PSC345. Public Health. Teaching Evaluation. 4.77/5.
2. Spring 2020. University of Massachusetts. PSC477. Environmental Law. Teaching Evaluation. 4.79/5.
3. Fall 2019. University of Massachusetts. PSC347. Environmental Law. Teaching Evaluation. 4.72/5.
4. Spring 2018. University of Massachusetts. ECO231-06. Introduction to Microeconomics. Teaching Evaluation. 4.5/5.
5. Spring 2018. University of Massachusetts. ECO231-03. Introduction to Microeconomics. Teaching Evaluation. 4.7/5.
6. Fall 2017. University of Massachusetts. ECO231-08. Introduction to Microeconomics. Teaching Evaluation. 4.6/5.
7. Fall 2017. University of Massachusetts. ECO231-04. Introduction to Microeconomics. Teaching Evaluation. 4.6/5.
8. Fall 2016. University of Massachusetts. ECO231-04. Introduction to Microeconomics. Teaching Evaluation. 4.3/5.
9. Spring 2016. University of Massachusetts. ECO231-06. Introduction to Microeconomics. Teaching Evaluation. 4.4/5.
10. Spring 2016. University of Massachusetts. ECO231-05. Introduction to Microeconomics. Teaching Evaluation. 4.1/5.
11. Spring 2015. State University of New York. ECO529. Economics of Asset Valuations. ("Options, Futures, and Derivatives") Teaching Evaluation. 4.5/5. Department Average 3.9/5.
12. Spring 2015. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.3/5. Department Average 3.9/5.
13. Fall 2014. State University of New York. ECO592. Risk Management of Financial Institutions. Teaching Evaluation. 4.6/5. Department Average 3.8/5.
14. Fall 2014. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.1/5. Department Average 3.8/5.
15. Spring 2014. State University of New York. ECO529. Economics of Asset Valuations. ("Options, Futures, and Derivatives")Teaching Evaluation.4.5/5. Department Average 3.8/5.
16. Spring 2014. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.6/5. Department Average 3.8/5.
17. Fall 2013. State University of New York. ECO710. Financial Economics. Teaching Evaluation. 4.8/5. Department Average 3.8/5.
18. Fall 2013. State University of New York. ECO592. Risk Management of Financial Institutions. Teaching Evaluation. 4.44/5. Department Average 3.8/5.
19. Caltech. EC173. Advanced Microeconomics. Teaching Evaluation. 6.5/7.