Eiichiro Kazumori

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Table of Contents

  1. CV.
  2. Education and Professional Appointments.
  3. Awards and Conference Presentations.
  4. Game theory.
  5. Debt management policy.
  6. Spectrum allocation policy.
  7. Asset pricing.
  8. Blockchain and cryptcurrency.
  9. Macroeconomics and economic growth.
  10. Industrial organization.
  11. Teaching methodology.
  12. 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. Part-time Lecturer.
  2. The State University of New York at Buffalo. Biostatistics Department. Research Assistant Professor. (Honorary, Non-Benefited.)
  3. The State University of New York at Buffalo. 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 2019 ASSA Annual Meeting. Atlanta, GA. January 4-6, 2019.

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

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

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

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

  19. The Fall 2014 Midwest Economic Theory and International Trade Meeting. University of Kansas. October 11-13, 2014.
  20. International Workshop on Game Theory and Economic Applications of the Game Theory Society (IWGTS-2014). University of Sao Paulo. July 25-31, 2014.
  21. The 25th Summer Festival on Game Theory. The State University of New York at Stony Brook. July 07-11, 2014.
  22. 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.
  23. The 2014 North American Winter Meeting of the Econometric Society. Philadelphia, Pennsylvania. January 3-5, 2014.

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

  33. The Fall 2012 Midwest Economic Theory and International Trade Meetings. University of Washington St. Louis, Missouri. October 26-28, 2012.
  34. The 4th World Congress of the Game Theory Society. Istanbul, Turkey. June 22-26, 2012.
  35. The 23rd Summer Festival on Game Theory. Stony Brook, New York. June 12-19, 2012.
  36. 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.
  37. The University of Tokyo Empirical Micro Research Seminar. ("Information Aggregation in Large Double Auctions with Interdependent Values") Tokyo, Japan. May 28, 2012.

D. Game Theory

  1. Kazumori, Eiichiro. 2017. Information Aggregation in Double Auction Markets with Interdependent Values: an Asymptotic Approximation Approach
  1. Kazumori, Eiichiro. 2017. The Continuous Approximation Method for Optimal Auction Design .
  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.

F. Spectrum Management Policy

  1. Kazumori, Eiichiro. 2017. Simultaneous Deferred Acceptance Auctions for Spectrum Reallocation.
  1. Kazumori, Eiichiro. 2018. Vickrey Auctions versus Proxy Auctions: An Experimental Study .
  1. Kazumori, Eiichiro. 2010. Core-Selecting Auctions: An Experimental Study .
  1. Kazumori, Eiichiro. 2018. T-tree: Tokyo Toolbox for Readymade Economic Experiments.
  1. Kazumori, Eiichiro. 2007. Auctions, Market Design, and Experimental Economics . in T. Saijo (ed), Invitations to Experimental Economics .   NTT Publishing, Tokyo, Japan. ISBN: 978-4757122055.
  2. Kazumori, Eiichiro. 2002. An Efficient Combinatorial Auction for Sequentially Arriving Bidders. (Joint with Hiroki Horiuchi, Satoshi Nishiyama, and Chihiro Ono)
  3. Kazumori, Eiichiro. 2004. Simultaneous Ascending Auctions with Heterogenous Objects .

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.
  1. Kazumori, Eiichiro. 2017. Asset Pricing with Liquidity Risk: Japanese Market Data. Critical Finance Review, Forthcoming.
  1. Kazumori, Eiichiro. 2017. Tokyo Financial Research Data Services.
  1. Kazumori, Eiichiro. 2004. Asset Pricing in Networks

H. Cryptocurrency and Blockchain

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

I. Macroeconomics and Economic Growth

  1. Kazumori, Eiichiro. 2016. Health as Human Capital: Implications on Economic Growth, Trade, and Inequality
  • Julio Elias, Eiichiro Kazumori, and Peter Morgan. 2016. Organizational Design for Innovation and Economic Growth.

    • J. Industiral Organization

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

    K. Teaching Methodology

    1. Kazumori, Eiichiro. 2018. Re-Imagining Introductory Economics: Efficiency Improvements from a Research-Based Instructional Platform . (Joint paper)

    L. Teaching

    L1. Introduction to Microeconomics

    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. Oligopoly.
    14. Week 13. Exam 2.

    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

    L2. Introduction to Macroeconomics

    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.

    L3. Re-Imagining Introductory Economics: A Market Design Approach

    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

    L4. 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

    L5. Introduction to Auction Theory and Applications

    L6. Health Care Administration

    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

    L7. Engineering Economics

    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

    L8. Introduction to Options, Futures, and Derivatives

    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.

    L9. Introduction to Risk Management for Financial Institutions

    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)

    L10. Financial Economics

    L11. Introduction to Market Microstructure

    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. Using the Financial Market Data: Bloomberg ( Note on Using Bloomberg ), Wharton Reserch Data Services ( Note on Using WRDS ), Nikkei Financial Database.

    L12. Teaching Evaluations

    1. Spring 2018. University of Massachusetts. ECO231-06. Introduction to Microeconomics. Teaching Evaluation. 4.5/5.
    2. Spring 2018. University of Massachusetts. ECO231-03. Introduction to Microeconomics. Teaching Evaluation. 4.7/5.
    3. Fall 2017. University of Massachusetts. ECO231-08. Introduction to Microeconomics. Teaching Evaluation. 4.6/5.
    4. Fall 2017. University of Massachusetts. ECO231-04. Introduction to Microeconomics. Teaching Evaluation. 4.6/5.
    5. Fall 2016. University of Massachusetts. ECO231-04. Introduction to Microeconomics. Teaching Evaluation. 4.3/5.
    6. Spring 2016. University of Massachusetts. ECO231-06. Introduction to Microeconomics. Teaching Evaluation. 4.4/5.
    7. Spring 2016. University of Massachusetts. ECO231-05. Introduction to Microeconomics. Teaching Evaluation. 4.1/5.
    8. 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.
    9. Spring 2015. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.3/5. Department Average 3.9/5.
    10. Fall 2014. State University of New York. ECO592. Risk Management of Financial Institutions. Teaching Evaluation. 4.6/5. Department Average 3.8/5.
    11. Fall 2014. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.1/5. Department Average 3.8/5.
    12. 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.
    13. Spring 2014. State University of New York. ECO515+451. Mathematics for Economics. Teaching Evaluation. 4.6/5. Department Average 3.8/5.
    14. Fall 2013. State University of New York. ECO710. Financial Economics. Teaching Evaluation. 4.8/5. Department Average 3.8/5.
    15. Fall 2013. State University of New York. ECO592. Risk Management of Financial Institutions. Teaching Evaluation. 4.44/5. Department Average 3.8/5.
    16. Caltech. EC173. Advanced Microeconomics. Teaching Evaluation. 6.5/7.

    M. Links

    1. Matlab Primer .
    2. Matlab Data Import and Export .
    3. Matlab Mathematics .
    4. Matlab Data Analysis .
    5. Matlab Programming Fundamentals .
    6. Matlab Graphics .
    7. Matlab Function References .
    8. Matlab Function References .

    9. PC benchmark: Geekbench.com.
    10. Laptop reviews: Notebookcheck .
    1. Research and teaching materials are currently available through research, education, and government servers. I would very much appreciate your understandings.
    2. Students fill evaluation online.
    3. "Professional Staff for Administration of Computing/Network Facilities."