Welcome!
I am a FNRS Research Associate at the European Centre for Advanced Research in Economics and Statistics (ECARES) and Director of Research at the newly created Solvay Brussels School of Economics and Management, both at the Université Libre de Bruxelles.
NEW! School choice is still hot in Belgium with a new text being debated in French-speaking Belgium and several local coordination platforms in Flanders considering changes.
I have written several policy-oriented pieces and columns on the subject recently.
ECARES
Université Libre de Bruxelles
CP 114
50,
Avenue F.D. Roosevelt
1050
Phone : +32-2-650 38 40
Fax : +32-2-650 44 75
Email: Estelle.Cantillon at ulb.ac.be
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My research lies at the boundary between industrial organization and market design, and involves both theory and empirics. My auction work has looked at asymmetric auctions, combinatorial auctions and multi-attribute auctions, with an emphasis on procurement applications.
My current projects look at the competition between exchanges, the creation of markets, school choice and course allocation mechanisms.
The following is a list of my working papers and publications. For a copy of my CV, click here. I have also explored the theme of competition between marketplaces in teaching cases.
Publications:
A Graphical Analysis of Some Basic Results in Social Choice (with Antonio Rangel), Social Choice and Welfare, 2002, 19, 587-611.
Investment Incentives in Procurement Auctions (with Leandro Arozamena), Review of Economic Studies, 2004, 71(1), 1-18.
Auctioning Bus Routes: The London Experience (with Martin Pesendorfer), Ch. 23 in Cramton, Shoham and Steinberg (eds), Combinatorial Auctions, MIT Press, 2006.
The Effect of Bidders’ Asymmetries on Expected Revenue in Auctions, Games and Economic Behavior, 62(2008), 1-25.
Properties of Scoring Auctions (with John Asker), Rand Journal of Economics, 39(1), 2008, 69-85
Procurement when Price and Quality Matter (with John Asker), July 2009, forthcoming Rand Journal of Economics (online appendix with the full proof of theorem 1)
Policy briefs and policy-oriented publications:
Policy brief - School choice in Belgium, January 2009 (brief written as background for the conference on school choice procedures in Brussels, January 2009)
La régulation des inscriptions scolaires: pourquoi et comment? (avec Nicolas Gothelf), forthcoming in: Etienne de Callataÿ, Peter Praet et André Sapir (eds), Actes du 18ème Congrès des économistes de langue française "Quel Etat pour quelles performances économiques", CiFOP, November 2009 (this articles summarizes the rationale for regulating school choice and compares different methods for doing so. Data from the Dutch-speaking preschools in Brussels are used to illustrate the effects of school choice procedures)
Réguler les inscriptions scolaires à Bruxelles, Brussels Studies, nr 34, 30 novembre 2009 (English version "Regulating School Choice in Brussels" Nederlandstalige versie: "De schoolinschrijvingen in Brussel regelen")
Working
papers:
The Multi-unit Assignment Problem: Theory and Evidence from Course Allocation at Harvard (with Eric Budish), December 2009
Competition between Exchange: Lessons from the Battle of the Bund (with Pai-Ling Yin), June 2008 [revised version coming soon]
Combination Bidding in Multi-Unit Auctions (with Martin Pesendorfer), November 2006
Electoral Rules and the Emergence of a New Issue Dimension, January 2001
Work in progress:
After-markets (with Eric Budish)
Asymmetric
Network Effects (with Pai-ling
Yin)
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"CO2 market boost best route to hitting Kyoto targets" (with Stephen Boucher), European Voice, 24 June 2004
"Inscriptions scolaires: peut mieux faire!", L'Echo, 16 February 2007 (on school enrollment policies in Belgium)
"The Nobel Prize: What is Mechanism Design and why does it matter for policy-making?" (with Patrick Legros), Vox column, 18 October 2007
"Ces profits qui tombent du ciel en faveur des producteurs d'électricité", L'Echo, 20 January 2008 (on windfall profits in the electricity sector)
"Lessons from the battle of the Bund" (with Pai-ling Yin), Vox column, 2 September 2008
"Décret mixité: Ne jetons pas le bébé avec l'eau du bain", published in Le Soir, 12 December 2008 (on school enrollment policies in Belgium)
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Euronext.liffe and the over-the-counter market (A) and (B), HBS cases 9-706-515 and 9-706-516 , July 2006
Euronext.liffe had just finished rolling out three new services targeted at the over-the-counter market in 2004. The services offered automated confirmation and clearing for over-the-counter (OTC) equity derivatives. Yet, developments in the industry seemed to call for a reevaluation of the exchange's OTC strategy. Part A describes the context and Euronext.liffe's OTC services in 2004. It asks student to evaluate Euronext.liffe's current services on the basis of customers' needs and the existing competition, and to offer advice on how Euronext.liffe should design its services to the OTC market. Part B describes the new services Euronext.liffe launched in 2005 and provides an update on its performance by May 2006. The case includes a teaching note.
Bringing OTC Back to the Exchange: Euronext.liffe's Launch of ABC (with Pai-Ling Yin), HBS case 9-706-406, March 2006
Euronext.liffe, one of the largest derivatives exchange, is launching a new service to attract trades that currently take place over-the-counter. The case asks whether the move makes sense. It forces the students to (re)visit the sources of value added by exchanges and by OTC dealers, and to examine market design (how the service should be designed) and competitive positioning in a setting where network effects matter and where the boundary between competitors and customers is blurred. The case includes a teaching note.
The Music Industry and the Internet (with Bharat Anand), HBS case 9-703-513, April 2003
Discusses the impact of the Internet on the music industry from 1990 through 2003. Discusses the technology, new business models, and record companies' moves. Provides the necessary background to discuss such matters as well as to assess the strategies of the five major record companies--Sony, BMG, Warner, EMI, and Universal. Ends with the question of whether the music industry will survive and with arguments from both camps. Teaching note available.
The New York Stock Exchange versus Nasdaq (with Khanna and Radhakrishnan), HBS case 9-703-439, November 2002
The case describes the functioning of stock exchanges and describes in some detail the business model of the NYSE and Nasdaq: the centralized nature of the NYSE versus the decentralized nature of Nasdaq, the different revenue structures, the different participation rules, and so on. The comparison between the two business models can be used (among others) as a lens through which to study the differential impact that Electronic Communication Networks (ECNs) have had on the NYSE and Nasdaq. It can also be used to analyze the different approaches to globalization that these exchanges have taken (in that case it is best used with HBS case 9-703-439, The New York Stock Exchange versus Nasdaq: International Competition, November 2002).
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Fall 2009:
Graduate Industrial Organization, part I (with Patrick Legros, Jo Van Biesebroeck and Frank Verboven)
Spring 2010:
Graduate Industrial Organization, part II (with Patrick Legros, Jo Van Biesebroeck and Frank Verboven)
Recent
courses (with link to the last syllabus)
Strategy (Harvard, Winter 2004, MBA)
Market Design (Harvard, Spring 2004, doctoral course, with Al Roth)
Topics in Market Design (ECARES, Spring 2005 and 2007, doctoral course)
Industrial Organization (ECARES and KU Leuven, Fall 2007 and Spring 2008, doctoral course, with Patrick Legros and Frank Verboven)
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Lorenzo Clementi (ECARES) is interested in vertical integration in the media industry and competition policy
Francois Koulisher (ECARES) is just starting his coursework but is already full of ideas about the competition between financial marketplaces, and finance more generally
Nicolas Gothelf (ECARES) is an eclectic economist and a computer geek who combines theory, empirics and simulations to look at auctions, among others.
Daniela Marchettini (CORE & Bank of Italy) studies Italian treasury auctions empirically
Aurélie Slechten (ECARES) is interested in market design for environmental markets.