I am a FNRS Senior Research Fellow at the European Centre for Advanced Research in Economics and Statistics (ECARES) and the  Solvay Brussels School of Economics and Management, both at the Université Libre de Bruxelles.


                            Contact information


                            Opinion Pieces

                            Case Studies


                            Graduate Students


Contact Information:

ECARES Université Libre de Bruxelles CP 114 /04 50, Avenue F.D. Roosevelt 1050 Brussels - BELGIUM

Phone : +32-2-650 38 40

Fax : +32-2-650 44 75

Email: Estelle.Cantillon at ulb.ac.be

Physical address: Building R42, 42, Avenue F.D. Roosevelt, B - 1050 Brussels (floor 6)                                   



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.




Book chapters and policy-oriented publications:


Working papers: 


Work in progress:


Opinion pieces:



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).



Environmental Economics, Spring 2013

Past courses (with link to the last syllabus):

Topics in Market Design (ECARES, Spring 2005 and 2007, doctoral course)

Graduate Industrial Organization (ECARES and KU Leuven, Fall 2009/Spring 2010, doctoral course, with Patrick Legros Jo Van Biesebroeck and Frank Verboven)


Current graduate students:

Li Chen (ECARES) is interested in the impact of information in centralized university admissions systems, with applications to China and Ireland.

Lorenzo Clementi (ECARES) is finalizing his thesis on vertical integration and competition policy

Luisa Dressler (ECARES) is interested in the impact of the development of renewable energies on electricity markets

Nicolas Gothelf (ECARES) is an eclectic economist and a computer geek who combines theory, empirics and simulations to look at auctions, among others. 

Francois Koulischer (ECARES) is interested in central bank auctions and the economics of collaterals in central bank policy