The annual award will provide $50,000 for continuing research to each of 126 "early-career scientists and scholars whose achievements and potential identify them as rising stars, the next generation of scientific leaders."
Budish’s research has received numerous awards. In "The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response," Budish and his co-authors write that the high-frequency arms race is a symptom of a simple flaw in market design — continuous-time trading. They suggest that discretely timed auctions, instead of continuous-time trading, would lessen arbitrage opportunities, improve liquidity, and transform competition on speed into competition on price.
"The High-Frequency Trading Arms Race" received the 2014 AQR Insight Award, and was mentioned in speeches by New York Attorney General Eric Schneiderman and Securities and Exchange Commission Chairman Mary Jo White.
Budish also received the Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research for his paper “Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials,” and his dissertation research on the matching problem of assigning students to schedules of courses, or workers to schedules of shifts, was adopted for use in practice by the Wharton School for MBA course allocation.
Budish, a micro-economist and game theorist who researches market design, received his doctorate from Harvard in 2009, and joined Chicago Booth the same year.
From: Ethan Grove, Chicago Booth Office of Media Relations, 773.834.5161 (office), 773.420.8670 (cell), Ethan.Grove@chicagobooth.edu.