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University of California, Berkeley
University of Wisconsin
Miami University 

Ph.D.     Economoics

M.A.       Statistics

B.S.        Mathematics,  B.A.     Economics

Academic Positions


2012 - 2016

2007 - 2012

2010 - 2012

2002 - 2007

2003 - 2004

2007 - 2012

2001 - 2007

2000 - 2001

1996 - 1997

1996 - 2001

1991 - 1996

1989 - 1992

From 2018- The Henry Kaufman Chair in International Capital Markets
From 2012 - Full Professor, Tel Aviv University, Berglas School of Economics
Research Fellow, Centre for Economic Policy Research (CEPR)

Head, Berglas School of Economics, Tel Aviv University

Head, School of Government and Policy, Tel Aviv University
Head, TAU International (formerly, the School for Overseas Students)
Chair, Department of Public Policy, Tel Aviv University
Professor, Michigan State University, Dept. of Economics
Full Professor, Tel Aviv University, Dept. of Public Policy
Associate Professor, Tel Aviv University, Dept. of Public Policy
Visiting Associate Professor, Haas School of Business, UC-Berkeley
Visiting Associate Professor, University of Texas, Department of Economics
Senior Lecturer, Tel Aviv University, Dept. of Public Policy
Lecturer, Tel Aviv University, Department of Economics
Assistant Professor, Boston University, Department of Finance and Economics











Special  Invited  Lecture  on the  Economics  of  Networks  joint ETH  Zurich, University  of  Zurich  and University  of  St. Gallen project,  Zurich Switzerland, November 2018.

Gave  Keynote lecture at  “Blockchain and Cryptofinance”  conference  in  Paris, August  2018 


Gave Keynote Speech at 10th Paris Conference on Digital Economics, in Paris, April 2018


Appointed as Honorary Editor of International Journal of Industrial Organization

Gave keynote speech at Management & Economics of ICT Conference, Munich, Germany

Gave keynote speech, Workshop on Industrial Organization: University of Salento, Otranto, Italy

Gave keynote speech at 7th ZEW Conference on the Economics of ICT, Mannheim, Germany

Recent Major Grants

2017 - 2020



2015 - 2017

2015 - 2017​

2012 - 2015

United States - Israel Binational Science Foundation (BSF), as part of the joint program with the U.S. National Science Foundation (NSF) in Cyber Security and Privacy, Examining the Impact of Cybersecurity Shocks on Cryptocurrency Platforms


Israel Science Foundation, Network Dynamics and Knowledge Transfer Within and Across Virtual Organizations and Corporations


Blavatnik Interdisciplinary Cyber Research Center (ICRC), Shocks to and Security in the Bitcoin Ecosystem: An Interdisciplinary Approach


Israel Science Foundation, Linking Pubic and Proprietary Knowledge Structures Within and Across Open Source Development Networks

Journal Editorial Positions

2018 - present

2013 - present

2009 - 2016

2005 - 2012

2005 - 2007

1996 - 2004

1996 - 2002

Associate Editor, Management Science

Honorary Editor, International Journal of Industrial Organization

Member, Editorial board, Review of Network Economics

Managing Editor, International Journal of Industrial Organization

Panel Member, Economic Policy

Associate Editor, International Journal of Industrial Organization

Associate Editor, Journal of Industrial Economics

Recent Conference Presentations










Presented the paper “Network-Mediated Knowledge Spillovers: A Cross-Country Comparative Analysis of ICT/Information Security Innovations” at the Economics of Intellectual Property, Software, and Internet Conference, Toulouse, France, January 2018.

Presented the paper “Price Manipulation in the Bitcoin Ecosystem” at the CESC 2017 - Cryptoeconomics and Security Conference, UC Berkeley, October 2017.


Presented the paper “Following the Code: Spillovers and Knowledge Transfer” at the Munich Summer Institute, May 2017.


Presented the paper “Following the Code: Spillovers and Knowledge Transfer” at the ICT Conference, Paris, March 2017.


Presented the paper “Ain’t it “Suite”? Bundling in the PC Office Software Market,” at Riordanfest conference in honor of Michael Riordan, Columbia University, November 2016.


Presented the paper “SSOs: Current Policy Issues and Empirical Evidence,” at the CRESSE Conference, Rhodes, Greece, July 2016.


Presented the paper “Shocks to and Security in the Bitcoin Ecosystem: An Interdisciplinary Approach,” at the WEIS Conference, UC-Berkeley, June 2016.


Presented the paper “Can We Predict the Winner in a Market with Network Effects? Competition in Cryptocurrency Market,” at the Munich Summer Institute, June 2016


Presented the paper “Content exploration, choice and echo chambers: An experiment,” at the Economics of Intellectual Property, Software, and Internet Conference, Toulouse, France, January 2016.

Publications in Refereed Journals


1. The Microeconomics of Cryptocurrencies (with Hanna Halaburda, Guillaume Haeringer, and Joshua S. Gans,)NBER Working Paper No. 27477Issued in July 2020, available at Forthcoming Journal of Economic Literature, 2021

2.  Out of Sight: Patents that Have Never Been Cited (with Michal Shur-Ofry, Michael Crystal, and Royee Shilony,) 2019, Available at SSRN: Forthcoming Scientometrics, 2021.

3. An examination of the cryptocurrency pump and dump ecosystem, (with JT Hamrick, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Tyler Moore, and Marie Vasek,) 2019, available at  Information Processing and Management.


4. The rise and fall of cryptocurrency coins and tokens,” (with JT Hamrick, Tyler Moore, and Marie Vasek,) Forthcoming Decisions in Economics and Finance, 2021.

5. Network-Mediated Knowledge Spillovers in ICT/Information Security (with Nadav Kunievsky, and Lee Branstetter,) forthcoming 2020, Review of Network Economics, available at

6. Price Manipulation in the Bitcoin Ecosystem, forthcoming 2018, (with JT Hamrick, Tyler Moore, and Tali Oberman,) Journal of Monetary Economics,


7. Ain’t it Suite? Bundling in the PC Office Software Market", 2018, (with Sarit Markovich and Michael Riordan,) Strategic Management Journal.


8. The impact of DDoS and other security shocks on Bitcoin currency exchanges: Evidence from Mt. Gox”, 2017, (with Amir Feder, JT Hamrick, and Tyler Moore,) Journal of Cybersecurity. 

9. Network Dynamics and Knowledge Transfer in Virtual Organizations, 2016, (with Uriel Stettner,) International Journal of Industrial Organization, 48: 270-290.


10. "Can We Predict the Winner in a Market with Network Effects? Competition in Cryptocurrency Market", 2016 (with Hanna Halaburda,) Games.

11. "Migration to the Cloud Ecosystem: Ushering in a New Generation of Platform Competition", (with Chaim Fershtman), Communications & Strategies, 85: 1st quarter 2012.


12. “Direct and Indirect Knowledge Spillovers: the “Social Network” of Open-Source Projects”, 2011 (with Chaim Fershtman), RAND Journal of Economics, 42:70-91


13. “Network Security: Vulnerabilities and Disclosure Policy”, 2010, (with Jay Pil Choi and Chaim Fershtman), Journal of Industrial Economics, 58:868-894


14. "Obesity and Price Sensitivity at the Supermarket", 2010 (with Anastasia Shabelansky), forthcoming Forum for Health Economics & Policy, Bepress, volume 13, issue 2, Article 9


15. “The Social Network within a Management Recruiting Firm: Network Structure and Output”, 2009, (with Charles King III and Marshall Van Alstyne), Review of Network Economics, vol. 8, no. 4, Article 2

16. “A Consistent Weighted Ranking Scheme with an Application to NCAA College Football Rankings”, 2009, (with Itay Fainmesser and Chaim Fershtman), Journal of Sports Economics, 10: 582-600.


17. “Indirect Network Effects and Adoption Externalities”, 2008, (with Jeffrey Church and David Krause) Review of Network Economics 7: 325-346.


18. “Open Source Software: Motivation and Restrictive Licensing”, 2007, (with Chaim Fershtman) International Economics and Economic Policy, 4: 209-225.


19. “The Effect of Native Language on Internet Use”, 2006, The International Journal of the Sociology of Language, 182:25-40.


20. “Personal Value Priorities of Economists”, 2006, (with Sonia Roccas, Lilach Sagiv, Amy Wrzesniewski, Human Relations, 58: 1227-1252.


21. “Technology, Trade, and Adjustment to Immigration in Israel”, 2004, (with Gordon Hanson and Matt Slaughter) European Economic Review, 48: 403-428.


22. “The DVD vs. DIVX Standard War: Empirical Evidence of Network Effects and Preannouncement Effects”, 2003, (with David Dranove), Journal of Economics and Management Strategy, 12: 363-386.


23. “Standards in Wireless Telephone Networks”, 2003, (with David Salant and Leonard Waverman), Telecommunications Policy, 27: 325-332.


24. “New Horizons: Telecommunications Policy in Israel in the 21st Century”, 2003, Israel Economic Review, 1:2, 101-111


25. “Compatibility, Standardization, & Network Effects: Some Policy Implications”, 2002, Oxford Review of Economic Policy, 18: 80-91.


26. “The Dynamics of Competition in the Internet Search Engine Market”, 2001, International Journal of Industrial Organization, 19: 1103-1117.


27. “Standardization Policy and International Trade”, (with Oz Shy), 2001, Journal of International Economics, 53: 363-383.


28. “The Dynamics of Technological Adoption in Hardware/Software Systems: The Case of Compact Disc Players, 2000” (with Michael Kende and Rafael Rob), RAND Journal of Economics, 31: 43-61.


29. “Systems Competition, Vertical Merger, and Foreclosure”, 2000, (with Jeffrey Church), Journal of Economics and Management Strategy, 9:25-51.


30. “Estimating the Effect of Tax Reform in Differentiated Product Oligopolistic Markets”, 1999, (with Chaim Fershtman and Sarit Markovich), Journal of Public Economics, 74:151-170.


31. “Deregulation and Reform in the Israeli Domestic Telecommunications Market”, 1999, The Economic Quarterly (in Hebrew: An English version is available at my web site), 3: 439-455.


32. “Adoptions and Orphans in the Early Microcomputer Market”, 1999 (with Shane Greenstein and David Salant), The Journal of Industrial Economics, XLVII: 87-106.


33. “The Effect of the Arab Boycott on Israel: The Automobile Market”, 1998, (with Chaim Fershtman), The RAND Journal of Economics, 29: 193-214.


34. “Tickling the Tolerance: Currency Reputation and Opportunism in Medieval France”, (with Nathan Sussman), 1997, The Journal of Money, Credit, and Banking:29(4).


35. “Sequential Auctions of Interdependent Objects: Israeli Cable Television Licenses”, 1997, The Journal of Industrial Economics, XLV: 227-244.


36. “Strategic Entry Deterrence:  Complementary Products as an Installed Base”, (with Jeffrey Church), 1996, European Journal of Political Economy (Symposium on Standardization), 12:331-354.


37. “Compatibility Standards and Complementary Network Externalities in the PC Software Market”, 1995, Review of Economics and Statistics, 77: 599-608, 1995.


38. “Hollygopoly: Oligopolistic Competition for (Hollywood) Movies”, (with David Salant), 1995.


39. The Antitrust Bulletin, 40: 699-712.


40. “A Selective Survey of the Literature on Indirect Network Externalities”, 1995, Research in Law and Economics, 17: 23-31.


41. “Licensing a Sequence of Innovations, (with Katharine Rockett)”, 1995, Economics Letters, 47:101-107.


42. “Hedonic Price Indexes for Spreadsheets and an Empirical Test for Network Externalities”, 1994, The RAND Journal of Economics, 25: 160-170.


43. “Disadvantageous Semicollusion”, (with Chaim Fershtman), 1994, International Journal of Industrial Organization, 12: 141-296, reprinted in Cartels, S. Salant and M. Lowenstein eds., Elgar Publishing 2005.


44. “Experimentation and Learning with Network Externalities”, (with Arthur Fishman), 1994, Economics Letters, 44: 103-108.


45. “The Development of the Cable Television Industry in Israel, 1994”, Telecommunications Policy, 18: 342-347.


46. “Planned Obsolescence as an Engine of Technological Progress”, (with Arthur Fishman and Oz Shy), 1993, Journal of Industrial Economics, XLI: 361-370.


47. “Complementary Network Externalities and Technological Adoption”, (with Jeffrey Church), 1993, International Journal of Industrial Organization, 11: 239-260.


48. “Coordinating Research Through Research Joint Ventures”, (with Suzanne Scotchmer), 1993, Journal of Public Economics, 51: 173-193.


49. “Integration, Complementary Products and Variety”, (with Jeffrey Church), 1992, Journal of Economics and Management Strategy, 1: 651-675.


50. “Network Effects, Software Provision, and Standardization”, (with Jeffrey Church), 1992, Journal of Industrial Economics (Symposium on Compatibility), XL 1: 85-104.

Chapters in Books

  1. The High-Tech Sector in Israel (with Stefania Roccas Gandal, and Nadav Kunievsky), in “The Israeli Economy, 1995–2017 Light and Shadow in a Market Economy” (Chapter 17), 2021 Cambridge University Press, edited by Avi Ben-Bassat, Reuben Gronau, and Asaf Zussman.

  2. “More (or Less) Economic Limits of the Blockchain,” (with Joshua Gans,) NBER Working paper 2019, available at Forthcoming, 2021, Handbook of Technological Finance.

  3. "SSOs: Current Policy Issues and Empirical Evidence", (with Pierre Régibeau), forthcoming 2015 in Edited Volume on International Standardization, Panagiotis Delimatsis, Cambridge University Press

  4. “An Introduction to the Economics Literature on Standard Setting Organizations”, in “The Standards Edge: Unifier, or Divider”, 2007, pps. 109-11, Sheridan Books

  5. “Intellectual Property and Standardization Committee Participation in the U.S. Modem Industry", (with Nataly Gantman and David Genesove) 2007, pps. 208-230 in Standards and Public Policy, Shane Greenstein and Victor Stango editors,  Cambridge University Press.

  6.  “Software Patents”, (with Chaim Fershtman), 2006, pps. 11-29 (first chapter) in Industrial Organization and the Digital Economy, Gerhard Illing and Martin Peitz editors, MIT Press.

  7. “Platform Competition in Telecommunications”, 2005, (with Jeffrey Church) pps. 117-153, in The Handbook of Telecommunications Volume 2, M. Cave, S. Majumdar, and I. Vogelsang editors, Elsevier.

  8. “Surviving a Standards War: Lessons Learned from The Life and Death of DIVX, (with David Dranove)” 2005, pps. 1-14 (first chapter) in Advances in the Economics of Information Systems, Kerem Tomak editor, Idea Group Inc.

  9. “Network Effects, Standardization, and the Internet: What have we learned from the DVD vs. DIVX Battle? (with David Dranove),” pps. 461-477, in The Commodification of Information, Niva Elkin-Koren and Neil Netanel editors, 2002, Kluwer Law International.

  10. “Quantifying the Trade Impact of Compatibility Standards and Barriers:  An Industrial Organization Perspective,” pps. 137-153, in Quantifying the Impact of Technical Barriers to Trade, Keith Maskus and John Wilson editors, 2001, University of Michigan Press.

  11. “Sorting Out the Search Engine Market,” pps. 351-367, in Communications Policy in Transition, The Internet and Beyond, Ben Compaine and Shane Greenstein editors, 2001, M.I.T. Press.



  1. Fershtman, C., and N. Gandal, "A Brief Survey of the Economics of Open Source Software", The New Palgrave Dictionary of Economics, Palgrave Macmillan” 2011, London UK.

  2. “An Introduction to Key Themes in the Economics of Cyber-security”, forthcoming 2007 Encyclopedia of Cyber Warfare and Cyber Terrorism, Idea Group Inc.

  3. Review of “The Economics of Information Technology: An Introduction”, by Hal R. Varian, Joseph Farrell, and Carl Shapiro, 2006, Journal of Economic Literature XLIV, 2:459-461.

  4.  “Network Effects (Empirical Studies)”, 2006, New Palgrave Dictionary of Economics, 2nd edition, S. Durlauf and L. Blume editors, Palgrave Macmillan, London UK. 

Working Papers

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