Table tennis
Rules you can see, behavior you still have to explain.
I like settings where the rules are visible, the stakes can be reconstructed exactly, and human behavior still refuses to become mechanical.
See the research →Selected projects
Markets are made,
not merely observed.
Some of my projects begin outside a conventional field label: a luxury watch auction, an artist–manager contract, or a short-lived market for fractional claims on artworks. I use these settings to study how prices, rights, and liquidity are produced by institutions.
01 · Research infrastructure
Luxury Market Observatory
Price is produced.
The Luxury Market Observatory (LMO) studies how heterogeneous luxury assets acquire, transmit, and revise reference prices across market venues.
Rather than treating an observed transaction price as a primitive measure of value, the project follows how auctions generate public signals, how those signals become reference points, how resale markets transmit them, and how later transactions update the benchmark.
Core price chain
Auction→Reference→Resale→Update
Current settings
Watches · art auctions · secondary-market listings · alternative assets
02 · Theory · Artist–manager contracts
Who Must Consent to an Incentive Sale?
Financing and Amendment Rights
When the manager sells the future, whose consent is required?
An artist signs with a manager because future career value depends on the manager’s continuing effort. What happens when the manager sells a claim on the compensation that was meant to sustain that effort?
The model starts from an artist–manager contract in the entertainment industry. The manager can monetize or transfer incentive-linked compensation without formally changing the artist’s contractual share, but the financing transaction changes the manager’s exposure to the artist’s future success and therefore the manager’s incentives.
Read the working paper → September 2026 draft
Keywords
Artist–manager contractsIncomplete contractsControl rightsEntertainment financeIncentive buyouts
Research question
When should an artist have the right to block or renegotiate a manager’s financing transaction?
03 · Market design · Alternative assets
Manufactured Liquidity
Fractional Ownership and Continuous Trading in an Opaque Real-Asset Market
Tradability is not the same as liquidity.
Can a trading platform transform opaque real assets into liquid securities simply by fractionalizing ownership and enabling continuous trading?
This project studies the Tianjin Cultural Artwork Exchange using the complete universe of 20 listed products. It traces product-level prices, volume, turnover, zero-trading days, platform rules, and regulatory interventions to separate initial tradability from durable liquidity and price discovery.
Empirical object
20 products · daily price and trading trajectories · market rules · regulatory archives
Core idea
Trading technology can manufacture initial tradability without creating durable market depth. The market can remain formally open while liquidity decays endogenously.
Research taste
Why these questions?
I am drawn to settings where formal rules meet very human consequences.
Artist contracts
Caring about the person before finding the paper.
I came to this question by caring about artists before I knew there was a paper in it. I wanted to understand why the people at the center of value creation can have so little say over decisions that shape their work and lives.
See the project →