Research

Papers

The flagship line of work: the economics of AGI — the measurability gap and the economics of verification — alongside earlier research on stablecoins, digitization, entrepreneurship, and science.

Flagship

Some Simple Economics of AGI

The measurability gap and the economics of verification.

Working Paper · 2026

A unified economic theory of the AGI transition. As the cost to automate falls faster than the cost to verify, a widening Measurability Gap separates what agents can execute from what humans can afford to verify — making verification, not intelligence, the binding constraint on growth. The framework partitions work into four regimes, formalizes measurability-biased technical change, and shows how unverified deployment drifts toward a Hollow Economy of counterfeit utility unless observability, accelerated mastery, and graceful degradation expand society's verification bandwidth.

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Selected

Featured publications

Digitization · 2026

The Digital Privacy Paradox and Choice Architecture: Evidence from an Experiment in Fintech

Susan Athey, Christian Catalini, Alex Moehring, Catherine Tucker · MIS Quarterly

Experimental evidence from fintech on the gap between stated privacy preferences and actual behavior, and how choice architecture shapes privacy decisions.

SSRN

Entrepreneurship · 2025

Syndication in Equity Crowdfunding: Performance and the Evaluation of Experts

Christian Catalini, Xiang Hui · Research Policy

How syndicates and expert evaluation shape outcomes in equity crowdfunding.

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Entrepreneurship · 2024

Proximate (Co-)Working: Knowledge Spillovers and Social Interactions

Christian Catalini, Alex Oettl, Maria Roche · Management Science

How physical proximity among startups drives knowledge spillovers, technology adoption, and performance.

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Stablecoins & Libra · 2021

Some Simple Economics of Stablecoins

Christian Catalini, Alonso de Gortari, Nihar Shah · Annual Review of Financial Economics

The economics of stablecoin design: how stablecoins maintain their peg and the trade-offs among stability, capital efficiency, and safety.

SSRN

Stablecoins & Libra · 2020

Some Simple Economics of the Blockchain

Christian Catalini, Joshua Gans · Communications of the ACM

Blockchain technology lowers two key costs — the cost of verification and the cost of networking — reshaping which transactions and marketplaces are possible.

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Digitization · 2017

When Early Adopters Don’t Adopt

Christian Catalini, Catherine Tucker · Science

Evidence from the MIT digital currency experiment on how delaying access for natural early adopters changes technology diffusion.

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Archive

Selected publications by area

Stablecoins & Libra
YearTitleVenue
2025 How Will Stablecoins Integrate with the Financial System? Centre for International Governance Innovation
2021 From Stablecoins to CBDCs: The Public Benefits of a Public-Private Partnership Working paper
2021 On the Economic Design of Stablecoins Working paper
2021 Markets for Crypto Tokens, and Security under Proof of Stake Working paper
2021 Setting Standards for Stablecoin Reserves Working paper
2021 Why Is the United States Lagging Behind in Payments? Working paper
2019 Market Design for a Blockchain-Based Financial System Working paper
2018 Initial Coin Offerings and the Value of Crypto Tokens Working paper
Digitization
YearTitleVenue
2022 Disclosure Rules and Declared Essential Patents Research Policy
Economics of science
YearTitleVenue
2020 How Do Travel Costs Shape Collaboration? Management Science
2015 The Incidence and Role of Negative Citations in Science Proceedings of the National Academy of Sciences
2010 Tracing the Linkages Between Science and Technology Research Policy
Entrepreneurship
YearTitleVenue
2018 Slack Time and Innovation Organization Science
2017 Microgeography and the Direction of Inventive Activity Management Science
2015 Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions Journal of Economics & Management Strategy
2014 Some Simple Economics of Crowdfunding Innovation Policy and the Economy, University of Chicago Press