Last Friday I lectured Kehang Zhu on how he should've been more careful and shouldn't have spilled water on his laptop—with sheer confidence, I might add. Today, I spilled coffee all over mine. Cause, of course, it HAD to happen two days after I was being a smart ass about it.

So I'm skimming through past articles of the Journal of Finance, from 1970 onwards, at 1973 at the moment. I did this for some of the top 5 econ journals in grad school and it took ages. With AI, it's now much much faster, I'd highly encourage trying

Paper 16. Shahidi–Rusak–Manning–Fradkin–Horton, The Coasean Singularity? Market Design with AI Agents Discussant David M. Rothschild. Horton speaking.Massive amounts of content in talk. Really a lot to think about. Starts from Coase: many transaction costs are labor.

I have been waiting for a paper on AI agents and transaction costs and, well, agency problems Agentic work, by its nature, drastically changes how these operate, with huge implications for how we organize markets and firms, which are largely shaped by agency & transaction costs

Examining how AI agents transform markets by lowering transaction costs and enabling new designs. Also discussing agent demand, supply, and design, from Peyman Shahidi, Gili Rusak, Benjamin Manning, Andrey Fradkin, and John Horton nber.org/papers/w34468

What will economic outcomes look like as transactions become delegated to AI agents? Will human differences be smoothed away, leading to more homogenous outcomes, or will they be recreated and potentially even amplified? Will AI agents mitigate inequality, or will it persist

This is happening quickly nber.org/books-and-chap… cc: Andrey Fradkin Peyman Shahidi Benjamin Manning Arpit Gupta

This is happening quickly nber.org/books-and-chap… cc: Andrey Fradkin Peyman Shahidi Benjamin Manning Arpit Gupta

This is happening quickly nber.org/books-and-chap… cc: Andrey Fradkin Peyman Shahidi Benjamin Manning Arpit Gupta