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Liad Wagman is Dean, Professor of Economics, and the John and Mae Calamos Dean Endowed Chair at Stuart School of Business at Illinois Institute of Technology (Illinois Tech), with an affiliate professor appointment at Illinois Tech’s Lewis College of Science and Letters.

Education
Wagman holds two bachelor’s degrees from the University of North Carolina Charlotte in computer science and mathematics, both earned summa cum laude with the highest distinction; a master’s degree in computer science from Stanford University; and a master’s degree and doctorate in economics from Duke University

Career
Wagman is Academic Affiliate at the International Center for Law and Economics, and was Senior Economic and Technology Advisor of the Federal Trade Commission’s Office of Policy Planning, Competition Fellow at the Data Catalyst Institute, a Visiting Associate Professor of Executive Education and Managerial Economics & Decision Sciences at Northwestern University’s Kellogg School of Management, a Visiting Scholar at the Duke University Economics Department, a research fellow at the Duke University Computer Science Department, a research fellow at the Duke University Social Sciences Research Institute, and worked at the Center for International Security and Cooperation at the Freeman Spogli Institute at Stanford University. He is a recipient of the Program for Advanced Study in the Social Sciences Fellowship, a recipient of the Education and Research Initiative Award, a recipient of the Institute of Industrial and Systems Engineers Best Paper Award, and a recipient of the International Conference on Artificial Intelligence Outstanding Paper Award.

As part of his role as Senior Economic and Technology Advisor at the Federal Trade Commission’s Office of Policy Planning, Wagman led a study under two White House Administrations, covering over 1,000 mergers and acquisitions, that required Alphabet Inc. (“Alphabet,” including Google), Amazon.com, Inc. (“Amazon”), Apple Inc. (“Apple”), Facebook, Inc. (“Facebook,” now “Meta”), and Microsoft Corp. (“Microsoft”) to provide information and documents on the terms, scope, structure, and purpose of the acquisitions that each company consummated between January 1, 2010, and December 31, 2019, for which the company did not file a merger notification form. The study’s aim was to improve the government’s understanding of large technology firms’ acquisition activity, including pre-acquisition due diligence, post-acquisition technology integration, the movement of human capital in technology, examining the trends in acquisitions, and the structure of deals. Among other contributions, Wagman was the lead author of the United States contribution to the Organisation for Economic Co-operation and Development (OECD) on consumer data rights and competition.

Wagman works on topics at the interface of business and technology in the areas of information economics, industrial organization, law and economics, and entrepreneurship, studying issues concerning market competition and antitrust, data utilization and privacy, innovation, and new venture financing. He is a recipient of the Sigma Xi Excellence in Research Award, the Bauer Family University Excellence in Teaching Award, the Yahoo Faculty Research and Engagement Award, and has been selected into Poet & Quants 2015 Top 40 Business School Faculty Under 40. He has served as an expert witness in major policy litigations, provided federal testimony, amicus briefs and consultations, as well as collaborated with and advised both startups and large private sector firms, think tanks, governments, and non-government organizations.

Wagman’s work is published in academic journals in economics, finance, law, operations research, and marketing, and in government reports.

Initially as Interim Dean and later as Permanent Dean of the Stuart School of Business, Wagman provided the strategic vision to guide the school’s direction and initiatives to acheive 140 percent increase in enrollment, as well as a successful 5-year re-accreditation of the school by the Association to Advance Collegiate Schools of Business (AACSB).

Wagman’s strategic direction for Stuart has included an expansion of the business school’s curriculum to meet contemporary industry needs, offering programs at the interface of business and technology in analytics, finance, economics, management, marketing, and the nonprofit public sector. Among the new programs are remote graduate programs emphasizing flexibility, accessibility and stackability, with inclusive admission pathways that are performance based, as well as a new category of interdisciplinary undergraduate programs that combine the core tenets of fields such as business and engineering, business and psychology, business and information technology, economics and policy, economics and data science, and economics and cybersecurity into one degree program that is tailored for career success.

As professor of economics, Wagman has taught at the undergraduate, graduate, and doctoral levels. His wide array of research interests have brought opportunities for collaborations with other colleagues and institutions, demonstrating the value of cross-disciplinary work.

Select Publications
“Cost-Benefit Analysis Without the Benefits or the Analysis: How Not to Draft Merger Guidelines,” with L. Froeb and D. Sokol, Southern California Law Review, forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4537425

“M&A and Technological Expansion,” with G. Z. Jin and M. Leccese, Journal of Economics & Management Strategy, 2023, https://onlinelibrary.wiley.com/doi/full/10.1111/jems.12551.

“How Do Top Acquirers Compare in Technology Mergers? New Evidence from an S&P Taxonomy,” with G. Z. Jin and M. Leccese, International Journal of Industrial Organization, 2023, https://www.sciencedirect.com/science/article/pii/S0167718722000662.

“M&A and Innovation: A New Classification of Patents,” with Z. Cheng, G. Z. Jin, M. Leccese, and D. Lee, AEA Papers and Proceedings, 113: 288-93, 2023. https://www.aeaweb.org/articles?id=10.1257/pandp.20231100

“Popular Mobile Apps in The Pandemic Era: A Glimpse at Privacy and Competition,” Competition Policy International, with G. Z. Jin, and Z. Liu, 2022. https://www.pymnts.com/cpi_posts/popular-mobile-apps-in-the-pandemic-era-a-glimpse-at-privacy-and-competition/

“Towards A Technological Overhaul of American Antitrust,” American Bar Association – Antitrust, with G. Z. Jin, and D. Sokol, 37(1), 2022. https://www.americanbar.org/groups/antitrust_law/resources/magazine/2022-fall/towards-technological-overhaul-american-antitrust/

“Local Network Effects in the Adoption of a Digital Platform,” with J.-H. Kim, P. Newberry, and R. Wolff, Journal of Industrial Economics, Sep. 2022, 70(3), 493–524. https://onlinelibrary.wiley.com/doi/full/10.1111/joie.12296

“State Versus Federal Wiretap Orders: A Look at the Data,” with J. Chan and J.-H. Kim, International Review of Law & Economics, 2022, 70. https://www.sciencedirect.com/science/article/abs/pii/S0144818822000205

“Non-HSR Reported Acquisitions by Select Technology Platforms, 2010-2019: An FTC Study,” Federal Trade Commission, September 2021. https://www.ftc.gov/reports/non-hsr-reported-acquisitions-select-technology-platforms-2010-2019-ftc-study

“The Persisting Effects of the EU General Data Protection Regulation on Technology Venture Investment,” with J. Jia and G. Z. Jin, ABA’s Antitrust Source, June 2021. https://www.americanbar.org/content/dam/aba/publishing/antitrust-magazine-online/2021/june-2021/jun2021-jia.pdf

“Data Regulation and Technology Venture Investment: What Do We Learn From GDPR?” with J. Jia and G. Z. Jin, Competition Policy International, January, 2021. https://www.competitionpolicyinternational.com/wp-content/uploads/2021/01/6-Data-Regulation-and-Technology-Venture-Investment-What-Do-We-Learn-From-GDPR-By-Jian-Jia-Ginger-Zhe-Jin-Liad-Wagman.pdf

“The Short-Run Effects of GDPR on Technology Venture Investment,” with G. Z. Jin

and J. Jia, Marketing Science, 2021, 40(4), 593–812. https://pubsonline.informs.org/doi/10.1287/mksc.2020.1271

“Big Data at the Crossroads of Antitrust and Consumer Protection,” with G. Z. Jin, Information Economics & Policy, 2021, 54. https://www.sciencedirect.com/science/article/pii/S0167624520300792

“Platforms, Anonymity, and Illegal Actors: Evidence of Whac-A-Mole Enforcement from Airbnb,” with J. Jia, Journal of Law & Economics, 2020, 63(4), 729–761. https://www.journals.uchicago.edu/doi/10.1086/709243

“Advertising and Voter Data in Asymmetric Political Contests,” with P. Sharma, Information Economics & Policy, 2020, 52. https://www.sciencedirect.com/science/article/abs/pii/S0167624519300022

“Consumer Data Rights and Competition – Note by the United States,” OECD Directorate for Financial and Enterprise Affairs, Competition Committee, June 2020. https://one.oecd.org/document/DAF/COMP(2020)1/en/pdf

“The Impact of Access to Consumer Data on the Competitive Effects of Horizontal Mergers and Exclusive Dealing,” with J.-H. Kim and A. Wickelgren, Journal of Economics & Management Strategy, 2019, 28(3), 373–391. https://onlinelibrary.wiley.com/doi/abs/10.1111/jems.12285

“Motivation and Performance of User-Contributors: Evidence from a CQA Forum,” with J.-H. Kim, J. Devaro, and R. Wolff, Information Economics & Policy, 2018, 42(1), 56–65. https://www.sciencedirect.com/science/article/pii/S0167624516300634

“Can Restricting Property Use Be Value Enhancing? Evidence from Short-Term Rental Regulation,” with J.-H. Kim and T. Leung, Journal of Law & Economics, 2017, 60(2), 309–333. https://www.journals.uchicago.edu/doi/abs/10.1086/694415

“Outsourcing in Place: Should a Retailer Sell Its Store-Brand Factory?” with E. Durango-Cohen and C. Yano, IISE Transactions, 2017, 49(4), 442–459. Best Paper Award. https://www.tandfonline.com/doi/full/10.1080/0740817X.2016.1243280

“The Economics of Privacy,” with A. Acquisti and C. Taylor, Journal of Economic Literature, 2016, 54(2), 442–492. https://www.aeaweb.org/articles?id=10.1257/jel.54.2.442

“Early-Stage Entrepreneurial Financing: A Signaling Perspective,” with J.-H. Kim, Journal of Banking & Finance, 2016, 67(1), 12–22. https://www.sciencedirect.com/science/article/pii/S0378426616300061

“Screening Incentives and Privacy Protection in Financial Markets: A Theoretical and Empirical Analysis,” with J.-H. Kim, RAND Journal of Economics, 2015, Lead Article, 46(1), 1–22. https://onlinelibrary.wiley.com/doi/abs/10.1111/1756-2171.12083

“The 80/20 Rule: Corporate Support for Innovation by Employees,” with S. Krasteva and P. Sharma, International Journal of Industrial Organization, 2015, 38, 32–43. https://www.sciencedirect.com/science/article/abs/pii/S0167718714001209

“Inducing Knowledge Sharing in Teams through Cost-Efficient Compensation Schemes,” with A. Chakravarti and C. He, Knowledge Management Research & Practice, 2015, 13(1), 71–90. https://www.tandfonline.com/doi/abs/10.1057/kmrp.2013.32

“Marketing Educational Quality via International Partnerships under Brain-Drain Constraints,” with W. Ashton, Education Economics, 2015, 23(6), 713–734. https://www.tandfonline.com/doi/full/10.1080/09645292.2014.944100

“Portfolio Size and Information Disclosure: An Analysis of Startup Accelerators,” with J.-H. Kim, Journal of Corporate Finance, 2014, 29, 520–534. https://www.sciencedirect.com/science/article/pii/S0929119914001333

“False-Name-Proof Voting with Costs over Two Alternatives,” with V. Conitzer, International Journal of Game Theory, 2014, 43(3), 599–618. https://link.springer.com/article/10.1007/s00182-013-0397-3

“Consumer Privacy in Oligopolistic Markets: Winners, Losers, and Welfare,” with C. Taylor, International Journal of Industrial Organization, 2014, 34(1), 80–84. https://www.sciencedirect.com/science/article/pii/S016771871400023X

“Strategic Obfuscation of Production Capacities,” with E. Durango-Cohen, Naval Research Logistics, 2014, 61(3), 244–267. https://onlinelibrary.wiley.com/doi/10.1002/nav.21581

“Information Acquisition in Competitive Markets: An Application to the US Mortgage Market,” with J. Burke and C. Taylor, American Economic Journal: Microeconomics, 2012, 4(4), 65–106. https://www.aeaweb.org/articles?id=10.1257/mic.4.4.65

“Hide and Seek: Costly Consumer Privacy in a Market with Repeat Purchases,” with V. Conitzer and C. Taylor, Marketing Science, 2012, 31(2), 277–292. https://pubsonline.informs.org/doi/abs/10.1287/mksc.1110.0691

“Choosing Fair Lotteries to Defeat the Competition,” with V. Conitzer, International Journal of Game Theory, 2012, 41(1), 91–129. https://link.springer.com/article/10.1007/s00182-011-0275-9

“Optimal False-Name Proof Voting Rules with Costly Voting,” with V. Conitzer, Proceedings of the International Conference on Artificial Intelligence (AAAI), Outstanding Paper Award, 2008, Pages 190–195. https://dl.acm.org/doi/10.5555/1619995.1620027

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