Michele Fabi Receives Best Paper Award at the 2023 International Fintech Research Conference

Michele Fabi, a postdoctoral fellow at CREST-École polytechnique has recently received the Award for the best paper presented at the International Fintech Research Conference, held at Parthenope University of Naples on 2-3 November 2023.

Michele Fabi

Michele Fabi is currently a post-doctoral researcher at CREST-Ecole polytechnique, serving as a member of the Blockchain and Platform Chair—a research initiative dedicated to blockchains and associated technologies.

Broadly speaking, Michele’s research fields are Financial Economics and Microeconomics, with a focus on topics such as fintech, platforms, decentralized and startup finance, blockchain, and the digitalization of money and markets. He is actively involved into a promoting research on these subjects by taking part in the organization of academic activities such as the BlockSem seminar and the Blockchain@X-OMI Workshop on Blockchain and Decentralized Finance.

Finally, Michele obtained his PhD in 2021 from the doctoral program IDEA-UAB (Universitat Autonoma de Barcelona), working with Matthew Ellman as his advisor.

In 2023-2024, Michele is one of CREST’s International Job Market candidate.

2nd International Fintech Research Conference

The International Fintech Research Conference is set to be a vibrant hub for researchers, encouraging cross-disciplinary discussions and collaborations in the expansive field of Fintech. Covering diverse areas, the conference welcomes contributions in theoretical analysis, machine learning applications, cryptocurrencies, cybersecurity, neural networks, smart contracts, and more.

With a focus on cutting-edge topics such as blockchain technologies, big data analysis, and behavioral finance, the event promises to be a dynamic platform for researchers to share insights, engage in discussions, and shape the future of finance and technology.

During this conference, the Organizing Committee establishes a prize for the best paper presented which was awarded, this year, to Michele Fabi for his paper “Blockchain Design with Transmission Delays”.

More information on the Conference: https://www.disaq.uniparthenope.it/fintechlab/international-fintech-research-conference/

Blockchain Design with Transmission Delays

The article investigates the economics of blockchain design. Unlike previous studies, this research introduces a strategic variable for miners: the ability to choose the size of transaction blocks. This departure from the assumption of maximum block capacity provides insights applicable to modern blockchains like Ethereum.

The study makes two key contributions. Firstly, it establishes testable predictions on block size and justifies transaction fees from the perspective of consensus layer incentives. This differs from earlier approaches that focused on application layer incentives. Secondly, the research addresses the limitations of a partial-equilibrium approach found in previous market microstructure papers. By endogenizing token inflation, the model can provide insights into the optimal balance between transaction fees and token inflation.

The paper builds upon prior works in the economics literature on blockchain and cryptocurrencies, pioneered by Chiu and Koeppl (2019) and Pagnotta (2022) among others, incorporating elements of the new monetarist matching models like Choi and Rocheteau (2020). It is also deeply inspired by the computer science literature on blockchain consensus and distributed algorithms (e.g. Pass and Shi, 2017; Ren, 2019), which lays out the methodological and conceptual foundations for the study of miner incentives.

In conclusion, the article sheds light on the economic challenges of blockchain designs, providing valuable insights for both researchers and practitioners in the blockchain space.

To read the full paper: https://drive.google.com/file/d/1VWGl65Mbg5iCSVNWnW3IMZZ1IL4oJuEU/view

Open applications for 2024 PhD tracks in Economics

Applications are open from October 5th to January 12th, 2024, for the PhD track in Economics.

PhD track program

The PhD track is a five-year program which offers training in top-level research to high-potential students aiming for an international career in leading academic institutions or companies.

For the first two years, candidates will be enrolled in a coursework program for which they would be awarded the master’s degree. Then, for the three remaining years, students will be enrolled in a dissertation phase for a PhD diploma.

PhD track in Economics


The program heavily relies on advanced quantitative methods for both theoretical and empirical analysis. During the first year, students take advanced core courses in microeconomics, macroeconomics, and econometrics. They also engage in research projects under the supervision of faculty and acquire a first hands-on contact with research. During the second year, students will follow advanced methodological courses, and specialize in subfields of economics. They will regularly spend time within the research centers (office space and IT facilities will be provided at CREST, students may also can work closely with faculty members as research assistants) and will be allocated an individual advisor among the program faculty. They will also regularly attend CREST research seminars, conduct a research project, and write a master’s dissertation under the supervision of a faculty member.

At the end of the second year, students who have achieved sufficiently good grades, have written a research proposal and found a potential PhD supervisor within CREST may progress to the dissertation period (three years) of the PhD program. Progress is conditional on securing funding and IP Paris and CREST will do their best to help candidates to obtain such funding (e.g., IP Paris but also Ecole polytechnique and ENSAE Paris provide a limited number of three-year doctoral fellowships).

Fields of excellence at our CREST research center (and HEC Paris research group), and potential areas of specialization, include:

  • Econometric theory
  • Environmental and development economics
  • Game and decision theory
  • Industrial organization and digital economics
  • International economics
  • Labor economics
  • Macroeconomics
  • Public economics


Provide an advanced training in economics at the highest international level with a strong emphasis on advanced quantitative methods for both theoretical and empirical analyses.

Acquire the most important tools in microeconomics, macroeconomics, and econometrics through a complete core course training.

Specialize by selecting field and specialization courses in a variety of sub-areas of economics.

Conduct research in a stimulating environment

More information on the PhD track in Economics: https://www.ip-paris.fr/en/education/phd-track/phd-track-economics

More information on PhD tracks at IP Paris: https://www.ip-paris.fr/en/education/phd-track-applications-open-october-5th-january-12th-2024

Application portal: https://candidatures.polytechnique.fr/candidatures/logincandidature/index.php?cursus=MI