Hanna Halaburda

Senior Economist

Hanna is a Senior Economist. Her research uses game theory to study how technology influences network effects and interactions in the marketplace and how these changes affect business models. Much of her work focuses on competition between platforms, e.g. Apple’s iPhone vs. Android or eHarmony vs. Match. Most recently, her research applies platform competition concepts to analyze the development of digital currencies and blockchain technologies.


Hanna Halaburda

Senior Economist
Economic Research and Analysis

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Curriculum vitae


Blockchain Revolution Without the Blockchain

Staff Analytical Note 2018-5 Hanna Halaburda
The technology behind blockchain has attracted a lot of attention. However, this technology is for the most part not well understood. There is no consensus on what benefits it may bring or on how it may fail.

Central Bank Digital Currencies: A Framework for Assessing Why and How

Staff Discussion Paper 2016-22 Ben Fung, Hanna Halaburda
Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the economy, the financial system and central banks.

Competition in the Cryptocurrency Market

Staff Working Paper 2014-33 Neil Gandal, Hanna Halaburda
We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Digital Currencies JEL Code(s): L, L1
May 13, 2014

Understanding Platform-Based Digital Currencies

Given technological advances and the widespread use of the Internet, various digital currencies have emerged. In most cases, Internet platforms such as Facebook and Amazon restrict the functionality of their digital currencies to enhance the business model and maximize their profits. While platform-based digital currencies could increase the efficiency of retail payments, they could also raise some important policy issues if they were to become widely used outside of the platform. Thus, it is important to closely monitor the evolution of these digital currencies.

Some Economics of Private Digital Currency

Staff Working Paper 2013-38 Joshua S. Gans, Hanna Halaburda
This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits.

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Journal Articles

  • “Unraveling in Two-Sided Matching Markets and Similarity of Preferences,”
    Games and Economic Behavior 69, no. 2 (2010): 365-393
  • “Platform Competition under Asymmetric Information”
    (with Yaron Yehezkel), American Economic Journal: Microeconomics 5, no. 5 (2013): 22-68
  • “When Smaller Menus are Better: Variability in Menu-Setting Ability”
    (with David Goldreich), Management Science 59, no. 11 (2013): 2518-2535
  • “When Does a Platform Create Value by Limiting Choice?”
    (with Ramon Casadesus-Masanell), Journal of Economics & Management Strategy 23, no. 2 (2014): 258-292
  • “The Limits to Scale: Companies That Get Big Fast Are Often Left Behind”
    (with Felix Oberholzer-Gee), Harvard Business Review 92, no. 4 (2014): 95-99
  • “Information and Two-Sided Platform Profits”
    (with Andrei Hagiu), International Jounral of Industrial Organization 34 (May 2014): 25-35
  • “The Role of Coordination Bias in Platform Competition”
    (with Yaron Yehezkel), Journal of Economics & Management Strategy (forthcoming)

Other Publications

  • Some Economics of Private Digital Currency,”
    (with Joshua Gans), Economics of Digitization : An Agenda, A. Goldfarb, S. Greenstein and C. Tucker (eds), The University of Chicago Press, 2015, 257-276.
  • “When Should a Platform Give People Fewer Choices and Charge More for Them?”
    (with Mikolaj Jan Piskorski), The CPI Antitrust Journal 6, no. 2 (fall 2010): 2010-2011

Other Research

  • “Competing by Restricting Choice: The Case of Search Platforms,”
    (with Mikolaj Jan Piskorski and Pinar Yildirim), HBS working paper, August 2011
  • “Better-reply Dynamics in Deferred Acceptance Games,”
    (with Guillaume Hearinger), HBS working paper, June 2011
  • “Monotone Strategyproofness,”
    (with Guillaume Haeringer), Barcelona GSE working paper, August 2013
  • “The Unfairness Trap: A Key Missing Factor in the Economic Theory of Discrimination,”
    (with Jordan Siegel and Naomi Kodama), HBS working paper, March 2013
  • “Dynamic Platform Competition,”
    (with Bruno Jullien and Yaron Yehezkel), NET Institute working paper, September 2013
  • “Were Jews in Interwar Poland More Educated?”
    (with Ran Abramitzky), 2014


  • PhD, Northwestern University (Economics)
  • MA, Warsaw School of Economics (Economics)
  • MA, Warsaw University (Philosophy)


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