<div dir="ltr"><div dir="ltr"><div class="gmail_default" style="font-size:small"><div class="gmail_default"><div><div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_5987474974647831651gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_9103776001042077600gmail-p1" style="font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;margin:0px"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">When: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit"> Monday, May 6th at <b>11:00 am</b></font></font><br></font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">Where: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit">TTIC, 6045 S. Kenwood Avenue, 5th Floor, Room 526</font></font></font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><b>Who: </b></font></font></font><font face="arial, helvetica, sans-serif">Jacob Leshno, University of Chicago</font></p></div></div></div><div class="gmail_default"><br></div><div class="gmail_default"><br></div><div class="gmail_default"><div><b>Title: </b> An Economic Analysis of the Bitcoin Payment System </div><div><br></div><div><b>Abstract:</b><br></div><div><div><font face="arial, helvetica, sans-serif">Unlike traditional payment systems, Bitcoin has no owner and is governed by a computer protocol. We model Bitcoin as a platform that intermediates between users and computer servers (“miners”) which operate the Bitcoin payment system (BPS), and study the novel market design of this owner-less platform. We find that the BPS can eliminate inefficiencies due to market power, but incurs other costs. Having fixed transaction processing capacity, the BPS experiences service delays which motivate users to pay for service priority. Free entry implies that miners cannot profitably affect the level of fees paid by users. The paper derives closed form formulas of the fees and waiting times and studies their properties; compares pricing under the BPS to that under a traditional payment system operated by a profit maximizing firm; and suggests protocol design modification to enhance the platform’s efficiency. <br></font></div></div><div><i><br></i></div><div><i>(joint with Gur Huberman and CIamac Moallemi) </i><br></div><div><br></div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><b>Host:</b> <a href="mailto:avrim@ttic.edu" target="_blank">Avrim Blum</a><br></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><br></font></font></span></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit">For more information on the </font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-m_37711595404184628gmail-m_-8366621373355229216gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit"> series or to subscribe to the mailing list,please </font></font></span><font style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;vertical-align:inherit"><font style="vertical-align:inherit">see </font></font><a href="http://www.ttic.edu/colloquium.php" target="_blank" style="font-family:arial,helvetica,sans-serif"><font style="vertical-align:inherit"><font style="vertical-align:inherit">http://www.</font></font><font style="vertical-align:inherit"><font style="vertical-align:inherit">ttic.edu/</font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit">.php</font></font></a><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif"> </span><br></p></div><br class="gmail-Apple-interchange-newline"></div><div><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><font face="arial, helvetica, sans-serif">Mary C. Marre</font><div><font face="arial, helvetica, sans-serif">Administrative Assistant</font></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6"><b>Toyota Technological Institute</b></font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">6045 S. Kenwood Avenue</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Room 517</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Chicago, IL 60637</font></i></div><div><i><font face="arial, helvetica, sans-serif">p:(773) 834-1757</font></i></div><div><i><font face="arial, helvetica, sans-serif">f: (773) 357-6970</font></i></div><div><b><i><a href="mailto:mmarre@ttic.edu" target="_blank"><font face="arial, helvetica, sans-serif">mmarre@ttic.edu</font></a></i></b></div></div></div></div></div></div></div></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Sun, May 5, 2019 at 7:58 PM Mary Marre <<a href="mailto:mmarre@ttic.edu">mmarre@ttic.edu</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div dir="ltr"><div style="font-size:small"><div><div><div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_5987474974647831651gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_9103776001042077600gmail-p1" style="font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;margin:0px"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">When: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit"> Monday, May 6th at <b>11:00 am</b></font></font><br></font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">Where: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit">TTIC, 6045 S. Kenwood Avenue, 5th Floor, Room 526</font></font></font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><b>Who: </b></font></font></font><font face="arial, helvetica, sans-serif">Jacob Leshno, University of Chicago</font></p></div></div></div><div><br></div><div><br></div><div><div><b>Title: </b> An Economic Analysis of the Bitcoin Payment System </div><div><br></div><div><b>Abstract:</b><br></div><div><div><font face="arial, helvetica, sans-serif">Unlike traditional payment systems, Bitcoin has no owner and is governed by a computer protocol. We model Bitcoin as a platform that intermediates between users and computer servers (“miners”) which operate the Bitcoin payment system (BPS), and study the novel market design of this owner-less platform. We find that the BPS can eliminate inefficiencies due to market power, but incurs other costs. Having fixed transaction processing capacity, the BPS experiences service delays which motivate users to pay for service priority. Free entry implies that miners cannot profitably affect the level of fees paid by users. The paper derives closed form formulas of the fees and waiting times and studies their properties; compares pricing under the BPS to that under a traditional payment system operated by a profit maximizing firm; and suggests protocol design modification to enhance the platform’s efficiency. <br></font></div></div><div><i><br></i></div><div><i>(joint with Gur Huberman and CIamac Moallemi) </i><br></div><div><br></div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><b>Host:</b> <a href="mailto:avrim@ttic.edu" target="_blank">Avrim Blum</a><br></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><br></font></font></span></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit">For more information on the </font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-m_37711595404184628gmail-m_-8366621373355229216gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit"> series or to subscribe to the mailing list,please </font></font></span><font style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;vertical-align:inherit"><font style="vertical-align:inherit">see </font></font><a href="http://www.ttic.edu/colloquium.php" style="font-family:arial,helvetica,sans-serif" target="_blank"><font style="vertical-align:inherit"><font style="vertical-align:inherit">http://www.</font></font><font style="vertical-align:inherit"><font style="vertical-align:inherit">ttic.edu/</font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit">.php</font></font></a><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif"> </span><br></p><br class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-Apple-interchange-newline"></div><br class="gmail-m_3651407068246993958gmail-Apple-interchange-newline"></div><div><div dir="ltr" class="gmail-m_3651407068246993958gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><font face="arial, helvetica, sans-serif">Mary C. Marre</font><div><font face="arial, helvetica, sans-serif">Administrative Assistant</font></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6"><b>Toyota Technological Institute</b></font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">6045 S. Kenwood Avenue</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Room 517</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Chicago, IL 60637</font></i></div><div><i><font face="arial, helvetica, sans-serif">p:(773) 834-1757</font></i></div><div><i><font face="arial, helvetica, sans-serif">f: (773) 357-6970</font></i></div><div><b><i><a href="mailto:mmarre@ttic.edu" target="_blank"><font face="arial, helvetica, sans-serif">mmarre@ttic.edu</font></a></i></b></div></div></div></div></div></div></div></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 29, 2019 at 4:59 PM Mary Marre <<a href="mailto:mmarre@ttic.edu" target="_blank">mmarre@ttic.edu</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div dir="ltr"><div><div><div><div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_5987474974647831651gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_9103776001042077600gmail-p1" style="font-size:small;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;margin:0px"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">When: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit"> Monday, May 6th at <b>11:00 am</b></font></font><br></font></p><p class="MsoNormal" style="font-size:small;margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="font-size:small;margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"><b><font style="vertical-align:inherit"><font style="vertical-align:inherit">Where: </font></font></b><font style="vertical-align:inherit"><font style="vertical-align:inherit">TTIC, 6045 S. Kenwood Avenue, 5th Floor, Room 526</font></font></font></p><p class="MsoNormal" style="font-size:small;margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif"> </font></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-origin:initial;background-clip:initial"><font face="arial, helvetica, sans-serif" style="font-size:small"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><b>Who: </b></font></font></font><font face="arial, helvetica, sans-serif">Jacob Leshno, University of Chicago</font></p></div></div></div><div style="font-size:small"><br></div><div style="font-size:small"><br></div><div style="font-size:small"><div><b>Title: </b> An Economic Analysis of the Bitcoin Payment System </div><div><br></div><div><b>Abstract:</b><br></div><div><div><font face="arial, helvetica, sans-serif">Unlike traditional payment systems, Bitcoin has no owner and is governed by a computer protocol. We model Bitcoin as a platform that intermediates between users and computer servers (“miners”) which operate the Bitcoin payment system (BPS), and study the novel market design of this owner-less platform. We find that the BPS can eliminate inefficiencies due to market power, but incurs other costs. Having fixed transaction processing capacity, the BPS experiences service delays which motivate users to pay for service priority. Free entry implies that miners cannot profitably affect the level of fees paid by users. The paper derives closed form formulas of the fees and waiting times and studies their properties; compares pricing under the BPS to that under a traditional payment system operated by a profit maximizing firm; and suggests protocol design modification to enhance the platform’s efficiency. <br></font></div></div><div><i><br></i></div><div><i>(joint with Gur Huberman and CIamac Moallemi) </i><br></div><div><br></div><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><b>Host:</b> <a href="mailto:avrim@ttic.edu" target="_blank">Avrim Blum</a><br></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><br></font></font></span></p><p class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_-5680779581752768105inbox-inbox-m_2981149214989969629inbox-inbox-p1" style="color:rgb(33,33,33)"><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-kerning:none"><font style="vertical-align:inherit"><font style="vertical-align:inherit">For more information on the </font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-m_37711595404184628gmail-m_-8366621373355229216gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit"> series or to subscribe to the mailing list,please </font></font></span><font style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;vertical-align:inherit"><font style="vertical-align:inherit">see </font></font><a href="http://www.ttic.edu/colloquium.php" style="font-family:arial,helvetica,sans-serif" target="_blank"><font style="vertical-align:inherit"><font style="vertical-align:inherit">http://www.</font></font><font style="vertical-align:inherit"><font style="vertical-align:inherit">ttic.edu/</font></font><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-m_-7649362550103587767gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-m_4240741644540508174gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-m_-5864378453105999086gmail-m_-1690647303496242289m_1430452980776983890gmail-m_1031910664862358996gmail-m_8778633083237298896gmail-m_-8347358208690191418gmail-m_6958947101002467454gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-m_767208242022040581gmail-m_5118066322451693210gmail-m_3292142122556441362m_4179300188985034065m_8112548636363365103gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-m_-2053129909387779305gmail-m_-4421783803009889794gmail-m_1235227957090907765gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-m_3914652650996472955gmail-m_-4783362384882292594m_6961031835771836416gmail-m_3149180880964055314gmail-m_5803000941478265060gmail-m_3739772758111120207gmail-m_-4374496420704574181gmail-m_-8232014986225864746gmail-m_2118555233517397122gmail-m_-6347337869693432729gmail-m_6770742588603738482gmail-m_3034006998144763397gmail-m_-2909309711111506553gmail-m_3361278369988668236gmail-m_3239492643088026663gmail-il"><font style="vertical-align:inherit"><font style="vertical-align:inherit"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-m_-7670275615116031415gmail-m_-5817829815640557222gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-m_4614845926281015477gmail-m_6041720643954058195gmail-il"><span class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-il">colloquium</span></span></span></font></font></span></span></span></span></span></span><font style="vertical-align:inherit"><font style="vertical-align:inherit">.php</font></font></a><span style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif"> </span><br></p><br class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail-Apple-interchange-newline"></div><div style="font-size:small"><br></div><div style="font-size:small"><br></div></div><div><div dir="ltr" class="gmail-m_3651407068246993958gmail-m_-4091111197936923915gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><font face="arial, helvetica, sans-serif">Mary C. Marre</font><div><font face="arial, helvetica, sans-serif">Administrative Assistant</font></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6"><b>Toyota Technological Institute</b></font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">6045 S. Kenwood Avenue</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Room 517</font></i></div><div><i><font face="arial, helvetica, sans-serif" color="#3d85c6">Chicago, IL 60637</font></i></div><div><i><font face="arial, helvetica, sans-serif">p:(773) 834-1757</font></i></div><div><i><font face="arial, helvetica, sans-serif">f: (773) 357-6970</font></i></div><div><b><i><a href="mailto:mmarre@ttic.edu" target="_blank"><font face="arial, helvetica, sans-serif">mmarre@ttic.edu</font></a></i></b></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
</blockquote></div></div>
</blockquote></div></div>