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Tomy Lee

Institution

Central European University

PhD Year

2018

leeso@ceu.edu

FTG Membership

Member

Website

https://sites.google.com/view/tomylee/home

Featured Work

Mar 8, 2026

Tomy Lee, Chaojun Wang

Public Goods in Crises

We introduce nonrival public goods into global games of regime change and rationalize investor behavior in the Euro crisis, the collapse of Terra, and the 2023 bank runs. Each investor in a large project is vanishingly unlikely to be pivotal for its survival. She also benefits from the project’s enormous public goods. In equilibrium, this large benefit precisely counterbalances her vanishing pivotal likelihood, such that...

Aug 4, 2025

Tomy Lee, Chaojun Wang

Running Responsibly

Prosocial banks avoided panic runs despite weak fundamentals. We show that socially responsible investments deter panic runs in any global game with nonrival public goods, even if every depositor is atomistic, rational, and selfish. We study financial and social impacts of divestment in our tractable framework. Divestments generate financial gains whenever they positively assort the public goods from bank investments and the depositors’ sensitivity to...