Townsend R.M., Zhorin V.V., "Spatial Competition among Financial Service Providers and Optimal Contract Design." Working Paper, December 2014

We present a contract-based model of industrial organization that allows us to consider in a unified way both different information frictions (moral hazard, adverse selection, both) and a variety of market structures (monopoly, imperfect competition, various strategic interactions). We show how this method can be applied to the spread of the banking industry in emerging market countries, emphasizing observed transitions, namely the geographic locations of branches. Local collusive monopoly organizations and Bertrand-like competitive environments in location and utility space are considered alongside with frictions affecting the outcome, namely provincial spatial costs and the information structure. Mixed environments with fully informed local incumbents and entrants facing adverse selection are analyzed. Our larger goal, beyond calibrated numerical examples, is to develop a framework with an operational toolkit for empirical work.

Moll B., Townsend R.M., Zhorin V.V., "Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions."2016

We use a variety of different data sets from Thailand to study not only the extremes of micro and macro variables but also within-country flow of funds and labor migration. We develop a general equilibrium model that encompasses regional variation in the type of financial friction and calibrate it to measured variation in regional aggregates. The model predicts substantial capital and labor flows from rural to urban areas even though these differ only in the underlying financial regime. Predictions for micro variables not used directly provide a model validation. Finally we estimate the impact of a policy counterfactual, regional isolationism.


  • Benjamin Moll, Robert M. Townsend, and Victor Zhorin "Economic development, flow of funds, and the equilibrium interaction of financial frictions". PNAS 2017 114 (24) 6176-6184; published ahead of print June 7, 2017, doi:10.1073/pnas.1707055114

  • Duede E., Zhorin V. V., "Convergence of Economic Growth and the Great Recession as Seen From a Celestial Observatory". EPJ Data Science 2016 5:29, DOI: 10.1140/epjds/s13688-016-0091-3. (PDF version with high quality graphics)

  • Liu G. K., Zhorin V. V., Li S. T., and Beitz J. V. , "Crystal field analysis and Monte Carlo simulation of lattice disordering for Cm3+ in YPO4 and LuPO4". J. Chem. Phys.112, 373-382(2000b)

  • Liu G. K., Zhorin V. V., Antonio M. R. , Li S. T. , Williams C. W., and Soderholm L., "Studies of local structure of Cm3+ in borosilicate glass using laser and x-ray spectroscopic methods and computational modeling". J.Chem. Phys. 112, 1489-1496 (2000a)

  • Liu G. K., Li S.T., Zhorin V.V, Loong C.-K., Abraham M.M., Boatner L.A., "Crystal-field splitting, magnetic interaction, and vibronic excitations of 244Cm3+ in YPO4 and LuPO4". J.Chem. Phys. 109, 6800-6808 (1998c)

  • Zhorin V. V. and Liu G.K, "Modelling crystal-field interaction for f-elements in LaCl3". J. Alloys & Compounds 275/277, 137-141(1998).

  • Lebedev V. A. , Pisarenko V. F, Chuev Yu. M., Perfilina A. A., Avanesov A. G., Zhorin V. V. , Okhrimchuk A. G. and Shestakov A. V. , "Study of energy transfer from Yb3+ to Er3+ in rare-earth silicates and borates", Journal of Luminescence, Volumes 72-74, June 1997, Pages 942-944

  • Brik M. G. and Zhorin V. V., "Energy levels of Cr4+ in YAG", Journal of Luminescence, Volumes 72-74, June 1997, Pages 149-151

  • Avanesov A. G., Lebedev V. A., Zhorin V. V., Okhrimchuk A. G. and Shestakov A. V., "Silicate crystals for infra-red lasers", Journal of Luminescence Volumes 72-74, June 1997, Pages 155-156

  • V. A. Lebedev, V. F. Pisarenko, Y. M. Chuev, V. V. Zhorin, A. A. Perfilin, and A. V. Shestakov, "Synthesis and study of non-linear laser crystals CeSc3(BO3)4", in Advanced Solid State Lasers, S. Payne and C. Pollack, eds., Vol. 1 of OSA Trends in Optics and Photonics Series (Optical Society of America, 1996)

  • Avanesov A.G., Zhorin V.V., Pisarenko V.F., "Oscillating field model in the theory of optical spectra". Proceedings of SPIE, Vol. 2706, 1996.

  • Avanesov A.G., Dvornikova V.G., Zhorin V.V., Kaneeva A.F., Lebedev V.A., Pisarenko V.F., Shestakov A.V. "Single crystal silicates - a new class of materials for tunable lasers", Rossijskaya Akademiya Nauk, Izvestiya, Seriya Fizicheskaya. Vol. 59, no. 6, pp. 10-16. June 1995.

  • Avanesov A.G., Zhorin V.V., Pisarenko V.F. "Electronic structure of Cr3+ in forsterite crystals", Optics and Spectroscopy; 77-5, Nov 1994.

  • Avanesov A. G., Zhorin V.V., Malkin B. Z., Pisarenko V. F., "Crystal field in high-temperature superconductors". Physics of the Solid State, Volume 36, Issue 6, 1994, pp.868-872 (1994)

  • Avanesov A. G., Dvornikova V. G., Zhorin V. V., Kuznetsov Yu. A., Kuznetsova T. G. and Pisarenko V. F., "Spectroscopy of forsterite single crystals doped with ions of nickel and vanadium", Journal of Applied Spectroscopy, 1993, Volume 59, Numbers 1-2, 582-584.

  • Avanesov A. G., Zhorin V. V., Pisarenko V. F. "Characteristic features of absorption saturation in systems with strong vibronic coupling ", Optics and spectroscopy, 1993, vol. 75, no2, pp. 258-260.

  • Zhorin V.V. "Crystal field in silicate and cuprate compounds" . Ph.D. thesis, 1993.
    chapter 2: Crystal field theory in heterodesmic compounds - [PDF]
    chapter 3: Crystal field in silicates - [PDF]
    chapter 4: Crystal field for rare-earth ions in high-temperature superconductors - [PDF]
    conclusion - [PDF]

  • Avanesov A. G., Zhorin V. V., Malkin B. Z., Pisarenko V. F., "Crystal field in heterodesmic compounds". Soviet physics. Solid state, vol. 34, no9, pp. 1552-1556 (1992).

  • Bogatov N. M., Zhorin V. V. "Theoretical model for analysis of heavily doped emitters used to increase the efficiency of silicon-based solar cells", article deposited at VINITI, N 448-B 92. 1992.