Following the people and events that make up the research community at Duke

Tag: economics

Truman Scholar Maya Durvasula, T’18, on her Research Journey Through Duke and Beyond

Sticky post

Maya Durvasula, T’18, and a current Ph.D. student at Stanford University, grew up in Albuquerque, New Mexico. “And it’s hard to grow up there without a very keen sense of what it looks like when policy doesn’t work for people,” she remarks.

Maya Durvasula, T’18

After graduating high school with an interest in politics, she decided to take a gap year and bounced around organizations in New Mexico, working for the state legislature, political campaigns, and even a think tank. In hindsight, she says, “Having a block of time where you have time is super helpful.” One thing she learned was that she didn’t really want to do politics. “People were making policy, but debates were heavy on feelings and politics and light on facts.”

A high school mentor suggested that maybe she would get along better with economists than politicians, so once she got to Duke, she took that to heart.

As a first-year, she says, she knew she wanted to be exposed to a lot of things, and she knew she wanted to do research, but she wasn’t really sure what “research” meant for a first-year. In the beginning, she cold-emailed a lot of people and received multiple rejections.

After rejection, though, eventually something clicks, and for Durvasula, what clicked were three main research projects she undertook in her time at Duke.

The instinct is always to start with where you want to end up and then work backward, but you don’t know where you’re going to end up”

Maya Durvasula, T’18

Her first experience in a research group was a joint venture between an academic team in China and at UNC-Chapel Hill. Their group studied behavioral interventions to increase the uptake of health technologies, with a particular focus on sexual health. Usually, as a country industrializes, the rates of sexually transmitted infections will drop, but in China, rates of HIV and syphilis continued to rise as the economy grew. Durvasula and the team looked at different interventions that might make testing for HIV more attractive to patients, such as alternative testing locations, different advertisement design, and compensation.

She also did a project with Duke professor Bob Korstad in the history department and the Samuel DuBois Cook Center on Social Equity, looking at the history of housing in Durham. Finally, she worked with her primary advisor, Duke economics professor Duncan Thomas, in his joint lab with UNC’s Elizabeth Frankenberg, on projects related to household decision-making in Indonesia.

Duke Economics Thesis Symposium in 2018

A notable part of her undergraduate time at Duke was winning the Truman Scholarship. What was most valuable to her about the Truman was the people she met. “Most people I’ve met are defined by picking something they care about and doing a lot with it,” she says. And it’s inspiring to be surrounded by people who love what they do and immerse themselves so wholly in it.

Duke Economics Graduation, 2018

Durvasula graduated Duke with numerous experiences and accolades under her belt. But from there, how did she find her way to doing a Ph.D. at the intersection of law, technology, and economics? As she describes it, the interplay between economics and law is inextricable. Both economic incentive and legal institutions affect the rate and direction of innovation, which affects how quickly technology is developed, and ultimately what products ends up in our hands. A question at the heart of her research is wondering how to make sure the value of this technology is distributed equally across society.

So five to ten years from now, where will we see Durvasula? She sees herself remaining in academia, although at some point she wants to work in public service. “I love learning new things, and I want to take advantage of being in a space where people are always willing to teach you things.”

And in that vein, her advice to a curious Duke student is to explore everything. “The instinct is always to start with where you want to end up and then work backward, but you don’t know where you’re going to end up,” she said.

Pursue the questions that you find exciting, and let that point you in the right direction – clearly, Durvasula is proof that this process will take you places.

Post by Meghna Datta, Class of 2023

The Duke Blockchain Lab: Disrupting and Redefining Finance

The first decentralized cryptocurrency, Bitcoin, was created in 2009 by a developer named Satoshi Nakamoto which is assumed to be a pseudonym. Over the last decade, cryptocurrency has taken the world by storm, influencing the way people think about the intersection of society and economics. Cryptocurrencies like Bitcoin or Ethereum, another popular token, operate on blockchains.

Manmit Singh, a senior studying electrical and computer engineering, was introduced to blockchain his freshman year at Duke after meeting Joey Santoro ‘19, a senior studying computer science at the time.

Singh quickly found that he was not only interested in the promise of blockchain but skilled at building blockchain applications as well. As a result, he joined the Duke blockchain lab, a club on campus that, at the time, had no more than fifteen students. Singh, who is now president of the Duke Blockchain Lab, explained that there are now over 100 members in the club working on different projects related to blockchain. 

“Blockchain is a computer network with a built-in immutable ledge.”

Manmit SIngh

Essentially, computers process information, the internet allows us to communicate information and blockchain is the next step in the evolution of the digital era. It not only allows computers to communicate value but to transfer it as well in a completely transparent way because every transaction is tracked and, a record of that transaction is added to every participant’s ledger which is visible to others.

The concept and application of blockchain is not intuitive to everybody. Not only do people have difficulty understanding it, but they do not even know where to begin asking questions. 

For Singh, a key element to the club’s success was recruiting new members. The crypto space experienced a crash in 2017 resulting in a lot of skepticism around an already novel idea, decentralized currency. As a result, it was crucial to educate others on the potential of decentralized finance (DeFi), cryptocurrency, and, of course, blockchain. When recruiting, Singh wanted to bring in both tech and business-focused students so that they could not only work on building blockchain applications but conduct research on business models and how to generate value within decentralized finance as well.

Members of the Duke Blockchain Lab at a
weekly meeting learning about Stablecoins,
one type of token in cryptocurrency

Currently, members are working on a variety of projects including looking at consensus algorithms or how the blockchain makes decisions given that it is decentralized so inherently no one is in control. However, their most ambitious venture is the development of their Crypto Fund where people can invest money.

They are also looking to develop a Duke-inspired marketplace with talented Duke artists to sell non-fungible-tokens or NFTs. If unfamiliar, Abby Shlesinger, a senior studying Art History, created a blog to educate people on what NFTs are. 

One of the first projects Singh led involved developing a “smart contract” for cryptocurrency-based energy trading on the Ethereum Virtual Machine, a computation engine that acts like a decentralized computer that can hold millions of executable projects. Smart contracts are programs stored on a blockchain that run when predetermined conditions are met.

Additionally, Singh and other members of the Duke Blockchain Lab are working on tokenomic research with Dr. Harvey, a Duke professor who recently published a book alongside Santoro titled “DeFi and the Future of Finance” which you can find here. 

“Every blockchain is a complete economy that exists on a different plane.” 

Within these blockchain economies are various different types of tokens that vary in function and value. Tokenomics explores how these economies work and can be used to generate value. When asked to compare tokenomic concepts to ones in traditional finance, Singh explained that payment tokens are like dollars, asset tokens are like bonds and security tokens are like stocks. Currently, several companies are working on creating competitive blockchains that will be both cheaper and faster allowing creating an avenue for blockchain to continue accelerating into the mainstream. 

Meanwhile, Santoro, who introduced Singh to blockchain, graduated from Duke in 2019 and went on to form The Fei Protocol, a stable coin that unlike bitcoin does not change in value. His protocol raised one billion dollars within several weeks and while it had some initial challenges, it is now set to launch V2, a second version, soon. 

Singh plans to continue working on blockchain applications after graduating this spring and hopes to combine it with his passion for entrepreneurship.

“I am enthused by the applications of artificial intelligence, blockchain, and the internet of things in disrupting the world as we know it.”

Manmit Singh
By: Anna Gotskind

Powered by WordPress & Theme by Anders Norén