Dr. Matthias Hafner

Principal
Matthias Hafner

matthias.hafner@swiss-economics.ch

+41 79 726 33 94 (mobile)

+41 44 597 97 43 (office)

LinkedIn

Biography

Matthias Hafner is a Principal and member of the Executive Board at Swiss Economics. He specializes in competition economics, digital markets, and valuation, with a focus on industrial, platform, and financial markets. He advises corporations, public authorities and law firms on complex economic issues and regularly leads expert assignments in litigation, arbitration and regulatory proceedings. He also publishes in academic and professional journals, delivers guest lectures, and speaks as an expert at international conferences. In addition to his role at Swiss Economics, he serves as Executive Director of the Association for Competition Economics and as a Council Member of DAO Suisse. Prior to joining Swiss Economics, Matthias Hafner worked for the Swiss Competition Commission.

Work Experience

  • Principal, Swiss Economics (2023 – )
  • Executive Director, Association for Competition Economics
  • Managing Economist, Swiss Economics (2019 – 2023)
  • Consultant, Swiss Economics (2016 – 2018)
  • Economist, Swiss Competition Commission (2015)
  • Intern, Swiss Competition Commission (2014 – 2015)
  • Research Assistant, University of Zurich, Chair of Microeconomics and Experimental Economics (2014)
  • Intern, SGS Economics and Planning (2013)

Education

  • Dr. oec. (PhD), University of Zurich (2021 – 2024)
  • Master of Arts in Economics, University of Zurich (2014)
  • Bachelor of Arts in Business and Economics, University of Basel (2011)

Expertise

Projects (selection)

  • Validation of AI-Based Paper Rankings (2026). How well do Kurate.org's AI-generated paper rankings align with human expert assessments? Client: Kurate.org.  
  • Valuation of a Software Asset for Tax Purposes (2026). Swiss Economics valued a software asset for an intra-group transfer for tax purposes. Client: Confidential Client.  
  • Regulatory frameworks most conducive to financial and digital diversification (2025 – ). Which regulatory frameworks are most conducive to financial and digital diversification?  
  • Analysis of margins in the context of legal proceedings (2025). Swiss Economics prepared an economic expert report for legal proceedings analysing the impact of risks on expected margins, covering market conditions, required return assessments, and econometric margin analysis. Client: Confidential Client.  
  • Quantification of Reputational Damages in Legal Proceedings (2025). Swiss Economics prepared an expert economic report for a legal proceeding quantifying reputational damages, covering lost business opportunities via a comparables-based approach and reputation restoration costs based on article publication cost analysis. Client: Confidential Client.  
  • Exploring Potential Innovations for the Folks Finance Lending Protocol (2025).

    What innovative features or mechanisms could be adopted by Folks Finance to enhance its lending protocol? Client: Folks Finance.  

  • USO net costs and economies of scope between letters and parcels (2025 – ). Swiss Economics Working Paper, forthcoming in Topics in Regulatory Economics and Policy Client: Swiss Economics Working Paper, forthcoming in Topics in Regulatory Economics and Policy.  
  • PAEC: Design of a pan-european gas TSO benchmark (2025 – ). How should an international efficiency comparison of European gas transmission system operators be organized in light of the energy transition? Client: ACER.  
  • Market delineation in the national and international parcel market (2024 – 2025). How should parcel markets be delineated in the future?  
  • Research and consulting project for Polygon (2024 – 2025).

    Which economic structure is best suited for the blockchain interoperability protocol? Client: Polygon.  

  • Independent Valuation of Disputed Assets (2024 – 2025). Swiss Economics reviewed an existing valuation and conducted an independent DCF and market multiples valuation of disputed assets in a shareholder dispute. Client: Confidential Investor.  
  • The Ethereum Issuance Curve and its Impact on Validators (2024). What effect does a change in Ethereum's issuance curve have on the degree of decentralisation in Ethereum's validator set? Swiss Economics is investigating this question as part of cyber.Fund's MVI Grants Program. Client: cyber.Fund.  
  • Tokenomics support for the 6022 insurance blockchain (2024). How should the 6022 project's tokenomics and distribution mechanisms be designed to ensure its long-term success?  
  • Regulatory impact assessment on centralisations in trade surveillance (2024). What are the economic effects of centralisations for reporting offices and trade monitoring in the Swiss financial centre? Client: State Secretariat for International Finance (SIF).  
  • Environmental impacts of DLT-applications (2023 – 2024). How resource and energy efficient are different DLT applications? Client: Umweltbundesamt (UBA).  
  • Support for the Web3 Chess platform Raremind (2023). How can the well-known chess platforms be integrated into Web3? How should incentives be structured to connect various stakeholders on the platform?  
  • Price tags for basic postal services (2023 – 2024). How expensive are the basic supply requirements today and in ten years? Client: Die Schweizerische Post AG.  
  • Support for the Football Prediction Platform Pooky Labs (2022). A new collaboration between the Center for Cryptoeconomics and Pooky Labs to create the world's first multi-sport prediction game in a web3 environment.  
  • Economic support for Decommerce (2022 – 2023). How to incentivize different groups to join Decommerce's community service platform? Client: Decommerce.  
  • Economic Audit of a Lending Protocol (2022). Exactly is an algorithmic credit market protocol built on the Ethereum blockchain. Exactly asked Swiss Economics to review their protocol design. Client: Exactly.  
  • Valuation of a Blockchain Protocol (2022). Valuation for a new project developed by a group of scientists, engineers, and creatives who work at the intersection of multi-agent systems and distributed ledger technology.  
  • Token economics for an NFT launchpad and trading platform (2022). How to allocate and distribute the native token of the NFT lauchpad and trading platfrom Meme Cake? Client: Meme Cake.  
  • Token economics for a decentralized exchange (2022). What is the impact of token distribution and rewards on the success of Pact? Client: Pact.fi.  
  • Study on Blockchain and Intellectual property (2022). How can blockchain technology make IP processes more secure, transparent and efficient? Client: Institut für Geistiges Eigentum (IGE).  
  • Swiss Economics establishes a strategic partnership with Folks Finance (2022 – 2023). Swiss Economics' Center for Cryptoeconomics cryptecon is pleased to announce a strategic partnership with Folks Finance – a lending protocol on the Algorand Blockchain. Cryptecon will review the economic model of the protocol. Client: Blockchain Italia.  
  • Tokenomics and Protocol Design for Folks Finance (2021 – 2022). Folks Finance is a lending protocol on the Algorand Blockchain. The Center for Cryptoeconomics started a strategic partnership to review the economic model of the protocol. Client: Folks Finance.  
  • Structure and governance of a Swiss innovation fund (2021 – 2022). If Switzerland wants to introduce an innovation fund, how should it be structured? Client: State Secretariat for Economic Affairs (SECO).  
  • Tokenomics for a Carbon Offset Trading Platform (2021). ChangeBlock aims to provide a platform that facilitates trading carbon offsets and allowances.  
  • Tokenomics for a Metaverse Platform (2021 – 2022). Consulting project for a metaverse platform that offers users immersive experiences through a VR headset.  
  • Platform- and Token Economics Applied to Integrity (2021). Integrity is a platform provider that connects small businesses with service providers that help them grow.  
  • Decentralized option platform (2021 – 2023). What are the optimal set of parameters of a DeFi protocol mechanism that offers put options to its users? Client: Bumper.  
  • Decentralized futures contracts (2021). How can decentralized futures contracts be implemented on Synthetix' DeFI protocol? Client: Synthetix.  
  • Benchmarking European electricity and gas transmission (TCB21) (2021 – 2024). How efficient are European electricity and gas transmission system operators? Client: Council of European Energy Regulators (CEER).  
  • Supporting CoinFantasy's launch (2021 – 2022). Cryptecon and CFX Technologies Ltd. are collaborating to create the world’s first fantasy prediction platform for cryptocurrencies.  
  • Trusted data spaces (2020 – 2021). Swiss data governance: How to govern data spaces such that they are trusted by the public and enable innovation? Client: Bund.  
  • Decentralized exchange for cryptocurrencies (2020). How to organize a decentralized exchange for cryptocurrencies? What are the pros and cons of different automated market-makers? Client: Polkadex.  
  • Assessment of economic effects from UPC - Sunrise merger (2020). Update on the economic assessment of effects from the merger between UPC and Sunrise in the light of the reversed acquisition intention of UPC, following Sunrise's withdrawal of its own bid   Client: Sunrise.  
  • Screening Tool for Bid-Rigging in Road and Civil Engineering (2020 – ). Development of a screening tool for detecting bid-rigging agreements on behalf of the Civil Engineering Office of the Canton of Bern. Client: Civil Engineering Office, Canton of Bern.  
  • Net costs of the USO of tomorrow (2020 – 2021). What are the net costs of the postal universal service obligation (USO) today and in ten years? Client: Post CH AG.  
  • DLT for Power (2019 – 2021). What are the requirements for DLT in the Swiss energy sector? Which norms should the sector define to foster the technology? Client: Schweizerische Normen-Vereinigung (SNV).  
  • Compliance with price recommendations by association members (2019 – 2020). Price recommendations – even when marked as non-binding – are a hot topic from an antitrust perspective.  
  • Assessment of economic effects from the UPC - Sunrise merger (2018 – 2019). Assessment of the effects from the merger between Sunrise and UPC on competition, including analysis of coordinated and non-coordinated effects. Client: Sunrise.  
  • Damage assessment for Sunrise (2018 – 2019). What are the damages resulting from a margin squeeze (abuse of a dominant position)? Client: Sunrise.  
  • Platform- and Token Economics Applied to a Project in the Real Estate Industry (2018). Neovate is developing an artificial intelligence platform (Wisp) that allows property residents to interact
    • with the property unit’s appliances
    • with the property management and,
    • with a variety of the city’s local businesses.
     
  • Protocol Design Support for Havven (Synthetix) (2018 – 2019). Havven, rebranded as Synthetix, is a decentralized payment network enabling cryptocurrency purchases.  
  • Platform and Monetary Economics for Verasity (2018 – 2019). Verasity developed the Proof-of-View blockchain technology and an ad-tech solution to prevent ad fraud on various video platforms. Furthermore, they created a platform for e-sport broadcasts with which they could also test their ad tech solution.  
  • Solving the Incentive Problem of the News Market with Spot (2018 – 2019). The incentives on the online news market got misaligned with the rise of search engines and online advertisements. In many cases, online news publishers are remunerated solely by online ad distributors. The value of news articles are therefore signaled by clicks. This leads to an overvaluation of clickbaits and an undervaluation of quality articles. This is the problem, Spot wants to solve with their solution.  
  • Simulation of Monetary Policy Choices for Gen.ki (2018). Cryptecon was contracted in 2018 to do simulations of monetary policy choices for Gen.ki, a blockchain-based IoT application.  
  • Storing and Managing Contacts with Envoy (2018 – 2019). Envoy built a cloud-based, AI-powered, decentralized application to manage and store networks of contacts securely. Through the launch of Envoy tokens they allow their users to commoditize and monetize their networks.  
  • Compensation in an international arbitration proceeding (2018 – 2019). What is the value of an asset in the telecommunications sector? Client: Confidential Client.  
  • Development of a synthetic stable coin (Synthetix) (2018). How to design incentives of a token such that it's value represent another asset? Client: Synthetix.io (former Havven).
  • Benchmarking European Electricity and Gas TSOs (TCB18) (2017 – 2018). How efficient are European electricity and gas transmission system operators (TSOs)? Client: Council of European Energy Regulators (CEER).  
  • Benchmarking European gas transmission operators (e2GAS) (2015 – 2016). How efficient are European gas transmission system operators (TSOs)? Client: Council of European Energy Regulators (CEER).  

Publications (selection)

  • Gmür Ramon, Gottschalk Felix, Hafner Matthias, Trinkner Urs (2026). USO net costs and economies of scope between letters and parcels. In: Pisarkiewicz, A.R., Brennan, T.J., Mazzoni, L., Glass, V. (eds) Postal Strategies in a Digital and Green Transition. Topics in Regulatory Economics and Policy. Springer, Cham. https://doi.org/10.1007/978-3-032-00502-1_8.  
  • Gmür Ramon, Hafner Matthias, Stritt Andreas, Trinkner Urs (2025). Identifying costly delivery points. Presentation at the 33rd Conference on Postal and Delivery Economics.  
  • Hafner Matthias , Pereira Marco, Dietl Helmut and Beccuti Juan (2025). The Four Types of Stablecoins: A Comparative Analysis. Ledger, 9.  
  • Oderbolz Nicolas, Hafner Matthias, Marosvölgyi Beatrix (2024). Towards an Optimal Staking Design: Balancing Security, User Growth, and Token Appreciation. ChainScience Conference Proceedings.  
  • Rutz Samuel, Hafner Matthias, Zuberbühler Eva, Gmür Ramon, Zarković Elena (2024). Regulatory Impact Assessment on Centralisations in Trade Surveillance. Study for the State Secretariat for International Finance (SIF).  
  • Wüthrich Felix, Marosvölgyi Beatrix, Rutz Samuel, Hafner Matthias (2023). Study about DLT and the Swiss IP ecosystem. IGE.  

  • Hafner Matthias, Jaag Christian (2023). Blockchain and its applications. zsis) Zentrum für Schweizerisches und Internationales Steuerrecht, 2/2023, S. 41-53.  
  • Hafner Matthias, Pereira Marco, Dietl Helmut, Beccuti Juan (2023). The Four Types of Stablecoins: A Comparative Analysis. Wolfram ChainScience Conference Proceedings [forthcoming].  
  • Greber Nicolas, de Luze Romain, Hafner Matthias, Beccuti Juan, Biondi Benedetto, Katten Giddon, Riccobene Michelangelo, Arrigoni Alberto (2023). DeFi Lending Platform Liquidity Risk: The Example of Folks Finance. The Journal of the British Blockchain Association, 6(1).  
  • Hafner Matthias, Iunius Lory, Trinkner Urs (2023). Retention Ratios in Retail Networks and Their Application to Post Offices. In: Parcu, P.L., Brennan, T.J., Glass, V. (eds) The Postal and Delivery Contribution in Hard Times. Topics in Regulatory Economics and Policy. Springer, Cham. https://doi.org/10.1007/978-3-031-11413-7_7.  
  • Gottschalk Felix, Hafner Matthias, Trinkner Urs (2022). Net Costs of Universal Service Provision: Challenges for the Coming Decade. In: Parcu P., Brennan T., Glass V. (eds). The Economics of the Postal and Delivery Sector. Topics in Regulatory Economics and Policy. Springer, Cham, pp. 251–267.  
  • Jaag Christian, Hafner Matthias (2019). Economics of token-based projects. Presentation at CV Labs, May 23th, 2019.