15th SAET Conference on Current Trends in Economics
University of Cambridge, UK, July 27-31, 2015

King's CollegeThe 15th Annual SAET Conference will be held July 27-31, 2015 at the University of Cambridge, UK.

The lectures will take place at The Møller Centre.

The conference chairs are Tiago Cavalcanti, Hamid Sabourian and Nicholas Yannelis.


Please direct any general questions to Renea Jay at renea-jay@uiowa.edu.

Conference Sponsors


The program can be printed by clicking on the above link.

Hotel Information

We have reserved a limited number of rooms in different colleges at Cambridge, all short walking distance from the Møller Centre where the conference will take place. We strongly advise you to book rooms as soon as possible (we suggest by late January 2015). Cambridge has a large number of visitors in the summer and the rooms may be taken. Please find this information and more by clicking on the Hotel Accommodation button below.

Registration Information

Registration is now open for the 2015 SAET Conference in Cambridge, UK. The conference registration fee is $350. The cost will be $450 after March 15th and $550 after May 1st. It is important that all participants are registered for the conference by May 1, 2015, so their names can be included in the program.

Students interested in participating in the SAET Conference, must send a verification letter from their supervisor to
renea-jay@uiowa.edu. Once your request has been approved, you will receive a confirmation email.
The registration for approved student participants will be free, but will NOT include any conference meals.

Plenary Speakers

  • Monday, July 27 – Cornet, Bernard (PSE-University of Paris I & University of Kansas), Bernard.Cornet@univ-paris1.fr — Presidential Lecture, Chair: Aloisio Araujo (Instituto Nacional de Matemática Pura e Aplicada): “Ambiguity in Financial Economics”
  • Tuesday, July 28 – Townsend, Robert (MIT), rtownsen@mit.edu — Sir John Hicks Lecture, Chair: Edward C. Prescott (Arizona State University): “A Market Based Solution for Fire Sales and other Price Externalities:
    Segregated Security Exchanges and Ex Ante Rights to Trade”
  • Wednesday, July 29 – Dasgupta, Partha (University of Cambridge), Partha.Dasgupta@econ.cam.ac.uk — David Cass Lecture, Chair: Hamid Sabourian (University of Cambridge): “Welfare Axiomatics”
  • Thursday, July 30 – Reny, Philip (University of Chicago), preny@uchicago.edu — Lionel McKenzie Lecture, Chair: Konrad Podczeck (Universitat Wien): “Sequential Equilibria of Multistage Games with Infinite Sets of Actions and Types”
  • Friday, July 31 – Carroll, Gabriel (Stanford University), gdc@stanford.edu — Aliprantis Prize Lecture, Chair: Beth Allen (University of Minnesota): “Robust Incentive Contracting”

Program Committee:

Local Organizing Committee

Session Organizers

Session Details

15th SAET Conference on Current Trends in Economics
University of Cambridge, UK, July 27-31, 2015

King's CollegeThe 15th Annual SAET Conference will be held July 27-31, 2015 at the University of Cambridge, UK.

The lectures will take place at The Møller Centre.

The conference chairs are Tiago Cavalcanti, Hamid Sabourian and Nicholas Yannelis.


Please direct any general questions to Renea Jay at renea-jay@uiowa.edu.

Conference Sponsors


The program can be printed by clicking on the above link.

Hotel Information

We have reserved a limited number of rooms in different colleges at Cambridge, all short walking distance from the Møller Centre where the conference will take place. We strongly advise you to book rooms as soon as possible (we suggest by late January 2015). Cambridge has a large number of visitors in the summer and the rooms may be taken. Please find this information and more by clicking on the Hotel Accommodation button below.

Registration Information

Registration is now open for the 2015 SAET Conference in Cambridge, UK. The conference registration fee is $350. The cost will be $450 after March 15th and $550 after May 1st. It is important that all participants are registered for the conference by May 1, 2015, so their names can be included in the program.

Students interested in participating in the SAET Conference, must send a verification letter from their supervisor to
renea-jay@uiowa.edu. Once your request has been approved, you will receive a confirmation email.
The registration for approved student participants will be free, but will NOT include any conference meals.

Plenary Speakers

    • Monday, July 27 – Cornet, Bernard (PSE-University of Paris I & University of Kansas), Bernard.Cornet@univ-paris1.fr — Presidential Lecture, Chair: Aloisio Araujo (Instituto Nacional de Matemática Pura e Aplicada): “Ambiguity in Financial Economics”
    • Tuesday, July 28 – Townsend, Robert (MIT), rtownsen@mit.edu — Sir John Hicks Lecture, Chair: Edward C. Prescott (Arizona State University): “A Market Based Solution for Fire Sales and other Price Externalities:
      Segregated Security Exchanges and Ex Ante Rights to Trade”
    • Wednesday, July 29 – Dasgupta, Partha (University of Cambridge), Partha.Dasgupta@econ.cam.ac.uk — David Cass Lecture, Chair: Hamid Sabourian (University of Cambridge): “Welfare Axiomatics”
    • Thursday, July 30 – Reny, Philip (University of Chicago), preny@uchicago.edu — Lionel McKenzie Lecture, Chair: Konrad Podczeck (Universitat Wien): “Sequential Equilibria of Multistage Games with Infinite Sets of Actions and Types”
    • Friday, July 31 – Carroll, Gabriel (Stanford University), gdc@stanford.edu — Aliprantis Prize Lecture, Chair: Beth Allen (University of Minnesota): “Robust Incentive Contracting”


Program Committee:

Local Organizing Committee

Session Organizers

Session Details

Advances in Macroeconomics

Organizer(s): Timothy J. Kehoe

Presenter Title
Enoch Hill (Wheaton College, USA,

David Pérez Reyna(Banco de la República, Colombia)

How Leverage Tips the Scale: Analyzing the Impact of Banks’ Leverage Ratio on Output


Sewon Hur (University of Pittsburgh, USA,

Jose Asturias(School of Foreign Service in Qatar, Georgetown University, Qatar)

Timothy J. Kehoe

(University of Minnesota, USA)

Kim J. Ruhl

(Stern School, New York University, USA)

Firm Entry and Exit and Aggregate Growth


Alessandra Fogli (Federal Reserve Bank of Minneapolis, USA,

Enoch Hill(Wheaton College, USA)

Spatial Business Cycles


Timothy J. Kehoe (University of Minnesota, USA,

Daniela Costa(University of Minnesota, USA)

Gajendran Raveendranathan

(University of Minnesota, USA)

Kim J. Ruhl

(Stern School, New York University, USA)

The Stages of Economic Growth Revisited


Advances in Mechanism Design and Information Economics

Organizer(s): Vasiliki Skreta

Presenter Title
Ben Brooks (University of Chicago, USA,

Lower Bounds on Revenue in the First Price Auction


Rahul Deb (University of Toronto, Canada,

Optimal Adaptive Testing


Andy Zapechelnyuk (University of Glaskow, UK,

Anton Kolotilin

Ming Li

Tymofiy Mylovanov

Targeted vs. Public Bayesian Persuasion


Vasiliki Skreta (University College London, UK,

Frederic Koessler

Optimal Certification and Mediation with Heterogeneous Consumers


Allocation of Indivisible Goods

Organizer(s): Rakesh Vohra

Presenter Title
Marek Pycia (UCLA, USA,

Antonio Miralles(Universitat Autonoma de Barcelona, Spain)

2nd Welfare Theorem without Transfers


Elizabeth Baldwin (London School of Economics, UK,

Paul Klemperer(University of Oxford, UK)

Understanding Preferences: “Demand Types”, and
the Existence of Equilibrium with Indivisibilities


Tadashi Hashimoto (Yeshiva University, USA,

The Generalized Random Priority Mechanism with Budgets


Rakesh Vohra (University of Pennsylvania, USA,

Thanh Nguyen(Purdue University, USA)

Near Feasible Stable Matchings with Complementarities


Ambiguity in Games

Organizer(s): Chris Shannon

Presenter Title
Ronald Stauber (Australian National University, Australia,

Irrationality and Ambiguity in Extensive Games




Igor Muraviev (Bielefeld University, Germany,

Kuhn’s Theorem under Ambiguity




Ambiguity, Corporations and Pricing

Organizer(s): José Heleno Faro

Presenter Title
Lorenzo Garlappi (Sauder School of Business, University of British Columbia, Canada,

Ron Giammarino(Sauder School of Business, University of British Columbia, Canada)

Ali Lazrak

(Sauder School of Business, University of British Columbia, Canada)

Ambiguity and the Corporation: Group Decisions, Time Inconsistency, and Underinvestment


Bruno Holanda (IMPA, Brazil,

Aloisio Araujo(IMPA and EPGE/FGV, Brazil)

José Heleno Faro

(Insper, Brazil)

Updating Pricing Rules


Peng Wang (National University of Singapore, Singapore,

Parimal Kanti Bag(National University of Singapore, Singapore)

Dominance of Contributions Monitoring in Teams


José Heleno Faro (Insper, Brazil,

Efe Ok(New York University, USA)

Gil Riella

(Universidade de Brasilia, Brazil)

Bewley ‘meet’ Gilboa and Schmeidler: Legitimate Preferences and Uncertainty


Applications of Optimal Transport to Economics

Organizer(s): Rakesh Vohra, Chair: Deniz Dizdar

Presenter Title
Arnaud Dupuy (CEPS/INSTEAD, France,

Migration in China: to Work or to Wed?


Ran Shao (Yeshiva University, USA,

Implementability: a View from Optimal Transport


Deniz Dizdar (University of Montreal, Canada,

Two-sided Investments and Matching with Multi-dimensional Cost Types and Attributes


(, ,


Applied General Equilibrium Theory

Organizer(s): Yves Balasko

Presenter Title
Vinicius Carrasco (PUC-Rio de Janeiro, Brazil,

Robust Monopoly Pricing.


Steve Spear (Carnegie-Mellon University, USA,

The Market Game with Production and Arbitrary Returns to Scale: Coordination and Price Stickiness


Octavio Tourinho (UERJ, Brazil,

yves balasko(University of York, UK, UK)

The Law of Proportionality of Factor Contents, Reality or Artifact of CGE Modeling?


Mich Tvede (University of Newcastle, UK,

Beyond Laissez-faire: The Case of Heterogenous Priors


Auctions and Experiments

Organizer(s): Todd R. Kaplan

Presenter Title
Todd Kaplan (University of Exeter/University of Haifa, UK,

Sven Fischer(Max Planck Institute of Economics, Germany)

Werner Guth

(Max Planck Institute of Economics, Germany)

Roi Zultan

(Ben-Gurion University, Israel)

Auctions and Leaks: A Theoretical and Experimental Investigation


Ella Segev (Ben-Gurion University, Israel,

Gal Cohensius(Ben-Gurion University, Israel)

Sequential Bidding in Asymmetric First Price Auctions


Xiaogang Che (Durham University, UK,

Tilman Klumpp(University of Alberta, Canada)

Auctions versus Sequential Mechanism When Resale is Allowed


Theodore Turocy (University of East Anglia, UK,

Lucas Rentschler(Universidad Francisco Marroquin, Guatemala)

All-Pay Auctions with Private Signals, Including the Highly Competitive Case


Bargaining Theory and Applications

Organizer(s): Cheng-Zhong Qin

Presenter Title
Fei Li (University of North Carolina-Chapel Hill, USA,

Transparency of Outside Options in Bargainin


Jin Yeub Kim (University of Nebraska-Lincoln, USA,

The Noncooperative Foundations of the Neutral Bargaining Solution


Cheng-Zhong Qin (University of California-Santa Barbara, USA,

Complete Characterization and Implementation of Nash Bargaining Solutions with Non-Convex Problems


Chuang Qu (Shandong University, China,

Monopoly Power and Profit


Bounded Rationality and Limited Attention

Organizer(s): Willemien Kets

Presenter Title
Jakub Steiner (CERGE-EI, Czech Republic,

Balazs Szentes

Co-evolution of Utility and Attention


Roberto Serrano (Brown University, USA,

Geoffroy de Clippel(Brown University, USA)

Rene Saran

(Yale-NUS College, Singapore)

Mechanism Design with Bounded
Depth of Reasoning and Small
Modeling Mistakes


Ming Yang (Duke, USA,

Security Design in a Production Economy with Flexible Information Acquisition


Larbi Alaoui (UPF, Spain,

Antonio Penta

Coordination and Sophistication


Bubbles, Multiple Equilibria, and Economic Activities I

Organizer(s): Jianjun Miao, Chair: Pengfei Wang

Presenter Title
Yi Wen (Federal Reserve Bank of St. Louis & Tsinghua University., USA,

Feng Dong

Pengfei Wang

Credit Search and Credit Cycles


Todd Keister (Rutgers University, USA,

Huberto Ennis

Optimal Banking Contracts and Financial Fragility


Leo Kaas (University of Konstanz, Germany,

Public Debt and Total Factor Productivity


Pengfei Wang (Hong Kong University of Science and Technology, Hong Kong,

Jianjun Miao(Boston College, USA)

Stock Market Bubbles and Unemployment


Bubbles, Multiple Equilibria, and Economic Activities II

Organizer(s): Jianjun Miao, Chair: Pengfei Wang

Presenter Title
Tomhiro Hirano (University of Tokyo, Japan,

Noriyuki Yanagawa(University of Tokyo, Japan)

Asset Bubbles, Inequality, and Trickle-Down Effects


Bo Zhao (China Center for Economic Research, China,

Rational Housing Bubbles


Hubert Kempf (Paris School of Economics, France,

Russell Cooper(Penn State University, USA)

Deposit Insurance and Bank Liquidation without Commitment: Can we Sleep Well?


Christophe Chamley (Boston University, USA,

Lucia Esposito(Central Bank of Italy, Italy)

Does the Option for Delay Facilitate Coordination?


Choice Theory and Bounded Rationality I

Organizer(s): Marco Mariotti & Paola Manzini, Chair: Marco Mariotti

Presenter Title
Nobuo Koida (Iwate Prefectural University, Japan,

Anticipated Stochastic Choice


John Rehbeck (UC San Diego, USA,

Richard Brady(UC San Diego)

Menu Dependent Stochastic Consideration


Levent Ulku (ITAM, Mexico,

Marco Mariotti(Queen Mary University of London, UK)

Paola Manzini

(University of St Andrews, UK)

Stochastic Complementarity


Ernesto Savaglio (Universitta’ di Chieti, Italy,

V.Danilov(Central Institute of Economics and Mathematics RAS, Russia)


(Central Institute of Economics and Mathematics RAS, Russia)

Hyper-relations, Choice Functions, and Orderings of Opportunity Sets


Choice Theory and Bounded Rationality II

Organizer(s): Paola Manzini & Marco Mariotti, Chair: Paola Manzini

Presenter Title
Shaowei Ke (Princeton University, USA,

Boundedly Rational Backward Induction


Sean Horan (Universite de Montreal, Canada,

Levent Ulku(ITAM)

Simplicity in choice


Doron Ravid (Princeton University, USA,

Focus, then Compare


Andrew Ellis (London School of Economics, UK,

Michele Piccione(London School of Economics, UK)

Complexity, Correlation, and Choice



Organizer(s): Andreas Blume, Chair: Mark Thordal-Le Quement

Presenter Title
In-Uck Park (University of Bristol, UK,

Andreas Blume(University of Arizona, USA)

Quid pro Quo: Friendly Information Exchange between Rivals


Sidartha Gordon (Sciences Po, France,

Nicolas Klein(University of Montreal, Canada)

Overcautious or Trigger-Happy Advisors — When Best to Stop


Toru Suzuki (University of Technology, Sidney, Australia,

Efficient Conversational Rule


Mark Thordal-Le Quement (University of Bonn, Germany,

Christian Kellner(University of Bonn, Germany)

Endogenous Ambiguity in Cheap Talk


Competition and Regulatory Economics

Organizer(s): Flavio Menezes

Presenter Title
Flavio Menezes (The University of Queensland, Australia,

Delegation and the Choice of Strategic Variable in Oligopoly Games


Chengsi Wang (University of Mannheim, Germany,

Search Platforms: Showrooming and Price Coherence


Simona Fabrizi (Massey University, New Zealand,

Steffen Lippert(University of Auckland, New Zealand)

José A. Rodrigues-Neto

(ANU Research School of Economics, Australia)

Attack and Defense


Steffen Lippert (University of Auckland, New Zealand,

Nisvan Erkal(University of Melbourne, Australia)

Simona Fabrizi

(Massey University, New Zealand)

Horizontal Mergers and Innovation


Competitive Markets with Adverse Selection

Organizer(s): Piero Gottardi

Presenter Title
Eduardo Azevedo (Wharton, USA,

Dan Gottlieb(Wharton, USA)

Perfect Competition in Markets with Adverse Selection


Sarah Auster (Bocconi, Italy,

Piero Gottardi(EUI)

Competing Mechanisms in Lemons Markets


Francois Salanie (TSE, France,

Andrea Attar(TSE, France)

Thomas Mariotti

(TSE, France)

Multiple Contracting in Insurance Markets: Cross-Subsidies and Quantity Discounts


Humberto Moreita (FGV, Brazil,

Vitor Farinha Luz(EUI and UBC, Italy & USA)

Piero Gottardi

(EUI, Italy)

A Multidimensional Competitive Insurance Model


Complementarity and Revealed Preference

Organizer(s): John K.-H. Quah

Presenter Title
Chang-Koo Chi (Aalto University, Finland,

The Value of Information and Posterior Dispersion


Koji Shirai (Kwansei Gakuin University, Japan,

Natalia Lazzati(University of Michigan)

John K.-H. Quah

(University of Oxford, UK)

A Revealed Preference Theory of Monotone Choice and Strategic Complementarity


John K.-H. Quah (University of Oxford , UK,

Matthew Polisson(University of Leicester, UK)

Ludovic Renou

(University of Essex, UK)

Revealed Preferences Over Risk and Uncertainty


Matthew Polisson ( University of Leicester, UK,

Ralph Bayer(University of Adelaide, Australia)

Subir Bose

(University of Leicester, UK)

John K.-H. Quah

(University of Oxford, UK)

Ludovic Renou

(University of Essex, UK)

Testing for Ambiguity


Computational Economics

Organizer(s): Felix Kubler

Presenter Title
Simon Scheidegger (University of Zurich, Switzerland,

Johannes Brumm(University of Zurich, Switzerland)

Using Adaptive Sparse Grids to Solve High-Dimensional Dynamic Models


Walt Pohl (University of Zurich, Switzerland,

A Perturbation Approach to Projection Methods in Asset Pricing


Karl Schmedders (University of Zurich, Switzerland,

Felix Kubler(University of Zürich, Switzerland)

Life-Cycle Portfolio Choice, the Wealth
Distribution and Asset Price


Felix Kubler (University of Zurich, Switzerland,

Asset Pricing in Large Economies with Boundedly Rational Agents


Contests and Applications

Organizer(s): Brian Roberson

Presenter Title
René Kirkegaard (University of Guelph, Canada,

Timothy P. Hubbard (Colby College, USA)

Asymmetric Auctions with More than Two Bidders


Pierre Boyer (University of Mannheim, Germany,

Felix Bierbrauer(Max Planck Institute)

Efficiency, Welfare, and Political Competition


Alexander V. Hirsch (California Institute of Technology, USA,

Policy Contests


Brian Roberson (Purdue University, USA,

Dan Kovenock(Chapman University, USA)

The Optimal Defense of a Flow Network


Contests I

Organizer(s): Dan Kovenock

Presenter Title
Wolfgang Leininger (TU Dortmund, Germany,

Jörg Franke(TU Dortmund, Germany)

Cédric Wasser

(University of Bonn, Germany)

Revenue Maximizing Head Starts in Contests


Aner Sela (Ben-Gurion University of the Negev, Israel,

Contests with Prizes for Both Winning and Losing


Marco Serena (Universidad Carlos III de Madrid, Spain,

Information in Contests


Dan Kovenock (Chapman University, USA,

Alan Gelder(Chapman University, USA)

Dynamic Behavior and Player Types in Majoritarian Multi-Battle Contests


Contests II

Organizer(s): Dan Kovenock

Presenter Title
Qiang Fu (National University of Singapore, Singapore,

Xuyuan Liu(National University of Singapore, Singapore)

Pro Rata or Fixed? Pricing Strategy of Crowdsourcing Contest Intermediaries


David A. Malueg (University of California Riverside, USA,

Stefano Barbieri(Tulane University)

Private-Information Group Contests


Subhasish M. Chowdhury (University of East Anglia, UK,

Kyung Hwan Baik(Sungkyunkwan University, Republic of Korea)

Abhijit Ramalingam

(University of East Anglia, UK)

Resources for Conflict: Constraint or Wealth?


Kai A. Konrad (Max Planck Inst. for Tax Law and Public Finance, Germany,

Dan Kovenock(Chapman University, USA)

Interest Groups, Influence Activities and Politicians with Imperfect Commitment


Contests: Groups and Design

Organizer(s): Luis Corchón and Carmen Beviá, Chair: Luis Corchón

Presenter Title
Carmen Beviá (UAB, Spain,

Luis Corchon(U. Carlos III, Spain)

Dominant Strategy Implementation in Contests


Christian Ewerhart (University of Zurich, Switzerland,

An Envelope Approach to Tournament Design


Iryna Topolyan (Department of Economics, University of Cincinnati, Cincinnati, OH 45221, USA, USA,

Subhasish M. Chowdhury (East Anglia, UK)

The Group All-pay Auction with Heterogeneous Impact Functions


Alex Vázquez (UAB, Spain,
alex_vazquez_sedano@hotmail.com )

Optimal Contest Design with Budget Constraints


Contests: Theory and Applications

Organizer(s): Luis Corchón and Carmen Beviá, Chair: Carmen Beviá

Presenter Title
Luis Corchón (U Carlos III, Spain ,

Marco Serena(Universidad Carlos III de Madrid, Spain)

Properties of Contests (if any)


Jingfeng Lu (Department of Economics, National University of Singapore, Singapore 117570, Singapore,

Xin Feng(Department of Economics, National University of Singapore, Singapore 117570)

Effort-Maximizing Contingent Prize Allocations
in Sequential Three-Battle Contests


Alan Gelder (Chapman University, USA,

Dan Kovenock(Chapman University, USA)

Brian Roberson

(Purdue University, USA)

Roman Sheremeta

(Case Western Reserve University, USA)

All-Pay Auctions with Ties: Theory and Experiments


Federico Masera (U Carlos III, Spain,
federico.masera@gmail.com )

Size of the Welfare State, Religiosity and Church Participation


Cooperation and Coordination in Laboratory Experiments

Organizer(s): Gabriele Camera

Presenter Title
Maria Bigoni (University of Bologna, Italy,

Marco Casari(University of Bologna, Italy)

Andrzej Skrzypacz

(Stanford University, USA)

Giancarlo Spagnolo

(SITESSE, Sweden)

Sand in the Wheels: Cooperation with Imperfect Monitoring in Continuous Time


Enrique Fatas (University of East Anglia, UK,

Marco Castillo(George Mason University, USA)

Ragan Petrie

(George Mason University, USA)

Axel Sonntag

(University of East Anglia, UK)

Backlash. An Experimental Analysis of Group Cohesion, Sanctions and Sacrifice


Johannes Leutgeb (WZB, Germany,

Steffen Huck(WZB, Germany)

Ryan Oprea


Payoff Information may Hamper the Evolution of Cooperation


Stefania Bortolotti (University of Cologne, Germay,

Gabriele Camera(Chapman University & University of Basel, USA & Switzerland)

Marco Casari

(University of Bologna, Italy)

An Experiment on Retail Payments Systems


Cooperative Game Theory

Organizer(s): Michel Grabisch

Presenter Title
Philippe Solal (Université Jean Monnet, Laboratoire GATE Lyon-Saint-Etienne, France,

Sylvain Béal(Université de Franche-Comté, Laboratoire CRESE, France)

Eric Rémila

(Université Jean Monnet, Laboratoire GATE Lyon-Saint-Etienne, France)

A Simple Proof of Axiomatic Characterizations using Associated Consistency


José Manuel Zarzuelo (University of the Basque Country, Bilbao, Spain,

Peter Sudhölter(University of Southern Denmark, Odense, Denmark)

On Highway Problems


Peter Sudhölter (University of Southern Denmark, Odense, Denmark,

Bezalel Peleg(The Hebrew University of Jerusalem, Israel)

On Bargaining Sets of Convex NTU Games


Michel Grabisch (Paris School of Economics, University of Paris I, France,

Christophe Labreuche(Thales Research & Technology France, France)

On the Vertices of Some Sets of Multichoice Games and their Application in GAI Models


Credit Market Frictions

Organizer(s): Eric Young

Presenter Title
Eric Young (University of Virginia, USA,

Kartik Athreya(Federal Reserve Bank of Richmond, USA)

Juan Sanchez

(Federal Reserve Bank of St. Louis, USA)

Xuan Tam

(City University of Hong Kong, Hong Kong)

Bankruptcy and Delinquency in a Model of Unsecured Debt


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Lukasz Drozd (Federal Reserve Bank of Philadelphia, USA,

Ricardo Serrano-Padial(University of Wisconsin, USA)

Financial Contracting with Enforcement Externalities


Mark Huggett (Georgetown University, USA,

Alejandro Badel(Federal Reserve Bank of St. Louis, USA)

Taxing Top Earners: A Human Capital Perspective


Decision Theory: Theoretical Foundations and Experiments

Organizer(s): Jack Stecher

Presenter Title
Ken Binmore (Bristol University, UK,

A Minimal Extension of Bayesian Decision Theory


Jeff Kline (University of Queensland, Australia,

Simon Grant(Australian National University, Australia)

Idione Meneghel

(Australian National University, Australia)

John Quiggin

(University of Queensland, Australia)

Rabee Tourky

(University of Queensland, Australia)

A Theory of Robust Experiments for Choice Under Uncertainty


Laetitia Placido (Baruch College, City University of New York, USA,

Olivier Armantier(Federal Reserve Bank of New York, USA)

Louis Levy-Garboua

(Paris School of Economics, France)

Claire Owen

(Paris School of Economics, France)

Discovering Preferences: A Theoretical Framework and an Experiment


Jack Stecher (Carnegie Mellon University, USA,

Linda Moya(Carnegie Mellon University, USA)

Task Familiarity, Payoff Salience, and the Description-Experience Gap


Demand and Revealed Preference

Organizer(s): John K.-H. Quah

Presenter Title
Joshua Lanier (University of Oxford, UK,

Monotonic Demand and Expected Utility


Pawel Dziewulski (University of Oxford, UK,

Revealed Time Preference


Victor Aguiar (Brown University, USA,

Roberto Serrano(Brown University, USA)

Slutsky Matrix Norms and Revealed Preference Tests of Consumer Behavior


Christopher Chambers (University of California-San Diego, USA,

Federico Echenique(Caltech, USA)

Kota Saito

(Caltech, USA)

Testable Implications of Translation Invariance and Homotheticity: Variational, Maxmin, CARA and CRRA Preferences


Discontinuous Games I

Organizer(s): Philip J. Reny

Presenter Title
Paulo Barelli (University of Rochester, USA,

Srihari Govindan (University of Rochester, USA)

Robert Wilson

(Stanford University, USA)

Homotopy Methods in Games with Discontinuities


Rida Laraki (CNRS, LAMSADE (Univ. of Dauphine) and Ecole Polytechnique, France,

Philippe Bich (Centre d’économie de la Sorbonne- PSE)

On the Existence of Approximate Equilibria and Sharing Rule Solutions In Discontinuous Games


Rabee Tourky (Australian National University, Australia,

Fixed Point Theorems in Simply Connected Partially Ordered Spaces


Richard P. McLean (Rutgers University, USA,

Oriol Carbonell-Nicolau(Rutgers University, USA)

Complete and Incomplete Information Games with Discontinuous Payoffs


Discontinuous Games II

Organizer(s): Philip J. Reny

Presenter Title
Wei He (University of Iowa, USA,

Nicholas Yannelis(University of Iowa, USA)

Equilibria with Discontinuous Preferences


Konrad Podczeck (University of Vienna, Austria,

Guilherme Carmona (University of Surrey, UK)

Existence of Nash Equilibrium in Ordinal Games with Discontinuous Preferences


Pavlo Prokopovych (Kyiv School of Economics, Ukraine,

Majorized Correspondences and Equilibrium Existence in Discontinuous Games


Vincenzo Scalzo (DISES, University of Napoli Federico II, Italy,

Remarks on the Existence and Stability of Some Approximate Equilibria in Strategic Form Games


Dynamic & Repeated Games: Theory and Experiments

Organizer(s): Takako Fujiwara-Greve

Presenter Title
Takuo Sugaya (Stanford University GSB, USA,

Alexander Wolitzky(MIT, USA)

On the Equilibrium Payoff Set in Repeated Games with Imperfect Private Monitoring


Naoko Nishimura (Shinshu University, Japan,

Tatsuyoshi Saijo(Kochi University of Technology & Hitotsubashi University, Japan)

Demand Reduction in Average-Pricing Multi-unit Discriminatory Auction with Other-Regarding Buyers


Takako Fujiwara-Greve (Keio University, Japan,

Masahiro Okuno-Fujiwara(Musashino University, Japan)

Naoko Nishimura

(Shinshu University, Japan)

Nobue Suzuki

(Komazawa University, Japan)

Voluntary Partnerships, Cooperation, and Coordination


Hitoshi Matsushima (University of Tokyo, Japan,

Yutaka Kayaba(University of Tokyo, Japan)

Tomomi Tanaka

(World Bank)

Tomohisa Toyama

(Kogakuin University, Japan)

Behavioral Approach to Repeated Games with Private Monitoring


Dynamic Adverse Selection

Organizer(s): Kyungmin (Teddy) Kim

Presenter Title
Ilwoo Hwang (University of Miami, USA,

Collapsing Confidence: Dynamic Trading with Developing Adverse Selection


Francesco Palazzo (Central Bank of Italy, Italy,

Is Time Enough to Alleviate Adverse Selection?


Lucas Maestri (FGV/EPGE, Brazil,

Dino Gerardi(Collegio Carlo Alberto, Italy)

Bargaining over a Divisible Good in the Market for Lemons


Kyungmin (Teddy) Kim (University of Iowa, USA,

Selling a Lemon under Demand Uncertainty


Dynamic and Stochastic Games

Organizer(s): Lukasz Wozny

Presenter Title
Andrzej S. Nowak (University of Zielona Gora, Poland,

Anna Jaskiewicz(Wroclaw University of Technology, Poland)

Stationary Almost Markov Perfect Equilibria in Discounted Stochastic Games


Kutay Cingiz (Maastricht University, The Netherlands,

Janos Flesch(Maastricht University, The Netherlands)

P. Jean-Jacques Herings

(Maastricht University, The Netherlands)

Arkadi Predtetchinski

(Maastricht University, The Netherlands)

Doing it now, later or never


Lukasz Balbus (University of Zielona Gora, Poland,

Anna Jaskiewicz(Wrocław University of Technology, Poland)

Andrzej S. Nowak

(University of Zielona Gora, Poland)

Bequest Games


Lukasz Wozny (Warsaw School of Economics, Poland,

Lukasz Balbus(University of Zielona Gora, Poland)

Pawel Dziewulski

(University of Oxford, UK)

Kevin Reffett

(Arizona State University, USA)

Equilibria in Large Stochastic Games with Complementarities


Dynamic Economies

Organizer(s): Takashi Kamihigashi

Presenter Title
Thomas Seegmuller (GREQM, France,

Xavier Raurich(Universitat de Barcelona, Spain)

On the Interplay Between Speculative Bubbles and Productive Investment


Hiroyuki Ozaki (Keio University, Japan,

Eisei Ohtaki(Kanagawa University)

Optimality in a Stochastic OLG Model with Ambiguity


Alain Venditti (GREQAM, France,

Kazuo Nishimura(Kobe University, Japan)

Carine Nourry

(GREQAM, France)

Thomas Seegmuller

(GREQAM, France)

Growth and Public Debt: What are the Relevant Tradeoffs?


Takaaki Aoki (Kyoto University, Japan,

Optimal Control Problem with Quasi-geometric Discounting


Dynamic Games

Organizer(s): Hamid Sabourian

Presenter Title
Mikhail Safronov (Northwestern University, USA,

Bruno Strulovici (Northwestern University, USA)

Explicit Renegotiation in Repeated Games




Rohit Lamba (University of Cambridge, UK,

Dynamic Contracting


Matthew Elliot (Caltech, USA,

Decentralized Bargaining


Dynamic Political Economy

Organizer(s): Hulya Eraslan & Vincent Anesi

Presenter Title
Santiago Oliveros (University of Essex, UK,

Matias Iaryczower(Princeton University, USA)

Competing for Loyalty: The Dynamics of Political Support


Hulya Eraslan (Rice University, USA,

Uniqueness of Stationary Equilibrium Payoffs in the
Baron-Ferejohn Model with Risk Averse Players


Jan Zapal (CERGE-EI \& IAE-CSIC and Barcelona GSE, Czech Republic ,

T. Renee Bowen(Stanford University, USA)

Ying Chen

(Johns Hopkins University, USA)

Hulya Eraslan

(Rice University, USA)

Efficiency of Flexible Budgetary Institutions


Vincent Anesi (University of Nottingham, UK,

John Duggan(University of Rochester, USA)

Existence and Indeterminacy of Markovian Equilibria in Legislative Bargaining Games


Dynamic Programming

Organizer(s): Takashi Kamihigashi & Juan Pablo Rincón-Zapatero, Chair: Juan Pablo Rincón-Zapatero

Presenter Title
Anna Jaskiewicz (Wroclaw University of Technology, Poland,

Andrzej S.Nowak(University of Zielona Góra, Poland)

A Dynamic Stochastic Choice Problem with Risk-Sensitive Preferences


Cuong Le Van (Paris School of Economics, France,

Takashi Kamihigashi(Kobe University)

Necessary and Sufficient Conditions for a Solution of the Bellman Equation to be the Value Function: a General Principle


Masayuki Yao (Keio University, Japan,

Takashi Kamihigashi(Kobe University, Japan)

Dynamic Programming with Upper Semicontinuous Returns


Juan Pablo Rincón-Zapatero (Universidad Carlos III de Madrid, Spain,

Robert A. Becker(Indiana University, USA)

New Results about Existence and Uniqueness of Unbounded from below Recursive Utilities


Dynamic Stochastic Models

Organizer(s): Takashi Kamihigashi & Juan Pablo Rincón-Zapatero, Chair: Takashi Kamihigashi

Presenter Title
Lise Clain-Chamosset-Yvrard (GREQAM, France,

Takashi Kamihigashi(Kobe University, Japan)

International Transmission of Bubble Crashes: Stationary Sunspot Equilibria in a Two-Country Overlapping Generations Model


Yiannis Vailaki (University of Glasgow, UK,

Takashi Kamihigashi(Kobe University, Japan)

Cuong Le Van

(Paris School of Economics, France)

Monotone Concave Operators: Applications to Stochastic Dynamic Programming


Tim S. Worrall (University of Edinburgh, UK,

S. Foss(Heriot-Watt University, UK)

V. Shneer

(Heriot-Watt University, UK)

J.P. Thomas

(University of Edinburgh, UK)

Stochastic Stability of Monotone Economies in Regenerative Environments


Takashi Kamihigashi (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan,

John Stachurski(Australian National University, Australia)

Seeking Ergodicity in Dynamic Economies


Economic Dynamics

Organizer(s): Mich Tvede

Presenter Title
Aditya Goenka (University of Birmingham, UK,

Lin Liu(University of Liverpool, UK)

Infectious Diseases, Human Capital and Economic Growth


Lalaina Rakotonindrainy (Paris School of Economics, University of Paris 1, France,

Jean-Marc Bonnisseau(Paris School of Economics, University of Paris 1)

A Note on the Characterization of Optimal Allocations in OLG Economies with Multiple Goods


Mauro Bambi (York University, UK,

On the Stability and Erratic Behavior of Medium-term Fluctuations


Indrajit Ray (Cardiff University, UK,

Testable Restrictions of Equilibrium Outcomes in Strategic Market Games


Economic Theory I

Organizer(s): Nicholas Yannelis, Chair: Larry Selden

Presenter Title
Tilman Borgers (University of Michigan, USA,

Yan-Min Choo(University of Michigan, USA)

Revealed Relative Utilitarianism


Andrei Barbos (University of South Florida, USA,

Optimal Contracts with Random Auditing


Peter Hammond (University of Warwick, UK,

A Notion of Statistical Equilibrium for Games with Many Players


Larry Selden (Columbia University, USA,

Changing Tastes


Economic Theory II

Organizer(s): Zhiwei (Vina) Liu & Nicholas Yannelis, Chair: Peter Hammond

Presenter Title
Zhiwei (Vina) Liu (International School of Economics and Management, China,

Luciano De Castro(University of Iowa, USA)

Nicholas C. Yannelis

(University of Iowa, USA)

Implementation Under Ambiguity


Aloisio Araujo (IMPA, Brazil,

Refining Dynamic Equilibria


Huiyi (Kathy) Guo (University of Iowa, USA,

Nicholas Yannelis(University of Iowa, USA)

Full Ambiguous and Robust Implementation


Anuj Bhowmik (Indian Statistical Institute, India,

Edgeworth’s Conjecture under Asymmetric Information


Economic Theory III

Organizer(s): Nicholas Yannelis, Chair: Theodoros Diasakos

Presenter Title
Edward C. Prescott (Arizona State University & Australian National University, USA & Australia,

Monetary Policy with 100% Fractional Reserve Banking: An Exploration


Alexandru Nichifor (University of St Andrews & Stanford University, Scotland & USA,

John W. Hatfield(University of Texas at Austin, USA)

Scott D. Kominers

(Harvard University, USA)

Michael Ostrovsky

(Stanford University, USA)

Alexander Westkamp

(Maastricht University, The Netherlands)

Chain Stability in Trading Networks


Idione Meneghel (Australian National University, Australia,

Rabee Tourky(Australian National University, Australia)

Statistical Reasoning in Predicting the Unpredictable


Juan Block (University of Cambridge, UK,

Timing and Codes of Conduct


Economics of Diversity and Social Interactions

Organizer(s): Shlomo Weber, Chair: Mariya Teteryatnikova

Presenter Title
Mariya Teteryatnikova (University of Vienna, Austria,

Harald Fadinger(University of Mannheim, Germany)

Christian Ghiglino

(University of Essex, UK)

Productivity, Networks and Input-Output Structure


Seungwon (Eugene) Jeong (Stanford University, USA,

Multidimensional second-price and English auctions


Constantine Sorokin (Higher School of Economics and New Economic School, Russia,

A Multidimensional Theory of Spatial General Equilibrium: Tibout Revisited


Eric Hoffmann (University of Kansas, USA,

Global Games Selection in Games with Strategic Substitutes or Complements


Economics of Information

Organizer(s): Joao Correia da Silva

Presenter Title
Christoph Siemroth (University of Mannheim, Germany,

The Impossibility of Informationally Efficient Markets when Forecasts are Self-defeating


Fabrizio Adriani (University of Leicester, UK,

Silvia Sonderegger(University of Nottingham and CeDEx.)

A Theory of Esteem Based Peer Pressure


Luis Vasconcelos (University of Essex, UK,

Simultaneous Reporting of Credit Ratings May Discipline Rating Agencies


Joao Correia da Silva (University of Porto, Portugal,

Impossibility of Market Division with Two-sided Private Information about Production Costs



Organizer(s): Christopher Rauh and Constantine Yannelis, Chair: Constantine Yannelis

Presenter Title
Rajesh Ramachandran (Goethe University Frankfurt, Germany,

David D. Laitin(Stanford University, USA)

Stephen L. Walter

(Graduate Institute of Applied Linguistics, USA)

Language of Instruction and Student Learning: Evidence from an Experimental Program in Cameroon


Christopher Rauh (University of Cambridge, UK,

The Political Economy of Early and College Education – Can Voting Bend the Great Gatsby Curve?


Jack Willis (Harvard University, USA,

Identifying Spillovers by Predicting Compliance


Constantine Yannelis (Stanford University, USA,

Asymmetric Information in Student Loans


Epistemic Game Theory and Experiments

Organizer(s): Marciano Siniscalchi

Presenter Title
Paul J. Healy (Ohio State University, USA,

Rationality and Belief Updating in Extensive-Form Games: Experimental Evidence


Yun Wang (Xiamen University, China,

Belief and Higher-order Belief in the Centipede Game: An Experimental Investigation


Marciano Siniscalchi (Northwestern University, USA,

Sequential Preferences and Sequential Rationality


Kiryl Khalmetski (University of Cologne, Germany,

Axel Ockenfels(University of Cologne, Germany)

Peter Werner

(University of Cologne, Germany)

Surprising Gifts: Theory and Laboratory Evidence


Epistemic Game Theory: Theory and Applications

Organizer(s): Amanda Friedenberg

Presenter Title
Lin Hu (Washington University in St. Louis, USA,

Amanda Friedenberg(Arizona State University, USA)

On the Persistence of Inefficient Policies


Byung Soo Lee (University of Toronto, USA,

Degrees of Caution in Games


Luciano Pomatto (Northwestern University, USA,

Stable Matching Under Forward-Induction Reasoning


Amanda Friedenberg (ASU, USA,

Adam Brandenburger(NYU, USA)

Alex Danieli

(, Israel)

How Many Levels Do Players Reason? Observational Challenges and Solutions


Evolution and Learning I: Games

Organizer(s): Carlos Alos-Ferrer

Presenter Title
Simon Weidenholzer (University of Essex, UK,

Constrained Mobility and the Evolution of Efficiency


Johannes Buckenmaier (University of Cologne, Germany,

Carlos Alos-Ferrer(University of Cologne)

Cournot vs. Walras: A Reappraisal through Simulations


Fei Shi (Shanghai Jiao Tong University, China,

Cournot Competition, Imitation, and Information Networks


Carlos Alos-Ferrer (University of Cologne, Germany,

Nick Netzer(University of Zurich, Switzerland)

On the Convergence of Logit-Response to (strict) Nash Equilibria


Evolution and Learning II: Applications

Organizer(s): Carlos Alos-Ferrer

Presenter Title
Jonathan Newton (University of Sydney, Australia,

Protest, Financial Panic and Shared Intentions


Christoph Kuzmics (University of Bielefeld, Germany,

Communication before Coordination with Independent Private Values: How Pedestrians Avoid Bumping into Each Other


Federica Farolfi (University of Cologne, Germany,

Leadership in an Uncertain World. Assessing Complexity and Information within Organizations


Fabrizio Germano (Universitat Pompeu i Fabra, Spain,

Lloyd A. Demetrius(Harvard university, USA)

On the Macroscopic Origins and Consequences of Economic Inequality: An Evolutionary Perspective


Evolutionary Game Theory and Learning

Organizer(s): Hamid Sabourian

Presenter Title
Ingela Alger (Toulouse School of Economics (CNRS, LERNA) & Institute for Advanced Study in Toulouse, France,

Jorgen W. Weibull(Stockholm School of Economics, KTH Royal Institute of Technology, and Institute for Advanced Study
in Toulouse, Sweden & France)

Evolution Leads to Kantian Morality


Abhimanyu Khan (University of Cambridge, UK,

Imitation by Firms in a Differentiated Market


Mathias Staudigl (Bielefeld University, Germany,

Large Deviations and Stochastic Stability in Games


Hamid Sabourian (University of Cambridge, UK,

Wei Torng Juang(Academia Science Taiwan, Taiwan)

Evolution of Learning Rules


Experimental Economics

Organizer(s): Todd R. Kaplan

Presenter Title
Michalis Drouvelis (University of Birmingham, UK,

Vessela Daskalova(University of Cambridge, UK)

Nicolaas J. Vriend

(Queen Mary University of London, UK)

Social Identity and Punishment in a Minimum Effort Game


Surajeet Chakravarty (University of Exeter, UK,

Miguel Fonseca(University of Exeter, UK)

Sudeep Ghosh

(Hong Kong Polytechnic University, Hong Kong)

Sugata Marjit

(Center for Studies in the Social Sciences, India)

Religious Fragmentation, Social Identity and Cooperation: Evidence from an Artefactual Field Experiment in India


Lawrence Choo (University of Erlangen-Nuremberg, Germany,

Market Selection and Aggregated Outcomes: An Experiment based on the Hat Puzzle Game


Jana Vyrastekova (Nijmegen University, The Netherlands,

Daan van Soest(Tilburg University, The Netherlands)

Jan Stoop

(Erasmus University Rotterdam, The Netherlands)

Give and Take in Public Goods Games


Extending Monopolistic Competition Models I

Organizer(s): Rodolphe Dos Santos Ferreira and Claude d’Aspremont, Chair: Rodolphe Dos Santos Ferreira

Presenter Title
Philip Ushchev (National Research University, Higher School of Economics, Russia,

Mathieu Parenti(Université Catholique de Louvain, Belgium)

Jacques Thisse

(Université Catholique de Louvain, Belgium)

Toward a Theory of Monopolistic Competition


Federico Etro (Dept. Economics, Ca Foscari University, Italy,

Paolo Bertoletti(Dept. of Economics and Management, University of Pavia, Italy)

A General Theory of Endogenous Market Structures


Claude d’Aspremont (CORE, Université Catholique de Louvain, Belgium,

Rodolphe Dos Santos Ferreira(BETA, Université de Strasbourg, France)

Oligopolistic vs. Monopolistic Competition: Do Intersectoral Effects Matter?


André de Palma (Ecole Normale Supérieure de Cachan, France,

Simon Anderson(University of Virginia, USA)

Economic Distributions and Primitive Distributions in Monopolistic Competition


Extending monopolistic competition models II

Organizer(s): Claude d’Aspremont and Rodolphe Dos Santos Ferreira, Chair: Claude d’Aspremont

Presenter Title
Paolo Epifani (University of Nottingham (UK and Ningbo), China,

Gino Gancia(CREI and UPF, Spain)

Trade Imbalance and Welfare in Monopolistic Competition


Sergey Kichko (National Research University, Higher School of Economics, Russia,

Kristian Behrens(ESG-UQAM, Montreal, Canada)

Philip Ushchev

(National Research University, Higher School of Economics, Russia)

Trade Liberalization and Markup Divergence: An Epsilon-CES Approach


Kristian Behrens (ESG-UQAM, Montreal, Canada,

Giordano Mion(Surrey Business School, University of Surrey, Guilford, UK)

Yasusada Murata

(ARISH, Nihon University, Tokyo, Japan)

Jens Suedekum

(DICE, Heinrich Heine Universität, Düsseldorf, Germany)

Distorted Monopolistic Competition


Bertrand Koebel (BETA, CNRS, Université de Strasbourg, France,

Xi Chen(Statec, Luxembourg, Luxembourg)

Fixed Cost, Variable Cost, Markups and Returns to Scale


Fair Division

Organizer(s): Herve Moulin

Presenter Title
Juan Moreno Ternero (Universidad Pablo de Olavide, Spain,

Christopher P. Chambers(University of California-San Diego, USA)

Taxation and Poverty


Jens Lens Hougaard (Copenhagen University, Denmark,

Herve Moulin(Uni Glasgow)

Sharing the Cost of Risky Items


Karol Szwagrzak (University of Souther Denmark, Denmark,

Efficient Fair and Groupstrategyproof Allocation under Network Constraints


Herve Moulin (University of Glasgow, UK,

One Dimensional Mechanism Design: Fairness and Incentives


Finance and Decision

Organizer(s): Alain Chateauneuf and Bernard Cornet, Chair: Bernard Cornet

Presenter Title
Illia Pasichnichenko (Kiev Polytechnic Institute, Ukraine,

Victor I. Ivaneko(Kiev Polytechnic Institute, Ukraine)

Expected Utility for Nonstochastic Risk


Yann REBILLE (Institute of Economics and Management of Nantes-IAE, University of Nantes, France,

A de Finetti’s Dutch Book Argument for Non-additive Set Functions


Thierry CHAUVEAU (Université Paris 1 Panthéon-Sorbonne, France,

Stochastic Dominance, Risk and Disappointment: A Synthesis.


Alain CHATEAUNEUF (PSE Université Paris 1 and IPAG business School, France,

Bernard CORNET(PSE Université de Paris1 and Kansas University, France)

Submodular Pricing in Finance and Insurance


Finance and Political Economy

Organizer(s): Igor Livshits

Presenter Title
Braz Camargo (Fundação Getúlio Vargas, Brazil,

Credit Constraints and Voting on Human Capital Policies


Facundo Piguillem (Einaudi, Italy,

Shut Down or Step Up: Political Polarization and Optimal Budget Rules


Alessandro Dovis (Pennsylvania State University, USA,

Political Economy of Sovereign Debt: Cycles of Debt Crisis and Inequality


Igor Livshits (University of Western Ontario, Canada,

Sovereign Default and Political Turnover


Financial Contracts and Default

Organizer(s): Igor Livshits

Presenter Title
Natalia Kovrijnykh (Arizona State University, USA,

Who Should Pay for Credit Ratings and How?


Viktar Fedaseyeu (Bocconi, Italy,

The Economics of Debt Collection: Enforcement of Consumer Credit Contracts


(, ,


Ariel Zetlin-Jones (Carnegie Mellon University, USA,

Screening and Adverse Selection in a Frictional Market


Financial Economics

Organizer(s): Edward S. Prescott

Presenter Title
John Boyd (University of Minnesota, USA,

Abu Jalal(Suffolk University, UK)

John Pokorny

(University of Minnesota, USA)

Inflation, Welfare, and the Fisher Effect: Theory and Empirics


Jean-Edouard Colliard (HEC Paris, France,

Strategic Selection of Risk Models and Bank Capital Regulation


Thorsten Koeppl (Queen’s University, Canada,

Jonathan Chiu(Bank of Canada, Canada)

Livin’ on the Edge with Ratings: Liquidity, Efficiency and Stability


Edward S. Prescott (Federal Reserve Bank of Richmond, USA,

Douglas Davis(Virginia Commonwealth University, USA)

Fixed Prices and Regulatory Discretion as Triggers for Contingent Capital Conversion: An Experimental Examination


Financial Networks and Systemic Risk I

Organizer(s): Frank Page

Presenter Title
Sofia Priazhkina (Indiana University, USA,

Definition of Systemic Risk in Financial Networks


Selman Erol (University of Pennsylvania, USA,

Network Formation and Systemic Risk


Peter Zimmerman (University of Oxford, USA,

Rodney Garratt(Federal Reserve Bank of New York, USA)

Does Central Clearing Reduce Counterparty Risk in Realistic Financial Networks


Jean-Pierre Zigrand (LSE – Systemic Risk Centre, UK,

Arbitrage Networks


Financial Networks and Systemic Risk II

Organizer(s): Frank Page

Presenter Title
Jieshuang He (Indiana University, USA,

Endogenous Bank Networks and Systemic Risk


Inna Grinis (LSE, UK,

Credit Risk Spillovers, Systemic Importance and Vulnerability in Financial Networks


Dilyara Salakhova (Banque de France, France,

Payment Delays and Contagion


Co-Pierre Georg (University of Cape Town, South Africa,

The Extreme Fragility of Financial Intermediation


Fiscal theory and the European crisis

Organizer(s): Raphael Espinoza

Presenter Title
Raphael Espinoza (University College of London, UK,

High Public Debt: Some Consequences


Zineddine Alla (Sciences Po (Institut d’etudes politiques de Paris), France,

Optimal Fiscal Devaluations in a Currency Union


Suman Basu (International Monetary Fund, USA,

Heterogeneous Countries in a Financial Union


Rana Sajedi (European University Institute, Italy,

Structural Reforms and Fiscal Consolidation: Is There a Tradeoff?


Foundational Issues in Game Theory

Organizer(s): Giacomo Bonanno

Presenter Title
Aviad Heifetz (Open University of Israel, Israel,

Enrico Minelli

Relational Game Theory


Burkhard Schipper (University of California, Davis, USA,

Self-confirming Games: Unawareness, Discovery, and Equilibrium


Antonio Penta (University of Wisconsin – Madison, USA,

Larbi Alaoui

Cost-benefit Analysis in Reasoning


Giacomo Bonanno (University of California, Davis, USA,

Perfect Bayesian Equilibrium and Sequential Equilibrium


Fundamentals of Game Theory

Organizer(s): Konrad Podczeck

Presenter Title
Guilherme Carmona (University of Surrey, UK,

Generic Robustness of Nash Equilibrium to Incomplete Information


Michael Greinecker (University of Innsbruck, Austria,

Typology of Beliefs and Rationalizability with Many Players


Christopher Kah (University of Innsbruck, Austria,

Michael Greinecker(University of Innsbruck, Austria)

Pairwise Matching in Large Economies


Eiichiro Kazumori (SUNY-Buffalo, USA,

Bayesian Games with Baire Class 1 Payoff Functions


Game Theory and Applications

Organizer(s): Klaus Ritzberger

Presenter Title
Jörgen Weibull (Stockholm School of Economics, Sweden,

Roger Myerson(University of Chicago, USA)

Tenable Strategy Blocks and Settled Equilibria


Zsuzsanna Fluck (Michigan State University, USA,

Naveen Khanna(Michigan State University, USA)

A Theory of Collective Decision-making in Corporate Boards


Ishita Chatterjee (University of Western Australia, Australia,

Regulating Digital Commercial Piracy: An Ex-post Analysis


David Kelsey (University of Exeter, UK,

Sara le Roux(Oxford Brookes University, UK)

Dragon Slaying with Ambiguity: Theory and Experiments


Games and Economic Theory

Organizer(s): Carlos Hervés-Beloso

Presenter Title
Marta Faias (Universidade Nova de Lisboa, Portugal,

Javier Hervés Estévez(Universidad de Vigo, Spain)

Emma Moreno García

(Universidad de Salamanca, Spain)

Stability in Price Competition Revisited


Nicholas Ziros (University of Cyprus, Cyprus,

Dimitrios Xefteris(University of Cyprus, Cyprus)

Multi-market Equilibria in Spatial Market Games


Carmen Quinteiro Sandomingo (Universidad de Vigo, Spain,

Miguel Mirás Calvo(Universidad de Vigo, Spain)

Estela Sánchez Rodríguez

(Universidad de Vigo, Spain)

On the Faces of the Core of a Balanced Game


Miguel Mirás Calvo (Universidad de Vigo, Spain,

Carmen Quinteiro Sandomingo(Universidad de Vigo, Spain)

Estela Sánchez Rodriguez

(Universidad de Vigo, Spain)

The Core-center of a Bankruptcy Game


Games and Markets

Organizer(s): Leonidas Koutsougeras

Presenter Title
Jayasri Dutta (University of Birmingham, UK,

H. Polemarchakis(University of Warwick, UK)

Gaussian Common Knowledge


Lionel de Boisdeffre (Universite de Pau et des Pays de l’ Adour, France,

Dropping Rational Expectations


Monica Giovanniello (University of Warwick, UK,

Herakles Polemarchakis(University of Warwick, UK)

Markets for Votes: Conflict, Distribution and Welfare


Leonidas C. Koutsougeras (University of Manchester , UK,

Rabah Amir(University of Iowa, USA)

Mediated Trade Across Markets


General Equilibrium

Organizer(s): Carlos Hervés-Beloso

Presenter Title
Angelos Angelopoulos (University of Manchester, UK,

Walrasian and Value Allocations under Ambiguity in Coalitional Dependent Large Economies with Differential Information


Sebastian Cea Echenique (PSE – University Paris 1, France,

Juan Pablo Torres-Martínez(University of Chile, Chile)

Credit Segmentation in General Equilibrium


Geghard Bedrosian (Bielefeld University, Germany,

Frederik S. Herzberg(Bielefeld University, Germany)

Microeconomic Foundation of Representative Agent Models by Means of Ultraproducts


Carlos Hervés Beloso (University of Vigo, Spain,

Endogenous Control of Externalities in Economies with Tradable Rights


General Equilibrium and Economic Dynamics

Organizer(s): Mich Tvede

Presenter Title
Vincent Maurin (European University Institute, Italy,

Re-using Collateral: A General Equilibrium Model of Rehypothecation


Herve Cres (NYU, Abu Dhabi, United Arab Emirates,

Mich Tvede(Newcastle University, UK)

Economic Correctness: Why Incomplete Markets Might Never Fail


Matias Fuentes (Universidad Nacional de San Martín, Argentina,

Marginal Pricing and Marginal Cost Pricing Equilibria in Economies with Externalities and Infinitely many Commodities


Milan Horniacek (Comenius University in Bratislava, Slovakia,

Lubica Simkova(Comenius University in Bratislava, Slovakia)

Innovation and Efficiency in Dynamic Oligopolistic General Equilibrium


General Equilibrium and Financial Frictions

Organizer(s): Aloisio Araujo

Presenter Title
(, ,


Jean-Pierre Drugeon (Paris School of Economics and Centre National de la Recherche Scientifique, France,

Philippe Bich(Paris School of Economics and Université de Paris 1 Panthéon-Sorbonne, France)

Lisa Morhaim

(Université de Paris 2 Panthéon-Assas, France)

Aggregators, Recursive Payoffs and Dynamic Programming


Juan Pablo Gama (IMPA, Brazil,

Aloisio Araujo(IMPA and FGV, Brazil)

Alain Chateauneuf

(Universite de Paris 1, France)

Rodrigo Novinski

(Ibmec faculdades, Brazil)

General Equilibrium, Risk Loving, Ambiguity and Volatility


Mauricio Villalba (IMPA, Brazil,

Aloisio Araujo(IMPA and FGV, Brazil)

Bankruptcy Might Lead to Pareto Improvement in
a Non Convex Economy


Implementation via Markets

Organizer(s): Walter Trockel, Chair: Ata Atay

Presenter Title
Patrick Beißner (IMW, Bielefeld University, Germany,

Non-Implementability of Arrow Debreu Equilibria by Continuous Trading and Volatility Uncertainty


Guangsug Hahn (POSTECH, Korea,

Joon Yeop Kwon(POSTECH, Korea)

Market-based CEO Compensation under Ambiguity


Theodoros M. Diasakos (University of St Andrews, UK,

Kostas Koufopoulos(University of Pireaus, Greece)

Optimal Mechanism under Adverse Selection: The Canonical Insurance Problem


Ata Atay (Universitat de Barcelona, Spain,

Francesc Llerena(U. Rovira i Virgili-CREIP, Spain)

Marina Nunez

(Universitat de Barcelona, Spain)

Generalized Three-sided Assignment Markets: Consistency and the Core


Information Acquisition and Production

Organizer(s): Maher Said, Chair: Raphael Boleslavsky

Presenter Title
Romans Pancs (Unaffiliated, USA,

Arina Nikandrova(Birkbeck, UK)

Dynamic Project Selection


Ina Taneva (University of Edinburgh, UK,

Information Design


Anne-Katrin Roesler (University of Bonn, Germany,

Is Ignorance Bliss? Rational Inattention and Optimal Pricing


Raphael Boleslavsky (University of Miami, USA,

Christopher Cotton(Queen’s University, Canada)

Limited Capacity in Project Selection: Competition Through Evidence Production


Information Aggregation in Markets

Organizer(s): Xavier Vives

Presenter Title
Anna Bayona (ESADE Business School, Spain,

Supply Function Competition, Market Power and the Neglect of the Information Content of Prices: A Laboratory Study


Stephen Morris (Princeton University, USA,

Information and Market Power


Alessandro Pavan (Northwestern University, USA,

Attention, Coordination, and Bounded Recall


Xavier Vives (IESE Business School, Spain,

Endogenous Public Information and Welfare in Market Games


Information and Market Design

Organizer(s): Marzena Rostek, Chair: Rohit Rahi

Presenter Title
Nicolas Lambert (Stanford University GSB, USA,

Michael Ostrovsky(Stanford GSB, USA)

Michael Panov

(Stanford GSB, USA)

Strategic Trading in Informationally Complex Environments


Haoxiang Zhu (MIT, USA,

Darrell Duffie(Stanford GSB)

Piotr Dworczak

(Stanford GSB, USA)

Benchmarks in Search Markets


Songzi Du (Simon Fraser University, Canada,

Haoxiang Zhu(MIT, USA)

Welfare and Optimal Trading Frequency in Dynamic Double Auctions


Rohit Rahi (LSE Finance, UK,

Jean-Pierre Zigrand(LSE Finance, UK)

Information Aggregation in a Competitive Economy


Innovation and Growth

Organizer(s): Julio Dávila and Silvia Galli

Presenter Title
Pedro Bento (West Virginia University, USA,

Patent Protection and Product-Market Regulation with Vertical and Horizontal Innovation


Réka Juhász (London School of Economics and Political Science, UK,

Temporary Protection and Technology Adoption: Evidence from the Napoleonic Blockade


SIlvia Galli (CORE, C. University of Louvain, Belgium,

Guido Cozzi(University of Saint Gallen, Switzerland)

Stories from the Frontier


Julio Dávila (CORE, C. University of Louvain, Belgium,

Public Domain


International Trade

Organizer(s): Costas Arkolakis, Chair: Peter Neary

Presenter Title
Swati Dhingra (London School of Economics, UK,

Input Mix and Product Adoption: Evidence from India


Mathieu Parenti (Université Catholique de Louvain, Belgium,

David vs. Goliath


Giammario Impullitti (University of Nottingham, UK,

Leonardo Baccini(London School of Economics, UK)

Edmund J. Malesky

(Duke University, USA)

Globalization and State Capitalism: Assessing Vietnam Accession to WTO


Peter Neary (University of Oxford, UK,

Monika Mrázová(Surrey and Geneva, UK)

Mathieu Parenti

(CORE, Université Catholique de Louvain, Belgium)

Technology, Demand, and the Size Distribution of Firms


International Trade and Factor Movements I

Organizer(s): Giovanni Facchini and Giammario Impullitti, Chair: Giammario Impullitti

Presenter Title
Holger Breinlich (University of Essex, UK,

Volker Nocke(University of Mannheim, Germany)

Nicolas Schutz

(University of Mannheim, Germany)

Merger Policy in a Quantitative Model of International Trade


Rahul Mukherjiee (IHEID Geneva, Switzerland,

Ron Alquist(King’s Peak Asset Management)

Linda L. Tesar

(University of Michigan, USA)

Liquidity Driven FDI


James Lake (Southern Methodist University, USA,

Maia Linask(University of Richmond, USA)

Could Tariffs be Pro-cyclical?


Richard Chisik (Ryerson University, Canada,

Julian Emami Namini(Erasmus University Rotterdam, The Netherlands)

International Trade and Labor Market Discrimination


International Trade and Factor Movements II

Organizer(s): Giovanni Facchini and Giammario Impullitti, Chair: Giammario Impullitti

Presenter Title
John Morrow (University of Essex, UK,

Is Skill Dispersion a Source of Productivity and Exporting in Developing Countries?


Luca David Opromolla (Banco de Portugal, Portugal,

Giordano Mion(University of Surrey, UK)

Alessandro Sforza


Managers Mobility and Knowledge Transfer


Gabriel Felbermayr (University of Munich and Ifo, Germany,

R. Aichele(University of Munich and Ifo, Germany)

I. Heiland

(University of Munich and Ifo, Germany)

Going Deep: The Trade and Welfare Effects of TTIP


Julien Prat (CREST, France,

Giammario Impullitti(University of Nottingham, UK)

Gabriel Felbermayr

(University of Munich and Ifo, Germany)

Firm Dynamics and Residual Inequality in Open Economy


International Trade and Trade Agreements

Organizer(s): Eric Bond

Presenter Title
Meredith Crowley (University of Cambridge, UK,

Lu Han(University of Cambridge, UK)

Huasheng Song

(Zhejiang University in Hangzhou, China)

Local Market Conditions, Import Prices and Exchange Rate Pass Through: Evidence from Chinese Exports to the European Union


Benjamin Zissimos (University of Exeter , UK,

Matthew Cole(University of Oregon)

Too Small To Protect? The Role of Firm Size in Trade Agreements


Yan Ma (Kobe University, Japan,

Supermodularity, Comparative Advantage, and Global Supply Chains


Eric Bond (Vanderbilt University, USA,

Kamal Saggi(Vanderbilt University, USA)

Compulsory Licensing and Patent Protection: A North-South Perspective


International Trade Theory and its Applications

Organizer(s): Timothy J. Kehoe

Presenter Title
Radoslaw Stefanski (University of St Andrews, UK,

Spend, Baby, Spend: Windfalls, Specialization and Misallocation


Pau S. Pujolàs (McMaster University, Canada,

Timothy J. Kehoe(University of Minnesota, USA)

Kim J. Ruhl

(New York University Stern School of Business, USA)

Solving Monopolistic Competition Trade Models with Multiple Dimensions of Heterogeneity


Teodora Borota Milicevic (Uppsala University, Sweden,

Rita Ginja(Uppsala University, Sweden)

Selva Baziki

(Uppsala University, Sweden)

Import Competition and Technological Changes: Mobility of Workers and Firms


Illenin Kondo (Federal Reserve Board, USA,

Optimal Taxation and Trade Reforms


Intertemporal Choice and Equilibrium Dynamics

Organizer(s): Ping Wang, Chair: Costas Azariadis

Presenter Title
Costas Azariadis (Washington University in St. Louis, USA,

Corruption in Growth Theory


YiLi Chien (Federal Reserve Bank of St. Louis, USA,

Hanno Lustig(UCLA)

Kanda Naknoi

(University of Connecticut, USA)

Why Are Exchange Rates So Smooth? A Segmented Asset Markets Explanation


Chia-Ying Chang (Victoria University of Wellington, New Zealand,

Status, Inheritance, and Growth


Guillaume Vandenbroucke (Federal Reserve Bank of St. Louis, USA,

Yu-Chien Kong(La Trobe University, Australia)

B. Ravikumar

(Federal Reserve Bank of St. Louis, USA)

Explaining Differences in Life Cycle Earnings across Cohorts



Organizer(s): John Nachbar

Presenter Title
Laurent Mathevet (New York University, USA,

An Axiomatic Perspective on Bounded Rationality in Games


Ignacio Esponda (Washington University-St Louis, USA,

Demian Pouzo(UC Berkeley, USA)

Berk-Nash Equilibrium: A Framework for Modeling Agents with Misspecified Models


Yehuda Levy (Oxford University, UK,

Limits to Rational Learning


Jacob Leshno (Columbia University, USA,

Universal Communication via Robust Coordination


Liquidity, Asset Prices, and Optimal Policy

Organizer(s): Alexandros Vardoulakis, Chair: Skander Van den Heuvel

Presenter Title
David Rappoport (Federal Reserve Board, USA,

A Dynamic Model of Leverage and Interest Rates


Regis Breton (Banque de France, France,

Jung-Hyun Ahn (NEOMA Business School, France)

Vincent Bignon

(Banque de France, France)

Antoine Martin

(Federal Reserve Bank of New York, USA)

Market for Liquidity and Central Bank Policy


David Arseneau (Federal Reserve Board, USA,

David Rappoport(Federal Reserve Board, USA)

Alexandros Vardoulakis

(Federal Reserve Board, USA)

Secondary Market Liquidity and the Optimal Capital Structure


Skander Van den heuvel (Federal Reserve Board, USA,

The Welfare Costs of Bank Liquidity and Capital Requirements


Macro Policy I

Organizer(s): Anne Villamil, Chair: Caterina Mendicino

Presenter Title
Fan Liu (University of Iowa, USA,

Microfinance in the U.S.


Gevorg Hunanyan (University of Kaiserslautern, Germany,

On the Effectiveness of Capital Requirements


Paola Boel (Riksbank, Sweden,

Christopher Waller(Federal Reserve Bank of St Louis, USA)

On the Efficacy of Quantitative Easing at the Zero Lower Bound


Caterina Mendicino (Bank of Portugal, Portugal,

Tax Benefits of Debt-financing and the Optimal Rate of Inflation


Macro Policy II

Organizer(s): Caterina Mendicino and Anne Villamil, Chair: Rajnish Mehra

Presenter Title
Anne Villamil (University of Iowa, USA,

Health Insurance and Talent Misallocation


Antonio Antunes (Bank of Portugal, Portugal,

Consumer Default Effects of Capital Income Tax Cuts


Ettore Panetti (Bank of Portugal, Portugal,

Elena Mattana

A Dynamic Quantitative Macroeconomic Model of Bank Runs


Hye-jin Cho (University of Paris 1, Pantheon Sorbonne, France,

Speculative Bubble Burst


Market Microstructure

Organizer(s): Bart Taub

Presenter Title
Christian Julliard (LSE, UK,

Albina Danilova(LSE, UK)

Information Asymmetries, Volatility, Liquidity, and the Tobin Tax


Shmuel Baruch (University of Utah, USA,

Lawrence Glosten(Columbia University, USA)

Fleeting Orders


Anna Amirdjanova (University of California at Berkeley, USA,

Insider Trading: Effects on Uninformed Traders with Bounded Rationality


Alex Boulatov (HSE, Russia,

Bart Taub(Glasgow University, UK)

How High-Frequency Traders Make Their Money


Markets with Many Commodities

Organizer(s): Maria Gabriella Graziano

Presenter Title
Francesca Centrone (Universita del Piemonte Orientale, Italy,

Anna Martellotti(Università di Perugia, Italy)

Coalitional Extreme Desirability in Finitely Additive Exchange Economies


Takashi Suzuki (Meiji-Gakuin University, Japan,

A Coalitional Production Economy with Infinitely many Indivisible Commodities


Ioannis A.Polyrakis (National Technical University of Athens, Greece,

Geometric Properties of Cones and Equilibrium


Maria Gabriella Graziano (University of Naples Federico II and CSEF, Italy,

Achille Basile(University of Naples Federico II , Italy)

Ciro Tarantino

(University of Naples Federico II , Italy)

Coalitional Fairness with many Commodities



Organizer(s): Onur Kesten

Presenter Title
Alexander S. Nesterov (WZB, Germany,

Matching with Cardinal Preferences


Sinan Ertemel (ITU, Turkey,

A Study of the Turkish High School Admissions System


Ayse Yazici (Durham, UK,

More on Incentives in Decentralized Random Matching


Onur Kesten (Carnegie Mellon, USA,

The Curse of Stability: Designing the Appeals Round in School Choice


Matching and Market Design I

Organizer(s): Fuhito Kojima

Presenter Title
Fuhito Kojima (Stanford University, USA,

Yuichiro Kamada(Berkeley Haas, USA)

Stability Concepts in Matching under Distributional Constraints


Maciej Kotowski (John F. Kennedy School of Government, Harvard University, USA,

Sangram V. Kadam(Harvard University, USA)

Multi-period Matching


Zhiwei Chong (China Economcis and Management Academy, Central University of Finance and Economics, China,

Decentralized Two-Sided Matching Markets: Game-Theoretic Analyses and Design


Daisuke Hirata (Hitotsubashi University, Japan,

Yusuke Kasuya(Yokohama National University, Japan)

Stable and Strategy-Proof Rules in Matching Markets with Contracts


Matching and Market Design II

Organizer(s): M. Utku Unver

Presenter Title
Jean-Jacques Herings (Maastricht University, The Netherland,

Equilibrium and Matching under Price Controls


Umut Dur (North Carolina State University, USA,

Onur Kesten (Carnegie Melon University, USA)

Utku Unver

(Boston College, USA)

Flexible Top Trading Cycles and Chains Mechanism: Maintaining Diversity in Erasmus Student Exchange


Alexander Westkamp (Maastricht University, The Netherlands,

John Hatfield (University of Texas-Austin, USA)

Scott Kominers

(Harvard University, USA)

Strategy-proofness and Stability for Matching with Contracts


Utku Unver (Boston College, USA,

Haluk Ergin(University of California-Berkeley, USA)

Tayfun Sonmez

(Boston College, USA)

Lung Exchange


Mathematical Economics

Organizer(s): Yeneng Sun

Presenter Title
Roberto Raimondo (University of Melbourne, Australia,

Pathwise Smooth Splittable Congestion Games


Xiang Sun (Wuhan University, China,

Haomiao Yu(Ryerson University)

On the Equivalence of Randomized Strategy Equilibria in No-atomic Games


Yishu Zeng (National University of Singapore, Singapore,

Xiang Sun(Wuhan University, China)

Perfect Equilibria in Large Games


Yeneng Sun (National University of Singapore, Singapore,

Darrell Duffie(Stanford University, USA)

Lei Qiao

(National University of Singapore, Singapore)

Continuous-Time Random Matching


Microstructure Theory

Organizer(s): Alex Boulatov

Presenter Title
Sergei Severinov (University of British Columbia (UBC), Canada,

Optimal Mechanism with Budget Constrained Bidders


Dmitry Livdan (UC Berkeley, USA,

Optimal Double Auction


Bart Taub (Glasgow University, UK,

A Dynamic Mechanism Approach to Asset Equilibria with a Martingale Property


Dmitry Makarov (NES, Moscow, Russia,

Competition among Portfolio Managers and Asset Specialization


Money: Theoretical Foundations

Organizer(s): Ross M. Starr

Presenter Title
Gabriele Camera (Chapman University and University of Basel, USA and Switzerland,

Maria Bigoni(University of Bologna, Italy)

Marco Casari

(University of Bologna, Italy)

Money is More than Memory


Dror Goldberg (The Open University of Israel, Israel,

Gabriele Camera(Chapman University, USA)

Avi Weiss

(Bar Ilan University, Israel)

The Emergence of Decentralized and Centralized Trading Institutions: Money vs. Walras in the Laboratory


Ross M. Starr (University of California, San Diego, USA,

Government-Endorsed Fiat Money: Natural Monopoly in a Trading Post Economy


(, ,


Network Economics

Organizer(s): Alex Teytelboym

Presenter Title
C. Matthew Leister (University of California, Berkeley, USA,

Information Acquisition and Response in Peer-effects Networks


Alireza Tahbaz-Salehi (Columbia Business School, USA,

Marco Di Maggio(Columbia Business School)

Microeconomic Origins of Macroeconomic Tail Risks


Kostas Bimpikis (Stanford GSB, USA,

Cournot Competition in Networked Markets


Alex Teytelboym (INET, University of Oxford, UK,

Yongwhan Lim(MIT, USA)

Asuman Ozdaglar


Cascades in Networks: A Simple Theory and Applications


Network Formation

Organizer(s): P. Jean-Jacques Herings

Presenter Title
Sanjeev Goyal (University of Cambridge, UK,

Diego Cerdeiro(University of Cambridge, UK)

Marcin Dziubinski

(Warsaw University, Poland)

Individual Security and Network Design


Ana Mauleon (Université de Saint-Louis-Bruxelles, Belgium,

P. Jean-Jacques Herings(Maastricht University)

Vincent Vannetelbosch

(University of Louvain, Belgium)

Stability of Networks under Level-K Farsightedness


Frank Page (Systemic Risk Centre, LSE, London, UK,

Jieshuang He(Indiana University, Bloomington, USA)

Bilateral Incentive Compatibility and Delegated Networking


Rajiv Vohra (Brown University, USA,

Bhaskar Dutta(University of Warwick, UK)

Rational Expectations and Farsighted Stability



Organizer(s): Francis Bloch, Chair: Rene van den Brink

Presenter Title
Leonie Baumann (University of Hamburg, Germany,

Time Allocation in Friendship Networks


Maia King (Queen Mary, University of London, UK,

Who Can You Trust? Reputation and Cooperation in Networks


Timo Hiller (University of Bristol, UK,

Peer Effects in Endogenous Networks


Rene van den Brink (VU University Amsterdam, The Netherlands,

Polluted River Problems and Games with a Permission Structure


New Methods in Dynamic General Equilibrium

Organizer(s): Kevin Reffett

Presenter Title
Christopher Sleet (Carnegie Mellon University, USA,

Matthias Messner(Bocconi University, Italy)

Nicola Pavoni

(Bocconi University, Italy)

Recursive Dual Methods: Theory and Examples


Martin Kaae Jensen (University of Leicester, UK,

Herakles Polemarchakis(University of Warwick)

Redistributional Policies and Uninsurable Risk


Sevin Yeltekin (Carnegie Mellon University, USA,

Poverty and Self-Control


Manjira Datta (Arizona State University, USA,

Kevin Reffett(Arizona State University, USA)

Lukasz Wozny

(Warsaw School of Economics, Poland)

Comparing Indeterminancies


Nonlinear Dynamics in the Intertermporal Equilibrium Models

Organizer(s): Kazuo Nishimura

Presenter Title
Harutaka Takahashi (Meiji Gakuin University, Japan,

Unbalanced Growth in A Neoclassical Two-sector Optimal Growth Model with Sector Specific Technical Progress: Baumol’s Unbalanced Growth Revisited


Ngo Van Long (McGill University, Canada,

Capital Labor Substitution, Structural Change, and the Labor Income Share


Kazumichi Iwasa (Kobe University, Japan,

Kazuo Nishimura(Kobe University, Japan)

Trade and Indeterminacy


Ken-Ichi Akao (Waseda University, Japan,

Hiroki Sakamoto(Waseda University, Japan)

A Theory of Disasters and Long-run Growth


Open Economy Macroeconomics

Organizer(s): Timothy J. Kehoe

Presenter Title
Gonzalo Fernández de Córdoba Martos (Universidad de Málaga, Spain,

José Luis Torres(Universidad de Málaga, Spain)

Public Debt Frontiers: The Greek Case


Laura Sunder-Plassmann (University of Copenhagen, Denmark,

Incomplete Sovereign Debt Relief


Andrea Waddle (University of Richmond, USA,

Globalization and Jobless Recoveries


Timothy Uy (University of Cambridge, UK,

Bond Auctions and Sovereign Default


Optimal Taxation with Private Information

Organizer(s): Tom Krebs

Presenter Title
Nicolas Werquin (Toulouse School of Economics, France,

Mikhail Golosov(Princeton University, USA)

Aleh Tsyvinski

(Yale University, USA)

A Variational Approach to the Analysis of Tax Systems


Nicola Pavoni (Bocconi University, Italy,

Arpad Abraham(EUI)

Sebastian Koehne

(SIIE, Sweden)

Optimal Income Taxation with Asset Accumulation


Sebastian Findeisen (Mannheim University, Germany,

Dominik Sachs(EUI, Italy)

Designing Efficient College and Tax Policies


Tom Krebs (Mannheim University, Germany,

Sebastian Findeisen(Mannheim University, Germany)

Dominik Sachs

(EUI, Germany)

Optimal Taxation with Moral Hazard and Risky Human Capital


Political Economy I

Organizer(s): Francesco Squnitani & Amrita Dhillon

Presenter Title
Siddhartha Bandyopadhyay (University of Birmingham, UK,

Kalyan Chatterjee(Penn State University, USA)

Jaideep Roy

(Murdoch University, Western Australia)

Manufacturing Dissent: Political Consequences of
Profit-seeking Media


Robert L. Powell (Berkeley, USA,

Taking Sides in Wars of Attrition


Antonio Nicolo (Manchester University, UK,

S. Barbera

Voting and Information Disclosure


Willemien Kets (Northwestern University, USA,
w-kets@kellogg.northwestern.edu )

Alvaro Sandroni(Northwestern University, USA)

A Belief-based Theory of Homophily


Political Economy II

Organizer(s): Francesco Squnitani & Amrita Dhillon

Presenter Title
Enriqueta Aragones (IAE, Spain,

Dimitrios Xefteris(University of Cyprus, Cyprus)

Voters’ Private Valuation of Candidates’ Quality


Francesco Squintani (University of Warwick, UK,

Networks of Experts


Amrita Dhillon (King’s College London, UK,




The Natural Resource Curse Revisited: Theory and Evidence from India


Matias Iaryczower (Princeton, USA,

Nemanja Antic(Princeton University, USA)

Optimally Toothless Policies


Political Economy III

Organizer(s): Francesco Squnitani & Amrita Dhillon

Presenter Title
Alberto Bisin (New York University, USA,

Thierry Verdier(Paris School of Economics, France)

On the Joint Dynamics of Culture and Institutions


John Londregan (Princeton, USA,

Free Association and Dictatorial Rule


Odilon Camara (USC, USA,

Ricardo Alonso

Political Disagreement and Information in Elections


Giulio Seccia (University of Southhampton, UK,

Anurag Banerjee

Sarit Markovic

The Endgame


Political Economy IV

Organizer(s): Francesco Squnitani & Amrita Dhillon

Presenter Title
Pablo Montagnes (University of Chicago, USA,

Alexander V. Hirsch(California Institute of Technology, USA)

The Lobbyist’s Dilemma: Gatekeeping and the Profit Motive


Jacopo Perego (NYU, USA,

Sevgi Yuksel(New York University, USA)

Media Competition and the Source of Disagreement


Joseph McMurray (Bingham Young University, USA,

Ideology as Opinion: Polarization in a Spatial Model
of Common-value Elections




Political Economy V

Organizer(s): Francesco Squnitani & Amrita Dhillon

Presenter Title
Renee Bowen (Stanford University, USA,

Collective Choice in Dynamic Public Good Provision:
Real versus Formal Authority


Konstantinos Matakos (LSE & King’s College London, UK,

Dimitrios Xefteris(University of Cyprus, Cyprus)

Divide and Rule: Redistribution in a Model with Differentiated Candidates


Galina Zudenkova (Mannheim University, Germany,

Maria Petrova(University Pompeu Fabra, Spain)

Content and Collective Action Censorship in Authoritarian Regimes




Public Economics and Networks

Organizer(s): Nizar Allouch

Presenter Title
Nicole Tabasso (Surrey University, UK,

Diffusion of Multiple Information


Samson Alva (University of Texas, USA,

Electoral Competition and Social Influence Networks


Luca Paolo Merlino (Université libre de Bruxelles, Belguim,

Markus Kinateder(Universidad de Navarra, Spain)

Public Goods in Endogenous Networks


David Minarsch (Cambridge University, UK,

C. Matthew Leister(University of California-Berkeley, USA)

Knowledge and Pricing in Intermediated Markets


Quantitative Macroeconomics

Organizer(s): Selo Imrohoroglu

Presenter Title
Vincent Sterk (University College London, UK,

Petr Sedlacek(University of Bonn, Germany)

The Growth Potential of Startups over the Business Cycle


Tomoaki Yamada (Meiji University, Japan,

Can Guest Workers Solve Japan’s Fiscal Problems?


Gary Hansen (University of California, Los Angeles, USA,

Low Frequency Fluctuations


Selo Imrohoroglu (University of Southern California, USA,

Capital Income Tax Reform and the Japanese Economy


Real Option Games

Organizer(s): Frank Riedel

Presenter Title
Jacco Thijssen (York University, UK,

Attrition and Preemption in a Continuous-Time Investment Game with Stochastic Payoffs


Jan-Henrik Steg (Bielefeld University, Germany,

Subgame-Perfect Equilibria in Stochastic Timing Games


Nick Huberts (Tilburg University, The Netherlands,

Entry Deterrence by Timing rather than Overinvestment in a Strategic Real Options Framework


Tobias Hellmann (Bielefeld University, Germany,

Ambiguity in a Real Options Game


Repeated games

Organizer(s): Guilherme Carmona

Presenter Title
Guilherme Carmona (University of Surrey, UK,

Hamid Sabourian(University of Cambridge, UK)

Approachability with Discounting and the Folk Theorem


Olivier Gossner (Université Paris-Saclay (CNRS  École Polytechnique) and LSE, France,

The Robustness of Incomplete Penal Codes in Repeated Interactions


Antoine Salomon (Université Paris Dauphine, France,

Francoise Forges(Université Paris Dauphine, France)

Bayesian Repeated Games


Juan Escobar (University of Chile, Chile,
jescobar@dii.uchile.cl )

Gastón Llanes(Catholic University of Chile, Chile)

Cooperation Dynamics in Repeated Games of Adverse Selection


Risk and Risk Sharing in Decentralized Markets

Organizer(s): Marzena Rostek, Chair: Antonio Cabrales

Presenter Title
Maryam Farboodi (Princeton University, USA,

Intermediation and Voluntary Exposure to Counterparty Risk


Jonathon Hazell (MIT & University of Cambridge, USA & UK,

Matt Elliott(Caltech, USA)

Efficiency, Stability and Contagion in Financial Networks


Kathy Yuan (LSE Finance, UK,

Edward Denbee(Bank of England, UK)

Christian Julliard

(LSE Finance, UK)

Ye Li

(Columbia University, USA)

Network Risk and Key Players: A Structural Analysis of Interbank Liquidity


Antonio Cabrales (UCL, UK,

Piero Gottardi(EUI, Italy)

Fernando Vega-Redondo

(Bocconi University, Italy)

Risk Sharing and Contagion in Networks


Skill, Technology and Development I

Organizer(s): Ping Wang

Presenter Title
(, ,


Alexander MongeNaranjo (Federal Reserve Bank of St. Louis, USA,

Pedro-Cavalcanti Ferreira(Fundacao Getulio Vargas)

Slums, Skill Formation and the Urban and Structural Development of Countries


Yin-Chi Wang (Chinese University of Hong Kong, Hong Kong,

Pei-Ju Liao(Academia Sinica, Taiwan)

Ping Wang

(Washington University in St. Louis, USA)

Chong K. Yip

(Chinese University of Hong Kong, Hong Kong)

Educational Choice, Rural-urban Migration and Economic Development: The Role of Zhaosheng in China


David Wiczer (Federal Reserve Bank of St. Louis, USA,

Stephen Parente(UIUC, USA)

Productivity Gaps, Unemployment, Migration and Development: Harris-Todaro Meets Mortensen Pissarides


Skill, Technology and Development II

Organizer(s): Ping Wang, Chair: B. Ravikumar

Presenter Title
B. Ravikumar (Federal Reserve Bank of St. Louis, USA,

German Cubas(University of Houston, USA)

Gustavo Ventura

(Arizona State University, USA)

Talent, Labor Quality, and Economic Development


Chong K. Yip (Chinese University of Hong Kong, Hong Kong,

Tsz-Nga Wong(Bank of Canada, Canada)

A Model of Technology Assimilation


Carlos Garriga (Federal Reserve Bank of St. Louis, USA,

Yang Tang(Nanyang Technological University, Singapore)

Ping Wang

(Washington University in St. Louis, USA)

Spatial Misallocation Across Chinese Cities


Lin Ma (National University of Singapore, Singapore,

Yang Tang(Nanyang Technological University, Singapore)

Understanding Spatial Wage Distribution Within and Between Chinese Cities


Social Choice

Organizer(s): Anna Bogomolnaia

Presenter Title
Dolors Berga (University of Girona, Spain,

Riste Gjorgjiev(University of Girona, Spain)

Impartial Assignment of m prizes


John Ledyard (Caltech, USA,

Auction Design for Buybacks in Fisheries


Patrick Harless (University of Rochester, USA,

Solidarity in Preference Aggregation: Improving on a Status Quo


Emel Ozturk (Maastricht University, The Netherlands,

Measurement of Equality of Opportunity: A Normative Approach


Social Choice and Cooperative Game Theory

Organizer(s): Youngsub Chun

Presenter Title
Shiran Rachmilevitch (University of Haifa, Israel,

Parametrized Bargaining Solutions


Joosung Lee (University of Edinburgh, UK,

Bargaining and Buyout


Gerard van den Laan (VU University Amsterdam, The Netherlands,

Rene van den Brink(VU University Amsterdam, The Netherlands)

Chris Dietz

(VU University Amsterdam, The Netherlands)

Genjiu Xu

(VU University Amsterdam, The Netherlands)

Comparable Characterizations of Four Solutions for Permission Tree Games


Youngsub Chun (Seoul National University, South Korea,

Duygu Yengin(University of Adelaide, Australia)

Welfare Lower Bounds and Strategyproofness in the Queueing Problem


Social Networks

Organizer(s): Agnieszka Rusinowska

Presenter Title
Anja Prummer (The Cambridge – INET Institute, UK,

Francesco Nava(LSE, UK)

A Model of Mobilisation


Tim Hellmann (Bielefeld University, Institute of Mathematical Economics, Germany,

Herbert Dawid(Bielefeld University, Department of Business Administration and Economics, and Institute of Mathematical Economics)

Investments in R&D and the Formation of R&D Clusters


Florian Gauer (Bielefeld University, Center for Mathematical Economics, Germany,

Strategic Formation of Homogeneous Bargaining Networks


Agnieszka Rusinowska (Paris School of Economics  CNRS, University of Paris 1, Centre dEconomie de la Sorbonne, France,

Philipp Moehlmeier(Bielefeld University, Center of Mathematical Economics, Germany)

Emily Tanimura

(University of Paris I, Centre dEconomie de la Sorbonne, France)

Competition for the Access to and Use of Information in Networks


The Theory of Value: A Memorial Session for Monique Florenzano

Organizer(s): M. Ali Khan

Presenter Title
Emma Moreno-Garcia (Universidad de Salamanca, Spain,

On Convergence of Bargaining Sets for Exchange Economies


Kali P. Rath (University of Notre Dame, USA,

M. Ali Khan(Johns Hopkins University, USA)

Lei Qiao

(National University of Singapore, Singapore)

Yeneng Sun

(National University of Singapore, Singapore)

General Equilibrium Theory on a Finitely-Additive Measure Space of Agents: A Viable Option?


Cuong Le Van (University of Paris I, France,

Takashi Kamihigashi(Kobe University, Japan)

Necessary and Sufficient Conditions for a Solution to the Bellman Equation to be the Value Function: a General Principle


Nizar Allouch (Queen Mary, University of London, UK,

Maia King(Queen Mary, University of London, UK)

Policy Reform in Networks


Topics in Applied Theory

Organizer(s): Rabah Amir

Presenter Title
Yu-Fai (Michael) Choi (University of Iowa, USA,

The Economics of Web Search


Adriana Gama-Velazquez (El Colegio de México, Mexico,

Oligopoly with Incompatible Networks


Charlene Cosandier (Mines Paris Tech, France,

Intermediaries vs Trolls in Contests for Patents


Rabah Amir (University of Iowa, USA,

Luciano De Castro(University of Iowa, USA)

Nash Equilibrium in Games with Quasi-Monotonic Best-Responses


Topics in Auctions, Contests and Markets

Organizer(s): Diego Moreno and John Wooders

Presenter Title
John Wooders (Department of Economics, University of Technology Sydney, Australia,

Matt Van Essen (University of Alabama, USA)

Equilibrium and Maximin Perfection in a Dynamic Fair Division Auction


Angel Hernando-Veciana (Universidad Carlos III de Madrid, Spain,

Rounding in the Libor Submissions


Jason Shachat (Durham University Business School, UK,

J. Todd Swarthout(Georgia State University, USA)

Yun Wang

(Xiamen University, China)

The Market Allocation of Property Rights and the Destruction of Trust


Diego Moreno (Universidad Carlos III de Madrid, Spain,

Ezra Einy(Ben Gurion University of the Negev, Israel)

Benyamin Shitovitz

(University of Haifa, Israel)

The Value of Public Information in Common-Value Tullock Contests


Topics in Dynamic Incentives

Organizer(s): Hector Chade, Chair: Juan Ortner

Presenter Title
(, ,


Gonzalo Cisternas (MIT Sloan, USA,

Alessandro Bonatti(MIT Sloan, USA)

Juuso Toikka

(MIT, Department of Economics, USA)

Dynamic Oligopoly with Incomplete Information


Yingni Guo (Northwestern University, USA,

Johannes Horner(Yale University, USA)

Dynamic Mechanisms without Money


Juan Ortner (Boston University, USA,

Sylvain Chassang(Princeton University, USA)

Collusion in Auctions with Price Limits: Theory and Evidence from Procurement


Topics in Economic theory

Organizer(s): Svetlana Boyarchenko

Presenter Title
V. Bhaskar (University of Texas at Austin, USA,

Learning, New Technology and the Ratchet Effect


Maxwell B. Stinchcombe (University of Texas at Austin, USA,

Updating Ambiguous Beliefs: Theory and Applications


Caroline Thomas (University of Texas at Austin, USA,

Career Concerns and Policy Intransigence – A Dynamic Signaling Model


Svetlana Boyarchenko (University of Texas at Austin, USA,

Sergei Levendorskii

Poisson Bandits of Evolving Shade of Gray


Topics in Financial Decision Making

Organizer(s): Jan Wenzelburger

Presenter Title
Philipp Weinschenk (Max-Planck Institut, Bonn, Germany,

What Determines Success? The Complex Relationship Between Incentives and Performance


Conrad Spanaus (TU Kaiserslautern, Germany,

Asset Pricing Using Downside Risk of Payoffs


Jan Wenzelburger (University of Liverpool, UK,

Fei Su(University of Liverpool, UK)

Catastrophe Bonds, Innovations, and the CAPM


Fabrizio Perri (Federal Reserve Bank of Minneapolis, USA,

Dirk Krueger(University of Pennsylvania, USA)

Kurt Mitman

(IIES, Stockholm University, Sweden)

Macroeconomics and Heterogeneity


Topics in Financial Stability

Organizer(s): M. Udara Peiris, Chair: Dimitrios P. Tsomocos

Presenter Title
Juan Francisco Martínez (Central Bank of Chile , Chile,

Sebastin Becerra(Central Bank of Chile, Chile)

Luis Cabezas

(Central Bank of Chile, Chile)

Macro Financial Model: A Proposal for Chile


Daniele Siena (Banque de France, France,

Tommaso Monacelli(Bocconi University, Italy)

Luca Sala

(Bocconi University, Italy)

Exchange Rate Regimes, Financial Imperfections and Productivity


Jacqueline Dai (HSBC Business School, Peking University, China,

Kwangwon Ahn(HSBC Business School, Peking University, China)

Chansoo Kim

(Korean Institute of Science and Technology,, South Korea)

Dimitrios P. Tsomocos

(University of Oxford, UK)

Systemic Risk and Financial Fragility in China


M. Udara Peiris (NRU Higher School of Economics, Russian Federation,

Charles Goodhart(LSE, UK)

Dimitrios P. Tsomocos

(University of Oxford, UK)

Capital Adjustment Costs Through Corporate Default


Topics in Game Theory

Organizer(s): Richard P. McLean

Presenter Title
Metin Uyanik (Johns Hopkins University, USA,

On the Non-emptiness of the Alpha-Core of Discontinuous Games


Haomiao Yu (Ryerson University, Canada,

Xiang Sun(Wuhan University, China)

Pure Strategy Equilibria in Non-atomic Games with Discontinuous Payoffs


M.Ali Khan (Johns Hopkins University, USA,

Yongchao Zhang(Shanghai University of Finance and Economics, China)

On Pure Strategy Equilibria in Games with Correlated Information


Ahmet Alkan (Sabanci University, Turkey,

Alparslan Tuncay(Sabanci University, Turkey)

Pairing Games and Markets


Topics in Game Theory I

Organizer(s): Xiao Luo

Presenter Title
Takashi Kunimoto (Hitotsubashi University, Japan,

Yi-Chun Chen(National University of Singapore, Singapore)

Yifei Sun

(National University of Singapore, Singapore)

Implementation with Transfers


Yi-Chun Chen (National University of Singapore, Singapore,

Takashi Kunimoto(Hitotsubashi University, Japan)

Yifei Sun

(National University of Singapore, Singapore)

Robust Dynamic Implementation


Shravan Luckraz (University of Nottingham, Ningbo, China,

Gafurjan Ibragimov(UPM, Malaysia)

Pursuit-evasion Games on a Graph – On a Class of Evasion Strategies


Xiao Luo (National University of Singapore, Singapore,

Ben Wang(National University of Singapore, Singapore)

Toward a Unified Theory of “Perfectly” Rational Strategic Behavior: MACA


Topics in Game Theory II

Organizer(s): Xiao Luo, Chair: Ming Li

Presenter Title
Chen Qu (BI Norwegian Business School, Norway,

Endogenous Coalition of Intellectual Properties: A Three-Patent Story


Bin Liu (National University of Singapore, Singapore,

Jingfeng Lu(National University of Singapore)

Optimal Two-Stage Procurement with Private R&D Efficiency


Xin Feng (National University of Singapore, Singapore,

Jingfeng Lu(National University of Singapore, Singapore)

Yeneng Sun

(National University of Singapore, Singapore)

Revenue-Maximizing Auction with Bi-Dimensional Private Information on Value and Entry Cost


Ming Li (Concordia University, Canada,

Sourav Bhattacharya(SourUniversity of Pittsburgh, USA)

Strategic Communication and Group Formation


Topics in Industrial Organization and Economic Theory

Organizer(s): Emma Moreno-García

Presenter Title
Joana Resende (Cef.Up, University of Porto, Portugal,

Rosa Branca Esteves(NIPE, University of Minho, Portugal)

Geo-fence versus Geo-conquest: Price Discrimination through Target Advertising


Joana Pinho (Cef.Up, University of Porto, Portugal,

António Brandão(Cef.Up, University of Porto)

How Do Asymmetries in Firms Productivity Affect the Labor Market?


Joaquin Gómez-Miñambres (Bucknell University, USA,

Employment and Unemployment Benefits as Gifts: A Road to Voluntary Exploitation in Labor


Juan Carlos Suárez Serrato (Duke University, USA,

The One Child Policy and Promotion of Mayors in China


Topics in Industrial Organization and Finance

Organizer(s): Marta Faias

Presenter Title
Filomena Garcia (Indiana University and UECE/ISEG, USA,

Andrea Vezzulli (ISEG and UECE, Portugal)

Optimal contracting for innovation


Jaime Luque (University of Wisconsin-Madison, USA,

Timothy Riddiough(University of Wisconsin-Madison, USA)

A Theory of Subprime Mortgage Lending with Applications to the Rise and Fall of the Subprime Mortgage Market


Philip J. Erickson (University of Iowa, USA,

Information Asymmetry in Profit-generating Graduate Education Markets: A Structural Approach to Law Schools


Margarida Catalão-Lopes ( CEG-IST, Instituto Superior Técnico, Universidade de Lisboa, Portugal,

Duarte Brito(Universidade Nova de Lisboa and CEFAGE-UE, Portugal)

Endogenous Post-merger Internal Organization and Consumer Welfare


Topics in Microeconomic Theory I

Organizer(s): Siyang Xiong

Presenter Title
Siyang Xiong (University of Bristol, UK,

Yi-Chun Chen(National University of Singapore, Singapore)

The Incentive Compatibility Critique


Georgios Gerasimou (University of St Andrews, UK,
georgios.gerasimou AT st-andrews.ac.uk)

Dominance Solvable Games with Multiple Payoff Criteria


Xiaojian Zhao (Hong Kong University of Science and Technology, China,

Fuhai Hong(Nanyang Technological University, Singapore)

Sunk Cost as a Self-Disciplining Device


Jiangtao Li (National University of Singapore, Singapore,

Yi-Chun Chen(National University of Singapore, Singapore)

Wei He

(University of Iowa, USA)

Yeneng Sun

(National University of Singapore, Singapore)

Deterministic Implementation of Bayesian Incentive Compatible Mechanisms


Topics in Microeconomic Theory II

Organizer(s): Beth Allen

Presenter Title
Patrick O’Callaghan (University of Queensland, Australia,

How to Measure Utility or Elicit Beliefs without Mixing Apples and Oranges: An Application to Brownian Motion


Valeriy M. Marakulin (Sobolev Institute of Mathmatics, Russian Academy of Sciences, Novosibirsk, Russia,

On the Theory of Spatial General Equilibrium and Tiebout Equilibrium in Multidimensional Space


Cigdem Gizem Korpeoglu (Carnegie Mellon University and University College London, USA and England,

Consumer Unions: Blessing or Curse?


Beth Allen (University of Minnesota, USA,



Topics on Economic Development

Organizer(s): Tiago Cavalcanti

Presenter Title
Julian Neira (University of Exeter, UK,

Bankruptcy and Aggregate Productivity


Julieta Caunedo (Cornell University, USA,

Industry Dynamics, Investment and Uncertainty


Francesco Caselli (London School of Economics, UK,

John Coleman

Christian Siegel

Domestic Market Size, Inward Orientation, and Industrialization


Tiago Cavalcanti (University of Cambridge, UK,

Finance and Development:
On the Causal Effect of Access to Credit on Productivity


Wealth Distribution: Empirics

Organizer(s): Alberto Bisin

Presenter Title
M. De Nardi (University College of London, UK,

F. Yang(, USA)

Wealth Inequality, Family Background, and Estate Taxation


F. Kindermann (University of Bonn, Germany,

D. Krueger (University of Pennsylvania)

High Marginal Tax Rates on the Top 1%? Lessons from a Life Cycle Model with Idiosyncratic Income Risk


A. Bisin (New York Univerisity, USA,

J. Benhabib(New York Univerisity, USA)

M. Luo

(New York University, USA)

The Dynamics of the Wealth Distribution and Social Mobility


S. Zhu (National University of Singapore, Singapore,

C.C. Yang(Academia Sinica, Taiwan)

S. Wu

(Tsing Hua University, Taiwan)

Elasticities of Pareto Parameters and the Optimal Top Tax Rate


Wealth Distribution: Theory I

Organizer(s): Alberto Bisin

Presenter Title
B. Moll (Princeton University, USA,

Xavier Gabaix(New York University, USA)

Jean-Michel Lasry

(University of Paris-Dauphine, France)

Pierre-Louis Lions

(College de France, France)

The Dynamics of Inequality


J. Benhabib (New York University, USA,

A. Bisin(New York University)

S. Zhu

(National University of Singapore, Singapore)

The Wealth Distribution in Bewley Models with Investment Risk




R. Fernholz (Claremont McKenna College, USA,

A Model of Economic Mobility and the Distribution of Wealth


Wealth Distribution: Theory II

Organizer(s): Alberto Bisin

Presenter Title
M. Nirei (Ministry of Finance, Japan,

S. Aoki(Hitotsubashi University, Japan)

Zipf’s Law, Pareto’s Law, and the Evolution of Top Incomes in the U.S.


C. Ewald (University of Glasgow, UK,

On the Stochastic Dynamics of Distributions


A. Toda (Univesity of California, San Diego, USA,

Yoshiyuki Miyoshi(Univesity of California, San Diego, USA)

Growth, Welfare, and Inequality under Basic Income/Flat Tax


M. D’Amato (University of Salerno, Italy,

C. Di Pietro(University of Salerno, Italy)

Left and Right. A Tale of Two Tails in the Wealth Distribution