Economics brochure

Economics

Contents 1

Economics at Exeter

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Research events

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The Department of Economics

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Meet some of our economics faculty

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A brief look at our research

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Some of our publications

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Meet our students

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Postgraduate programmes

Acknowledgements Production University of Exeter Business School, Marketing Team Design Design and Publications Office, University of Exeter Photography Tim Pestridge

www.exeter.ac.uk/business-school

Economics at Exeter The Department of Economics is committed to excellence in research and teaching.

The Department of Economics, has been ranked in the top league of all Economics Departments in the UK in all of the previous Research Assessment Exercises (RAE). This reflects the high calibre of the faculty and their contributions to both theoretical and applied economics.

Within the current faculty of 32, which includes members from many countries around the world, there is expertise and international reputation in a significant number of areas of economic and econometrics. We also engage in projects with international organisations such as the International Monetary Fund (IMF), the World Bank, the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN) and the World Trade Organisation (WTO).

We have been recently awarded substantial funding from the ESRC, HMRC, and HMT over a period of five years for a Tax Administration Research Centre. The Centre will undertake research on tax administration in order to strengthen the theoretical and empirical understanding of tax operations and policies. The Centre is operated in partnership by the University of Exeter and the Institute for Fiscal Studies. Its research is multidisciplinary, and the research team involves economists, accountants, experimentalists, and psychologists. It will also undertake a range of activities including the organisation of workshops, conferences, and training programmes. An important role of the Centre is to build capacity for future tax research so it provides scholarships for PhD students and hosts a large number of affiliated students. The Centre also has exceptionally strong international connections and its international members include James Alm (Tulane University), Richard Bird (University of Toronto), Peter Birch Sørensen (University of Copenhagen), Kim Bloomquist (IRS), Richard Blundell (UCL), Valerie Braithwaite (Australian National University), Chris Evans (UNSW), John Hasseldine (University of New Hamphsire), Mick Keen (IMF), Erich Kirchler (University of Vienna), and James Poterba (MIT).

Our postgraduate MSc and PhD Economics programmes are accredited by the Economic and Social Research Council (ESRC), the leading research council for Social Sciences in the UK, and we currently rank first in the UK for attracting the best qualified AAB+ students to our Economics programmes.

Our PhD programme trains the next generation of economists. Our PhD students form a vibrant community and are integrated into a stimulating research environment, pursuing research of international excellence.

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Research events

Professor Christos Kotsogiannis and Professor Alan Woodland (keynote speaker).

Beyond borders: influence on a global scale

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P rofessor Alan Woodland, University of New South Wales

Conferences and workshops feature prominently in the research culture of the Department:

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Michael Toman, World Bank

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Jon Strand, World Bank.

In April 2011 we held the Environmental Protection and Sustainability Forum, a three-day international conference. It involved facilitated debates, interactive discussions and top level knowledge exchange in an intimate atmosphere quite different from other major international conferences. Key stakeholders and international experts came together to shape new global economic agreements focused on environmental protection and sustainability. This conference was part of the University of Exeter’s ‘Climate Change and Sustainable Futures Programme’ which has identified this area as a central element of its future strategy.

Keynote speakers included: ■

P rofessor Scott Barrett, Columbia University

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P rofessor Brian Copeland, University of British Columbia

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P rofessor James Markusen, University of Colorado

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P rofessor Larry Karp, University of California at Berkley

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P rofessor Charles Kolstad, University of California, Santa Barbara

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P rofessor Charles Mason, University of Wyoming

Michael Toman (keynote speaker).

Professor Scott Barrett.

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In September 2011 we also held a workshop in honour of Professor Cuong Le Van, with keynote speakers including: ■

P rofessor Robert Becker, Indiana University

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P rofessor Jean Michael Grandmont ICEF, University Ca’ Foscari di Venezia at San Giobbe and CREST-GRECSTA

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P rofessor Roger Guesnerie, College de France

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P rofessor Herakles Polemarchakis, Warwick University

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P rofessor Myrna Wooders, Vanderbilt University.

In April 2012 we held the Contests, Mechanisms and Experiments Conference, a two-day event that brought together researchers working in the areas of contests and mechanisms in theory and experiments. With 12 prominent speakers and 40 delegates from institutions around the world the conference also gave students and academics a chance to present their current research areas through a successful poster session. This workshop was organised by the Behaviour, Decisions and Markets (BDM) research group of the Department of Economics.

In May 2012 we held the Resource Insecurity, International Trade and the

Environment Workshop. A two-day international workshop that addressed recent research on resource insecurity and international trade. Specific topics covered conflict over resources, political economy issues, economic development and its interplay with international trade and the environment. The workshop featured prominent economists from North America and Europe presenting current research on these themes. This workshop was organised by the Public Economics, Trade and the Environment (PETE) research group.

In June 2012 we held the 21st European Workshop on General Equilibrium Theory with over 80 participants from all over Europe presenting the latest developments in general equilibrium theory and its applications. This year plenary lectures were given by Felix Kubler and Yves Balasko who joined the list of distinguished past speakers that include Leonid Hurwich, Wener Hildenbrand, Graciela Chichilnisky, David Cass, Andreu MasColell, Roger Guernerie, Roy Radner, David Schmeidler, and Herakles Polemarchakis.

challenges. The workshops covered topics as diverse as ‘Chinese Economic Growth: Is it sustainable?’ to ‘Climate change: Can we change behaviour?’

PhD Workshop Series The Department of Economics organise, as part of its Distinguished Visitors Programme, the PhD Workshop Series, events that offers PhD students the opportunity to attend lectures taught by prominent economists in different research areas and discuss their current research with them. During 2012 the following workshops were held: ■

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rofessor Brian Copeland, University P of British Columbia gave a series of lectures on Trade and Environment covering the recent literature on the interaction between international trade and the environment.

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rofessor Harris Dellas, University P of Bern gave a series of lectures on ‘Monetary Economics’ discussing issues such as the determinants of the slope of the Phillips curve, the properties of optimal monetary policy, under what

Inspiring the economists of the future July 2012 we held the Economics & Business Year 12 Conference with plenary speaker Professor Ian Sheldon from Ohio State University. 140 Year 12 pupils from around the region attended.

This regular conference - organised by Professor Steve McCorriston and Juliette Stephenson - introduces students to economics and finance and provides insights into some of the biggest societal

rofessor Eyal Winter, Hebrew P University gave a series of lectures on incentive schemes in organisations with special emphasis on the role peer effects in designing optimal incentives.

The internal information about peer effort in the organisation and its effect on agents’ incentives and the principal’s cost of providing these incentives were central topics of the course.

conditions should monetary policy be exclusively pre-occupied with price stability, how can optimal monetary policy be implemented, and what are the properties of alternative monetary policy rules.

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rofessor John Weymark, Vanderbilt P University gave a series of lectures on redistributive nonlinear income taxation.

Contests, Mechanisms and Experiments Conference 2012

Resource Insecurity, International Trade and the Environment Workshop 2012

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The Department of Economics Research in the Department of Economics is of the highest calibre by both national and international standards. The Department is consistently ranked as one of the best in the UK, and faculty members contribute to economic thought and international policy issues. As such, they are heavily involved in helping to develop real-world economic policy at organisations such as the Bank of England, the OECD, the IMF, the UN and the World Bank.

As a Department we strive to achieve a consistently high quality of education.

Our goals of maintaining high teaching standards and of enhancing the students’ learning experiences are fostered by our commitment to pursue excellence in research and teaching.

We offer postgraduate training accredited by the Economic and Social Research Council (ESRC) - at both MSc and PhD levels.

Our MSc programmes have been designed to equip students with transferable, employment-related skills making them highly valued by employers. Our graduates have subsequently found employment as professional economists in the public

Scholarships are also available for our MSc and PhD programmes. You can search our funding database on the University website: www.exeter.ac.uk/studying/ funding/search

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sector (eg, international organisations, central banks and government departments) as well as in universities and in the private sector. We also give students the opportunity to learn about and discuss topical events beyond their formal classes through our weekly seminar series which attracts guest speakers from around the world.

Our MSc programmes provide ESRC accredited research training which serves as ideal preparation for a PhD and therefore many of our MSc students progress to PhD programmes.

Recent full-fee PhD studentships at Exeter have been awarded in Microeconomics, Macroeconomics, Econometric Theory, International Trade and Climate Change.

PhD students work in intense collaboration with faculty to learn the craft of research and to bring the technical skills of modern economics to bear on real-world questions of economic importance.

Meet some of our economics faculty Professor Dieter Balkenborg Associate Professor of Economics

Professor Tatiana Damjanovic Associate Professor of Economics

Professor Dieter Balkenborg joined the Economics Department in 1998. His main research area is game theory, in particular the connection between the classical approach of game theory assuming full rationality of players and the evolution approach, based on learning and adaptation. He also works in experimental economics and is co-founder and director of the Finance and Economics Experiments Laboratory at Exeter (FEELE) lab. He has published in journals such as the American Economic Review, the Journal of Economic Theory and the International Journal of Game Theory.

Professor Tatiana Damjanovic joined the Department of Economics in 2011. She obtained her first degree in Functional Analysis, Mathematics from Moscow State University before completing a Masters degree at the New Economic School and worked as a domestic debt expert for the Ministry of Finance of the Russian Federation. Professor Damjanovic then obtained her PhD from the Stockholm School of Economics. She previously worked at the University of St Andrews. Her primary research area is Macroeconomics and Banking and she has published in, amongst other journals, the European Economic Review, Journal of Monetary Economics and Economics Letters.

Dr Surajeet Chakravarty Senior Lecturer in Economics Dr Surajeet Chakravarty completed his PhD at the University of Southern California. His primary research interests are in information economics, theory of firm and law and economics. Surajeet is currently working on projects on dispute resolution, ambiguity and law, allocation mechanisms, social identity and experiments. He has taught at the University of Southern California, University of California, Irvine and Queen’s University, Belfast. His work has appeared in the Rand Journal of Economics, Games and Economic Behaviour and Economics Letters.

Professor Dieter Balkenborg.

Professor James Davidson Professor of Econometrics Professor James Davidson holds the degrees of BSocSc from the University of Birmingham and MSc Economics from the London School of Economics. Before joining the University of Exeter in 2004, he held teaching posts at the University of Warwick, the London School of Economics, the University of Wales, Aberystwyth and Cardiff University. He has also held visiting positions at the University of California, Berkeley, The University of California, San Diego, and Central European University, Budapest. Professor Davidson’s research has appeared in, amongst other journals, Econometrica, Econometric Theory, Journal of Econometrics, Review of Economic Studies, Journal of Time Series Analysis and Economics Letters.

Dr Surajeet Chakravarty.

Professor Tatiana Damjanovic.

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Dr Miguel Fonseca Senior Lecturer in Economics

Professor James Davidson.

Dr Miguel Fonseca.

Dr Miguel Fonseca joined the Department of Economics in 2007 from Columbia University, where he had spent the previous two years as a post-doctoral researcher. His post-doctoral work related to water management issues in Northeast Brazil. In particular, he conducted field experiments to study the ability of market mechanisms to coordinate investment decisions when there is uncertainty about the availability of water. Prior to that, he studied for his PhD at Royal Holloway, University of London, and his thesis focused on endogenous leadership formation in markets. Dr Fonseca’s current research interests are on tacit and explicit collusion and social identity and its effect on public good provision and bargaining and has obtained research support from the ESRC, the British Academy and the Nuffield Foundation. Dr Fonseca has published his work in the Economic Journal, International Journal of Industrial Organisation and Economic Theory.

Professor Todd Kaplan Professor of Economics

Professor Todd Kaplan.

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Professor Todd Kaplan received his PhD from University of Minnesota and his BSc from Caltech. He has a diverse range of research interests that vary from running experimental cooperation games to empirically analysing steroid use in baseball to building mathematical models to explain behaviour in auctions and contests. Professor Kaplan’s work

has appeared in many journals, including: American Economic Review, Rand Journal of Economics, Economic Theory and Economic Journal.

Professor Christos Kotsogiannis Head of the Department of Economics and Professor of Economics Professor Christos Kotsogiannis joined the academic staff in 2001 and is currently the Head of the Department of Economics. His research is primarily in the field of public economics with publications in journals such as: American Economic Review, Journal of Public Economics, Journal of Public Economic Theory, International Tax and Public Finance, Journal of Urban Economics and Economics Letters.

Professor Kotsogiannis is also a Research Fellow of CESifo, Germany, and recently held a Leverhulme Research Fellowship, and has been a visiting scholar at the International Monetary Fund and a consultant for the World Bank.

Professor Robin Mason Dean of the Business School and Professor of Economics Professor Robin Mason is the Dean of the Business School. He joined the Business School as Professor of Economics in 2009, having previously been the Eric Roll Professor of Economics and Head of Economics at the University of Southampton. He is a fellow of the CEPR and a Reporting Panel Member and a Specialist Member on the Communications Act Panel of the Competition Commission.

His academic research concentrates on how firms respond strategically to uncertainty and, more broadly, the incentives faced by economic agents in situations when they have imperfect information about their environment.

Professor Mason has published his work in journals, including the Journal of Economic Theory, Journal of the European Economic Association and the International Journal of Industrial Organization. He has also acted as advisor to a number of regulators, in both the UK and internationally, to the Prime Minister of Mauritius on competition policy and to a number of private-sector companies.

Professor Steve McCorriston Professor of Agricultural Economics Professor Steve McCorriston has acted as a consultant to the OECD, the UN FAO and DEFRA as well as private organisations. He is currently coordinating the Transparency of Food Pricing (TRANSFOP) project, a €1 million EU-wide project funded by the European Commission. Professor McCorriston has also recently been involved in a large research project funded by the Australian government on food security and market reforms in India. His research interests focus on commodity and food markets, with a particular emphasis on trade and competition issues. Related research covers FDI and taxation issues and the links between environmental policy and trade. His research has been published widely and in 2008 was awarded the “Quality of Policy Contribution” prize, with Donald MacLaren (University of

Melbourne), for his paper on state trading published in the European Economic Review.

Professor Tigran Melkonyan Director of MSc Economics Programmes Professor Tigran Melkonyan joined the academic staff in 2011 and is currently the Director of MSc Economics Programmes.

Prior to joining the Business School he held faculty positions at the Universities of Maryland and Nevada and he has also worked as a visiting scholar at the International Monetary Fund. His research program covers a number of broad areas including decisions under risk and ambiguity and applied game theory. He has published in, amongst other journals, Economic Theory, Journal of Mathematical Economics, International Journal of Industrial Organisation, Theory and Decision, Journal of Economic Behaviour and Organization, Journal of Public Economic Theory, Review of International Economics, Mathematical Social Sciences, American Journal of Agricultural Economics, Journal of Development Studies and the Journal of Regulatory Economics.

Professor Christos Kotsogiannis.

Professor Robin Mason.

Dr Sushama Murty Senior Lecturer in Economics Dr Sushama Murty joined the Department of Economics in 2010, prior to which she held faculty positions at the University of Warwick. Dr Murty’s recent work is on taxation issues and the problem of externalities, analysed with a general

Professor Steve McCorriston.

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Professor Tigran Melkonyan.

Professor Gareth Myles.

equilibrium. Her research on externalities is about problems that concern both victims and generators of externalities.

Dr Murty has published in the Journal of Environmental Economics and Management, Journal of Economic Theory, the Journal of Public Economics and the Journal of Public Economic Theory.

university college (College of Management Academic Studies) and, until 2005, he was a Professor at the Graduate School of Management at Tel Aviv University.

His research interests lie in the areas of decision making under uncertainty, social choice, bargaining theory and law and economics.

Professor Gareth Myles Professor of Economics

Professor Safra earned his PhD from the Hebrew University of Jerusalem and has held visiting appointments at various universities in North America (Harvard University, Johns Hopkins University, Rice University, University of Toronto, University of Pennsylvania and University of Michigan), in Europe (Pantheon-Sorbonne, Universities of Paris II and VI and Ecole Polytechnique) and in Australia (Australian National University). He has published in, among other journals, Econometrica, Journal of Economic Theory and the Journal of Mathematical Economics.

Professor Gareth Myles obtained his BA from Warwick, his MSc from the London School of Economics, and his DPhil from Oxford University. His first academic position was at the University of Warwick, he moved to the University of Exeter in 1992. Professor Myles’ major research interest is in public economics and his publications include journals such as Journal of Public Economics, International Tax and Public Finance and the Journal of Public Economic Theory. He is also the author of two public economics textbooks: Intermediate Public Economics, and Public Economics. Professor Myles is an Academic Adviser to HM Treasury and HM Revenue and Customs. He has also provided economic advice to international bodies, including the European Commission and the OECD. Professor Zvi Safra Professor of Economics

Professor Zvi Safra.

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Professor Zvi Safra joined the academic staff in 2010. He was previously Vice President for Academic Affairs (Provost, MDVC) at Israel’s largest and oldest private

Professor David Kelsey Professor of Economics Professor David Kelsey graduated from Oxford University with degrees in mathematics and economics. He has taught at a number of universities including Cambridge, California, Iowa and the Australian National University.

Professor Kelsey’s research is concerned with choice under uncertainty and its applications in economics and finance paying particular emphasis on ambiguity.

A major area of his research has been the impact of ambiguity in games with

applications including partnerships, asset pricing and the law of liability. Professor Kelsey has published in, among other journals, Journal of Economic Thoery, Game and Economic Behaviour, and the Review of Economic Studies.

Dr Andreea Halunga Dr Andreea Halunga received her undergraduate degree in Banking and Finance from the University of Bucharest and her MSc in Economics and Econometrics from the University of Manchester. She gained her PhD from the University of Manchester in November 2005 on ‘Misspecification Testing when Modelling Financial Time Series‘. Dr Halunga’s research interests are focused on misspecification tests in econometrics, nonlinear time series econometrics and modelling financial time series. Dr Halunga’s research has appeared in the Journal of Econometrics, Econometric Theory and Economics Letters.

Dr Eva Poen Dr Eva Poen joined the academic staff in September 2011 from the University of Nottingham, where she had spent the previous year as a lecturer in Economics.

She earned her first degree at the University of St. Gallen in Switzerland, and completed the Doctoral Programme in Economics at the Study Center Gerzensee (Foundation of the Swiss National Bank).

Her doctoral thesis, which she undertook at the University of Nottingham focused on contributions to an experimental public

good and, in particular, gender differences in contribution and punishment. She also worked on developing econometric techniques for the analysis of large experimental datasets. Her current research interests include the effect of culture on cooperation, and the formation of expectations and their effect on cooperation. Dr Poen’s work has appeared in the European Economic Review.

Professor Ben Zissimos Professor Ben Zissimos joined the Department of Economics in July 2012.

He received his BSc in Economics with International Trade and Development from the London School of Economics and his PhD in Economics from the University of Warwick. Prior to joining the University of Exeter, he spent most of his career at Vanderbilt University, with briefer spells working at the Universities of Bath, Birmingham, Oxford and Warwick. His research concerns international economic institutions and has appeared in journals such as the Journal of International Economics, Journal of Public Economics, Journal of Public Economic Theory, Review of International Economics, and World Economy. His current research focuses on issues concerning international policy, institutions and the process of economic development. He serves as an Associate Editor on the board of the European Journal of Political Economy, and is a Research Affiliate in the Global Economy division of the CESifo Institute, Munich, Germany.

Professor David Kelsey.

Dr Eva Poen.

Professor Ben Zissimos.

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A brief look at our research The quality of research in the Economics Department is reflected in the amount of leading journals that publish our work, and the calibre of existing and recent recruits to the academic staff. With our research environment and world-class facilities, we continue to attract brilliant academics from all over the world. Here is a sample of the research themes faculty members have recently been investigating: Public Economics and International Trade Research in this area has investigated the optimal provision of public goods, efficient design of tax systems, fiscal inefficiencies in federal economies and the welfare implications of state trading in international markets. Recent research considers the effect of taxation on the investment decision of firms, the comparison of ad valorem and specific taxation under uncertainty, the comparison of destination and origin principles under imperfect competition and the relationship between international trade and climate change policies. Faculty members have recently collaborated with DEFRA, the IMF and the World Bank in a number of policy related issues, and have also made important contributions to the Mirrlees report of the UK tax system.

Experimental Economics The Finance and Economics Experiments Laboratory at Exeter (FEELE) is a group of economists who employ experimental methods to study behaviour in micro

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economic settings. The range of interests among FEELE researchers include: finance - what is the role of contagion in determining the likelihood of a bank run?; competition and anti-trust issues - what are the determining factors for the emergence of cartels?; social context - does the existence of different social groups affect public good provision?; wage rigidity in labour markets – are reciprocity-based preferences at the heart of wage rigidities?; decision-making under uncertainty and risk perceptions – what is the best way to convey risk information?.

Microeconomics Research in this area focuses on ambiguity with emphasis on application of ambiguity in economics and game theory, with particular emphasis on the impact of ambiguity on corporate finance and decision-making within firms. Problems studied in recent research include work on bounded rationality models, gift-giving, mechanism design, and game-theoretic solution concepts related to long run behaviour of long run evolutionary dynamics.

greater stability and wealth growth in the economy. In particular, current research by macroeconomists at Exeter includes: the study of the role of monetary policy on the exporting decisions of firms; the study of macro-prudential regulation of the banking sector; understanding the sources of business cycles and the aggregate economic effects of labour and capital market rigidities.

Econometrics Econometrics research at Exeter deals with cutting-edge issues in time series analysis, advanced methods of statistical inference and econometric software development.

Problems studied in recent research include testing for long memory, detection of structural breaks and bootstrap methodology. Among recent applied projects, the department has collaborated in the development of a food price forecasting model for DEFRA.

Macroeconomics This area focuses on understanding economic variables at a national level.

Its study comprises the behaviour of aggregate time series such as GDP, inflation, interest rates, unemployment and the current account. Of primary importance to research in this area is the role central banks and governments can play in affecting agents’ choices to induce

View our full research topics on our website: www.exeter.ac.uk/businessschool/research/areas/topics/ economics

Some of our publications Because of the deeply embedded research culture within the department, faculty members have an extensive list of published work in both leading journals on the subject and academic textbooks.

Professor Tatiana Damjanovic Damjanovic, T. and Nolan, C., ‘Seigniorage-Maximizing Inflation under Sticky Prices’, Journal of Money, Credit and Banking, Vol. 42, 2010, pp.503-519

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Professor Dieter Balkenborg ■ Balkenborg, D.G. and Schlag, K.H., ‘On the evolutionary selection of sets of Nash Equlibria’, Journal of Economic Theory, Vol. 133, March 2007, pp.

295-315 ■

alkenborg, D.G., ‘How Liable Should B a Lender be? The Case of Judgment Proof Firms and Environmental Risk’, American Economic Review, Vol. 91, June 2001, pp.731-738

Dr Surajeet Chakravarty ■ Chakravarty, S. and Macleod, W.B., ‘Contracting in the Shadow of the Law’, Rand Journal of Economics, Vol. 40, Autumn 2009, pp.533-557 ■

hakravarty, S. and Ghosh, S., ‘An C experimental investigation of entry cost effects in sealed-bid dollar auctions’, Economics Letters, Vol. 111, May 2011, pp.122-124

Dr Dudley Cooke ■ Cooke, D., ‘Openness and Inflation’, Journal of Money, Credit and Banking, Vol. 42, 2010, pp.267-87 ■

ooke, D., ‘Consumption Home Bias C and Exchange Rate Behavior’, Journal of Macroeconomics, Vol. 32, 2010, pp.

415-425

Journal of Development Economics, Volume 99, Issue 2, 2012, pp.396–414

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amjanovic, T. and Nolan, C., D ‘Relative Price Distortions and Inflation Persistence’, Economic Journal, Vol. 120, 2010, pp.1080-1099

Dr Miguel Fonseca Fonseca, M.A. and Normann, H-T., ‘Unilateral and Coordinated Effects of Mergers: Experimental Evidence’, Economic Journal, Vol. 188, 2008, pp.

387-400

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Dr Vladislav Damjanovic ■ Damjanovic, V and Nolan, C., ‘S,s Pricing in a Dynamic Equilibrium Model with Heterogeneous Sectors’, Journal of Economic Dynamics and Control, 2012, 36(4), pp.550-567 ■

amjanovic, T., Damjanovic, V., and D Nolan, C., ‘Unconditionally Optimal Monetary Policy’, Journal of Monetary Economics, 2008, 55(3), pp.491-500

Professor James Davidson ■ Davidson, J. Magnus, J. and Wiegerinck, J., ‘A General Bound for the Limiting Distribution of Breitung’s Statistic’, Econometric Theory, Vol. 24, 2008, pp.

1443-1455 ■

avidson, J. and Hashimzade, N., D ‘Representation and Weak Convergence of Stochastic Integrals with Fractional Integrator Processes’, Econometric Theory, Vol. 25, 2009, pp.1589-1624

Dr Ana Fernandes ■ Fernandes, A.P., ‘Determinants of vertical integration in export processing: Theory and evidence from China’,

F onseca, M., ‘An Experimental Investigation of Asymmetric Contests’, International Journal of Industrial Organization, Vol. 27, 2009, pp.582291

Dr Andreea Halunga ■ Halunga, A.G and Osborn, D.R, ‘Ratiobased estimators for a change point in persistence’, Journal of Econometrics, Vol. 17, Nov 2012, pp.24-31 ■

alunga, AG and Orme, CD., H ‘First-Order Asymptotic Theory for Misspecification Tests of GARCH Models’, Econometric Theory, 25, 2009, pp.364-410

Professor Todd Kaplan ■ Kaplan, T. and Ruffle B., ‘In Search of Welfare-Improving Gifts’, European Economics Review, Vol. 53, May 2009, pp.445-460 ■

aplan, T., Sela, A. and Cohen, C., K ‘Optimal Rewards in Contests’, Rand Journal of Economics, Vol. 39, Summer 2008, pp.434-451

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Professor David Kelsey ■ Kelsey, D. and Eichberger, J., ‘Are the Treasures of Game Theory Ambiguous?’, Economic Theory, Vol. 48, 2011, pp.313-339 ■

elsey, D. and Eichberger, J., Grant, K S., and Koshevoy, G.A., ‘The alphaMEU model: A comment’, Journal of Economic Theory, Vol. 146, July 2011, pp.1684-1698

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Professor Steve McCorriston ■ McCorriston, S. and MacLaren, D., ‘Do State Trading Exporters Distort Trade?’, European Economic Review, Vol. 51, January 2007, pp.225-246 ■

Professor Christos Kotsogiannis ■ Kotsogiannis, C. and Schwager, R., ‘Accountability and Fiscal Equalization’, Journal of Public Economics, Vol. 92, December 2008, pp.2,226-2,349 ■

otsogiannis, C. and Serfes, K., K ‘Public goods and tax competition in a two-sided market’, Journal of Public Economic Theory, Vol. 12, April 2010, pp.281-321

Professor John Maloney ■ Maloney, J and Pickering, A.C., ‘Party Activists, Campaign Funding and the Quality of Government’, Journal of Law, Economics, and Organisation (forthcoming) ■

aloney, J., ‘Straightening the Phillips M Curve, 1968-76’, European Journal of the History of Economic Thought 18(3): 407-40, August 2011

Professor Robin Mason ■ Mason, R.A. and Lee, I-H., ‘Uncertainty, Co-ordination and Path Dependence’, Journal of Economic Theory, Vol. 138(1), January 2008, pp.262-287

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ason, R.A and Valimaki, J., ‘Learning M about the arrival of sales’, Journal of Economic Theory, Vol. 146, 2011, pp.

1699-1711

cCorriston, S. and MacLaren, D., ‘DeM Regulation as (Welfare Reducing) Trade Reform: The Case of the Australian Wheat Board’, American Journal of Agricultural Economics, Vol. 89, August 2007, pp.637-650

Professor Tigran Melkonyan ■ Chambers, R. and Melkonyan, T., ‘Food Scares in an Uncertain World,’ Journal of the European Economic Association, (forthcoming) ■

P ingle, M. and Melkonyan, T., ‘Ambiguity, Pessimism, and Rational Religious Choice’, Theory and Decision 69(3), 2010, pp.417-438

Professor Gareth Myles ■ Myles, G. and Dhnpho, A., ‘The Consequences of Zakat for Capital Accumulation’, Journal of Public Economic Theory, Vol. 12, August 2010, pp.837-856 ■

yles, G., Hashimzade, N. and M Khodavaisi, H., ‘Country characteristics and preferences over tax principles’, International Tax and Public Finance, April 2011, Vol. 18, pp.214-232

Dr Sushama Murty ■ Murty. S., ‘Externalities and fundamental nonconvexities: A reconciliation of approaches to general equilibrium externality modeling and implications for decentralization’, Journal of Economic Theory, Vol. 145, January 2010, pp.331-353 ■

urty. S. and Blackorby, C., ‘Unit M versus ad valorem taxes: Monopoly in general equilibrium’, Journal of Public Economics, Vol. 91, April 2007, pp.817822

Dr Paulo Parente ■ Parente, P.M.D.C. and Smith, R. J., ‘GEL Methods for Non-Smooth Moment Indicators’, Econometric Theory, Vol. 27, 2011, pp.74-113 ■

P arente, P.M.D.C. and Machado, J.A.F., ‘Bootstrap Estimation of Covariance Matrices via the Percentile Method’, The Econometrics Journal, Vol. 8, 2005, pp.70-78

Professor Zvi Safra Safra, Z. and Segal, U., ‘Calibration Results for Non-Expected Utility Theories’, Econometrica, Vol. 76, September 2008, pp.1,143-1,166

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S afra, Z. and Grant, S, Kajii, A. and Polak, B., ‘General Utilitarianism and Harsanyi’s Impartial Observer Theorem’, Econometrica, Vol. 78, 2010, pp.19391971

Professor Yiannis Vailakis ■ Martins-da-Rocha, V. and Vailakis, Y., ‘Harsh default penalties lead to Ponzi schemes: A counterexample’, Games and Economic Behavior (2012), 75:277282 ■

artins-da-Rocha, V. and Vailakis, M Y., ‘Existence and uniqueness of a fixed-point for local contractions’, Econometrica, Vol. 78, No. 3, May, 2010, pp.1127–1141

Editorial roles with leading journals in Economics The Department of Economics has faculty who are recognised by their peers, and hold many influential positions with leading international journals in Economics.

For more details visit our faculty page on our website: www.exeter.ac.uk/ business-school/about/departments/ economics/staffineconomics

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Meet our students

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“

I chose Exeter as the place to do my PhD because of the supervision from some of the world’s leading professors.

It was after studying my Masters in Economics in Iran that I knew I wanted to delve further into the subject. I had been working for a while as a researcher in a research institute, and was teaching undergraduate courses at two universities, but I couldn’t stop thinking about wanting to take my research to the next level.

I chose Exeter as the place to do my PhD because of the supervision from some of the world’s leading professors, the high rankings and excellent credentials in Economics – and also the fact that I have been able to gain a full scholarship to follow the programme, which has made it financially possible for me.

The Economics Department is an intellectually stimulating place – with everything you need in terms of resources and support. I particularly enjoy being able to attend the regular research seminars in other areas of Economics – so I can keep up to date with the recent developments.

And there’s always plenty of opportunity to share and debate ideas with my fellow students, who come from such diverse backgrounds from all over the world.

For me, doing a PhD is like going on a journey, and at Exeter you can be sure that the University will accompany you every step of the way. You need to put in the hard work, but you will get a lot back in return.

Hana Yousefi, PhD in Economics

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www.exeter.ac.uk/business-school

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The research orientation of the Economics Department has attracted some of the leading researchers in the field.

During my MSc studies at the University of Exeter Business School, I came across a number of new and fascinating ways of approaching Economics. The rigour of analysis and the challenge of discovering new mechanisms that affect economic variables made me realise that I would like to stay on to do a PhD here.

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The University of Exeter provides a fantastic environment for a student wanting to pursue studies at this level. The research orientation of the Economics Department has attracted some of the leading researchers in the field. This, combined with the multiculturalism, the friendly atmosphere and great facilities, makes it a very enjoyable environment for interaction and research.

Of course, doing a PhD is a rigorous experience that requires plenty of determination and motivation. However the staff at the School are extremely supportive, and always open to discussing and debating ideas with you. I have very much enjoyed the teaching aspect of my doctorate as well – and it has been fantastic to have the opportunity to present my work at leading conferences.

As my PhD is about to come to an end, I am even more determined that I want to pursue an academic career. I am confident that graduating from such a highly ranked department, and working with some of the leading researchers in the field, will help me acheive this goal.

Nikolaos Vlassis, PhD in Economics

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Meet our students

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I have enjoyed both the teaching and research so much that I’ve decided to carry on in academia

It was while I was working on my dissertation I thought about taking the next step and doing a PhD in the subject. As an international student, getting a scholarship made it a very easy decision and it has enabled me to focus fully on my studies.

I chose Exeter initially because of the excellent faculty I would get a chance to work and interact with. The Economics Department at Exeter boasts some of the best minds in the field. It’s an intellectually rich environment where ideas are exchanged freely and debated with gusto.

In addition to my research work, I have taught classes at both undergraduate and postgraduate levels. I have also co-presented papers and attended conferences with some of the world’s experts in Economics. In fact, I have enjoyed both the teaching and research so much that I’ve decided to carry on in academia.

For me, Exeter stands out for several reasons. The mix of students we have here means you get to debate Economics with people from incredibly diverse economic backgrounds. That, coupled with the quality of the teaching and research, and the beautiful environment we are located in, means I would definitely recommend this as a place to do an Economics PhD. Yes, it will be a rigorous academic experience, but Exeter will offer you a lot in return and there are great people to support you every step of the way.

Sara Le-Roux – PhD Economics

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Postgraduate programmes We offer an excellent range of programmes for those wishing to further their study of economics with a postgraduate degree: ■ MSc Economics ■ MSc Economics and Econometrics ■ MSc Economics and Experimental Economics ■ MSc Financial Economics ■ MSc Money and Banking ■ P hD Economics

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University of Exeter Business School Rennes Drive Exeter Devon UK EX4 4ST tel: +44 (0)1392 723200 email: business-school@exeter.ac.uk www.exeter.ac.uk/business-school 100% recycled

2012BS047