"People may say that I can't sing, but no one can ever say that I didn't sing." --- Florence Foster Jenkins (1868 - 1944)
Published and forthcoming papers
Ever since Allais (with Aluma Dembo, Shachar Kariv, and Matthew Polisson). Journal of Political Economy, Vol. 134(6), 1846-1889 (2026). Theories of choice under risk that relax the independence axiom generally adhere to the fundamental/conventional axioms of ordering (completeness and transitivity) and monotonicity (with respect to first-order stochastic dominance). In our experiment we find that, for the vast majority of subjects, departures from independence are small relative to departures from ordering and/or monotonicity.
Coarse revealed preference (with Gaoji Hu, Jiangtao Li, and Rui Tang). Theoretical Economics, 21(2), Vol. 351-372 (2026). The paper proposes a novel concept of rationalization, called coarse rationalization, tailored for the analysis of datasets where an agent's choices are imperfectly observed. We characterize those datasets which are rationalizable in this sense and present an efficient algorithm to verify the characterizing condition. The test could be also be adapted to the case of perfectly observed choices but imprecisely observed linear budget sets. Our results could be used to measure the extent to which choices or prices have to be perturbed to be fully rational.
Comparative statics with adjustment costs and the Le Chatelier principle (with Eddie Dekel and Ludvig Sinander). Econometrica, Vol. 93(2), 661-694 (2025). Studies monotone comparative statics with adjustment costs in both two period and multi-period settings. Results are generally consistent with the Le Chatelier principle that short term adjustments are smaller than long term adjustments.
Slides available.
An ordinal approach to the empirical analysis of games with monotone best responses (with Natalia Lazzati and Koji Shirai). Quantitative Economics, Vol. 16(1), 235-266 (2025). Develops a nonparametric and ordinal approach for testing pure strategy Nash equilibrium play in games with monotone best responses. Contains an empirical application to an airline entry game. Slides available.
Earlier version
Intertemporal Consumption with Risk: A Revealed Preference Analysis (with Joshua Lanier, Bin Miao and Songfa Zhong). Review of Economics and Statistics, Vol. 106(5), 1319-1333 (2024). Uses a portfolio allocation experiment to investigate models of choice over risk and time with revealed preference techniques. We find that the discounted expected utility model performs poorly because subjects are correlation averse.
Slides available. Earlier version available as MPRA paper 101039, University Library of Munich, Germany (2020).
Revealed preference and revealed preference cycles: a survey (with Pawel Dziewulski and Joshua Lanier). Journal of Mathematical Economics, Vol. 113, 103016 (2024). A survey of revealed preference results that generalize or are related to Afriat's Theorem, for the 50th anniversary special issue of the journal.
Comparative statics with linear objectives: normal demand, monotone marginal costs, and ranking multi-prior beliefs (with Pawel Dziewulski). Econometrica, Vol. 92(1), 167-200 (2024). Consider a constrained optimization problem with a linear objective. We characterize those shifts in the constraint set that lead to an increase in the minimizer. We apply our results to study normal demand, monotone marginal costs, and comparative statics in models of ambiguity.
Slides available. Earlier version available as working paper 01-2021, Department of Economics, University of Sussex Business School (2022).
Revealed Price Preference: Theory and Stochastic Testing (with Rahul Deb, Yuichi Kitamura, and Jörg Stoye). Review of Economic Studies, Vol. 90(2), 707-743 (2023). Formulates and characterizes a notion of revealed preference over prices which is analogous to revealed preference over bundles. Leads to a class of utility functions where expenditure reduces utility, of which the quasilinear utility form is a special case.
Slides available. Earlier versions available as arXiv and CeMMAP working papers (CWP22/21, CWP57/18).
Revealed Preferences over Risk and Uncertainty (with Matthew Polisson and Ludovic Renou), American Economic Review, Vol. 110(6), 1782-1820 (2020). Develops and implements a nonparametric method called Generalized Restriction of Infinite Domains (GRID), for testing the consistency of contingent consumption data with a broad class of models of choice under risk and under uncertainty. Slides and earlier versions are available.
A comprehensive approach to revealed preference theory (with Hiroki Nishimura and Efe A. Ok), American Economic Review, Vol. 107(4), 1239-1263 (2017). A general treatment of Afriat-type theorems, covering a wide range of environments beyond classical consumer demand. There is also a slightly longer version of this paper containing extensions of Richter's Theorem. (UC Riverside Working Paper, 2016-14.)
A nonparametric analysis of multi-product oligopolies (with Andrés Carvajal, Rahul Deb, and James Fenske), Economic Theory, Vol. 57(2), 253-277 (2014). Extension of a paper by the same authors in Econometrica (2013); includes a revealed preference test for multi-product Cournot oligopoly.
Discounting, Values, and Decisions (with Bruno Strulovici), Journal of Political Economy, Vol. 121(5), 896-939 (2013). Studies how optimal stopping and control vary with the discount rate.
Revealed preference tests of the Cournot model (with Andres Carvajal, Rahul Deb, and James Fenske), Econometrica, Vol. 81(6), 2351-2379 (2013). There is also a working paper with other results. Develops a revealed preference test (in the form of a linear program) for the hypothesis that the firms are playing a Cournot game, assuming convex cost functions and observations generated by changes to industry demand.
Emissions trading with profit-neutral permit allocations (with Cameron Hepburn and Robert Ritz), Journal of Public Economics, Vol. 98, 85--99 (2013). Examines the impact of an emissions trading scheme (ETS) on equilibrium emissions, output, price, market concentration, and profits in a generalized Cournot model. Develops formula for the number of emissions permits that have to be freely allocated to firms to neutralize the profit impact of the ETS and relates it to Herfindahl index.
Revealed Preference in a Discrete Consumption Space (with Matthew Polisson), American Economic Journal: Microeconomics, Vol. 5(1), 28-34 (2013). Shows that an agent maximizing some utility function on a discrete (as opposed to continuous) consumption space will still obey the generalized axiom of revealed preference (GARP).
Aggregating the single crossing property (with Bruno Strulovici), Econometrica, Vol. 80(5), 2333-2348 (2012). Introduces a new condition characterizing when the single crossing property is preserved under aggregation. Applications to optimal decisions under uncertainty, the existence of monotone equilibria in Bayesian-games, etc.. Seminar slides for this paper are available.
Comparative Statics, Informativeness, and the Interval Dominance Order (with Bruno Strulovici), Econometrica, Vol. 77(6), 1949-1992 (2009). Identifies a new way to order functions, called the interval dominance order, that generalizes both the single crossing property and a standard condition used in statistical decision theory. Provides a unified treatment of the major theorems on monotone comparative statics, the comparison of signal informativeness, and a non-Bayesian theorem on the completeness of increasing decision rules. Application to optimal stopping time problems where the single crossing property is typically violated. Seminar slides are available. Additional related material is found in Comparative Statics with the Interval Dominance Order: Some Extensions (incomplete notes dated 9 December 2007).
The existence of equilibrium when excess demand obeys the weak axiom, Journal of Mathematical Economics, Vol. 44(3-4), 337-343 (2008). Elementary proof of equilibrium existence when the excess demand correspondence obeys the weak axiom of revealed preference.
The comparative statics of constrained optimization problems, Econometrica, Vol. 75(2), 401-431 (2007). Extends the methods of monotone comparative statics to deal with commonly-encountered comparative statics problems involving changes to constraint sets. See also Additional notes on the comparative statics of constrained optimization problems, Working Paper, Nuffield College, Oxford, No. 2006-W09.
A contribution to duality theory, applied to the measurement of risk aversion (with Juan Enrique Martinez-Legaz), Economic Theory, Vol. 30(2), 337-362 (2007). Examines the connection between the curvature properties of an objective function and the ray-curvature properties of its dual. Characterizes the relationship between an agent’s attitude towards income risks and her attitude towards risks in the underlying consumption space.
Weak Axiomatic Demand Theory, Economic Theory, Vol. 29(3), 677-699 (2006). Identifies a class of complete but not necessarily transitive preferences which generate demand functions that obey the weak axiom of revealed preference and within which any function obeying the weak axiom can be rationalized.
Homothetic or Cobb-Douglas behavior through aggregation (with Gael Giraud), Contributions to Theoretical Economics, Vol. 3(1), Article 8 (2003). Shows how consumers' (heterogeneous) preferences in a market could be distributed in such a way that aggregate market demand takes on exact homothetic or Cobb-Douglas properties.
Market demand and comparative statics when goods are normal, Journal of Mathematical Economics, Vol.39, 317-333 (2003). Explores the consequences of normal demand on comparative statics in exchange, production, and financial economies.
The law of demand and risk aversion, Econometrica, Vol. 71, 713-721 (2003). Shows that the law of demand can be characterized by a modified version of the Milleron-Mitjuschin-Polterovich condition. The condition could be interpreted as a measure of differences in risk aversion when an agent encounters different lotteries over commodity bundles in commodity space.
The monotonicity of individual and market demand, Econometrica, Vol. 68(4), 911-930 (2000). Shows that the law of demand for market demand (market monotonicity) can arise through a range of conditions between two extremes known to guarantee market monotonicity: the Milleron-Mitjuschin-Polterovich conditions on individual preferences and the Hildenbrand conditions on the income distribution.
The law of demand when income is price dependent, Econometrica, Vol. 65, 1421-1442 (1997). Uses a weaker form of the demand heterogeneity assumption employed by Grandmont (1992) to guarantee the uniqueness and stability of the equilibrium price in exchange and production economies.
Surveys
Introduction: Symposium on Revealed Preference Analysis (with Alfred Galichon), Economic Theory, Vol. 54(3), 419-423 (2013). Short survey of revealed preference analysis.
Law of Demand (with Michael Jerison), The New Palgrave Dictionary of Economics, Second Edition (2008). There is also a working paper of this entry.
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Published and forthcoming papers
Ever since Allais (with Aluma Dembo, Shachar Kariv, and Matthew Polisson). Journal of Political Economy, Vol. 134(6), 1846-1889 (2026). Theories of choice under risk that relax the independence axiom generally adhere to the fundamental/conventional axioms of ordering (completeness and transitivity) and monotonicity (with respect to first-order stochastic dominance). In our experiment we find that, for the vast majority of subjects, departures from independence are small relative to departures from ordering and/or monotonicity.
Coarse revealed preference (with Gaoji Hu, Jiangtao Li, and Rui Tang). Theoretical Economics, 21(2), Vol. 351-372 (2026). The paper proposes a novel concept of rationalization, called coarse rationalization, tailored for the analysis of datasets where an agent's choices are imperfectly observed. We characterize those datasets which are rationalizable in this sense and present an efficient algorithm to verify the characterizing condition. The test could be also be adapted to the case of perfectly observed choices but imprecisely observed linear budget sets. Our results could be used to measure the extent to which choices or prices have to be perturbed to be fully rational.
Comparative statics with adjustment costs and the Le Chatelier principle (with Eddie Dekel and Ludvig Sinander). Econometrica, Vol. 93(2), 661-694 (2025). Studies monotone comparative statics with adjustment costs in both two period and multi-period settings. Results are generally consistent with the Le Chatelier principle that short term adjustments are smaller than long term adjustments.
Slides available.
An ordinal approach to the empirical analysis of games with monotone best responses (with Natalia Lazzati and Koji Shirai). Quantitative Economics, Vol. 16(1), 235-266 (2025). Develops a nonparametric and ordinal approach for testing pure strategy Nash equilibrium play in games with monotone best responses. Contains an empirical application to an airline entry game. Slides available.
Earlier version
Intertemporal Consumption with Risk: A Revealed Preference Analysis (with Joshua Lanier, Bin Miao and Songfa Zhong). Review of Economics and Statistics, Vol. 106(5), 1319-1333 (2024). Uses a portfolio allocation experiment to investigate models of choice over risk and time with revealed preference techniques. We find that the discounted expected utility model performs poorly because subjects are correlation averse.
Slides available. Earlier version available as MPRA paper 101039, University Library of Munich, Germany (2020).
Revealed preference and revealed preference cycles: a survey (with Pawel Dziewulski and Joshua Lanier). Journal of Mathematical Economics, Vol. 113, 103016 (2024). A survey of revealed preference results that generalize or are related to Afriat's Theorem, for the 50th anniversary special issue of the journal.
Comparative statics with linear objectives: normal demand, monotone marginal costs, and ranking multi-prior beliefs (with Pawel Dziewulski). Econometrica, Vol. 92(1), 167-200 (2024). Consider a constrained optimization problem with a linear objective. We characterize those shifts in the constraint set that lead to an increase in the minimizer. We apply our results to study normal demand, monotone marginal costs, and comparative statics in models of ambiguity.
Slides available. Earlier version available as working paper 01-2021, Department of Economics, University of Sussex Business School (2022).
Revealed Price Preference: Theory and Stochastic Testing (with Rahul Deb, Yuichi Kitamura, and Jörg Stoye). Review of Economic Studies, Vol. 90(2), 707-743 (2023). Formulates and characterizes a notion of revealed preference over prices which is analogous to revealed preference over bundles. Leads to a class of utility functions where expenditure reduces utility, of which the quasilinear utility form is a special case.
Slides available. Earlier versions available as arXiv and CeMMAP working papers (CWP22/21, CWP57/18).
Revealed Preferences over Risk and Uncertainty (with Matthew Polisson and Ludovic Renou), American Economic Review, Vol. 110(6), 1782-1820 (2020). Develops and implements a nonparametric method called Generalized Restriction of Infinite Domains (GRID), for testing the consistency of contingent consumption data with a broad class of models of choice under risk and under uncertainty. Slides and earlier versions are available.
A comprehensive approach to revealed preference theory (with Hiroki Nishimura and Efe A. Ok), American Economic Review, Vol. 107(4), 1239-1263 (2017). A general treatment of Afriat-type theorems, covering a wide range of environments beyond classical consumer demand. There is also a slightly longer version of this paper containing extensions of Richter's Theorem. (UC Riverside Working Paper, 2016-14.)
A nonparametric analysis of multi-product oligopolies (with Andrés Carvajal, Rahul Deb, and James Fenske), Economic Theory, Vol. 57(2), 253-277 (2014). Extension of a paper by the same authors in Econometrica (2013); includes a revealed preference test for multi-product Cournot oligopoly.
Discounting, Values, and Decisions (with Bruno Strulovici), Journal of Political Economy, Vol. 121(5), 896-939 (2013). Studies how optimal stopping and control vary with the discount rate.
Revealed preference tests of the Cournot model (with Andres Carvajal, Rahul Deb, and James Fenske), Econometrica, Vol. 81(6), 2351-2379 (2013). There is also a working paper with other results. Develops a revealed preference test (in the form of a linear program) for the hypothesis that the firms are playing a Cournot game, assuming convex cost functions and observations generated by changes to industry demand.
Emissions trading with profit-neutral permit allocations (with Cameron Hepburn and Robert Ritz), Journal of Public Economics, Vol. 98, 85--99 (2013). Examines the impact of an emissions trading scheme (ETS) on equilibrium emissions, output, price, market concentration, and profits in a generalized Cournot model. Develops formula for the number of emissions permits that have to be freely allocated to firms to neutralize the profit impact of the ETS and relates it to Herfindahl index.
Revealed Preference in a Discrete Consumption Space (with Matthew Polisson), American Economic Journal: Microeconomics, Vol. 5(1), 28-34 (2013). Shows that an agent maximizing some utility function on a discrete (as opposed to continuous) consumption space will still obey the generalized axiom of revealed preference (GARP).
Aggregating the single crossing property (with Bruno Strulovici), Econometrica, Vol. 80(5), 2333-2348 (2012). Introduces a new condition characterizing when the single crossing property is preserved under aggregation. Applications to optimal decisions under uncertainty, the existence of monotone equilibria in Bayesian-games, etc.. Seminar slides for this paper are available.
Comparative Statics, Informativeness, and the Interval Dominance Order (with Bruno Strulovici), Econometrica, Vol. 77(6), 1949-1992 (2009). Identifies a new way to order functions, called the interval dominance order, that generalizes both the single crossing property and a standard condition used in statistical decision theory. Provides a unified treatment of the major theorems on monotone comparative statics, the comparison of signal informativeness, and a non-Bayesian theorem on the completeness of increasing decision rules. Application to optimal stopping time problems where the single crossing property is typically violated. Seminar slides are available. Additional related material is found in Comparative Statics with the Interval Dominance Order: Some Extensions (incomplete notes dated 9 December 2007).
The existence of equilibrium when excess demand obeys the weak axiom, Journal of Mathematical Economics, Vol. 44(3-4), 337-343 (2008). Elementary proof of equilibrium existence when the excess demand correspondence obeys the weak axiom of revealed preference.
The comparative statics of constrained optimization problems, Econometrica, Vol. 75(2), 401-431 (2007). Extends the methods of monotone comparative statics to deal with commonly-encountered comparative statics problems involving changes to constraint sets. See also Additional notes on the comparative statics of constrained optimization problems, Working Paper, Nuffield College, Oxford, No. 2006-W09.
A contribution to duality theory, applied to the measurement of risk aversion (with Juan Enrique Martinez-Legaz), Economic Theory, Vol. 30(2), 337-362 (2007). Examines the connection between the curvature properties of an objective function and the ray-curvature properties of its dual. Characterizes the relationship between an agent’s attitude towards income risks and her attitude towards risks in the underlying consumption space.
Weak Axiomatic Demand Theory, Economic Theory, Vol. 29(3), 677-699 (2006). Identifies a class of complete but not necessarily transitive preferences which generate demand functions that obey the weak axiom of revealed preference and within which any function obeying the weak axiom can be rationalized.
Homothetic or Cobb-Douglas behavior through aggregation (with Gael Giraud), Contributions to Theoretical Economics, Vol. 3(1), Article 8 (2003). Shows how consumers' (heterogeneous) preferences in a market could be distributed in such a way that aggregate market demand takes on exact homothetic or Cobb-Douglas properties.
Market demand and comparative statics when goods are normal, Journal of Mathematical Economics, Vol.39, 317-333 (2003). Explores the consequences of normal demand on comparative statics in exchange, production, and financial economies.
The law of demand and risk aversion, Econometrica, Vol. 71, 713-721 (2003). Shows that the law of demand can be characterized by a modified version of the Milleron-Mitjuschin-Polterovich condition. The condition could be interpreted as a measure of differences in risk aversion when an agent encounters different lotteries over commodity bundles in commodity space.
The monotonicity of individual and market demand, Econometrica, Vol. 68(4), 911-930 (2000). Shows that the law of demand for market demand (market monotonicity) can arise through a range of conditions between two extremes known to guarantee market monotonicity: the Milleron-Mitjuschin-Polterovich conditions on individual preferences and the Hildenbrand conditions on the income distribution.
The law of demand when income is price dependent, Econometrica, Vol. 65, 1421-1442 (1997). Uses a weaker form of the demand heterogeneity assumption employed by Grandmont (1992) to guarantee the uniqueness and stability of the equilibrium price in exchange and production economies.
Surveys
Introduction: Symposium on Revealed Preference Analysis (with Alfred Galichon), Economic Theory, Vol. 54(3), 419-423 (2013). Short survey of revealed preference analysis.
Law of Demand (with Michael Jerison), The New Palgrave Dictionary of Economics, Second Edition (2008). There is also a working paper of this entry.
Back to homepage
Gardens by the Bay, Singapore, 2016.