Phone: ++-
Chair for Information and Contract Economics


University of Zurich, Schönberggasse 1, Zurich




in Economics (European Doctoral Program)


Visiting Graduate Student in Economics


in Mathematics Economics Bulletin (3), ,

(9) Optimal Allotment Policy in Central Bank Open Market Operations (with Nuno Cassola, Steen
Ejerskov, and Natacha Valla), European Journal of Finance (4), February .

() Financial Market Liquidity and the Lender of Last Resort (with Natacha Valla), Financial
Stability Review – Special Issue on Liquidity
No. , February , .

() Manipulation in Money Markets (with Nuno Cassola, Steen Ejerskov, and Natacha Valla),
International Journal of Central Banking 3(1), , .

() Discussion of “The Interplay between Money Market Development and Changes in Monetary
Policy Operations in Small European Countries, ” by Jens Forssbæck and Lars Oxelheim:
in Mayes, D., and Toporowski, J. (eds.), Open Market Operations and Financial Markets , Routledge
International Studies in Money and Banking, , .

() Structural Econometric Approach to Bidding in the Main Refinancing Operations of the
Eurosystem (with Nuno Cassola and Claudio Morana), Journal of Financial Transformation , issue
on Monetary Union, April , .

() The Effect of Sunk Costs on the Outcome of Alternating Offers Bargaining between Inequity
Averse Agents, Schmalenbach Business Review (ZfbF) , special issue, April , .

() The Pure Theory of Multilateral Obligations: Comment, Journal of Institutional and Theoretical
, , .

() Procurement Auctions and Unit Price Contracts (with Karsten Fieseler), RAND Journal of
, , .

() A Short and Intuitive Proof of Marshall’s Rule, Economic Theory , , .

() Iterated Dominance in Strictly Competitive Games of Perfect Information, Journal of Economic
, , .

() Backward Induction and the Game-Theoretic Analysis of Chess, Games and Economic Behavior ,
, .

() The German UMTS Design: Insights from Multi-Object Auction Theory, (with Benny Moldovanu),
ifo-Studien , , pp. , appeared also in: Illing, G. (ed.), Spectrum Auctions and Competition
in Telecommunications
, MIT Press, .

() Comments on: 'The Dutch UMTS Auction,' by Eric van Damme, ifo-Studien , , pp. ,
appeared also in: Illing, G. (ed.), Spectrum Auctions and Competition in Telecommunications , MIT Press,
() Chess-like Games are Dominance Solvable in at Most Two Steps, Games and Economic Behavior
, , .

() 'Yes Men,' Integrity, and the Optimal Design of Incentive Contracts, Journal of Economic Behavior
and Organization
, , . (with Patrick Schmitz)

Publications (cont.)

() Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements? Comment,
American Economic Review (4), , . (with Patrick Schmitz)

() Rationality and the Definition of Consistent Pairs, International Journal of Game Theory (1),
, .

() Bayesian Optimization and Genericity, Operations Research Letters , , .

Publication in French

(1) Liquidité des marchés financiers et prêteur en dernier ressort, Revue de la stabilité financière ,
Banque de France, , Février, . (with Natacha Valla)

Publications in German

(1) Zielgenaue Planung und Steuerung ermöglichen: Erfahrungen mit der Implementierung des
Shareholder-Value-Ansatzes bei einem international tätigen Börsenunternehmen, Controlling , July ,

(2) Unvollständige Verträge und die Grenzen der Firma, Das Wirtschaftsstudium (), , .
(with Patrick Schmitz)

(3) Der Lock-in-Effekt und das Hold-up-Problem, Wirtschaftswissenschaftliches Studium , , pp.
. (with Patrick Schmitz)

Ausgewählte Anwendungen der Theorie unvollständiger Verträge,
Jahrbuch für
Wirtschaftswissenschaften (1), , . (with Patrick Schmitz)

(5) Die theoretische Fundierung unvollständiger Verträge, Homo Oeconomicus , XIII (4), , -
. (with Patrick Schmitz)

Panel Discussions and Roundtables

Basel Committee for Banking Supervision – Committee on the Global Financial System: Roundtable
on Systemic Liquidity Risk, Paris, October

Turbulence in the Money Market, Eurex Repo Forum, Frankfurt, December

Vanishing market and bank liquidity, FMA European Conference, IESE Business School, Barcelona,

Invited Lecture Series

Lecture Series “Economic models of reserve management by banks, the interbank market, and market
microstructure,” European Central Bank, January

Invited Presentations

Carlos III, Madrid, October
Erasmus University Rotterdam, October
European Central Bank, September
SAET Paris, July
University St. Gallen, October
European Central Bank, Frankfurt, October
Norges Bank, Research Seminar, September
Conference on Financial Intermediation, Oslo, September
University of Hannover, July
SFI Annual Meeting, Zurich, November
Östereichische Nationalbank, June
Bundesbank, Frankfurt, May
Bank of England, London, February
Challenges to Monetary Policy Implementation, Frankfurt, November
Swiss National Bank, Zurich, November
5th Central Bank Conference on Market Microstructure, Zurich, October
Federal Reserve Bank of New York, October
University of Leuven, October
Liquidity and Credit Risk, Venice, September
BdF-TSE conference “Macroeconomics and Liquidity,” Paris, June
SUERF Munich, June
University of Bonn, May
European Central Bank, DG Research, April
Banque de France, Research Directorate, Paris, March
Internal Seminar, Directorate General Market Operations, ECB, November
ECB Workshop on Money Market Analysis, Frankfurt, November
European Central Bank, Invited Speakers Seminar, October
NCCR Finrisk, Study Center Gerzensee, June
Johannes Gutenberg University, Mainz, December
University of Zurich, Finance Seminar, November
Banque de France, Pomone, Paris, September
University of Karlsruhe, June
University of Cologne, May
European Central Bank, Frankfurt, December
SUERF and Suomen Pankki, Helsinki, September
University of Mainz, July
Accounting Research Workshop, Bern, June
European Central Bank, Frankfurt, March
University of Bern, January
European Central Bank, Frankfurt, January
German Economic Association for Business Administration, Bonn, September
Game Theory and the Law, Marienbad, Czech Republic, June
ETH, Quantitative Methods in Economics, April
University College London, March
CFS, Implementing Monetary Policy, Frankfurt, December
University of Mainz, June
Tinbergen Institute, Erasmus University, Rotterdam, May
Deutsche Bundesbank, Frankfurt, April

Invited Presentations (cont.)

European Central Bank, January
Universitat Pompeu Fabra, Barcelona, November
University of Munich, November
European Summer Symposium in Economic Theory, Gerzensee, July
Free University Berlin, July
Humboldt University, Berlin, July
University of Frankfurt, July
University of Magdeburg, June
Bank for International Settlements, Basle, May
European Central Bank, Frankfurt, May
University of Hannover, April
Doctoral Program Jamboree, Toulouse, January
University of Zurich, January
CES-ifo, Spectrum Auctions and Competition in Telecommunication, Munich,
Central Bank Operations, Theory and Evidence, Frankfurt,
Logic and the Foundations of Game Theory, Turin,
EDP Jamboree, Louvain-la-Neuve,
Summer in Tel Aviv,

Conferences and Meetings
(* indicates presentation)

Midwest Economic Theory Conference, Lawrence, KS, October (*); ESEM Toulouse, August
(*); Oligo Rome, June (*); ECB, Structural changes in money markets (*):
Implications for monetary policy implementation, September (*); SAET Paris, July (*);
Oligo Budapest, February (*); VfS, Göttingen, September (*); EEA/ESEM Málaga,
August (*); North American Summer Meeting, Northwestern, June (*); Public Economic
Theory, Academica Sinica Taipei, June (*); The post-crisis design of the operational framework
for the implementation of monetary policy, Frankfurt, October (*); Norges Bank Conference on
Financial Intermediation (*); SFI Annual Meeting, Zurich, November (*); EEA Glasgow,
August (*); Econometric Society th World Congress, Shanghai, August (*); Bundesbank
Conference on Systemic Risk, Frankfurt, May ; Challenges to Monetary Policy Implementation,
Frankfurt, November (*); 5th Central Bank Conference on Market Microstructure, Zurich,
October (*); Bank of Canada Conference, Ottawa, September (*); EEA Barcelona, August
(*); EFA Bergen, August (**); FESAMES Tokyo, August (*); NCCR Finrisk, Study
Center Gerzensee, Juni (*); Central Bank Liquidity Tools, New York, February ; Federal
Reserve Bank of New York, Money and Payments Workshop, October (*);
Liquidity and Credit Risk, Venice, September (*); EEA Meeting Milan, EEA Meetings, August,
(*); Banque de France – Toulouse School of Economics Conference “Macroeconomics and
Liquidity,” Paris, June (*); NASM Pittsburgh, June (*); th SUERF Colloquium New
Trends in Asset Management: Exploring the Implications, Munich, June (*); ECB Workshop on
the Analysis of the Money Market, Frankfurt, November (*); Annual Congress of the German
Economic Association, University of Munich, October (*); VIIIth Symposium of the GEABA,
University of Tübingen, September (*); 3rd Annual Central Bank Workshop on the
Microstructure of Financial Markets, Magyar Nemzeti Bank, Budapest, September, (*);
European Finance Association, Ljubljana, August (*); European Economic Association,
Budapest, August (*); North American Summer Meeting, Duke, June (*); Finrisk Research
Day, June (*), Finrisk Doctoral Workshop, June (*); Verein für Socialpolitik, Bayreuth,
September (*); Association Française de Science Economique, Paris, September (*);
European Economic Association Meeting, Vienna, August (*); Microstructure of Financial and
Money Markets, Paris, June ; Central Counterparty Clearing, ECB and Federal Reserve Bank of
Chicago, Frankfurt, April ; SUERF and Bank of Finland, Helsinki, September (*);
Accounting Research Workshop, Bern, June (*), Review of Economic Studies Meeting (on
invitation), Munich ; HUI-Seminar, Gottlieben ;

Conferences and Meetings (cont.)

ECB-Conference, Monetary Policy Implementation, Frankfurt (*); GEABA, Bonn (*);
Game Theory and the Law, Marienbad (*); CFS-Conference, Implementing Monetary Policy,
Frankfurt (*); Verein für Socialpolitik, Zurich (*); The Generation and Distribution of
Knowledge (on invitation), Wienhausen ; European Summer Symposium in Economic Theory,
Gerzensee (*); Basel II, an Initial Assessment, Basle (*); Doctoral Program Jamboree,
Toulouse (*); Verein für Socialpolitik, Magdeburg (*); European Econometric Society
Meeting, Lausanne (*); Verein für Socialpolitik, Theory Committee (on invitation), Gerzensee
; World Congress of the Game Theory Society, Bilbao (*); Rethinking Risk Management,
Frankfurt ; Competition among Banks: Good or Bad?, Frankfurt ; Econometric Society
Winter Meeting, New York ; ESSM Montreal (*); Verein für Socialpolitik, Kassel (*);
ESSM Iowa City, (*); Summer Festival in Game Theory, Stony Brook (*); Theoretical
Aspects of Reasoning and Knowledge, Renesse ; Doctoral Program Jamboree, London, ;
MSRI, Berkeley,

Organized Workshops

OLIGO, Rome, June

Optimal firm behavior and the game-theoretic modeling of competition (OLIGO), Budapest,

Handeln und Institutionen (HUI), May

Third-Party Funding

Sciex (CHF ’)

Swiss National Science Foundation (CHF 9’)

NCCR Finrisk (CHF ’)

Stiftung zur Förderung der rechtlichen und wirtschaftlichen Forschung

an der Universität Basel (CHF 5’)

Initiative Interactive Learning (CHF ’)

Grants, Honors, and Distinctions

Deutsche Forschungsgemeinschaft

German Academic Exchange Service (DAAD)

1st Prize by the German Ministry of Science and Education

German Association of Mathematicians (DMV)

Österreichische Postsparkasse (via Verein für Socialpolitik)

2nd most downloaded paper, Games and Economic Behavior

Phd Advising and Habilitation Committees

Patricia Feubli, PhD , University of Zurich, Department of Economics, principal advisor (joint
with Armin Schmutzler)

Angelo Ranaldo, Habilitation , University of Zurich, Department of Banking and Finance,
committee member

Arthashes Karapetyan, PhD , University of Zurich, Department of Banking and Finance, principal
advisor (joint with Michel Habib)

Antoinette Weibel, Habilitation , University of Zurich, Department of Business Administration,
committee member

Pavlo Blavatskyy, PhD , CERGE-EI, Charles University of Prague, external committee member


Over the past several years, I have been giving various lectures, seminars, and tutorials on
undergraduate, graduate, and post-graduate levels at the universities Bonn, LSE, Mannheim, and
Zurich. Teaching has been either in German or English. Here are the main topics:

• Information Economics and Contract Theory
• Auction Theory, Market Microstructure
• Theory of the Firm, Incomplete Contracts
• Game Theory, Mathematical Methods
• Microeconomics I&II, Microeconomics for Research Students
• Specialized lectures: Monetary Policy Implementation, Controlling
• Seminars on topics such as Contests, Repo Markets, Bank Runs and Mechanism Design, Bank
Runs and Securitization, Stability of the Market System, Double Auctions, Energy Auctions,
Game Theory, IPO Auctions, Market Manipulation, Finance Applications of Game Theory,
Value-at-Risk Regulation, European Integration, Incomplete Contracts


Intelligent Trader Project (students write java applets that implement business strategies, joint with A.
Bernstein from the University of Zurich informatics department)

Professional Activities

Refereeing: Review of Economic Studies, Journal of Economic Theory, Econometrica, American
Economic Review, Rand Journal of Economics, European Economic Review, Games and Economic
Behavior, Journal of Financial Intermediation, Journal of Mathematical Economics, Economic Theory,
Scandinavian Journal of Economics, Journal of International Money and Finance, JITE, ECB Working
Papers Series, German Economic Review, International Journal of Game Theory, Zeitschrift für
Betriebswirtschaft, Operations Research Spectrum, International Game Theory Review, Information
Economics and Policy, Journal of Risk, numerous others.

Doctoral students: Member of the commission at the faculty for Economics and Business
Administration at the University of Zurich from until ; organizer of doctoral exchanges with
the Bonn Graduate School of Economics following fall ; set-up of microeconomic theory
research seminar jointly with ETH.

Department/university level:
Member of the committee for international relations at the University of
Zurich from March through July ; delegate of the University of Zurich to the Swiss National
Bank’s Study Center Gerzensee from April to March ; representative of the faculty vis-à-vis
adjunct professors since .

Occurrences in the Media

“Mit der Glücksfee lernt sich‘s besser,” Deutsche Universitätszeitung,
“Rating Agencies,” Dukascopy Afternoon Forex Overview,
“Operation Twist,” Dukascopy Afternoon Forex Overview,
“High-frequency Trading,” Swissquote Magazine,
“Wenn Banken Beziehungsprobleme haben,” Neue Zürcher Zeitung,
“Das erste Freibad ist offen,” Bild Zeitung, (with picture)
“Changing collateral haircuts no barrier to risk,” Reuters,
“Wie in einem Unternehmen,” Handelsblatt,
“Praktische Erfahrung als ein Defizit,” Handelsblatt,
“Bieten für Billionen”, Interview, Westdeutscher Rundfunk,

Zurich, November

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