Professor Piero Gottardi
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Email
piero.gottardi@essex.ac.uk -
Telephone
+44 (0) 1206 872707
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Location
5B.120, Colchester Campus
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Academic support hours
Wednesdays: 1:30 - 2:30 Thursdays: 3:00 - 4:00 Please email me to make an appointment
Teaching and supervision
Current teaching responsibilities
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Microeconomics (Advanced) (EC322)
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Economics of Financial Markets and Intermediation (EC372)
Previous supervision
Degree subject: Economics
Degree type: Doctor of Philosophy
Awarded date: 4/1/2024
Degree subject: Economics
Degree type: Doctor of Philosophy
Awarded date: 19/8/2022
Degree type: Master of Research
Awarded date: 8/7/2019
Publications
Journal articles (45)
Auster, S. and Gottardi, P., Sorting versus screening in decentralized markets with adverse selection☆. Journal of Economic Theory. 220
Gottardi, P. and Mezzetti, C., (2024). Shuttle diplomacy. Journal of Economic Theory. 216, 105794-105794
Farinha Luz, V., Gottardi, P. and Moreira, H., (2023). Risk Classification in Insurance Markets with Risk and Preference Heterogeneity. The Review of Economic Studies. 90 (6), 3022-3082
Ábrahám, Á., Gottardi, P., Hubmer, J. and Mayr, L., (2023). Tax Wedges, Financial Frictions and Misallocation. Journal of Public Economics. 227, 105000-105000
Gottardi, P., (2022). Comment on Optimal management of an epidemic: Lockdown, vaccine and value of life’. Journal of Economic Dynamics and Control. 140, 104314-104314
Bisin, A. and Gottardi, P., (2021). Efficient policy interventions in an epidemic. Journal of Public Economics. 200, 104444-104444
Gale, D. and Gottardi, P., (2020). A general equilibrium theory of banks' capital structure. Journal of Economic Theory. 186, 104995-104995
Cabrales, A., Feri, F., Gottardi, P. and Meléndez-Jiménez, MA., (2020). Can there be a market for cheap-talk information? An experimental investigation. Games and Economic Behavior. 121, 368-381
Auster, S. and Gottardi, P., (2019). Competing mechanisms in markets for lemons. Theoretical Economics. 14 (3), 927-970
Gottardi, P., Maurin, V. and Monnet, C., (2019). A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation. Review of Economic Dynamics. 33, 30-56
Cabrales, A., Gottardi, P. and Vega-Redondo, F., (2017). Risk Sharing and Contagion in Networks. The Review of Financial Studies. 30 (9), 3086-3127
Gottardi, P., Tallon, JM. and Ghirardato, P., (2017). Flexible contracts. Games and Economic Behavior. 103 (C), 145-167
Gottardi, P., Kajii, A. and Nakajima, T., (2016). Constrained Inefficiency and Optimal Taxation with Uninsurable Risks. Journal of Public Economic Theory. 18 (1), 1-28
Gale, D. and Gottardi, P., (2015). Capital Structure, Investment, and Fire Sales. Review of Financial Studies. 28 (9), 2502-2533
Elul, R. and Gottardi, P., (2015). Bankruptcy: Is It Enough to Forgive or Must We Also Forget?. American Economic Journal: Microeconomics. 7 (4), 294-338
Gottardi, P. and Kubler, F., (2015). Dynamic Competitive Economies with Complete Markets and Collateral Constraints. The Review of Economic Studies. 82 (3), 1119-1153
Gottardi, P., Kajii, A. and Nakajima, T., (2015). Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation. American Economic Review. 105 (11), 3443-3470
Gottardi, P. and Rahi, R., (2014). Value of information in competitive economies with incomplete markets. International Economic Review. 55 (1), 57-81
Cabrales, A. and Gottardi, P., (2014). Markets for information: Of inefficient firewalls and efficient monopolies. Games and Economic Behavior. 83 (C), 24-44
Bisin, A., Gottardi, P. and Ruta, G., (2014). Capital Structure and Hedging Demand with Incomplete Markets
Gale, D. and Gottardi, P., (2011). Bankruptcy, Finance Constraints, and the Value of the Firm. American Economic Journal: Microeconomics. 3 (2), 1-37
Gottardi, P. and Kubler, F., (2011). Social security and risk sharing. 146 (3), 1078-1106
Bisin, A., Geanakoplos, JD., Gottardi, P., Minelli, E. and Polemarchakis, H., (2011). Markets and contracts. Journal of Mathematical Economics. 47 (3), 279-288
Bisin, A., Gottardi, P. and Rampini, AA., (2008). Managerial Hedging and Portfolio Monitoring. Journal of the European Economic Association. 6 (1), 158-209
Gottardi, P. and Jerez, B., (2007). Comment on “Bertrand and Walras Equilibria under Moral Hazard”. Journal of Political Economy. 115 (5), 893-900
Gottardi, P., Bisin, A. and Rampini, A., (2007). Managerial Hedging and Portfolio Monitoring
Dávila, J., Gottardi, P. and Kajii, A., (2007). Local Sunspot Equilibria Reconsidered. Economic Theory. 31 (3), 401-425
Bisin, A. and Gottardi, P., (2006). Efficient Competitive Equilibria with Adverse Selection. Journal of Political Economy. 114 (3), 485-516
Galeotti, A., Goyal, S. and Kamphorst, J., (2006). Network formation with heterogeneous players. Games and Economic Behavior. 54 (2), 353-372
Gottardi, P. and Serrano, R., (2005). Market Power And Information Revelation In Dynamic Trading. Journal of the European Economic Association. 3 (6), 1279-1317
Gottardi, P. and Kajii, A., (2003). A note on the regularity of competitive equilibria and asset structures. Journal of Mathematical Economics. 39 (7), 763-776
Gottardi, P., (2003). 13th European Workshop on General Equilibrium Theory. Economics Bulletin. 28 (76)
Gottardi, P., (2003). 13th European Workshop on General Equilibrium Theory. Economics Bulletin. 28 (76)
Bisin, A. and Gottardi, P., (2003). Competitive markets for non-exclusive contracts with adverse selection: the role of entry fees. Review of Economic Dynamics. 6 (2), 313-338
(2001). Editors’ note. Research in Economics. 55 (4), 347-347
Gottardi, P. and Mas-Colell, A., (2000). A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian. Journal of Mathematical Economics. 33 (4), 463-473
Gottardi, P. and Kajii, A., (1999). The Structure of Sunspot Equilibria: The Role of Multiplicity. Review of Economic Studies. 66 (3), 713-732
Bisin, A. and Gottardi, P., (1999). Competitive Equilibria with Asymmetric Information. 87 (1), 1-48
Chattopadhyay, S. and Gottardi, P., (1999). Stochastic OLG Models, Market Structure, and Optimality. 89 (1), 21-67
Gottardi, P. and Hens, T., (1999). Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets. Economic Theory. 13 (2), 287-308
Gottardi, P. and Hens, T., (1996). The Survival Assumption and Existence of Competitive Equilibria When Asset Markets are Incomplete. 71 (2), 313-323
Gottardi, P., (1996). Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets. 71 (1), 75-89
Gottardi, P., (1995). Does sunspot monetary policy matter?. Economics Letters. 47 (3-4), 297-303
Detemple, J., Gottardi, P. and Polemarchakis, HM., (1995). The relevance of financial policy. 39 (6), 1133-1154
Gottardi, P., (1994). On the Non-neutrality of Money with Incomplete Markets. Journal of Economic Theory. 62 (1), 209-220
Reports and Papers (11)
Gottardi, P., Kajii, A. and Nakajima, T., Optimal taxation and debt with uninsurable risks to human capital accumulation
Rahi, R. and Gottardi, P., Value of Information in Competitive Economies with Incomplete Markets
Auster, S., Gottardi, P. and Wolthoff, R., Simultaneous Search and Adverse Selection
Luz, VF., Gottardi, P. and Moreira, H., (2023). Risk Classification in Insurance Markets with Risk and Preference Heterogeneity
Auster, S., Gottardi, P. and Wolthoff, RP., (2022). Simultaneous Search and Adverse Selection
Bisin, A., Clementi, GL. and Gottardi, P., (2022). Capital Structure and Hedging Demand with Incomplete Markets
Gottardi, P., Fuchs, W. and Moreira, H., (2022). Time Trumps Quantity in the Market for Lemons
Gottardi, P. and Auster, S., (2022). Sorting versus Screening in Decentralized Markets with Adverse Selection
Cabrales, A., Feri, F., Gottardi, P. and Meléndez-Jiménez, M., (2021). Communication and Social Preferences: An Experimental Analysis
Cabrales, A., Feri, F., Gottardi, P. and Meléndez-Jiménez, M., (2021). Communication and Social Preferences: An Experimental Analysis
Cabrales, A., Feri, F., Gottardi, P. and Meléndez-Jiménez, MA., (2018). Can there be a Market for Cheap-Talk Information? An Experimental Investigation
Scholarly Editions (94)
Gottardi, P. and Rahi, R., Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information
Gottardi, P. and Rahi, R., Value of Information in Competitive Economies with Incomplete Markets
Rahi, R. and Gottardi, P., Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information
Bisin, A. and Gottardi, P., Decentralizing Incentive Efficient Allocations of Economies with Adverse Selection
Gottardi, P. and Cabrales, A., Markets for information : of inefficient firewalls and efficient monopolies
Rahi, R. and Gottardi, P., Efficiency properties of rational expectations equilibria with asymmetric information
Gottardi, P. and Kajii, A., "Generic Existence of Sunspot Equilibria: The Case of real Assets''
Detemple, J., Gottardi, P. and Polemarchakis, HM., The Relevance of Financial Policy
Gottardi, P., Kajii, A. and Nakajima, T., Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Cabrales, A., Feri, F., Gottardi, P. and Mel ndez-Jim nez, MA., Can there be a market for cheap-talk information? Some experimental evidence
Gottardi, P. and Rahi, R., Value of information in competitive economies with incomplete markets
Bisin, A., Gottardi, P. and Guaitoli, D., A note on the convergence to competitive equilibria in economies with moral hazard
Gottardi, P., Kajii, A. and Nakajima, T., Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets
Gottardi, P., Kajii, A. and Nakajima, T., Optimal taxation and debt with uninsurable risks to human capital accumulation
Gottardi, P., Kajii, A. and Nakajima, T., Constrained inefficiency and optimal taxation with uninsurable risks
Gottardi, P., Tallon, J-M. and Ghirardato, P., Flexible contracts
Gottardi, P., Kajii, A. and Nakajima, T., Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Gottardi, P., Tallon, J-M. and Ghirardato, P., Flexible contracts
Cabrales, A., Gottardi, P. and Vega-Redondo, F., Risk-sharing and contagion in networks
Gottardi, P., Kajii, A. and Nakajima, T., Optimal taxation and debt with uninsurable risks to human capital accumulation
Gottardi, P., Tallon, J-M. and Ghirardato, P., Flexible contracts
Gale, D. and Gottardi, P., (2017). Equilibrium Theory of Banks' Capital Structure
Gottardi, P., Maurin, V. and Monnet, C., (2017). A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation
Gottardi, P. and Auster, S., (2016). Competing Mechanisms in Markets for Lemons
Maurin, V., Monnet, C. and Gottardi, P., (2016). A Theory of Repurchase Agreement, Collateral Re-use, and Repo Intermediation
Gottardi, P., Ruta, G. and Bisin, A., (2015). Equilibrium Corporate Finance and Intermediation
Gottardi, P., Tallon, J-M. and Ghirardato, P., (2015). Flexible contracts
Cabrales, A. and Gottardi, P., (2014). Markets for information: Of inefficient firewalls and efficient monopolies
Gottardi, P., Kajii, A. and Nakajima, T., (2014). Optimal taxation and debt with uninsurable risks to human capital accumulation
Bisin, A., Gottardi, P. and Ruta, G., (2014). Equilibrium corporate finance and intermediation
Gottardi, P., Kajii, A. and Nakajima, T., (2014). Constrained inefficiency and optimal taxation with uninsurable risks
Gale, D. and Gottardi, P., (2014). Capital structure, investment, and fire sales
Cabrales, A., Gottardi, P. and Vega-Redondo, F., (2014). Risk-Sharing and Contagion in Networks
Gottardi, P., Vega-Redondo, F. and Cabrales, A., (2014). Risk Sharing and Contagion in Networks
Gottardi, P. and Rahi, R., (2013). Risk sharing and retrading in incomplete markets
Gale, D. and Gottardi, P., (2013). Capital Structure and Investment Dynamics with Fire Sales
Gale, D. and Gottardi, P., (2013). Capital structure and investment dynamics with fire sales
Vega-Redondo, F., Gottardi, P. and Cabrales, A., (2013). Risk-sharing and contagion in networks
GOTTARDI, P. and KUBLER, F., (2012). Dynamic Competitive Economies with Complete Markets and Collateral Constraints
Kubler, F. and Gottardi, P., (2012). Dynamic Competitive Economies with Complete Markets and Collateral Constraints
Gottardi, P. and Kubler, F., (2011). Social security and risk sharing
Nakajima, T., Kajii, A. and Gottardi, P., (2011). Optimal taxation and constrained inefficiency in an in finite-horizon economy with incomplete markets
Gottardi, P., Kajii, A. and Nakajima, T., (2011). Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets
Gottardi, P., Tallon, JM. and Ghirardato, P., (2011). Flexible contracts
Gale, D. and Gottardi, P., (2011). Bankruptcy, Finance Constraints and the Value of the Firm
Gottardi, P., Kajii, A. and Nakajima, T., (2011). Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets
Elul, R. and Gottardi, P., (2011). Bankruptcy: is it enough to forgive or must we also forget?
Gottardi, P. and Rahi, R., (2010). Value of Information in Competitive Economies with Incomplete Markets
Bisin, A., Gottardi, P. and Ruta, G., (2010). Equilibrium Corporate Finance
Bisin, A., Geanakoplos, J., Gottardi, P., Minelli, E. and Polemarchakis, H., (2010). Markets and contracts
Gottardi, P., Tallon, JM. and Ghirardato, P., (2010). Flexible Contracts
Gottardi, P., Kajii, A. and Nakajima, T., (2010). Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Gottardi, P. and Kubler, F., (2009). Social Security and Risk Sharing
Cabrales, A. and Gottardi, P., (2009). Markets for Information: Of Inefficient Firewalls and Efficient Monopolies
Gottardi, P. and Gale, D., (2009). Illiquidity and Under-Valuation of Firms
Gale, D. and Gottardi, P., (2009). Illiquidity and Under-Valuation of Firms
Gale, D. and Gottardi, P., (2009). Illiquidity and Under-Valuation of Firms
Ruta, G. and Gottardi, P., (2009). Equilibrium corporate finance
Gottardi, P., Tallon, J-M. and Ghirardato, P., (2009). Flexible contracts
Bisin, A., Geanakoplos, J., Gottardi, P., Minelli, E. and Polemarchakis, H., (2009). Markets and Contracts
Gottardi, P., Tallon, JM. and Ghirardato, P., (2009). Flexible Contracts
Elul, R. and Gottardi, P., (2008). Bankruptcy: Is it enough to Forgive or must we also Forget?
Elul, R. and Gottardi, P., (2008). Bankruptcy: Is It Enough to Forgive or Must We Also Forget?
Venice, UO., Pavoni, N. and Gottardi, P., (2008). Ramsey Asset Taxation under Asymmetric Information
Gale, D. and Gottardi, P., (2008). Illiquidity and Under-Valuation of Firms
Cabrales, A. and Gottardi, P., (2008). Markets for Information: Of Inefficient Firewalls and Efficient Monopolies
Elul, R. and Gottardi, P., (2007). Bankruptcy: Is it enough to forgive or must we also forget?
Gottardi, P. and Elul, R., (2007). Bankruptcy: Is It Enough to Forgive or Must we Also Forget?
Gottardi, P. and Rahi, R., (2007). Value of Information in Competitive Economies with Incomplete Markets
Kubler, F., Economics, DO., Economics, DO. and Gottardi, P., (2007). Social Security and RIsk Sharing
Davila, J., Gottardi, P. and Kajii, A., (2007). Local Sunspot Equilibria Reconsidered
Bisin, A. and Gottardi, P., (2006). Efficient Competitive Equilibria with Adverse Selection
Gottardi, P. and Jerez, BN., (2006). A Note on Walrasian Equilibria with Moral Hazard and Aggregate Uncertainty
Gottardi, P. and Kubler, F., (2006). Social Security and Risk Sharing
Gottardi, P. and Serrano, R., (2005). Market Power and Information Revelation in Dynamic Trading
Gottardi, P. and Serrano, R., (2004). Market Power and Information Revelation in Dynamic Trading
Gottardi, P. and Kubler, F., (2004). Ex Ante Optimality and Social Security
Bisin, A., Gottardi, P. and Rampini, AA., (2004). Managerial Hedging and Portfolio Monitoring
Gottardi, P. and Serrano, R., (2002). Market Power and Information Revelation in Dynamic Trading
Bisin, A. and Gottardi, P., (1999). Competitive Equilibria with Asymmetric Information: Existence with Entry Fees.
Bisin, A. and Gottardi, P., (1999). Competitive Equilibria with Asymmetric Information
Chattopadhyay, S. and Gottardi, P., (1999). Stochastic OLG Models, Market Structure, and Optimality
Chattopadhyay, S. and Gottardi, P., (1999). Stochastic OLG Models, Market Structure, and Optimality
Bisin, A., Gottardi, P. and Guaitoli, D., (1998). A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard
Detemple, JXRXMB. and Gottardi, P., (1998). Aggregation, efficiency and mutual fund separation in incomplete markets
Bisin, A. and Gottardi, P., (1997). General Competitive Analysis with Asymmetric Information
Gottardi, P., (1996). Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets
Gottardi, P. and Hens, T., (1996). The Survival Assumption and Existence of Competitive Equilibria When Asset Markets are Incomplete
Gottardi, P., (1995). An analysis of the conditions for the validity of Modigliani-Miller Theorem with incomplete markets
Detemple, J., Gottardi, P. and Polemarchakis, HM., (1995). The relevance of financial policy
DETEMPLE, J., GOTTARDI, P. and POLEMARCHAKIS, HM., (1995). The relevance of financial policy
GOTTARDI, P., (1990). ON THE NON NEUTRALITY OF MONEY WITH INCOMPLETE MARKET.
GOTTARDI, P., (1990). ON STATIONARY MONETARY EQUILIBRIA IN OVERLAPPING GENERATIONS MODELS WITH INCOMPLETE MARKETS.
DETEMPLE, J., GOTTARDI, P. and POLEMARCHAKIS, H., (1990). The relevance of financial policy
Grants and funding
2020
What do Mediators do? An Information and Mechanism Design Point of View
British Academy
Contact
Academic support hours:
Wednesdays: 1:30 - 2:30 Thursdays: 3:00 - 4:00 Please email me to make an appointment