People

Professor Piero Gottardi

Professor
Department of Economics
Professor Piero Gottardi
  • Email

  • Telephone

    +44 (0) 1206 872707

  • Location

    5B.120, Colchester Campus

  • 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

  • Microeconomics (Advanced) (EC322)

  • Economics of Financial Markets and Intermediation (EC372)

Previous supervision

Mohsen Eshraghi
Mohsen Eshraghi
Thesis title: Essays on Solvency and Liquidity Using Financial Network.
Degree subject: Economics
Degree type: Doctor of Philosophy
Awarded date: 4/1/2024
Junghum Park
Junghum Park
Thesis title: Essays on Financial Markets with Asymmetric Information
Degree subject: Economics
Degree type: Doctor of Philosophy
Awarded date: 19/8/2022
Junghum Park
Junghum Park
Degree subject: Economics
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

piero.gottardi@essex.ac.uk
+44 (0) 1206 872707

Location:

5B.120, Colchester Campus

Academic support hours:

Wednesdays: 1:30 - 2:30 Thursdays: 3:00 - 4:00 Please email me to make an appointment

More about me