Eran Shmaya
Eran Shmaya

Associate Professor of Managerial Economics & Decision Sciences

Print Overview

Eran Shmaya joined the Managerial Economics and Decision Sciences department at the Kellogg School of Management in 2008. Professor Shmaya graduated from Tel Aviv University in 2007. Professor Shmaya's research areas are game theory, probability and information theory. 

Print Vita
PhD, 2007, School of Mathematics, Tel Aviv University
MSc, 2002, School of Mathematics, Tel Aviv University
BSc, 1994, School of Mathematics, Tel Aviv University

Academic Positions
Assistant Professor, Managerial Economics & Decision Sciences, Kellogg School of Management, Northwestern University, 2009-present
Senior Lecturer, Managerial Economics & Decision Sciences, Kellogg School of Management, Northwestern University, 2008-2009

Honors and Awards
Chairs Core Course Teaching Award, J. L. Kellogg Graduate School of Management, 2012-2013
Chairs, Kellogg School of Management, 2008-2009

Editorial Positions
Associate Editor, Journal of Dynamics and Games, 2015
Associate Editor, Mathematics of Operations Research, 2015
Associate Editor, Mathematical Social Sciences, 2015
Associate Editor, International Journal of Game Theory, 2014

Print Research
Research Interests
Game theory, probability, information theory, decision theory

Al-Najjar, Nabil and Eran Shmaya. 2018. Learning and Long-run Fundamentals in Stationary Environments. Games and Economic Behavior.
Shmaya, Eran, Ehud Lehrer, Dov Samet and Jiangtao Li. Forthcoming. Agreeing to agree and Dutch books. Games and Economic Behavior.
Sandroni, Alvaro and Eran Shmaya. 2014. A Prequential Test for Exchangeable Theories. Journal of Dynamics and Games. 1(3): 497-505.
Shmaya, Eran and Yaron Azrieli. 2014. Rental harmony with roommates. Journal of Economic Theory. 153
Al-Najjar, Nabil and Eran Shmaya. 2015. Uncertainty and Disagreement in Equilibrium Models. Journal of Political Economy. 123: 778-808.
Shmaya, Eran, Jeroen Kuipers, Ayala Mashiah-Yaakovi, Gijs Schoenmakers, Eilon Solan and Koos Vrieze. 2014. Non-existence of subgame-perfect-equilibrium in perfect information games with infinite horizon. International Journal of Game Theory.
Shmaya, Eran, Christopher Chambers and Federico Echenique. Forthcoming. The axiomatic structure of empirical content. American Economic Review.
Gradwohl, Ronen and Eran Shmaya. 2015. Tractable Falsifiability. Economics and Philosophy. 31(2): 259-274.
Shmaya, Eran and Ehud Lehrer. 2013. Garbling of signals and outcome equivalence. Games and Economic Behavior. 81
Sandroni, Alvaro and Eran Shmaya. 2013. Eliciting Beliefs by Paying in Chance. Economic Theory Bulletin. 1: 33-37.
Shmaya, Eran and Yaron Azrieli. Forthcoming. Lipschitz Games.
Hu, Tai-Wei and Eran Shmaya. 2013. Expressible Inspections. Theoretical Economics. 8: 263-280.
Shmaya, Eran. 2011. The Determinacy of Infinite Games with Eventual Perfect Monitoring. Proceedings of the American Mathematical Society. 139: 3665-3678.
Echenique, Federico, Christopher Chambers and Eran Shmaya. 2011. Testable Implications of Gross Substitutes in Demand. American Economic Journal: Microeconomics. 3(1): 129-136.
Shmaya, Eran, Federico Echenique and Christopher Chambers. 2010. On Behavioral Complementarity and its Implications. Journal of Economic Theory. 145(6): 2332-2355.
Shmaya, Eran. 2008. Many inspections are manipulable. Theoretical Economics. 3
Lehrer, Ehud and Eran Shmaya. 2008. Two Remarks on Blackwell's Theorem. Journal of Applied Probability. 45
Lehrer, Ehud and Eran Shmaya. 2006. A Qualitative Approach to Quantum Probability. Proceedings - Royal Society. Mathematical, physical and engineering sciences. 462(2072): 2331-2344.
Shmaya, Eran. 2005. Nonbilocal measurements via an entangled state. Physical Review A. 72(2)
Shmaya, Eran. 2006. The value of information structure in zero-sum games with lack of information on one side. International Journal of Game Theory. 34(2): 155-165.
Shmaya, Eran. 2005. Comparison of information structures and completely positive maps. Journal of Physics A: Mathematical and General. 38(4): 9717-9727.
Shmaya, Eran and Eilon Solan. 2004. Zero-Sum Dynamic Games and a Stochastic Variation of Ramsey's Theorem. Stochastic Processes and Their Applications. 112
Shmaya, Eran and Eilon Solan. 2004. Two Player Non Zero-sum Stopping Games in Discrete Time. Annals of Probability. 32(3B): 2733-2764.
Shmaya, Eran, Eilon Solan and Nicolas Vieille. 2003. An Application of Ramsey Theorem to Stopping Games. Games and Economic Behavior. 42(2): 300-306.
Working Papers
Shmaya, Eran and yingni guo. 2018. Costly miscalibration in communication.
Shmaya, Eran and Ehud Kalai. 2017. Large strategic dynamic interactions.
Shmaya, Eran and Tai-Wei Hu. 2017. Unique Monetary Equilibrium with Inflation in a Stationary Bewley-Aiyagari Model.
Shmaya, Eran and yingni guo. 2017. The interval structure of optimal disclosure.
Al-Najjar, Nabil and Eran Shmaya. 2018. Recrusive Utility and Parameter Uncertainty.
Shmaya, Eran and Leeat Yariv. Forthcoming. Experiments on Decisions Under Uncertainty: A Theoretical Framework.
Chambers, Christopher, Federico Echenique and Eran Shmaya. "General Revealed Preference Theory." Theoretical Economics.

Print Teaching
Teaching Interests
Full-Time / Evening & Weekend MBA
Business Analytics II (DECS-431-0)

This core course is equivalent to the course DECS-440 (MMM Business Analytics).

This sequel to DECS-430 extends the statistical techniques learned in that course to allow for the exploration of relationships between variables, primarily through multivariate regression. In addition to learning basic regression skills, including modeling and estimation, students will deepen their understanding of hypothesis testing and how to make inferences and predictions from data. Students will also learn new principles such as identification and robustness. The course has an intense focus on managerial relevant applications, cases and interpretations.

Game Theory and Strategic Decisions (MECN-452-0)

**This course was formerly known as DECS-452-0**

Decision makers face two types of uncertainty: uncertainty about the state of nature (how much oil is on a tract of land) and uncertainty about the strategic behavior of other decision makers (what pricing strategy a competitor will follow). This course focuses on strategic uncertainty and the uses decision makers can make of the concepts of game theory to guide their decisions. Topics include bargaining and arbitration, collusion and competition, joint cost allocation, market entry and product differentiation, and competitive bidding. Role-playing exercises and case analysis are used.

Economic Theory II: Advanced Topics in Game Theory (MECS-550-2)
This course is designed to deeply cover a current research area in game theory that has seen recent, fruitful developments. Besides covering the topic, the course is meant to give students a perspective over an entire subliterature. The student sees how a field developed over time, thinks about other ways it could have developed, and learns what early work in the area influenced followup research. The topic and faculty change periodically. Recent and anticipated future topics include: matching theory and market design; games and interactions in large economies; network economics; and bounded rationality. The topic is one in which the instructor is an expert and has active research interest.

Dynamic Optimization in Economics (MECS-560-2)
The goal of this course is to introduce students to dynamic optimization techniques for both discrete and continuous time stochastic problems. In particular, the course will present results in discrete time dynamic programming and consider their applications in a range of topics. Specific examples include search models, bandit problems, and dynamic games.