Professor Peter Klibanoff
Department of Managerial Economics and Decision Sciences (MEDS)

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Research Articles

A theory of (de)centralization (with Michel Poitevin), Journal of Public Economic Theory, 24(3) (June 2022), pp. 417-451.

Foundations of ambiguity models under symmetry: alpha-MEU and smooth ambiguity (with Sujoy Mukerji, Kyoungwon Seo and Lorenzo Stanca), Journal of Economic Theory, 199 (January 2022), 105202.

If it is surely better, do it more? Implications for preferences under ambiguity (with Soheil Ghili), Management Science, 67(12) (December 2021), pp. 7619-7636.

Incomplete Information Games with Ambiguity Averse Players(with Eran Hanany and Sujoy Mukerji), American Economic Journal: Microeconomics, 12(2) (May 2020), pp.135-187. Online Appendix (The 2020 Operations Research Society of Israel (ORSIS) Award in the name of Uriel (Uri) Rothblum for Excellent Work in Operations Research was awarded to Eran Hanany for this paper)

Symmetry Axioms and Perceived Ambiguity (with Sujoy Mukerji and Kyoungwon Seo), Mathematics and Financial Economics 12(1) (January 2018), pp. 33-54.

 Experiments on compound risk in relation to simple risk and to ambiguity (with Mohammed Abdellaoui and Laetitia Placido), Management Science 61(6) (June 2015), pp. 1306-1322. Web Appendix Data

Perceived Ambiguity and Relevant Measures(with Sujoy Mukerji and Kyoungwon Seo), Econometrica 82(5) (September, 2014), pp. 1945-1978. Online Supplement

 Polarization and Ambiguity (with Sandeep Baliga and Eran Hanany), American Economic Review, 103(7) (December, 2013), pp. 3071-3083. Online Appendix

Thoughts on Policy Choice under Ambiguity”, Journal of Institutional and Theoretical Economics, 169 (2013), pp. 134-138, DOI 10.1628/093245613X660492.

On the Smooth Ambiguity Model: A Reply” (with Massimo Marinacci and Sujoy Mukerji), Econometrica 80(3) (May, 2012), pp. 1303-1321.

Dynamically Consistent Updating of Multiple Prior Beliefs - An Algorithmic Approach” (with Eran Hanany and Erez Marom), International Journal of Approximate Reasoning, Vol. 52, Iss. 8 (November 2011), pp. 1198-1214, Additional files: Algorithms from this paper coded in Mathematica: .zip archive containing Mathematica notebook file; .html listing of code

Definitions of Ambiguous Events and the Smooth Ambiguity Model” (with Massimo Marinacci and Sujoy Mukerji), Economic Theory Vol. 48, Iss. 2 (2011), pp. 399-424, DOI 10.1007/s00199-011-0641-7. (Link here to the pre-publication version which may differ slightly from the published version.) Special issue entitled “Symposium on the 50th anniversary of the Ellsberg Paradox”

Monopoly Pricing under a Medicaid-Style Most-Favored-Customer Clause and Its Welfare Implication” (with Tapas Kundu), The B.E. Journal of Economic Analysis & Policy Vol. 10, Iss. 1 (Contributions), Article 77 (2010).

Updating Ambiguity Averse Preferences” (with Eran Hanany), The B.E. Journal of Theoretical Economics Vol. 9, Iss. 1 (Advances), Article 37 (2009).

“Recursive Smooth Ambiguity Preferences” (with Massimo Marinacci and Sujoy Mukerji), Journal of Economic Theory 144 (2009), pp. 930-976.

Updating preferences with multiple priors” (with Eran Hanany), Theoretical Economics, 2 (2007), pp. 261-298.

Subjective Recursive Expected Utility” (with Emre Ozdenoren), Economic Theory, 30 (2007) 1, pp. 49-87.

A smooth model of decision making under ambiguity” (with Massimo Marinacci and Sujoy Mukerji), Econometrica 73(6) (November, 2005) pp. 1849-1892.

"Stochastically independent randomization and uncertainty aversion," Economic Theory 18 (2001) 3, pp. 605-620. (Reprinted in Uncertainty in Economic Theory: A collection of essays in honor of David Schmeidler’s 65th birthday, Gilboa, I., Ed., Routledge, 2004)

"Characterizing uncertainty aversion through preference for mixtures," Social Choice and Welfare. 18(2), April 2001, pp. 289-301.

"Maxmin expected utility over Savage acts with a set of priors," (with Ramon Casadesus-Masanell and Emre Ozdenoren), Journal of Economic Theory 92(1), May 2000, pp. 35-65.

 "Maxmin expected utility through statewise combinations," (with Ramon Casadesus-Masanell and Emre Ozdenoren), Economics Letters 66(1), January 2000, pp. 49-54.

"Additivity with multiple priors," (with Paolo Ghirardato and Massimo Marinacci), Journal of Mathematical Economics 30(4), November 1998, pp. 405-420.

"Investor reaction to salient news in closed-end country funds," (with Owen Lamont and Thierry A. Wizman), The Journal of Finance 53(2), April 1998, pp. 673-699. (Reprinted in Behavioral Finance, Shefrin, H. M., Ed., Edward Elgar Publishing, 2001.)

"Decentralization, Externalities, and Efficiency," (with Jonathan Morduch) The Review of Economic Studies 62 (April 1995): 223-247.


Managerial Statistics: A Case-Based Approach (with Alvaro Sandroni, Boaz Moselle and Brett Saraniti), 1st edition. Thomson South-Western, 2006. [The publisher’s companion site also includes download links for: (1) Kstat.xls updated for full compatibility with Microsoft Excel 2007; (2) A brief errata list; and (3) teaching aids (for registered instructors)]
A fresh, relevant and MBA classroom-proven approach to managerial statistics with a regression focus.

Solutions to Review Exercises for A Theory of Incentives in Procurement and Regulation by Jean-Jacques Laffont and Jean Tirole. MIT Press, 1993.

Areas of Interest:
Decision theory, Externalities, Uncertainty, Ambiguity, Game Theory, Behavioral Finance, Optimal regulation and organizational structure.

Current Projects:
Selected Working Papers