Prof. Dr. Benny Moldovanu
![Benny Moldovanu](https://www.econ.uni-bonn.de/micro/en/medien-micro/personen/c-jurate-jablonskyte-2649.jpg/@@images/image/large)
© Jurate Jablonskyte
Office hours
By appointment. Please send an email.
Teaching
Microeconomics II, SS 2024
- Mon 12-2 PM, lecture hall F
- Wed 10-12 AM, lecture hall F
https://ecampus.uni-bonn.de/goto_ecampus_crs_3268251.html
Topics in Microeconomic Theory, SS 2024
- Fri 10-12 AM, Lennéstraße 37 (2nd floor)
https://ecampus.uni-bonn.de/goto_ecampus_crs_3268392.html
Degree thesis
Please inquire by email, attaching your transcript and CV.
Administrative assistant
Members of the chair
Affilations
Research interests
- Auctions and Mechanism Design
- Microeconomics Theory
Curriculum Vitae
New Papers
Optimal Security Design for Risk-Averse Investors (joint with Alex Gershkov, Philipp Strack and Mengxi Zhang )
The Art of Compromising: Voting with Interdependent
Values and the Flag of the Weimar Republic (joint with Alex Gershkov, Andreas Kleiner and Xianwen Shi )
Order Independence in Sequential, Issue-by-Issue Voting, (joint with Alex Gershkov and Xianwen Shi).
Research Video
![latest_thinking_benny_moldovanu.jpg](https://www.econ.uni-bonn.de/micro/en/medien-micro/latest_thinking_benny_moldovanu.jpg/@@images/image)
© Benny Moldovanu
Publications
Books:
- Dynamic Allocation and Pricing: A Mechanism Design Approach (joint with Alex Gershkov), MIT Press 2014
- Understanding Strategic Interaction- Essays in Honor of Reinhard Selten, W. Albers, W. Güth, P. Hammerstein, B. Moldovanu and E. van Damme (editors), Springer, Berlin 1996
Articles
- Optimal Insurance: Dual Utility, Random Losses and Adverse Selection, American Economic Review, 113(10), 2023, 2581-2614. (joint with Alex Gershkov, Phillip Strack and Mengxi Zhang).
- Voting with Interdependent Values and the Condorcet Winner, Games and Economic Behavior, 142, 2023, 193-208, (joint with Alex Gershkov, Andreas Kleiner and Xianwen Shi)
- Optimal Auctions: Non-Expected Utility and Constant Risk Aversion, Review of Economic Studies, Volume 89, Issue 5, 2022, 2630–2662 (joint with Alex Gershkov, Philipp Strack and Mengxi Zhang).
- Extreme Points and Majorization: Economic Applications16, Econometrica, Volume 89, Issue 4, July 2021, 1557-1593 ( joint with Andreas Kleiner and Philipp Strack).
- A Theory of Auctions with Endogenous Valuations17, Journal of Political Economy, Volume 129, Issue 4, April 2021, 1011-1051 (joint with Alex Gershkov, Philipp Strack and Mengxi Zhang).
- Voting Agendas and Preferences on Trees: Theory and Practice18, American Economic Journal: Microeconomics, Volume 14(4), November 2022, 538-615 : (joint with Andreas Kleiner).
- Brexit: A Comparison of Dynamic Voting Games with Irreversible Options19, Volume 130, November 2021, 85-108, Games and Economic Behavior (joint with Frank Rosar),
- Monotonic Norms and Orthogonal Issues in Multidimensional Voting20, Journal of Economic Theory, Volume 189, September 2020, 105103 (joint with Alex Gershkov and Xianwen Shi).
- The failure of a Nazi "killer" amendment21, Public Choice, Volume 183, Issue 1, July 2019, 1-17 (joint with Andreas Kleiner).
- Voting on Multiple Issues: What to Put on the Ballot?22 Theoretical Economics, Volume 14, Issue 2, 2019, 555-596 (joint with Alex Gershkov and Xianwen Shi).
- The Feedback Effect in Two-Sided Markets with Bilateral Investments23, Journal of Economic Theory, Volume 182, 2019, 106-142 (joint with Deniz Dizdar and Nora Szech).
- Content-based Agendas and Qualified Majorities in Sequential Voting24, American Economic Review, Volume 107, Issue 6, June 2017, 1477-1506 (joint with Andreas Kleiner).
- Optimal Voting Rules25, Review of Economic Studies, Volume 84, Issue 2, September 2017, 688-717 (joint with Alex Gershkov and Xianwen Shi).
- Revenue Maximizing Mechanisms with Strategic Customers and Unknown, Markovian Demand26, Management Science, June 2018 (joint with Alex Gershkov and Philipp Strack).
- On the Importance of Uniform Sharing Rules for Efficient Matching27, Journal of Economic Theory, Volume 165, September 2016, 106–123 (joint with Deniz Dizdar).
- On the equivalence of Bayesian and dominant strategy implementation28, Econometrica, Volume 81, Issue 1, January 2013, 197–220 (joint with Alex Gershkov, Jabob K. Goeree, Alexey Kushnir and Xianwen Shi).
- Specialization and Partisanship in Committee Search29, Theoretical Economics, Volume 8, Issue 3, September 2013, 751-774 (joint with Xianwen Shi).
- Locally robust implementation and its limits30, Journal of Economic Theory, Volume 147, Issue 6, November 2012, 2439-2452 (joint with Philippe Jehiel and Moritz Meyer-ter-Vehn).
- Optimal Search, Learning and Implementation31, Journal of Economic Theory, Volume 147, Issue 3, May 2012, 881-909 (joint with Alex Gershkov).
- Dynamic Allocation and Pricing: A Mechanism Design Approach32, International Journal of Industrial Organisation, Volume 30, Issue 3, May 2012, 283-286 (joint with Alex Gershkov).
- Non-Bayesian Optimal Search and Dynamic Implementation33, Economic Letters, Volume 118, Issue 1, January 2013, 121-125 (joint with Alex Gershkov).
- Optimal Seedings in Elimination Tournaments34, Economic Theory, Vol. 49, 2012, 59-80 (joint with Christian Groh, Aner Sela and Uwe Sunde).
- Coarse Matching with Incomplete Information35, Economic Theory, Vol. 47, 2011, 73-104 (joint with Heidrun Hoppe and Emre Ozdenoren).
- Carrots and Sticks: Prizes and Punishments in Contests36, Economic Inquiry, Volume 50, Issue 2, April 2012, 453-462 (joint with Aner Sela and Xianwen Shi).
- Revenue Maximization in the Dynamic Knapsack Problem37, Theoretical Economics, Vol.6, Issue 2, 2011, 157-184 (joint with Deniz Dizdar and Alex Gershkov).
- Efficient Sequential Assignment with Incomplete Information38, Games and Economic Behavior, Vol. 68, Issue 1, 2010, 144-154 (joint with Alex Gershkov).
- Learning About The Future and Dynamic Efficiency39, American Economic Review, Vol. 99, Issue 4, 2009, 1576-1588 (joint with Alex Gershkov).
- The Theory of Assortative Matching Based on Costly Signals40, Review of Economic Studies, Vol. 76, Issue 1, 2009, 253-281 (joint with Heidrun Hoppe and Aner Sela).
- Dynamic Revenue Maximization with Heterogeneous Objects: A Mechanism Design Approach41, American Economic Journal: Microeconomics, Vol. 1, Issue 2, 2009, 98-168 (joint with Alex Gershkov). Winner of the first AEA Best Paper Award for AEJ: Microeconomics.
- Competing Auctions with Endogenous Quantities42, Journal of Economic Theory, Vol. 141, 2008, 1-27 (joint with Aner Sela and Xianwen Shi).
- Ex-post Implementation and Preference Aggregation via Potentials43, Economic Theory, Vol. 37, No. 3, 2008, 469 - 490 (joint with Philippe Jehiel and Moritz Meyer-ter-Vehn).
- Contests for Status44, Journal of Political Economy, Vol. 115, 2007, 338-363 (joint with Aner Sela and Xianwen Shi).
- Mixed Bundling Auctions45, Journal of Economic Theory, Vol. 134, 2007, 494-512 (joint with Moritz Meyer-ter-Vehn and Philippe Jehiel) .
- Posterior Implementation vs Ex-Post Implementation46, Economics Letters, Vol. 97, 2007, 70-73 (joint with Philippe Jehiel, Moritz Meyer-ter-Vehn and William R. Zame).
- The Limits of Ex-Post Implementation47, Econometrica, Vol. 74, No. 3, May 2006, 585-610 (joint with Philippe Jehiel, Moritz Meyer-ter-Vehn and William R. Zame).
- Allocative and Informational Externalities in Auctions and Related Mechanisms48, in The Proceedings of the 9th World Congress of the Econometric Society, edited by Richard Blundell, Whitney Newey, and Torsten Persson, Cambridge University Press, 2006 (joint with Philippe Jehiel).
- Contest Architecture49, Journal of Economic Theory, Vol. 126, No. 1, January 2006, 70-97 (with Aner Sela).
- License Auctions and Market Structure50, Journal of Economics and Management Strategy, Vol. 15, No 2, Summer 2006, 371-396 (with Heidrun Hoppe and Philippe Jehiel).
- Priority Auctions and Queue Disciplines that Depend on Processing Time51, Management Science , Vol. 51, No. 2, 2005, 236-248 (joint with Thomas Kittsteiner).
- The Design of an Efficient Private Industry52, Journal of the European Economic Association , Vol. 2, 2-3, April- May 2004, 516-525 (joint with Philippe Jehiel).
- An Experimental analysis of auctions with interdependent valuations 53(with Oliver Kirchkamp), Games and Economic Behavior, Vol. 48, Issue 1, July 2004, 54-85.
- Allocation Mechanisms and Post-Allocation Interaction54, in Auctioning Public Assets Analysis and Alternatives, M. Janssen ed., Cambridge University Press, 2004 (with M. Janssen).
- An Analysis of the European 3G Licensing Process, in Auctioning Public Assets Analysis and Alternatives, M. Janssen ed., Cambridge University Press, 2004 (with E. Maasland).
- Matching Markets, Auctioning Public Assets Analysis and Alternatives, in Auctioning Public Assets Analysis and Alternatives, M. Janssen ed., Cambridge University Press, 2004.
- Partnerships, Lemons and Efficient Trade55, Journal of Economic Theory, Volume 113, 2003, 223-234 (with Karsten Fieseler and Thomas Kittsteiner).
- An Economic Perspective on Auctions56, Economic Policy, Vol. 36, April 2003, 271-308 (with Philippe Jehiel).
- Patent Licensing to Bertrand Competitors57, International Journal of Industrial Organization, Vol. 21, 2003, 1-13 (with Aner Sela).
- The German UMTS Design: Insights From Multi-Object Auction Theory58, ifo studies, 1/2001, 157-173, reprinted in Spectrum Auction and Competition in Telecommunications, Illing, G.(ed.), MIT Press 2003 (with Christian Ewerhart).
- Bid Costs and Endogenous Bid Caps59, RAND Journal of Economics, Vol. 33, Issue 4, Winter 2002, 709-722 (with Arieh Gavious and Aner Sela).
- How to Dissolve a Partnership60, Journal of Institutional and Theoretical Economics, Volume 158, 2002, 66-80.
- A Practical Approach to Multi-Attribute Auctions61, DEXA Workshops 2002, 670- 674 (with B. Burmeister, T. Ihde, T.Kittsteiner and J. Nikutta).
- Efficient Design with Interdependent Valuations62, Econometrica, Volume 69, Issue 5, 2001, 1237-1259 (with Philippe Jehiel).
- The Optimal Allocation of Prizes in Contests63, American Economic Review, Vol 91, Issue 3, June 2001, 542-558 (with Aner Sela).
Reprinted in: 40 Years of Research on Rent Seeking 1. Theory of Rent Seeking, Roger Congleton, Airye L. Hillman, Kai A. Konrad, Springer 2008.
- A note of revenue maximization and efficiency in multi-object auctions64, Economics Bulletin, Vol. 3, 2001, No.2, 1-5 (with Philippe Jehiel).
- Auctions with Downstream Interaction among Buyers65, RAND Journal of Economics, Volume 31, Issue 3, 2000, 768-791 (with Philippe Jehiel).
- Multidimensional Mechanism Design for Auctions with Externalities66, Journal of Economic Theory, Volume 85, Issue 2, 1999, 258-294 (with Philippe Jehiel and Ennio Stacchetti).
- Resale Markets and the Assignment of Property Rights67, Review of Economic Studie, Volume 66, Issue 4,1999, 971-991 (with Philippe Jehiel).
- Goethe's Second-Price Auction68, Journal of Political Economy, Volume 106, Issue 4, 1998, 854-859 (with Manfred Tietzel).
- How (not) to Sell Nuclear Weapons69, American Economic Review, Volume 86, Issue 4, 1996, 814-829 (with Philippe Jehiel and Ennio Stacchetti).
- Are Stable Demand Vectors in the Core of Two-Sided Markets? Some Graph-Theoretical Considerations, in Essays in Honor of Reinhard Selten, Springer Verlag, 1996.
- Strategic Non-Participation70, RAND Journal of Economics, Volume 27, Issue 1, 1996, 84-98, reprinted in The Economic Theory of Auctions, Paul Klemperer (ed), Edward Elgar 1999 (with Philippe Jehiel).
- The Production and Cost-Sharing of an Excludable Public Good71, EconomicTheory, Volume 7, 1996, 531-539.
- William Vickrey und die Auktionstheorie72, Wirtschaftsdienst, December 1996.
- Negative Externalities May Cause Delay in Negotiation73, Econometrica, Volume 63, Issue 6, 1995, 1321-1337 (with Philippe Jehiel).
- Cyclical Delay in Infinite Horizon Bargaining with Externalities74, Review of Economic Studies, Volume 62, Issue 4, 1995, 619-639 (with Philippe Jehiel).
- Order Independent Equilibria75, Games and Economic Behavior, Volume 9, 1995, 21-35 (with Eyal Winter).
- Consistent Demands for Coalition Formation, in Essays in Game Theory in Honor of Michael Maschler, Nimrod Megiddo ed., Spinger Verlag, Heidelberg, 1994 (with Eyal Winter).
- Core Implementation and Increasing Returns to Scale76, Journal of Mathematical Economics, Volume 23, 1994, 533-549 (with Eyal Winter).
- Price Indeterminacy and Bargaining in a Market with Indivisibilities77, Journal of Mathematical Economics, Volume 22, 1993, 581-597.
- Coalition-Proof Nash Equilibria and the Core in Three-Player Games78, Games and Economic Behavior, Volume 4, 1992, 565-581.
- Stable Bargained Equilibria for Assignment Games without Side Payments79, International Journal of Game Theory, Volume 19, 1990, 171-191.
- A Note on a Theorem of Aumann and Dreze80, International Journal of Game Theory, Volume 18, 1989, 471-477.
Discussion papers and press articles
Discussion papers
- "The Art of Compromising: Voting with Interdependent Values and the Flag of the Weimar Republic77" (joint with Alex Gershkov, Andreas Kleiner and Xianwen Shi), University of Bonn, 2019
- "Efficient Dynamic Allocation with Strategic Arrivals78" (joint with Alex Gershkov and Philipp Strack), University of Bonn, 2014
- "Bayesian and Dominant Strategy Implementation Revisited79" (joint with Alex Gershkov and Xianwen Shi), University of Bonn, 2011 (The content of this paper is now included in "On the Equivalence of Bayesian and Dominant Strategy Implementation")
- "Auction-Based Queue Disciplines80" (joint with Thomas Kittsteiner), University of Bonn, 2003
- "A Stylized Model of the German UMTS Auction81" (joint with Christian Ewerhart), University of Bonn, 2003, in revision for European Economic Review.
- "The European UMTS/IMT-2000 License Auctions82" (joint with Philippe Jehiel), University of Mannheim, 2001 (The contents of the paper appear in "An Economic Perspective on Auctions", Economic Policy,Vol. 36, April 2003, pp. 271-308)
Press articles
- "Reinhard Selten: Pioneering analyst of rationality and human behavior83", joint with Axel Ockenfels, VOX, 14.09.2016
- "Bluffen drohen zocken84", Frankfurter Allgemeine Zeitung, 24.02.2015
- "Europäisches Hasenfusrennen", Handelsblatt, 09.02.2015
- "Warum sich Preise schnell ändern85", Bonner-General-Anzeiger, 24.01.2015
- "Was steckt hinter kurzfristigen Preisänderungen?", Pressemitteilung der Universität Bonn, 20.01.2015
- "Wie mächtige Firmen gezähmt werden86", Bonner General-Anzeiger, 14.10.2014
- "Regeln für eine Welt unvollkommener Märkte87", Neue Zürcher Zeitung, 17.10.2007.
- "Für ein Plätzchen am Himmel der Funker", Frankfurter Allgemeine Zeitung, 29.07.2000.
- "Der Spieltheoretiker", Die Zeit, 27.07.2000.
- "Kleine Verfahrensfehler mit großen Folgen", Financial Times Deutschland, 06.04.2000.
- "Auktionen", Wirtschaftswoche, 04.11.1999.
- "William Vickery und die Auktionstheorie", Wirtschaftsdienst, 12.1996.