MA, MPhil, DPhil Oxon.,
Professor of Economic Theory (Since 2004).
- Office: Streatham Court 1.21
- Office hours: Wednesdays 2-4pm
- Phone (Personal): (01392) 722536
- Fax (School) (01392) 723242
Most of my research is concerned with choice under uncertainty and its applications in
economics and finance. In particular I have been concerned with ambiguity (decisions where some or
all of the relevant probabilities are unknown). A major area of research has been the impact of ambiguity
in games. Applications include partnerships, asset pricing and the law of liability. Currently I am
working on experimental tests of these theories.
I have recently been working on a Leverhulme funded project on decision-making
within firms. Topics studied will include how corporate governance influences behaviour in the product
market. I am particularly interested in the factors which influence the way firms are organised e.g. the
choice between for-profit firms, cooperatives and partnerships. This will be relevant for issues such as
mergers and corporate governance.
- David Kelsey Jürgen Eichberger and Simon Grant (2011),
"Dynamic Consistency and Preference for Randomisation" ,   seminar .
- David Kelsey and Sara Talloo ,
Ambiguity in Coodination Games, seminar.
simulated urn Press F9 to get a new draw from the urn.
- David Kelsey (2011),
"Political Economy and the Firm", seminar.
- David Kelsey, and Surajeet Chakravarty (2010)
"Ambiguity and Accident Law" ,
- David Kelsey, and Surajeet Chakravarty (2007)
"The Act of God Clause",
- David Kelsey and Jürgen Eichberger (2014),
"Optimism and Pessimism in Games",
International Economic Review forthcoming.
- David Kelsey, Jim Ford and Wei Pang , (2013)
"Ambiguity in Financial Markets: Herding and Contrarian Behaviour",
Theory and Decision, 75, 1-15.
- David Kelsey Jürgen Eichberger and Simon Grant (2012),
"When is Ambiguity Attitude Constant?"   seminar .
Journal of Risk and Uncertainty, 45, 239-263..
- David Kelsey, Jürgen Eichberger,
Simon Grant and Gleb Koshevoy, (2011),
"The a-MEU model: A Comment", Journal of Economic Theory,
- David Kelsey, and Jürgen Eichberger, (2011)
"Are the Tresures of Game Theory Ambiguous?",
Economic Theory, 48, 313-339.
- David Kelsey and
Frank Milne (2010),
"Takeovers and Cooperatives", Journal of Economics, 99,193-209
- David Kelsey, Jürgen Eichberger and Simon Grant (2010)
"Comparing Three Ways to Update Choquet Beleifs", Economics Letters, 107, 91-94.
- David Kelsey, Roman Kozhan and
Wei Pang (2011),
"Asymmetric Momentum Effects Under Uncertainty", Review of Finance, 15, 603-631.
- David Kelsey, and Jürgen Eichberger, (2009)
"Ambiguity, a Survey" paper
in Handbook of Rational and Social Choice , eds. Anand, Pattanaik, and Puppes, OUP, 2009.
- David Kelsey and Willy Spanjers (2004),
"Ambiguity in Partnerships", Economic Journal, 114, 528-546.
- David Kelsey and Jürgen Eichberger (2002)
"Strategic Complements Substitutes and Ambiguity"
Journal of Economic Theory, 2002, 106, 436-466.
- David Kelsey and Jürgen Eichberger (2000)
"Non-Additive Beliefs and Strategic Equilibria"
Games and Economic Behaviour,
2000, 30, 183-215.
- David Kelsey and Jürgen Eichberger (1996)
"Uncertainty Aversion and Preference for Randomisation"
Journal of Economic Theory,
1996, 71, 31-43.
- David Kelsey (1995)
"The Arbitrage Pricing Theorem with Non-Expected Utility Preferences"
Journal of Economic Theory,
David Kelsey (1988),
"The Economics of Chaos", Oxford Economic Papers ,
40, 1-31, Reprinted in F. Hahn (ed.), The Economics of
Missing Markets, Information and Games, OUP.
- David Kelsey (1984),
"Acyclic Choice without the Pareto Principle,"
Review of Economic Studies,
Knowlegde Transfer etc.