David Kelsey MA, MPhil, DPhil Oxon., Current position Professor of Economic Theory (Since 2004). Contact Office: Streatham Court 1.21 Office hours: Wednesdays 2-4pm Phone (Personal): (01392) 722536 Fax (School) (01392) 723242 email:D.Kelsey@exeter.ac.uk
Curriculum Vitae PDF

Teaching:

• BEE3037 Industrial Organisation

• BEE3034 Financial Markets and Decisions II

• BEE3033 Financial Markets and Decisions I

• BEEM 121 Game Theory and Industrial Organistion

Research Interests

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.

Research      Full Publication List.

Recent working papers

1. David Kelsey Jürgen Eichberger and Simon Grant (2011), "Dynamic Consistency and Preference for Randomisation" ,   seminar .
    
2. David Kelsey and Sara Talloo , (2011), Ambiguity in Coodination Games, seminar.
     simulated urn Press F9 to get a new draw from the urn.  
   
   
3. David Kelsey (2011), "Political Economy and the Firm", seminar.
    
4. David Kelsey, and Surajeet Chakravarty (2010) "Ambiguity and Accident Law" , seminar ,
    
5. David Kelsey, and Surajeet Chakravarty (2007) "The Act of God Clause",
    

Selected Publications

1. David Kelsey and Jürgen Eichberger (2014), "Optimism and Pessimism in Games", International Economic Review forthcoming.
    
2. David Kelsey, Jim Ford and Wei Pang , (2013) "Ambiguity in Financial Markets: Herding and Contrarian Behaviour",
     Theory and Decision, forthcoming
   
   
3. David Kelsey Jürgen Eichberger and Simon Grant (2012), "When is Ambiguity Attitude Constant?"   seminar .
     Journal of Risk and Uncertainty, 45, 239-263..
   
   
4. David Kelsey, Jürgen Eichberger, Simon Grant and Gleb Koshevoy, (2011), "The a-MEU model: A Comment",    Journal of Economic Theory, 146, 1684-1698.
   
   
5. David Kelsey, and Jürgen Eichberger, (2011) "Are the Tresures of Game Theory Ambiguous?", Economic Theory, 48, 313-339.
    
6. David Kelsey and Frank Milne (2010), "Takeovers and Cooperatives", Journal of Economics, 99,193-209
    
7. David Kelsey, Jürgen Eichberger and Simon Grant (2010) "Comparing Three Ways to Update Choquet Beleifs", Economics Letters, 107, 91-94.
    
8. David Kelsey, Roman Kozhan and Wei Pang (2011), "Asymmetric Momentum Effects Under Uncertainty", Review of Finance, 15, 603-631.
    
9. David Kelsey, and Jürgen Eichberger, (2009) "Ambiguity, a Survey" paper in Handbook of Rational and Social Choice , eds. Anand, Pattanaik, and Puppes, OUP, 2009.
    
10. David Kelsey and Willy Spanjers (2004), "Ambiguity in Partnerships", Economic Journal, 114, 528-546.
     
11. David Kelsey and Jürgen Eichberger (2002) "Strategic Complements Substitutes and Ambiguity" Journal of Economic Theory, 2002, 106, 436-466.
     
12. David Kelsey and Jürgen Eichberger (2000) "Non-Additive Beliefs and Strategic Equilibria" Games and Economic Behaviour, 2000, 30, 183-215.
     
13. David Kelsey and Jürgen Eichberger (1996) "Uncertainty Aversion and Preference for Randomisation" Journal of Economic Theory, 1996, 71, 31-43.
     
14. David Kelsey (1995) "The Arbitrage Pricing Theorem with Non-Expected Utility Preferences" Journal of Economic Theory, 65, 557-574.  

15. 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.

16. David Kelsey (1984), "Acyclic Choice without the Pareto Principle," Review of Economic Studies, LI, 693-699.
     

Knowlegde Transfer etc.

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University of Exeter
School of Business and Economics
updated 09:01 8th January 2012