CHICAGO - University of Chicago Department of Economics

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FRANCESCO DECAROLIS 5633 South Kenwood Ave. fdc@uchicago.edu Chicago, IL 60637 http://home.uchicago.edu/~fdc Citizenship: Italy (F1 Visa) Tel. 773 - 6271075 / 6677455 EDUCATION PhD in Economics, The University of Chicago Expected June 2009 Thesis advisor: Professor Ali Hortacsu. Thesis title: “Essays on Public Procurement” M.A. in Economics, The University of Chicago 2004 B.A. in Economics, Università Bocconi (Italy) 2002 Undergraduate thesis advisor: Professor Guido Tabellini. Final grade of 110/110 summa cum laude RESEARCH AND TEACHING INTERESTS Industrial organization (Empirical and Theoretical), Economic Theory, Political Economy JOB MARKET PAPER: “When the Highest Bidder Loses the Auction: Theory and Evidence from Public Procurement” When bids do not represent binding commitments, the use of a first price sealed bid auction favours those bidders that are less penalized from reneging their bid. These bidders are the most likely to win but also to default on their bid. In this paper I analyze two methods often used in public procurement to deal with this problem: (1) augmenting the first price auction with an ex-post verification of the responsiveness of the bids and (2) using an average bid auction in which the winner is the bidder whose bid is the closest to the simple average of all the bids. The average bid auction is new to Economics but has been proposed by the Civil Engineering literature. I show that when bidders are asymmetric in their penalty for defaulting and their valuations have a predominant common component, the average bid auction is preferred over the standard first price by an auctioneer who bears a high enough cost due to the winner's insolvency. Depending on the cost of the ex-post verification, the average bid auction can be dominated by the augmented first price. I use a new dataset of Italian public procurement auctions, run alternately using a form of the average bid auction or the augmented first price, to estimate semiparametrically the firms’ costs and use them to compute the firms’ mark up, the auctioneers’ implied verification cost and the inefficiency generated by the average bid auctions. WORKING PAPERS & RESEARCH IN PROGRESS “An Analysis of Collusion in Average Bid Auctions” (In progress) “The effects of the Emissions Trading Scheme on Electricity Price in Three European Countries” (In progress) “Homotopy Continuation Methods: An Algorithm for the Fixed Point and Newton Homotopy Methods with 2005 Some Examples”. Joint with R. Mayer and M. Santamaria. Downloadable Code: http://home.uchicago.edu/~fdc/decarolis-research.htm PUBLICATIONS “Economic Effects of Democracy. An Empirical Analysis”. Rivista di Politica Economica, Dec, 2003, pp. 69 - 116. Winning paper: - Young Economist Award, European Economic Association - Angelo Costa Award, Rivista di Politica Economica (Best Italian BA thesis in Economics) FELLOWSHIPS & SCHOLARSHIPS Economic Research Fellowship, Bank of Italy 2008-2009 Henry Morgenthau, Memorial Fund, University of Chicago, Economics Dept. Dissertation Fellowship 2007-2008 University Unendowed Fellowship/Scholarship, University of Chicago 2003-2007 Felice Gianani Scholarship, Associazione Bancaria Italiana 2005-2006 Post-Graduate Scholarship, Univesità Bocconi 2003-2005 TEACHING & REFEREE EXPERIENCE Competitive Strategy. (Chicago GSB) Teaching assistant for Professor Marianne Bertrand 2007 Game Theory and Economic Applications. (College) Teaching assistant for Professor Roger Myerson 2006 Referee for: International Journal of Industrial Organization, Rivista di Politica Economica PROFESSIONAL EXPERIENCE NERA Economic Consulting, Italy. Internship. 2007 Italian Public Procurement Agency (Consip s.p.a), Italy. Internship. 2006 Organisation for Economic Co-operation and Development (OECD), France. Trainee. 2003 PRESENTATIONS CONFERENCES: Econometric Society Summer Meeting (2008), European Economic Association Annual Congress (2004, 2008), International Industrial Organization Conference (2008), European Association for Research in Industrial Economics (2008). WORKSHOPS (Chicago): Applications of Economics, IO Lunch Seminar, Economic Theory Working Group SKILLS Languages: Italian (Mother Tongue). English (Excellent). French (Good Knowledge). Spanish (Basic Knowledge) Computing: Windows; Microsoft Office; Internet; HTML; EViews; STATA; MATLAB; LaTeX; Ruby THESIS COMMITTEE Prof. Ali Hortacsu (Chair) hortacsu@uchicago.edu 773-702-8250 Prof. Roger B. Myerson myerson@uchicago.edu 773-702-6576 Prof. Philip J. Reny preny@uchicago.edu 773-702-2417 Prof. Timothy G. Conley tim.conley@chicagogsb.edu 773-702-7281
Santiago Garcia-Verdu 63 E Lake St Apt 802 Chicago, IL 60601 Tel. (773) 684-0362 · E-mail: sgarciav@uchicago.edu http://home.uchicago.edu/~sgarciav/ Education Fields Ph.D., Economics, University of Chicago, 2009 (expected) M.E., Financial Engineering, Princeton University, 2001 M.A., Economics (highest honors), Instituto Tecnológico Autónomo de México (ITAM), 2000 B.Sc., Applied Mathematics (honors), ITAM 1999 Primary: Financial Economics and Monetary Economics Secondary: Computational Economics and Econometrics Job Market Paper Equilibrium Yield Curves Under Regime Switching An unexpected increase in inflation affects yields in two ways. Directly, by decreasing the real component of the yields. Indirectly, by changing the yields as a risk-compensation to the extent it is a prelude of bad times. Thus, distinguishing between transient and long lasting changes in inflation and consumption growth is central to assess their effects on the yield curve. I develop, estimate and test a consumption-based asset pricing model to obtain yields under different specifications of a state-space model capturing consumption growth and inflation dynamics. To draw a distinction between the temporality of changes, I introduce unobservable components and regimes switching in the state-space model. Epstein-Zin preferences in turn capture the intertemporal distribution of risk. These two are key elements to introduce variability in the stochastic discount factor. I find that the implied yields with a coefficient of risk aversion between 5 to 30, depending on the exact specification, and a subjective discount factor of around 0.998 can capture central stylized facts including a consistent principal component decomposition and key features on yields' predictability. Work Experience Banco de México (Central Bank of Mexico), Visiting Economist, August 2008-September 2008 Pemex, Deputy Manager, Mexico City, Mexico, July 2002-August 2003 Algorithmics Incorporated, Associate Consultant, Mexico City, Mexico, August 2001-June 2002 Academic Experience ITAM, Lecturer, M.Sc. in Finance, April 2003-June 2003 Center for Economics Research (CIE), ITAM, Research and teaching assistant for Professor Alejandro Hernandez Delgado, January 1999-June 2000 Presentations Awards Working Papers Languages References Economic Dynamics Working Group, University of Chicago (2006-2008), Instituto Tecnológico Autónomo de México, (ITAM) (2008), Central Bank of Mexico (2008), The 3rd Mexican Energy Roundtable Business Meeting (2003), N.Y. Homer and Alice Hanson Jones Fellowship, University of Chicago, 2008-2009, Graduate Scholarship, Fulbright-Garcia-Robles, Comexus, 2003 –2006, Graduate Scholarship, CONACYT, Mexico, 2003 – 2008, Graduate Fellowship, Central Bank of Mexico, 2003 – 2008, CONSAR 3rd Best paper on Pension Fund Research, 2006 Real returns and the inflation risk premium, Central Bank of Mexico, Working Paper Computational results for Cash-in-Advance Monetary Models Monetary Policy and the Term structure of interest rates: the case of Mexico Exogenous shocks to income and consumption-risk sharing Spanish (native), English (proficient), and basic French and Italian Professor Lars P. Hansen, (chair), (773) 702-8170, l-hansen@uchicago.edu, Department of Economics, University of Chicago Professor Monika Piazzesi, (650) 723-9289, piazzesi@stanford.edu, Department of Economics, Stanford University Professor Fernando Alvarez, (773) 702-4412, f-alvarez1@uchicago.edu, Department of Economics, University of Chicago
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