Edi Karni Scott and Barbara Black Professor of Economics Office: Mergenthaler Hall 469 Phone: (410) 516-7608 Fax: (410) 516-7600 E-mail: Curriculum Vitae (PDF)

Recent Papers:

"Subjective Probabilities on a State Space"

"A Mechanism for Thawing the Credit Markets"

"A Theory of Medical Decision Making under Uncertainty"

"On the Conjunction Fallacy in Probability Judgment: New Experimental Evidence Regarding Linda"

"A Theory of Bayesian Decision Making"

"A Reformulation of the Maxmin Expected Utility Model with Application to Agency Theory"

Classes Taught:

Economics 615 -- Mathematical Methods in Economics I: This graduate course covers some topics in real analysis and static optimization theory. Topics include: Sets and operations on sets; topological concepts in metric spaces; linear spaces and convex analysis; nonlinear programming.

Economics 611 -- Economics of Uncertainty:
This graduate course explores theories of individual decision making under uncertainty. Topics covered include: the foundations of subjective expected utility theory; the theory of risk aversion; the theory of stochastic dominance; nonexpected utility theories. The emphasis in this course is on theory, the implications of the theoretical concepts and ideas, however, are illustrated by application to portfolio selection theory and insurance economics.

Economics 612 -- Economics of Information:
This graduate course provides an economic analysis of economic institutions designed to mitigate the welfare loss associated with disincentives in presence of asymmetric information. Topics covered include: the theory of contracts in the presence of moral hazard; equilibrium analysis in the presence of adverse selection ; the theory of auctions.