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

Working Papers:

"A Mechanism Design for Probability Elicitation"

"A Theory of Bayesian Decision Making"

"On Optimal Insurance in the Presence of Moral Hazard"

"A Theory of Medical Decision Making"

"Archimedean and Continuity"

"Bayesian Decision Theory and the Representation of Beliefs"

"Individual Sense of Fairness: An Experimental Study"

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

"Agency Theory: Choice-Based Behavioral Foundations
of the Parametrized Distribution Formulation"

"A New Approach to Modeling Decision-Making under Uncertainty and Defining Subjective Probabilities" [WP519]

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.