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| 1982 - 1989 | Studies in mathematics and physics at the universities of Konstanz, Bonn, Paris VII (France) | | 1989 | Diploma in Mathematics, University of Bonn | | 1990 - 1991 | European Doctoral Program in Quantitative Economics, University of Bonn | | 1991 - 1995 | European Doctoral Program in Quantitative Economics, London School of Economics, England, UK | | 1994 - 1996 | Lecturer in Economics, London School of Economics, England, UK | | 1995 | PhD in Economics, London School of Economics, England, UK | | 1996 - 1999 | Assistant Professor of Economics, Graduate School of Business, Stanford University, CA, USA; promotion to untenured Associate Professor in 1999, on leave 1999 - 2001 | | 1999 - 2011 | Professor of Economics, LMU Munich | | Since 2011 | Hausdorff Chair for Mathematical Economics, University of Bonn |
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My research is concerned with the dynamics of individual decisions under uncertainty and the resulting equilibrium processes. Applications range from financial ([7], [5]) and real estate markets ([8], [9], [10]) to industrial organization ([6]) and information economics (see contributions to Research Area I), with the latter being the main focus of my current work.
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DFG Collaborative Research Center SFB/TR 15 “Governance and the Efficiency of Economic Systems”
Project leader for two projects:
1. “Incomplete Markets, Market Interactions and Social Comparisons”, 2004 – 2011
2. “Strategic Acquisition and Transmission of Information”, 2008 - 2015
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Research Area I
The focus of my research in this area is on strategic experimentation, that is, the active production of information when there are informational spillovers between the agents. Examples are research teams, R&D alliances between firms, or open source projects. Generalizing classic models of optimal sequential choice of experiments, I consider multiple agents who face identical two-armed bandit problems in continuous time and observe each other’s actions and payoffs. One arm is safe in that it generates a known payoff per unit of time. The other arm is risky in that its payoffs are generated by a stochastic process whose characteristics are initially unknown. Using the common posterior belief about these characteristics as the natural state variable, [1] and [2] analyze Markov equilibria of an experimentation game where the type of the risky arm is the same for all players (perfect positive correlation). [3] solves a two-player game where this type is negatively correlated across players. Whether learning can be efficient in the long run turns out to depend crucially on this correlation structure. Earlier work ([4], [5], [6]) investigates Bayesian learning in dynamic pricing and trading problems with payoff externalities. |
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[ 1] Godfrey Keller, Sven Rady, Martin Cripps
Strategic experimentation with exponential bandits
Econometrica , 73: (1): 39--68
2005
ISSN: 0012-9682
DOI: 10.1111/j.1468-0262.2005.00564.x[ 2] Godfrey Keller, Sven Rady
Strategic Experimentation with Poisson Bandits
Theoretical Economics , 5(2): : 275-311
2010[ 3] Nicolas Klein, Sven Rady
Negatively Correlated Bandits
Review of Economic Studies , 78(2): : 693-732
2011[ 4] Godfrey Keller, Sven Rady
Optimal experimentation in a changing environment
Rev. Econom. Stud. , 66: (3): 475--507
1999
ISSN: 0034-6527
DOI: 10.1111/1467-937X.00095[ 5] Harrison Hong, Sven Rady
Strategic Trading and Learning about Liquidity
Journal of Financial Markets , 5(4): : 419-450
2002[ 6] Godfrey Keller, Sven Rady
Price Dispersion and Learning in a Dynamic Differentiated-Goods Duopoly
RAND Journal of Economics , 34(1): : 139-166
2003[ 7] Sven Rady
Option Pricing in the Presence of Natural Boundaries and a Quadratic Diffusion Term
Finance and Stochastics , 1(4): : 331-344
1997[ 8] Francois Ortalo-Magné, Sven Rady
Boom In, Bust Out: Young Households and the Housing Price Cycle
European Economic Review , 64(1): : 1-17
1999[ 9] Francois Ortalo-Magné, Sven Rady
Housing market dynamics: On the contribution of income shocks and credit constraints
Rev. Econom. Stud. , 73: (2): 459--485
2006
ISSN: 0034-6527
DOI: 10.1111/j.1467-937X.2006.383_1.x[ 10] Francois Ortalo-Magné, Sven Rady
Heterogeneity within Communities: A Stochastic Model with Tenure Choice
Journal of Urban Economics , 64(1): : 1-17
2008 |
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• Review of Economic Studies (Associate Editor, 2000 - 2007)
• Berkeley Electronic Journals in Theoretical Economics (Associate Editor, 2006 - 2010)
• Berkeley Electronic Journals in Theoretical Economics (Co-Editor, 2010 - 2013)
• Journal of Mathematical Economics (Co-Editor, since 2013)
• Mathematics of Operations Research (Associate Editor, since 2016)
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| 1983 - 1988 | Scholarsip, Studienstiftung des Deutschen Volkes | | 1991 - 1992 | Grant for doctoral studies abroad, German Academic Exchange Service (DAAD) | | 1993 | Research Scholarship, COLONIA Scholarship Foundation (Germany) | | 1993 - 1994 | Graduate Fellowship, Economic and Social Research Council of the UK | | 1995 | Participant in the Review of Economic Studies May Meeting (Brussels-London-Toulouse) with paper “Optimal Experimentation in a Changing Environment” | | 2005 | Teaching Award of the State of Bavaria | | 2008 - 2010 | Research Professorship at the University of Munich under the auspices of GRK 801 (10/2008 - 03/2009) and LMUexcellent (04/2009 - 09/2010) |
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| Conference presentations (by myself or a co-author) | | 2009 | North American Summer Meeting of the Econometric Society | | 2010 | Platform Markets: Regulation and Competition Policy (ZEW and MaCCI Mannheim); World Congress of the Econometric Society | | 2011 | North American Winter Meeting of the Econometric Society | | 2012 | International Conference on Game Theory (Stony Brook, NY, USA) | | 2013 | North American Summer Meeting of the Econometric Society; Society for Economic Dynamics; 4th Workshop on Stochastic Methods in Game Theory (Erice, Italy); European Economic Association; European Meeting of the Econometric Society, Workshop on Advances in Experimentation (Paris, France) | | 2014 | Canadian Economic Theory Conference; 8th International Conference on Game Theory and Management (St. Petersburg, Russia); SING 10 Conference (Krakow, Poland) | | 2015 | European Summer Symposium in Economic Theory (Gerzensee, Switzerland) | | Seminar presentations | | 2009 | Zürich, Mainz | | 2010 | Yale, Bonn | | 2011 | Paris School of Economics, Helsinki | | 2012 | Frankfurt, Toulouse, WHU | | 2013 | Bonn (Hausdorff Institute) | | 2014 | Warwick, Collegio Carlo Alberto, Frankfurt, Edinburgh |
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| 2002 | Goethe University Frankfurt | | 2005 | University of St. Gallen, Switzerland |
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Markus Reisinger (2004): “Three Essays on Oligopoly: Product Bundling, Two-Sided Markets, and Vertical Product Differentiation”,
now Professor, Frankfurt School of Finance & Management
Ferdinand von Siemens (2004): “Inequity Aversion and Incentives: Three Essays in Microeconomic Theory”,
now Professor, University of Frankfurt
Nicolas Klein (2010): “Learning and Experimentation in Strategic Bandit Problems”,
now Assistant Professor, University of Montreal, QC, Canada
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- Master theses: 11
- Diplom theses: 101
- PhD theses: 10
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