Professore Ordinario
041 234 9128
Sito web (scheda personale)
Dipartimento di Economia
Sito web struttura:
Sede: San Giobbe

Current Position:

Professor of Economics (tempo definito)

Department of Economics, Universita' di Venezia


Professor of Economics

Department of Economics, University of Essex




Previous Positions:


1989 - 1990: Junior Research Officer, Department of Applied Economics, University of Cambridge

1989 - 1994: Prize Research Fellow, Trinity College, Cambridge

1992 - 2000: Associate Professor of Economics, Dipartimento di Scienze Economiche, Universita' di Venezia

2000 - 2008: Professor of Economics, Dipartimento di Scienze Economiche, Universita' di Venezia

2008 - 2018: Professor of Economics, Department of Economics, European University Institute

Head of Department (Jan. 2012 – Dec. 2014), Department of Economics, European University Institute


1992 (Fall), 1996 (Oct.), 1997 (Oct.), 2000 (Oct.), 2002 (Apr., Nov.), 2004 (Feb., Oct.): Visiting Professor, Department of Economics, New York University

1995 (Fall): Visiting Associate Professor, Department of Economics, Harvard University

1998 (Jan. – Feb.), 2001 (Jan. – Feb.), 2002 (Apr.), 2003 (Apr.): Visiting Professor, Universitat Pompeu Fabra, Barcelona

1998 (Fall): Visiting Associate Professor, Cowles Foundation, Yale University

1999 (Spring): Visiting Associate Professor, Brown University

2001 (Aug.): Visiting Professor, Norwegian School of Economics and Business Administration (Norges Handelshøyskole - NHH), Bergen

2003 (Apr.), 2004 (Apr.), 2006 (March), 2007 (March), 2008 (January, April): Visiting Professor, Universitat Autonoma Barcelona

2005 (April): Visiting Professor, Universidad Carlos III, Madrid

2007/2008: Visiting Scholar, Institute of Advanced Study, Princeton




1985 Laurea (B.Sc.) (Universita’ di Venezia) Economics

1987 M.Phil. (University of Cambridge) Economics

1991 Ph.D. (University of Cambridge) Economics



Professional Activities:

Associate Editor: Journal of Economic Theory (Jan. 1996 – present)

Associate Editor, Journal of Public Economic Theory (Oct. 1999 – present)

Member Advisory Board, Decisions in Economics and Finance (Dec. 1999 - present)

Co-Editor: Research in Economics/Ricerche Economiche (June 1996 - Dec. 2001)

Member Editorial Board: Ricerche Economiche (Sept. 1994 - June 1996)

Research Fellow, CESifo (2004 - present)

Economic Theory Fellow, SAET (2011 – present)




Selected Publications:

Sarah Auster - Piero Gottardi: “Competing Mechanism in Markets for Lemons”, revised December 2018, Theoretical Economics, forthcoming.

Antonio Cabrales – Piero Gottardi – Fernando Vega Redondo: “Risk Sharing and Contagion in Networks”, revised Apr. 2017, Review of Financial Studies 30(9) (Sept. 2017), 3086-3127.

Piero Gottardi – Jean-Marc Tallon – Paolo Ghirardato: “Flexible Contracts”, revised Dec. 2015, Games and Economic Behavior 103 (May 2017), 145-167.

Antonio Cabrales – Douglas Gale – Piero Gottardi: “Financial Contagion in Networks”, revised March 2015, The Oxford Handbook of the Economics of Networks (Y. Bramoullé, A. Galeotti and B. Rogers, eds.), OUP.

Piero Gottardi – Atsushi Kajii – Tomoyuki Nakajima: “Constrained Inefficiency and Optimal Taxation with Uninsurable Risks”, revised Aug. 2014, The Journal of Public Economic Theory 18(1) (Jan. 2016) 1-28.

Piero Gottardi - Atsushi Kajii – Tomoyuki Nakajima: "Optimal Taxation and Debt with Uninsurable Risks to Human Capital Accumulation", American Economic Review 105(11) (Nov. 2015), 3443-3470.

Ronel Elul – Piero Gottardi: "Personal Bankruptcy: Is it Enough to Forgive or must we also Forget?", American Economic Journal: Microeconomics 7(4) (Nov. 2015), 294-338 (research highlight in

Piero Gottardi – Felix Kubler: “Dynamic Competitive Economies with Complete Markets and Collateral Constraints”, Review of Economic Studies 82(3) (July 2015), 1119-1153.

Douglas Gale – Piero Gottardi: “Capital Structure, Investment and Fire Sales”, Review of Financial Studies 28(9) (Sept. 2015), 2502-2533.

Piero Gottardi – Rohit Rahi: “Value of Information in Competitive Economies with Incomplete Markets”, International Economic Review 55 (1) (Feb. 2014), 57-81.

Antonio Cabrales – Piero Gottardi: “Markets for Information: Of Inefficient Firewalls and Efficient Monopolies”, Games and Economic Behavior 83 (Jan. 2014), 24-44.

Piero Gottardi – Rohit Rahi: “Risk Sharing and Retrading in Incomplete Markets”, Economic Theory 54 (2) (Oct. 2013), 287-304.

Alberto Bisin, John Geanakoplos, Piero Gottardi, Enrico Minelli and Heraklis Polemarchakis: "Markets for Contracts", Journal of Mathematical Economics 47 (May 2011), 279-288.

Piero Gottardi – Douglas Gale: “Bankruptcy, Finance Constraints and the Value of the Firm”, American Economic Journal: Microeconomics 3 (May 2011), 1-37.

Piero Gottardi – Felix Kubler: “Social Security and Risk Sharing”, Journal of Economic Theory 146 (May 2011), 1078-1106.

Alberto Bisin - Piero Gottardi - Adriano Rampini: "Managerial Hedging and Portfolio Monitoring", Journal of the European Economic Association 6 (March 2008), 158–209.

Piero Gottardi – Belen Jerez: “Comment on ‘Bertrand and Walras Equilibria under Moral Hazard’”, Journal of Political Economy 115 (October) 2007, 893-900.

Julio Davila - Piero Gottardi - Atsushi Kajii: "Local Sunspot Equilibria Reconsidered", Economic Theory 31 (June 2007), 401-425.

Alberto Bisin – Piero Gottardi: "Efficient Competitive Equilibria with Adverse Selection", Journal of Political Economy 114 (June 2006), 485–516

Piero Gottardi - Roberto Serrano: "Market Power and Information Revelation in Dynamic Trading", Journal of the European Economic Association 3 (December 2005), 1279-1317.

Alberto Bisin - Piero Gottardi: "Competitive Markets for Non-Exclusive Contracts with Adverse Selection: the Role of Entry Fees", Review of Economic Dynamics 6 (April 2003), 313-338.

Piero Gottardi - Atsushi Kajii: "A Note on the Regularity of Competitive Equilibria and Asset Structures", Journal of Mathematical Economics 39 (September 2003), 763-776.

Piero Gottardi - Andreu Mas-Colell: "A Note on the Decomposition (at a point) of Aggregate Excess Demand on the Grassmannian", Journal of Mathematical Economics 33 (2000), 463-473.

Subir Chattopadhyay - Piero Gottardi: "Stochastic OLG, Market Structure, and Optimality", Journal of Economic Theory, 89(1) (November 1999), 21-67.

Alberto Bisin - Piero Gottardi: "Competitive Equilibria with Asymmetric Information", Journal of Economic Theory 87(1) (July 1999), 1-48.

Alberto Bisin - Piero Gottardi - Danilo Guaitoli: "A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard", in P.J.J. Herings, G. Van der Laan and A.J.J. Talman, "Theory of Markets", North Holland, 1999 (pp. 229- 246).

Piero Gottardi - Atsushi Kajii: "The Structure of Sunspot Equilibria: the Role of Multiplicity", Review of Economic Studies 66(3) (July 1999), 713-732.

Piero Gottardi - Thorsten Hens: "Disaggregation of Excess Demand and Comparative Statics with Incomplete Markets and Nominal Assets", Economic Theory 13(2) (March 1999), 287-308.

Jerome Detemple - Piero Gottardi: "Aggregation, Efficiency and Mutual Fund Separation in Incomplete Markets", Economic Theory 11(2) (March 1998), 443-457.

Piero Gottardi - Thorsten Hens: "The Survival Assumption and the Existence of Competitive Equilibria with Incomplete Markets", Journal of Economic Theory 71(2) (Nov. 1996) 313-323.

Piero Gottardi: "Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets", Journal of Economic Theory 71(1) (Oct. 1996) 75-89.

Jerome Detemple - Piero Gottardi - Heraklis Polemarchakis: "The Relevance of Financial Policy", The European Economic Review 39 (June 1995), 1133-1154.

Piero Gottardi: "An Analysis of the Conditions for the Validity of Modigliani-Miller Theorem with Incomplete Markets", Economic Theory 5 (March 1995), 191-207.

Piero Gottardi: "Does Sunspot Monetary Policy Matter ?", Economics Letters 47 (March 1995), 297-303.

Piero Gottardi: "On the Non Neutrality of Money with Incomplete Markets, Journal of Economic Theory 62 (Feb. 1994), pp. 209-220.

Piero Gottardi - Pablo Neumeyer: "La Politica Monetaria en Economias en Mercados Incompletos", Cuadernos de Economia 50 (June 1992), pp. 7-37.

Working Papers:

Antonio Cabrales - Francesco Feri - Piero Gottardi - Miguel Melendez: “Can there be a Market for Cheap Talk Information? Some Experimental Evidence”, revised March 2018.
Alberto Bisin – GianLuca Clementi - Piero Gottardi: "Capital Structure and Hedging Demand with Incomplete Markets”, revised November 2017.
Douglas Gale – Piero Gottardi: “Equilibrium Theory of Banks’ Capital Structure”, revised December 2018.
Piero Gottardi – Vincent Maurin – Cyril Monnet: “A Theory of Repurchase Agreements, Collateral Re-Use and Repo Intermediation”, revised October 2018.
Alberto Bisin - Piero Gottardi – Guido Ruta: "Equilibrium Corporate Finance and Intermediation”, revised June 2014.
Alberto Bisin - Piero Gottardi: "Decentralizing Efficient Allocations in Economies with Adverse Selection: the General Case", revised Sept. 2010.
Piero Gottardi and Rohit Rahi: "Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information", revised 2003.
Alberto Bisin - Piero Gottardi: "When are Asymmetric Information Economies Walrasian?", Feb. 2001.
Alberto Bisin - Piero Gottardi: "Competitive Equilibria of Economies with Moral Hazard. A Note on Helpman-Laffont", Feb. 1998.
Piero Gottardi - Marie-Odile Yanelle: "Financial Innovation and Competition among Intermediaries", May 1998.

Work in Progress:

Piero Gottardi – Nicola Pavoni: "Ramsey Asset Taxation Under Asymmetric Information "
Vitor Farinha Luz – Piero Gottardi – Humbert Moreira: “Equilibria in Insurance Markets with Multidimensional Private Information”
Piero Gottardi - Claudio Mezzetti: “Information and Bargaining Design”
Piero Gottardi – Shengxing Zhang: “Collateral Chains”
Arpad Abraham – Piero Gottardi: “Bankruptcy and Liquidation Rules“
Willie Fuchs – Piero Gottardi: “Time Trumps Quantity in the Market for Lemons”
Giuseppe Dari Mattiacci – Piero Gottardi: “Criminal Records”
Piero Gottardi - Vincent Maurin - Cyril Monnet: “Fragility in Repo Markets”
Piero Gottardi – Roberto Serrano: “Information Transmission and Competitive Equilibria with Asymmetric Information”
Piero Gottardi – Sanjeev Goyal: “Bilateral Trading and Intermediation”