Brian C. Albrecht
Economics Job Market Candidate
University of Minnesota
I will be available for interviews at the AEA, SEA, and European job markets, as well as by Skype.
I study economic theory, especially related to
1) information economics, 2) competition, 3) political economy, and 4) optimal taxation.
Job Market Paper
Abstract: I study games with incomplete markets where agents must sink their investments before they can join a match that generates value. I focus on competitive matching markets where there is a public price to join any match. Despite the First Welfare Theorem, coordination failures can still arise because of the market incompleteness. Armen does not invest because Bengt does not invest, vice versa, and they are unable to write enforceable contracts to ensure joint investments. In these games, multiple equilibria can exist, with both efficient investment and not. However, the standard, Nash solution concept used in these games does not help in determining if all equilibria are equally robust or stable. I argue that we should replace the Nash solution concept in this context with a mild, common refinement: trembling-hand perfection. I prove that—in a general class of models with general heterogeneity of types, costs of investments, and matching surpluses—small trembles rule out coordination failures. The main theorem is a modified First Welfare Theorem: even with endogenous and incomplete markets, every perfect, competitive equilibrium is efficient.
Preventing Plunder: Military Technology, Capital Accumulation, and Economic Growth with Joshua Hendrickson and Alexander Salter, Journal of Macroeconomics, 2018 (Working Paper Version)
Exchange, Search Theory, and Buchanan’s Foundations of Politics, Exploring the Political Economy and Social Philosophy of James M. Buchanan, Rowman and Littlefield, 2018
The Breakdown of Spontaneous Order: Smith and Hayek Diverge, NYU Journal of Law and Liberty, 2017
Positive Public Economics: Reinterpreting 'Optimal' Policies, Journal of Economic Methodology, 2017 (Working Paper Version)
Economic Theory: Information + Competition
Political Economy and Public Economics
Evolution, Uncertainty, and the Asymptotic Efficiency of Policy with Joshua Hendrickson and Alexander Salter (slides), under review
Time Inconsistency, Inflation, and MMT with Jackson Mejia (undergraduate student) under review
Works in Progress
Nonlinear Ocean Dynamics, Economic Growth, and the Social Cost of Carbon with Adway De
Comparative Economic Systems, Instructor (syllabus)
Principles of Microeconomics, Large Lecture Instructor and Course Co-Lead
Principles of Macroeconomics, Teaching Assistant
Principles of Microeconomics, Teaching Assistant
Relevant Research Experience to Teach
Graduate Theory Courses (my relevant papers)
- Game Theory (JMP, 2, 3, 4)
- General Equilibrium (JMP, 2, 3)
- Information Economics/Mechanism Design (1, 2, 3, 4, 5)
- Matching Theory (JMP, 2)
Additional Undergraduate Courses (my relevant papers)
Philosophy and Economics (1, 2)
This section contains resources for developing price theory. The notes purposefully rely on simple theory so they can be accessible to students and non-theorists, using theory as an engine of analysis.