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Sujoy Mukerji

Sujoy

Professor

Email: s.mukerji@qmul.ac.uk
Telephone: +44 20 7882 3348
Room Number: GC423

Profile

Sujoy Mukerji did his undergraduate studies in Presidency College, Calcutta, before going on to do an MA (Economics) at the Delhi School of Economics and a PhD at Yale University. He came to Queen Mary from Oxford University (University College).

His research has primarily been on decision making under ambiguity, its foundations and its relevance in economic contexts. His broader research interests lie in the intersection of bounded rationality and economic theory.

Ambiguity, or lack of good knowledge of probabilities affecting contingent outcomes of a chosen action, is pervasive in economic decision making. It is not particular to the ill- informed and less sophisticated, since it is often hard to distinguish (on the basis of historical data) between different models providing distinct (stochastic) forecasts of relevant financial variables. Hence, it can be prudent to choose actions that are robust to the uncertainty about the “correct” model.

Work co-authored with Peter Klibanoff and Massimo Marinacci formulated a new model of decision making under ambiguity, dubbed the "Smooth Ambiguity Model" which is more comprehensive than the "first-generation" models and allows the modeller to address a far greater range of important comparative static questions, e.g., effect of changes in ambiguity aversion.

More recent work, with Ian Jewitt, has proposed and characterized notions of more ambiguous (akin to more risky) which adds another dimension of available comparative static possibilities.

The smooth ambiguity framework has been extended to accommodate models involving dynamic decision making and applied to the analyses of financial decision making, re-exploring among other things the famous equity premium puzzle.

His current projects include work on incorporating ambiguity into a general framework of dynamic games with incomplete information and applying the framework in economic contexts. Some other projects involve analysis of portfolio holdings and trade in financial markets when market participants have heterogeneous attitudes to ambiguity. He has also recently worked on experimental investigation of decision theoretic models of ambiguity.

 

Editorial services:

Associate Editor, Oxford Economic Papers, 2006 (September) - 2015 (September)

Associate Editor, Theory and Decision, 2008 (January) -

Associate Editor, Econometrica, 2010 (July) - 2019 (June)

Co-editor, Mathematics and Financial Economics, 2019 -

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