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Professor David Kelsey

Professor David Kelsey

Professor of Economics

2536

+44 (0) 1392 722536

1.21
Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK

Professor David Kelsey graduated from Oxford University with degrees in mathematics and economics. He has taught at a number of universities including Cambridge, California, Iowa and the Australian National University. His current position is Professor of Economic Theory at the University of Exeter. He has held five ESRC grants during his career.

Nationality: British

Qualifications

MA, MPhil, DPhil Oxon

Links

Research

Research interests

  • Decision theory
  • Financial and economics applications of decision theory
  • Theory of the firm

Research projects

Professor Kelsey is currently researching choice under uncertainty and its applications in economics and finance. In particular how factors such as ambiguity and overconfidence influence behaviour. His research focuses on the impact of ambiguity in finance, game theory and economics. Applications of this research have included private provision of public goods, partnerships and asset pricing. Currently, he is researching into the impact of ambiguity on corporate finance and herding in financial markets. He is also interested in decision-making within firms and how it influences corporate governance.

Key publications | Publications by category | Publications by year

Key publications


Kelsey D, Grant S, Eichberger J (In Press). Randomization and Dynamic Consistency. Economic Theory, forthcoming Abstract.  Full text.
Eichberger J, Kelsey D (2014). Optimism and pessimism in games. International Economic Review, 55(2), 483-505. Abstract.  Full text.

Publications by category


Journal articles

Kelsey D, Grant S, Eichberger J (In Press). Randomization and Dynamic Consistency. Economic Theory, forthcoming Abstract.  Full text.
Chakravarty S, Kelsey D (2016). Ambiguity and Accident Law. Journal of Public Economic Theory Full text.
Kelsey D, Roux S (2016). Dragon Slaying with Ambiguity: Theory and Experiments. Journal of Public Economic Theory
Kelsey D, LeRoux S (2015). An Experimental Study on the Effect of Ambiguity in a Coordination Game. Theory and Decision: an international journal for multidisciplinary advances in decision sciences, 79, 667-688. Full text.
Chakravarty S, Kelsey D (2015). Sharing ambiguous risks. Journal of Mathematical Economics, 56, 1-8. Abstract.  Full text.
Eichberger J, Kelsey D (2014). Optimism and pessimism in games. International Economic Review, 55(2), 483-505. Abstract.  Full text.
Ford JL, Kelsey D, Pang W (2013). Information and ambiguity: Herd and contrarian behaviour in financial markets. Theory and Decision, 75(1), 1-15. Abstract.  Full text.
Eichberger J, Grant S, Kelsey D (2012). When is ambiguity-attitude constant?. Journal of Risk and Uncertainty, 1-25. Full text.
Kelsey D, Eichberger J (2011). Are the Treasures of Game Theory Ambiguous. Economic Theory, 48, 313-339. Author URL.  Full text.
Kelsey D, Kozhan R, Pang W (2011). Asymmetric momentum effects under uncertainty. Review of Finance, 15(3), 603-621. Abstract.
Eichberger J, Grant S, Kelsey D, Koshevoy GA (2011). The alpha-MEU model: a comment. Journal of Economic Theory, 146(4), 1684-1698.
Eichberger J, Grant S, Kelsey D (2010). Comparing three ways to update Choquet beliefs. Economics Letters, 107(2), 91-94. Abstract.  Full text.
Kelsey D, Pang W (2010). How productive is optimism? the Impact of ambiguity on the "big push". Economics Bulletin, 30(1), 855-865. Abstract.
Kelsey D, Milne F (2010). Takeovers and cooperatives: governance and stability in non-corporate firms. Journal of Economics, 99(3), 193-209. Abstract.  Full text.
Eichberger J, Kelsey D, Schipper B (2009). Ambiguity and Social Interaction. Oxford Economic Papers, 61, 355-379. Full text.
Eichberger J, Grant S, Kelsey D (2008). Differentiating ambiguity: an expository note. Economic Theory, 36(2), 327-336. Abstract.
Eichberger J, Kelsey D, Schipper BC (2008). Granny versus game theorist: Ambiguity in experimental games. Theory and Decision, 64(2-3), 333-362. Abstract.
Kelsey D, Milne F (2008). Imperfect Competition and Corporate Governance. Journal of Public Economic Theory, 10(6), 1115-1141. Abstract.  Full text.
Kelsey D, Yalcin E (2007). The arbitrage pricing theorem with incomplete preferences. Mathematical Social Sciences, 54(1), 90-105. Abstract.
Eichberger J, Grant S, Kelsey D (2007). Updating choquet beliefs. Journal of Mathematical Economics, 43(7-8), 888-899. Abstract.
Kelsey D, Milne F (2006). Externalities, Monopoly and the Objective Function of the Firm. Economic Theory, 29(3), 565-589. Full text.
Bailey RW, Eichberger J, Kelsey D (2005). Ambiguity and public good provision in large societies. Journal of Public Economic Theory, 7(5), 741-759. Abstract.
Eichberger J, Grant S, Kelsey D (2005). CEU preferences and dynamic consistency. Mathematical Social Sciences, 49(2), 143-151. Abstract.
Kelsey D, Spanjers W (2004). Ambiguity in Partnerships. Economic Journal, 114(497), 528-546. Full text.
Kelsey D, Eichberger J (2004). Sequential Two-Player Games with Ambiguity. International Economic Review, 45(4), 1229-1261. Full text.
Kelsey D, Eichberger J (2002). Strategic Complements, Substitutes and Ambiguity: the Implications for Public Goods. Journal of Economic Theory, 106(2), 436-466. Full text.
Eichberger J, Kelsey D (2000). Non-Additive Beliefs and Strategic Equilibria. Games and Economic Behavior, 30(2), 183-215. Abstract.
Eichberger J, Kelsey D (1999). E-capacities and the Ellsberg paradox. Theory and Decision, 46(2), 107-140. Abstract.
Kelsey D, Milne F (1999). Induced preferences, nonadditive beliefs, and multiple priors. International Economic Review, 40(2), 455-477. Abstract.
Kelsey D, Milne F (1997). Induced preferences, dynamic consistency and Dutch books. Economica, 64(255), 471-481. Abstract.
Kelsey D, Milne F (1996). The existence of equilibrium in incomplete markets and the objective function of the firm. Journal of Mathematical Economics, 25(2), 229-245. Abstract.
Eichberger J, Kelsey D (1996). Uncertainty aversion and dynamic consistency. International Economic Review, 37(3), 625-640. Abstract.
Eichberger J, Kelsey D (1996). Uncertainty aversion and preference for randomisation. Journal of Economic Theory, 71(1), 31-43. Abstract.
Kelsey D (1995). Dutch books arguments and learning in a nonexpected utility framework. International Economic Review, 36(1), 187-206. Abstract.
Kelsey D, Milne F (1995). The Arbitrage Pricing Theorem with Non-Expected Utility Preferences. Journal of Economic Theory, 65(2), 557-574. Abstract.
Kelsey D (1994). Generalized expected ulitity theory - the rank-dependent model. Economic Journal, 104(427), 1490-1491.
Kelsey D (1994). Maxmin expected utility and weight of evidence. Oxford Economic Papers, 46(3), 425-444.
Kelsey D (1993). Choice under partial uncertainty. International Economic Review, 34(2), 297-307. Abstract.
Kelsey D (1992). Economics of the public sector. Economics Review, 68(203), 409-410.
Kelsey D (1992). Risk and risk aversion for state-dependent utility. Theory and Decision, 33(1), 71-82.
Kelsey D, Nordquist GL (1991). A more general measure of risk aversion when utility is state-dependent. Oxford Economic Papers, 43(1), 59-74.
Kelsey D (1988). Policies to achieve a better distribution of income: Or is a dollar a dollar?. Oxford Economic Papers, 40(3), 577-583.
Kelsey D (1988). The Economics of Chaos or the Chaos of Economics. Oxford Economic Papers, 40(1), 1-31.
Kelsey D (1988). What is responsible for the ?Paretian epidemic??. Social Choice and Welfare, 5(4), 303-306.
Deb R, Kelsey D (1987). On constructing a generalized ostrogorski paradox: Necessary and sufficient conditions. Mathematical Social Sciences, 14(2), 161-174.
Kelsey D (1987). The role of information in social welfare judgements. Oxford Economic Papers, 39(2), 301-317.
Kelsey D (1986). Utility and the individual: an analysis of internal conflicts. Social Choice and Welfare, 3(2), 77-87.
Kelsey D (1985). Acyclic choice and group veto. Social Choice and Welfare, 2(2), 131-137. Abstract.
Kelsey D (1985). The Liberal Paradox: a generalisation. Social Choice and Welfare, 1(4), 245-250. Abstract.
Kelsey D (1984). Acyclic Choice without the Pareto Principle. Review of Economic Studies, 1(LI), 693-699.
Kelsey D (1984). The structure of social decision functions. Mathematical Social Sciences, 8(3), 241-252. Abstract.

Chapters

Eichberger J, Kelsey D (2009). Ambiguity. In  (Ed) The Handbook of Rational and Social Choice.  Abstract.

Conferences

Kelsey D, Milne F (1997). Induced preferences and decision-making under risk and uncertainty.  Author URL.

Internet publications

Chakravarty S, Kelsey D (In Prep). Tort Rules: with Optimistic and Pessimistic Players.  Abstract.

Publications by year


In Press

Kelsey D, Grant S, Eichberger J (In Press). Randomization and Dynamic Consistency. Economic Theory, forthcoming Abstract.  Full text.

In Prep

Chakravarty S, Kelsey D (In Prep). Tort Rules: with Optimistic and Pessimistic Players.  Abstract.

2016

Chakravarty S, Kelsey D (2016). Ambiguity and Accident Law. Journal of Public Economic Theory Full text.
Kelsey D, Roux S (2016). Dragon Slaying with Ambiguity: Theory and Experiments. Journal of Public Economic Theory

2015

Kelsey D, LeRoux S (2015). An Experimental Study on the Effect of Ambiguity in a Coordination Game. Theory and Decision: an international journal for multidisciplinary advances in decision sciences, 79, 667-688. Full text.
Peryman J, Kelsey D (2015). Cultural Norms and Identity in Coordination Games.  Abstract.
Chakravarty S, Kelsey D (2015). Sharing ambiguous risks. Journal of Mathematical Economics, 56, 1-8. Abstract.  Full text.

2014

Kelsey D, Melkonyan T (2014). Contests with Ambiguity.  Abstract.
Eichberger J, Kelsey D (2014). Optimism and pessimism in games. International Economic Review, 55(2), 483-505. Abstract.  Full text.

2013

Ford JL, Kelsey D, Pang W (2013). Information and ambiguity: Herd and contrarian behaviour in financial markets. Theory and Decision, 75(1), 1-15. Abstract.  Full text.

2012

Eichberger J, Grant S, Kelsey D (2012). When is ambiguity-attitude constant?. Journal of Risk and Uncertainty, 1-25. Full text.

2011

Kelsey D, Eichberger J (2011). Are the Treasures of Game Theory Ambiguous. Economic Theory, 48, 313-339. Author URL.  Full text.
Kelsey D, Kozhan R, Pang W (2011). Asymmetric momentum effects under uncertainty. Review of Finance, 15(3), 603-621. Abstract.
Eichberger J, Grant S, Kelsey D, Koshevoy GA (2011). The alpha-MEU model: a comment. Journal of Economic Theory, 146(4), 1684-1698.

2010

Eichberger J, Grant S, Kelsey D (2010). Comparing three ways to update Choquet beliefs. Economics Letters, 107(2), 91-94. Abstract.  Full text.
Kelsey D, Pang W (2010). How productive is optimism? the Impact of ambiguity on the "big push". Economics Bulletin, 30(1), 855-865. Abstract.
Kelsey D, Milne F (2010). Takeovers and cooperatives: governance and stability in non-corporate firms. Journal of Economics, 99(3), 193-209. Abstract.  Full text.

2009

Eichberger J, Kelsey D (2009). Ambiguity. In  (Ed) The Handbook of Rational and Social Choice.  Abstract.
Eichberger J, Kelsey D, Schipper B (2009). Ambiguity and Social Interaction. Oxford Economic Papers, 61, 355-379. Full text.

2008

Eichberger J, Grant S, Kelsey D (2008). Differentiating ambiguity: an expository note. Economic Theory, 36(2), 327-336. Abstract.
Eichberger J, Kelsey D, Schipper BC (2008). Granny versus game theorist: Ambiguity in experimental games. Theory and Decision, 64(2-3), 333-362. Abstract.
Kelsey D, Milne F (2008). Imperfect Competition and Corporate Governance. Journal of Public Economic Theory, 10(6), 1115-1141. Abstract.  Full text.

2007

Kelsey D, Yalcin E (2007). The arbitrage pricing theorem with incomplete preferences. Mathematical Social Sciences, 54(1), 90-105. Abstract.
Eichberger J, Grant S, Kelsey D (2007). Updating choquet beliefs. Journal of Mathematical Economics, 43(7-8), 888-899. Abstract.

2006

Kelsey D, Milne F (2006). Externalities, Monopoly and the Objective Function of the Firm. Economic Theory, 29(3), 565-589. Full text.

2005

Bailey RW, Eichberger J, Kelsey D (2005). Ambiguity and public good provision in large societies. Journal of Public Economic Theory, 7(5), 741-759. Abstract.
Eichberger J, Grant S, Kelsey D (2005). CEU preferences and dynamic consistency. Mathematical Social Sciences, 49(2), 143-151. Abstract.

2004

Kelsey D, Spanjers W (2004). Ambiguity in Partnerships. Economic Journal, 114(497), 528-546. Full text.
Kelsey D, Eichberger J (2004). Sequential Two-Player Games with Ambiguity. International Economic Review, 45(4), 1229-1261. Full text.

2002

Kelsey D, Eichberger J (2002). Strategic Complements, Substitutes and Ambiguity: the Implications for Public Goods. Journal of Economic Theory, 106(2), 436-466. Full text.

2000

Eichberger J, Kelsey D (2000). Non-Additive Beliefs and Strategic Equilibria. Games and Economic Behavior, 30(2), 183-215. Abstract.

1999

Eichberger J, Kelsey D (1999). E-capacities and the Ellsberg paradox. Theory and Decision, 46(2), 107-140. Abstract.
Kelsey D, Milne F (1999). Induced preferences, nonadditive beliefs, and multiple priors. International Economic Review, 40(2), 455-477. Abstract.

1997

Kelsey D, Milne F (1997). Induced preferences and decision-making under risk and uncertainty.  Author URL.
Kelsey D, Milne F (1997). Induced preferences, dynamic consistency and Dutch books. Economica, 64(255), 471-481. Abstract.

1996

Kelsey D, Milne F (1996). The existence of equilibrium in incomplete markets and the objective function of the firm. Journal of Mathematical Economics, 25(2), 229-245. Abstract.
Eichberger J, Kelsey D (1996). Uncertainty aversion and dynamic consistency. International Economic Review, 37(3), 625-640. Abstract.
Eichberger J, Kelsey D (1996). Uncertainty aversion and preference for randomisation. Journal of Economic Theory, 71(1), 31-43. Abstract.

1995

Kelsey D (1995). Dutch books arguments and learning in a nonexpected utility framework. International Economic Review, 36(1), 187-206. Abstract.
Kelsey D, Milne F (1995). The Arbitrage Pricing Theorem with Non-Expected Utility Preferences. Journal of Economic Theory, 65(2), 557-574. Abstract.

1994

Kelsey D (1994). Generalized expected ulitity theory - the rank-dependent model. Economic Journal, 104(427), 1490-1491.
Kelsey D (1994). Maxmin expected utility and weight of evidence. Oxford Economic Papers, 46(3), 425-444.

1993

Kelsey D (1993). Choice under partial uncertainty. International Economic Review, 34(2), 297-307. Abstract.

1992

Kelsey D (1992). Economics of the public sector. Economics Review, 68(203), 409-410.
Kelsey D (1992). Risk and risk aversion for state-dependent utility. Theory and Decision, 33(1), 71-82.

1991

Kelsey D, Nordquist GL (1991). A more general measure of risk aversion when utility is state-dependent. Oxford Economic Papers, 43(1), 59-74.

1988

Kelsey D (1988). Policies to achieve a better distribution of income: Or is a dollar a dollar?. Oxford Economic Papers, 40(3), 577-583.
Kelsey D (1988). The Economics of Chaos or the Chaos of Economics. Oxford Economic Papers, 40(1), 1-31.
Kelsey D (1988). What is responsible for the ?Paretian epidemic??. Social Choice and Welfare, 5(4), 303-306.

1987

Deb R, Kelsey D (1987). On constructing a generalized ostrogorski paradox: Necessary and sufficient conditions. Mathematical Social Sciences, 14(2), 161-174.
Kelsey D (1987). The role of information in social welfare judgements. Oxford Economic Papers, 39(2), 301-317.

1986

Kelsey D (1986). Utility and the individual: an analysis of internal conflicts. Social Choice and Welfare, 3(2), 77-87.

1985

Kelsey D (1985). Acyclic choice and group veto. Social Choice and Welfare, 2(2), 131-137. Abstract.
Kelsey D (1985). The Liberal Paradox: a generalisation. Social Choice and Welfare, 1(4), 245-250. Abstract.

1984

Kelsey D (1984). Acyclic Choice without the Pareto Principle. Review of Economic Studies, 1(LI), 693-699.
Kelsey D (1984). The structure of social decision functions. Mathematical Social Sciences, 8(3), 241-252. Abstract.

External positions

  • External Examiner, University of Oxford
  • Reviewer for a number of economics journals

  • Finance
  • Industrial organisation
  • Game theory

Financial markets and decisions is mainly concerned with how firms are controlled and financed. In this context some related topics are studied such as moral hazard and choice under risk and uncertainty. Industrial organisation is about competition between small numbers of firms. Game theory is a more abstract theory about strategic interaction between individuals. It has a number of applications in economics, politics and evolutionary biology.

Taught modules

Modules

2016/17