Giancarlo Spagnolo CV, updated July 10, 2009

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1 Giancarlo Spagnolo CV, updated July 10, 2009 Webpage: University of Rome Tor Vergata, Faculty of Economics (DEI), Via Columbia 2, I Roma Tel.: , Fax: SITE Stockholm School of Economics Sveavaegen 65, BOX 6501, S Stockholm EIEF Einaudi Institute of Economics and Finance Via Due Macelli 73, I Roma Referees Tore Ellingsen (S.S.E.), Bengt Holmström (M.I.T.), Patrick Rey (Toulouse), Konrad Stahl (Mannheim), Jörgen W. Weibull (S.S.E.) Position Professor of Economics, University of Rome Tor Vergata (Nov ) Research Fellow, SITE - Stockholm School of Economics (Jan ) Research Fellow, Einaudi Institute of Economics and Finance (EIEF, Nov ) Others Previous Fields Research Affiliate, C.E.P.R., London Executive Committee, E.A.R.I.E, Bruxelles Research Fellow, E.N.C.O.R.E, Amsterdam Chief Economist, Italian Public Procurement Agency (Consip SpA) Associate Professor (docent), Dept. of Economics, Stockholm School of Economics Senior Economist, Research Department, Sveriges Riksbank Assistant Professor, Department of Economics, University of Mannheim Antitrust and Industrial Organization; Banking; Corporate Finance and Governance; Contract Theory; Experimental Economics; Game Theory; Law and Economics; Procurement. Education 1999: Ph.D., Stockholm School of Economics. Dissertation: Essays on Managerial Incentives and Product Market Competition, Advisors: J.W. Weibull and T. Ellingsen. Opponent: B. Holmström. 1996: Dottorato di Ricerca in Economia Politica, University of Rome I. Dissertation: Social Norms, Incentives, and Organizational Efficiency: an Analysis of Profit-Sharing. 1993: M.Phil. in Economics, University of Cambridge. Undergraduate: Bocconi University, Milan, and University of Rome I. Awards 1999: Young Economist Essay Competition, EARIE99, Turin 1998: Best Ph.D. Paper Award, Southern Finance Association 98, Marco Island, Florida 1998: Best Doctoral Dissertation ( ), CLUEB, Bologna 1993: Outstanding Young Researcher Award, Fondazione Luca D Agliano-Q.E.H. Oxford

2 Invited lectures/keynote speeches/auditions Keynote speech on Criminalization in Antitrust ACLE Inaugural Conference: Remedies and Sanctions in Competition Policy: Economic and Legal Implications of the Tendency to Criminalize Antitrust Enforcement in the EU Member States, Amsterdam, February 2005 Invited lecture on Leniency, International Conference Antitrust 2005 : Advancements in the Economics of Competition Law, Rome, June 2005 Invited lecture on Leniency, CEPR Symposium on Competition Policy for International Development, Bruxelles, Dec Audition, European Parliament: Promoting Professionalism and Best Practice in Public Procurement Policies, Internal Market Commisson, Bruxelles, 20 March 2007 Audizione, Italian Authority for Procurement and Public Works: Flexibility, Quality and Accountability in Public Procurement in Light of the new EU Directive (18/2004), Rome, June 6, 2007 Keynote speech, RNIC Conference on the Telecommunication Industry, Mannheim, October 2008 (declined) Audition, OECD Experts Meeting on Competition Policy and Public Procurement, Paris, October 2008 (postponed for health reasons) Keynote speech on Firms Organization and Collusive Behavior, ACLE 2009 Conference on Competition Policy, Amsterdam, April 2009 Invited lecture on Competition and Public Procurement, Association of Competition Economists, Italian meeting, Milan, October Research fellowships, scholarships and grants : Research Fellowship for Full Professors, Swedish Academy of Sciences : PRIN on Bank Mergers : Research Fellowship for Associate Professors, Swedish Competition Authority : Research Fellowship for Assistant Professors, Swedish Competition Authority : Marie Curie Fellowship, European Commission. 1997: Post-Doc. Research Fellowship, Swedish Competition Authority : Post-Doc. Research Fellowship, University of Rome I. 1996: Research Scholarship Estero, Italian Research Council (C.N.R.). 1995: Francesco Ferrara Scholarship, Banco di Sicilia. 1994: Guido Carli Scholarship, Banca Nazionale del Lavoro. Published Books Norme Sociali, Incentivi, ed Efficienza Organizzativa: una Analisi del Profit-Sharing, Bologna: C.L.U.E.B. (October 2000) Handbook of Procurement (co-edited with N. Dimitri and G.Piga), Cambridge, UK: Cambridge University Press (September 2006). Managerial Incentives and Product Market Competition, (January 1999), Stockholm: Gotab AB. Publications in Refereed Outlets Articles in Refereed International Journals Social Relations and Cooperation in Organizations, Journal of Economic Behavior and Organization, vol. 38/1 (lead article) 1999, pages On Interdependent Supergames: Multimarket Contact, Concavity, and Collusion, Journal of Economic Theory, vol. 89/1, 1999, pages

3 Stock-Related Compensation and Product-Market Competition, RAND Journal of Economics, vol. 31/1, 2000, pages Managerial Incentives and Collusive Behavior, European Economic Review (old editors) vol. 49(6), 2005, pages Leniency Policies and Illegal Transactions, with Paolo Buccirossi, Journal of Public Economics, 2006, vol. 90, issue 6-7, Bank Mergers, Competition and Liquidity, with Elena Carletti and Philipp Hartmann, Journal of Money, Credit, and Banking, 2007, 39(5), Trust And Virtual Districts: Evidence From The Milan Internet Exchange, Metroeconomica, 2007, 58(3), Internet Peering as a Network of Relations, with Steffen Lippert, Telecommunications Policy, 2008, 32, Regulating Joint Bidding in Procurement, with Gian Luigi Albano and Matteo Zanza, Journal of Competition Law and Economics, 2008, September. A Short Overview of a Methodology for the Ex-Post Review of Merger Control Decisions, with Paolo Buccirossi, Lorenzo Ciari, Tomaso Duso, Sven-Olof Fridolfsson, and Cristiana Vitale, De Economist, 2008, 156(4), The actual structure of ebay s feedback mechanism and early evidence on the effects of recent changes, with Tobias Klein, Konrad Stahl, and Chris Lambertz, 2009 forthcoming in the International Journal of Electronic Business. Buying reputation on ebay: Do recent changes help?, with Federico Dini, 2009 forthcoming in the International Journal of Electronic Business. Other Published Articles in Refereed Outlets Leniency and Whistleblowers in Antitrust, Ch. 12 of P. Buccirossi (Ed.) Handbook of Antitrust Economics, 2008, M.I.T. Press. Corporate Governance and Collusive Behavior, with Paolo Buccirossi, in Dale W. Collins (Ed.) Issues in Competition Law and Policy, 2008, Antitrust Section, American Bar Association. Optimal Fines in the Era of Whistleblowers: Should Price Fixers Still Go To Prison?, with Paolo Buccirossi, in V. Goshal and J. Stennek (Eds.) The Political Economy of Antitrust, 2007, Elsevier: North Holland. Antitrust Sanctions in the Presence of Leniency Programs, with Paolo Buccirossi, in Concurrences, N. 4, Cartels Criminalization and their Internal Organization, 2006 (invited lecture at the February 2005 Inaugural ACLE Conference, Amsterdam) in Cseres, K.J., Schinkel, M.P., Vogelaar, F.O.W., (Eds.), Remedies and Sanctions in Competition Policy: Economic and Legal Implications of the Tendency to Criminalize Antitrust Enforcement in the EU Member States, 2006, London: Edwar Elgar. Bid Average Methods in Procurement, with Gian Luigi Albano and Milo Bianchi, in Rivista di Politica Economica, No. I II 2006 pp , reprinted in G. Piga and K.V. Thai (Eds.) The Economics of Public Procurement, 2007, London, Palgrave-McMillan. Reputation Mechanisms and Electronic Markets: Economic Issues and Proposals for Public Procurement, with Federico Dini, in Khi Thai et al. (Eds.), Challenges in Public Procurement: an International Perspective, 2004, PrAcademic Press. Implications of the Bank Merger Wave for Competition and Stability (with Philipp Hartmann and Elena Carletti), in Risk Measurement and Systemic Risk: Proceedings of the Third Joint Central Banks Research Conference, 2002, Board of Governors of the Fed, ECB and Bank of Japan. Incentives and Development: the Role of Teams, Peer Monitoring, and Social Norms, Economia, Societa e Istituzioni 9/I-II (May 1997), 1-29.

4 Non Refereed Publications Book Chapters and Lectures Agglomeration on the Internet: Does Space Still Matters? Evidence from the MIX-ISP (with Emanuele Giovannetti and Karsten Neuhoff) in M. Kagami and M. Tsuji eds., The Evolution of Industrial Districts: Lessons for Developing Countries, 2003, Institute of Development Economies (JETRO). Designing Reputation Mechanisms, with Chris Dellarocas and Federico Dini, in N. Dimitri, G. Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, pp , CUP. Information and Optimal Auctions in Procurement with Nicola Dimitri and Riccardo Pacini, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Shortening Procurement Auctions Duration with Nicola Dimitri and Riccardo Pacini, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Number of Lots and Procurement Competition in the Short and in the Long Run with Veronika Grimm, Riccardo Pacini and Matteo Zanza, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Multi-contract Auctions and Package Bidding in Procurement, with Nicola Dimitri, Riccardo Pacini, and Marco Pagnozzi, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Preventing Collusion in Procurement Auctions, with Gianluigi Albano, Paolo Buccirossi and Matteo Zanza, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Procuring Innovation, with Luis Cabral, Guido Cozzi, Vincenzo Denicolò, and Matteo Zanza, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Procurement Contracting Strategies, with Gian Luigi Albano, Giacomo Calzolari, Federico Dini, and Elisabetta Iossa, forthcoming in N.Dimitri, G.Piga and G. Spagnolo (Eds.), Handbook of Procurement, 2006, CUP. Revise and Resubmit in Refereed International Journals Divide et Impera: Optimal Deterrence Mechanisms Against Cartels and Organized Crime, under revision for the RAND Journal of Economics, (available from as CEPR Discussion Paper No. 4840, extended version of Optimal Leniency Programs, FEEM Working Paper 42.00) Relational Efficient and Property Rights, with Matthias Blonski, under revision for the The Economic Journal (available as CEPR Discussion Paper No from Networks of Relations, Word-of-Mouth Communication, and Social Capital, with Steffen Lippert, under revision for Games and Economic Behavior (available as CEPR Discussion Paper No from presented at the 2004 North American Econometric Society Meeting, San Diego; also presented at ESEM and EARIE 2002, at the second World Meeting of the Game Theory Society in Marseille, July 2004; and at the CEPR/RTN/WZB conference on Cartels and Collusion in Berlin, October 2004). Working Papers 2008, Governing the Governors: a Clinical Study of Central Banks with Kasper Roszbach and Lars Frisell, CEPR Discussion Paper No ( Sveriges Riksank Working Paper 221), also presented at the 2007 ASSA (AEA) Meeting in Chicago (available from See press coverage by the Financial Times: Accountability Fears over Central Bankers, March 24, 2008, pag. 3.

5 2008, Fines, Leniency, Rewards and Organized Crime: evidence form Antitrust Experiments, with M. Bigoni, C. Le Coq and S. Fridolfsson, Stockholm School of Economics Working Paper in Economics and Finance No. 698, presented at ESSET-Gerzensee and at ESEM 2008, Milan, and ASSA 2009 Meetings in San Francisco (IOS). 2008, Risk Aversion, Prospect Theory, and Strategic Risk in Law Enforcement: Evidence From an Antitrust Experiment, with M. Bigoni, C. Le Coq and S. Fridolfsson, Stockholm School of Economics Working Paper in Economics and Finance No. 696, presented at the World ESA meeting 2007 and at EEA 2008, Milan. 2007, Last Minute Feedback, manuscript, with Konrad Stahl, Tobi Klein, and Christian Lambertz, CEPR Discussion Paper No.5693, presented at the 2007 ASSA (AEA) Meeting in Chicago, (available from , The Collusive Drawbacks of Sequential Auctions, with Gian Luigi Albano, Quaderno Consip No. 5, presented at the CEPR/RTN/WZB conference on Cartels and Collusion in Berlin, October 2004; presented at the World Congress of the Econometric Society, London Prisoners Other Dilemma, with Matthias Blonski, CEPR Discussion Paper No. 5078, presented at the second World Meeting of the Game Theory Society in Marseille, July 2004 (available from Banks as Collusive Devices, extended version of Debt as a (Credible) Collusive Device, SSE Working Paper 243, Winner of the 1998 SFA Best Ph.D. Paper Award and of EARIE99 s Young Economist Essay Competition; also presented at EEA99 and at the Financial Intermediation Society meeting, Capri, May , How The Law Solves Bertrand s Paradox and Enforces Collusion in Auctions, revised version of Self-Defeating Antitrust Laws, FEEM Working Paper (June 2000), presented at EARIE 2001; EEA and ESEM 2002; and Auctions and Market Design II, Milan Globalization and Cooperative Relations, CEPR Discussion Paper No (available from invited paper at the second CEPR Workshop on Globalization and Contracts in Paris, April , Constitutions and Central Bank Independence, with Paolo Giordani, SSE Working Paper 426 (available from Issue Linkage, Credible Delegation, and Policy Cooperation, CEPR Discussion Paper No (available from revised version of Spagnolo (1996), first dynamic analysis on Issue Linkage and Policy Cooperation. Manuscripts and Work in Progress Relational Procurement, with Giacomo Calzolari, presented at the 2005 ESSET-Gerzensee, the World Congress of the Econometric Society, London 2005, EARIE 2005 and EEA 2008, forthcoming soon as CEPR Discussion Paper Cooperation in Repeated Games: Extending Theory and Experimental Evidence, with Mathias Blonski and Peter Ockenfels, presented at the third World Meeting of the Game Theory Society, Boston, July 2008 Contracts as Threats: on a Rationale for Rewarding A while Aimng for B, with Elisabetta Iossa The Effects of Competition Policy on Total Factor Productivity: Evidence from Panel Data, in progress, with Paolo Buccirossi, Tomaso Duso, Cristiana Vitale and Lorenzo Ciari Multitasking, Incentives and Relationships: an Experiment on Procurement Contracting, with Maria Bigoni and Paola Valbonesi Bank Competition in Europe: the View of Competition Authorities, in progress, with Elena Carletti, Caterina Giannetti and Stefano Caiazza

6 Impossibility of Collusion under Imperfect Monitoring with Flexible Production: an Experiment, with Maria Bigoni and Jan Potters Bank M&As and the Institutions for Merger Control, with E. Carletti and S. Ongena Information Sharing and Bank Entry Mode, with N. Jentzsch and C. Giannetti Deterrence in Competition Law, in progress, with Paolo Buccirossi, Tomaso Duso, Cristiana Vitale and Lorenzo Ciari Editorial Activity Associate Editor, Advances in Theoretical Economics (BE Press) Refereeing Activity Teaching American Economic Review (Bernheim, Moffit, Rogerson, Crawford, Lizzeri), BE Press Advances in Theoretical Economics, Canadian Journal of Economics, Concorrenza e Mercato, Econometrica, Economic Inquiry, European Economic Review, International Economic Review, International Journal of Law and Economics, International Journal of Industrial Organization, Journal of Development Economics, Journal of Comparative Economics, Journal of Economic Theory, Journal of Economics and Management Strategies, Journal of Economics, Journal of Economic Behavior and Organization, Journal of European Economic Association, Journal of Industrial Economics, Journal of Institutional and Theoretical Economics, Journal of International Economics, Journal of Labor Economics, Journal of Law Economics and Organization, Journal of Political Economy, Journal of Public Economics, Labor Economics, Managerial and Decision Economics, RAND Journal of Economics, Regulation and Governance, Review of Economic Studies, Review of Industrial Organization, Rivista di Politica Economica, Scandinavian Journal of Economics, The Manchester School. Israel Science Foundation. Netherland s Science Foundation. Industrial Organization (graduate course), Stockholm Doctoral Program (1999, 2000) The Organization of Network Industries (graduate seminar), Univ. of Mannheim (2001), with T. Roende The Industrial Organization of e-markets (seminar), Univ. of Mannheim (2002), with T. Roende Competition Policy: Theory and Practice (seminar), University of Mannheim (2004), with K. Stahl Reputation in Product, Electronic and Financial Markets (seminar), University of Mannheim (2004) The Microeconomics of Banking (graduate course), Doctoral Program, University of Rome II (2004-7) Frontier in Law and Economics (graduate mini-course), Stockholm Doctoral Program (2006) Strategic Procurement Design (graduate course), Master in Procurement, University of Rome II (2007) Competition in the European Financial System (graduate course), University of Rome II (2007-8) Information Economics and Finance (graduate course), University of Rome II (2007-8) Conference Organization - Auctions and Market Design, Rome, September 2004 (main organizer) - The Governance of Central Banks, Stockholm, August 2006 (main organizer) - Procurement, Governance, Development, Stockholm, June 2008 (main organizer) - International Public Procurement Conference, 2006 and 2008 (Scientific committee) - Econometric Society European Meeting, Vienna 2006 (Program committee) - Econometric Society European Meeting, Budapest 2007 (Program committee) - Several EARIE Meetings (Program committee)

7 Institutional/Policy Research Konkurrensverket (the Swedish Competition Authority), on Open Issues in Public Procurement, May- August Office of Fair Trading, UK, on The Costs of Inappropriate Intervention Under Article 82, with Lear, September 2005 March 2006; on the optimality of OFT s fining policy, with London Economics, Winter Europ. Commission DG ECFIN, on Measuring the Impact of Competition Policy, with Lear, The World Bank, Best Practices in Contact Design for Public Private Partnerships, with E. Iossa and M. Vellez, Summer 2007 European Commission DG COMP, on Ex-post Review of Merger Control Decisions, with Lear, February 2006-August NMa (the Dutch Competition Authority): 2000, review of the Working Instructions For Fines; 2004, review of the Draft New Leniency Policy.