Curriculum Vitae. Prof. Dr. Marc Oliver Rieger. Current Academic Position. Previous Academic Positions

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1 Curriculum Vitae Prof. Dr. Marc Oliver Rieger Date of Birth: 22 September 1974 University of Trier University Department IV Universitätsring Trier, Germany Citizenship: German Marital Status: married, one child Current Academic Position University of Trier, Department IV, since April 2010 Business Administration Professor of Finance (W3), lectures on Financial Economics, Financial Derivatives, Game Theory, Decision Theory and Behavioral Finance. Previous Academic Positions University of Zürich, ISB April 2007 March 2010 Assistant Professor ( Oberassistent ) in Financial Economics. Member of the NCCR Finrisk and of the University Priority Project Finance and Financial Markets. Lectures on Advanced Microeconomics, Financial Economics and Banking: Structured Products. University of Bielefeld Oct March 2009 and June 2009 Visiting Professor ( Lehrstuhlvertretung ) in Mathematical Economics (former professorship of Prof. Reinhard Selten). Lectures within the QEM- Program (international master degree) on Finance, Behavioral Decision Theory and Finance and Dynamic Financial Markets. University of Zürich and ETH Zürich Sep March 2007 Postdoctorial Associate and lecturer for Numerics I and Advanced Microeconomics I+II (game theory and decision theory) at the University of Zürich. Research visits at the University of Bonn, the Université de Savoie and the University of Bath. Scuola Normale Superiore, Pisa Sep Aug Postdoctoral Researcher at the Scuola Normale Superiore. Research visit at the Instituto Superior Técnico, Lisbon. Carnegie Mellon University, Pittsburgh (USA) Sep Aug Research Scholar at the Center for Nonlinear Analysis. Research visits at the University of Bonn and at the California Institute of Technology. 1

2 Max-Planck-Institute for Mathematics Oct Aug in the Sciences, Leipzig Research Assistant, PhD thesis on Nonconvex Dynamical Problems. Advisor: Prof. Stefan Müller, Director of the MPI. University of Konstanz Oct Sep Student of Mathematics and Physics, diploma thesis on Asymptotic Behaviour of Radially Symmetric Solutions to Thermoelasticity Equations. Advisor: Prof. Reinhard Racke. Main Research Interests My main research interests are in the area of finance, in particular behavioral finance and financial derivatives. I often combine theoretical, empirical and (sometimes) experimental methods. My current research is mainly focused on: Financial derivatives (e.g. investor preferences on structured financial products). Behavioral finance (e.g. application of behavioral finance to investment decisions; behavioral game theory). Financial economics (e.g. volatility asymmetry on international financial markets and potential regulatory consequences; effects of Basel II on towns and communities; an international survey comparing investor preferences in 45 countries). Honors and Awards Grand of the Scuola Normale Superiore for participation in the trimester on Calculus of Variations and Partial Differential Equations (2006). Postdoctoral Scholarship of the Scuola Normale Superiore ( ). Member of the graduate school of the University of Leipzig ( ). Scholarship of the Studienstiftung des deutschen Volkes ( ). Professional and Administrative Service Referee for various journals in economics, finance and mathematics (e.g. Management Science, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Nonlinearity, SIAM Journal of Appl. Math., Journal of Mathematical Economics) and reviewer of Mathematical Reviews of the American Mathematical Society. Organizer of the presentation of the ISB at the Parcours des Wissens for the 175 th anniversary of the University of Zürich (March 2008). Organizer and member of the Scientific Committee for the international conference ANA Advances in Nonlinear Analysis at the Carnegie Mellon University. For details see: (May/June 2003). Member of various committees at the University of Konstanz and at the University of Trier (undergrad committees, examinations committees, appointment boards etc.). 2

3 Selected Talks Invited talks at seminars and colloquia: University of Kiel; University of Göttingen; University of Konstanz; University of Trier; University of Luxembourg; University of Ulm; Doshisha University (Kyoto); University of Münster; University of Bielefeld, University of Fribourg; Brunel University (London); Université de Savoie; University of Bonn; ETH Zürich; University of Sussex; University of Bath; Instituto Superior Técnico, Lisbon; California Institute of Technology; University of Regensburg; University of Stuttgart; Perdue University, Indiana; University of Illinois etc. Conference talks (refereed papers) since 2008: CARISMA conference The interface of behavioral and quantitative finance, London, EFA (European Finance Association) conference, Bergen, Annual conference of the Verein für Socialpolitik, Magdeburg, th Conference of the Swiss Finance Association (SGF), Zürich, th Kölner Finanzmarktkolloquium, Köln, th Karlsruhe Finance Symposium, Karlsruhe, th Meeting of the German Finance Association (DGF), Münster, European Mathematics Conference, Amsterdam, 2008 (invited talk). Conference on mathematical economics und finance, Manchester, th Conference of the Swiss Finance Association (SGF), Zürich, Asian Finance Association Conference, Yokohama, International Chinese Finance Conference, Dalian, Supervision of PhD students During my time as research scholar at Carnegie Mellon I have worked with a PhD student in Leipzig, Matthias Kurzke (now University of Bonn), on a project. The joint results have been published in the Journal of Convex Analysis. Since fall 2007, I am co-supervising Tonn Talpsepp, a PhD student at the Talinn University of Technology, on his thesis on volatility asymmetries on financial markets. Since fall 2008, I am co-supervising Christian Reichlin, a PhD student at the ETH, Zürich, in collaboration with Prof. Martin Schweizer (ETH). His thesis is on continuous time models for structured financial products. Selected Applied Projects Conceptual design of an online investor type-test and associated learning software for the Sunflower Foundation and the Geldmuseum (money museum) in Zürich. Development of a multi-touch table for the design of structured products (in collaboration with the Swiss Design Institute for Finance and Banking). For photos and an web version of the software see: and Several projects, e.g. in collaboration with the Institut für Vermögensaufbau, München, with Credit Suisse and with the Zürcher Kantonalbank. 3

4 Selected Publications Publications in peer-reviewed journals in economics and finance: [1] Co-monotonicity of optimal investments und the design of structural financial products, to be published in: Finance and Stochastics. [2] SP/A and CPT: a reconciliation of two behavioral decision theories, to be published in: Economics Letters. [3] Volatility asymmetry, news and private investors (with Michal Dzielinski and Tonn Talpsepp), to be published in: News Analytics in Finance Handbook, Wiley & Sons. [4] Financial Market Equilibria with Cumulative Prospect Theory (with Enrico De Giorgi and Thorsten Hens), to be published in: Journal of Mathematical Economics. [5] Probability misestimation and preferences in financial investment decisions, to be published in: Journal of Behavioral Finance. [6] What is behind the Priority Heuristic? A mathematical analysis (with Mei Wang), Psychological Review, [7] Prospect Theory for continuous distributions (with Mei Wang), Journal of Risk and Uncertainty, vol. 36, no. 1, pp , [8] Cumulative Prospect Theory and the St. Petersburg Paradox (with Mei Wang), Economic Theory, 28 (2006), pp Selected working papers: [9] The dark side of the moon structured products from the investor s point of view (with Thorsten Hens), working paper NCCR Finrisk, 459 (2008). [10] Evolutionary Stability of Prospect Theory Preferences, working paper NCCR Finrisk (2009). [11] Explaining asymmetry volatility around the world (with Tonn Talpsepp), working paper NCCR Finrisk (2009), revise & resubmit Journal of Empirical Finance. [12] An International Survey on Time Discounting (with Thorsten Hens and Mei Wang), working paper NCCR Finrisk (2009). [13] Wie beeinflußt Basel II die Kreditkonditionen von öffentlich-rechtlichen Körperschaften? Empirische Befunde aus der Schweiz (with Pascal Vetterli and Stephan Berger), ISB applied working paper (2008). [14] How Likely is it to Hit a Barrier? Theoretical and Empirical Estimates (with Lujing Su), working paper (2009). [15] Equilibria in games with prospect theory preferences (with Lars Metzger), working paper (2009). 4

5 Books: [16] Financial Economics a concise introduction to classical and behavioral finance, approx. 400 pages., (with Thorsten Hens), to be published at Springer Verlag (2010). [17] Optionen, Derivate und strukturierte Produkte ein Praxisbuch, approx. 350 pages, NZZ-Verlag, Zürich and Verlag Schäffer-Poeschel (2009). Work in applied mathematics (previous research area): Overall 13 publications in peer-reviewed international journals, such as: SIAM Journal of Mathematical Analysis, Interfaces und Free Boundaries, Calculus of Variations, ESAIM Control, Optimisation and Calculus of Variation, Mathematical Modelling und Numerical Analysis. Several book publications. Media presence and publicity (selection) Several newspaper articles and interviews, e.g. in: FAZ (Frankfurter Allgemeiner Zeitung), NZZ (Neue Zürcher Zeitung), Tagesanzeiger, Bilanz (Swiss investment magazine), Cash Daily, Payoff Magazine etc. Several radio interviews (Swiss radio DRS). 5

6 Teaching Experience University of Trier Financial Economics (summer 2010), Decision and Game Theory (summer 2010), Behavioral Finance (seminar, summer 2010). University of Zürich Banking: Structured Products (spring 2008 and spring 2009)*, Advanced Microeconomics (fall 2007 and fall 2008)**, Financial Economics (winter 2006/2007 and winter 2007)**, Microeconomics I+II (spring 2007 and fall 2007)*, Numerics I (summer 2005)*, Behavioral Finance and wealth management (2008, MBA level). (*= bachelor level, **= master/phd level) University of Bielefeld Finance (winter 2008/2009), Dynamic Financial Markets (winter 2008/2009), Behavioral Decision Theory and Finance (seminar, winter 2008/2009). All courses on master level within the international QEM program (Quantitative Economic Master). Behavioral Economics (PhD course, June 2009). Carnegie Mellon University Algebraic Topology, spring Topics in Applied Mathematics Game Theory, spring University of Leipzig Teaching for the Leipziger Schülergesellschaft Mathematik, Evaluation results The following of my lectures have been evaluated: Banking: Structured Products : 5.2 (out of 6), Advanced Microeconomics : 5.2 and 5.1 (out of 6), Microeconomics II : 4.1 (out of 6), Algebraic Topology : 5.0 (out of 5), Topics in Applied Mathematics Game Theory : 3.9 (out of 5). 6