Ilan Kremer is a professor in the Finance and Banking Department at the Hebrew University Business School and a Professor of Economics at the Economics Department. He also serves as Director of the Federmann Center for the Study of Rationality at Hebrew University, and has a joint appointment as Professor of Economics at the University of Warwick. He has served as a Professor of Finance at Stanford University, as a Foreign Editor for the Review of Economic Studies, and as an Associate Editor of American Economic Review.
His research focuses on Financial Economics, Information Economics, and Game Theory.
Kremer’s research has been published in Management Science, American Economic Review, Journal of Financial Economics, International Journal of Game Theory, Journal of Economic Theory, Rand Journal of Economics, Journal of Political Economy, Journal of Finance, Review of Financial Studies, Review of Economics Studies, Journal of Mathematical Economics, and Econometrica. He won the Abe Grey Award, and received academic grants from the European Research Council, the National Science Foundation, and the Israel Science Foundation.
Professor Kremer earned his Ph.D. in Finance from the Kellogg Graduate School of Management, Northwestern University. He holds an M.Sc. in Computer Science and an B.Sc. in Computer Science and Physics from Hebrew University.
He teaches the courses Finance for Graduate Students, Financial Management, Information Economics, and Economic Theory.
- Publications
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"Persuasion with Multiple Actions" joint work with Davit Khantadze and Andrzej Skrzypacz Journal of Political Economy (JPE) (forthcoming)
"Monitoring Teams." joint work with Marina Halac and Eyal Winter, AEJ: Micro (forthcoming)
"On the Voluntary Disclosure of Redundant InformationLink opens in a new window" (with Snehal Banerjee, Bradyn Breon-Drish, and Ron Kaniel) Journal of Economic Theory (forthcoming)
Disclosing a Random Walk" joint work with Amnon Schreiber and Andrzej Skrzypacz, Journal of Finance, November 2023
"Crowd learning without herding: A mechanism design approach" joint work with Jacob Glazer and Motty Perry, forthcoming Management Science
"Raising Capital from Hetrogenous Investors," with Marina Halac and Eyal winter, forthcoming American Economic Review
"The Effect of Exogenous Information on Voluntary Disclosure and Market Quality" with Ilan Guttman and Sivan Frenkel, accepted for publication Journal of Financial Economics
"Experimenting with Career Concerns" With Marina Halac, forthcoming AEJ: Micro
" Test Design and Minimum Standards" (with Peter DeMarzo and Andrzej Skrzypacz) American Economic Review June 2019
“Evidence Games: Truth and Commitment" joint work with Sergiu Hart and Motty Perry, American Economic Review (AER) 2017 107(3) 690-713
“Optimal Recurrence Dynamic Auctions” joint work with Zvi Wiener and Eyal Winter, International Journal of Game Theory 2016
"Hannan and Blackwell Meet Black and Scholes: Approachability, Calibration and Robust Option Pricing," joint work with Peter Demarzo and Yishay Mansour, Journal of Economic Theory (JET) 2016 Volume 163
"Ordering and Revenue in Sequential Auctions: A Natural Experiment from the Market for Art" (w/ Harrison Hong, Jeffrey Kubik, Jianping Mei, Michael Moses) Rand Journal of Economics, Spring 2015
“Not Only What But also When: A Theory of Dynamic Voluntary Disclosure” joint work with Ilan Guttman and Andy Skrzypacz, American Economic Review (AER) 2014 104(8): 2400-2420
“Implementing the "Wisdom of the Crowd"” joint work with Yishay Mansour and Motty Perry, Journal of Political Economy (JPE) 2014 122 (5)
"Endogenous Information Flows and the Clustering of Announcements" joint work with Viral Acharya, and Peter DeMarzo. American Economic Review (AER) 2011, 101(7) 2955-79
“Dynamic Patterns of Trading Volume and Disagreement" joint work with Snehal Banerjee, Journal of Finance, 2010, 65(4):1269-1302
“Price drift as an outcome of difference in higher order beliefs”, joint work with Snehal Banerjee and Ron Kaniel, Review of Financial Studies (RFS) 2009, 22(9):3707-3734
“Relative Wealth Concerns, and Financial Bubbles,” with Peter DeMarzo and Ron Kaniel, Review of Financial Studies (RFS) 2008 21(1) 19-50
“Technological Innovations and Real Investment Booms and Busts”, with Peter DeMarzo and Ron Kaniel, Journal of Financial Economics (2007) 85(3) 735-754
“The Relevance of a Choice of Auction Format in a Competitive Environment,” with Mathew Jackson, Review of Economics Studies. (REStud) (2006) 73 (4): 961-981
“Envy-Freeness and Implementation in Large Economies,” with Matt Jackson, Review of Economic Design, Vol. 11, No. 3, pp. 185-198, 2007.
"Ratings, certifications and grades: dynamic signaling and market breakdown.", joint work with Andrzej Skrzypacz, Journal of Economic Theory (2007) 133(1) pp. 58-82
“Bidding with Securities - Auctions and Security Design,” with Peter DeMarzo and Andy Skrzypacz, American Economic Review (AER) 2005-10-31
“On the Informational Inefficiency of Discriminatory Price Auctions,” with Mathew Jackson, Journal of Economic Theory, (2007) 132(1) pp. 507-517
“The Relationship between the Allocation of Goods and a Seller's Revenue,” with Matt Jackson, Journal of Mathematical Economics, 40 (June, 2004), pp.371-392
“Underpricing and Market Power in Uniform Price Auctions,” with Kjell Nyborg, Review of Financial Studies, vol. 17, July 2004.
“Diversification as a Public Good: Community Effects in Portfolio Choice,” with Peter DeMarzo and Ron Kaniel, Journal of Finance, vol. 59: 4, August 2004.
“Divisible good auctions: The role of allocation rules,” with Kjell Nyborg, Rand Journal of Economics, vol. 35(1), Spring 2004.
“Information aggregation in common value auctions,” Econometrica, vol.70: 4, July 2002.
Non Finance/Economics (Computer science papers)
“Online Algorithms and Option Pricing”, joint work with Peter Demarzo and Yishay Mansour, FOCS 2006
“On randomized one round communication complexity,” with Dana Ron and Noam Nisan, Computational Complexity, 8: 1, June 1999. Extended abstract appeared in the proceedings of STOC95.
- Awards & Honors
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2011–2016: ERC grant “Information Flow and Its Impact on Financial Markets”
2012: Abe Grey Award
2004: Utah Winter Finance Conference, Best Paper Award for “Bidding with Securities: Auctions and Security Design” (with Peter DeMarzo and Andrzej Skrzypacz)
2003: NSF Grant for “Bidding with Securities: Auctions and Security Design” (with Peter DeMarzo and Andy Skrzypacz)
1999: State Farm Companies Foundation Doctoral Dissertation Award in Business
1999: Treftzs Award for the Best Student Paper in the WFA (with Valery Polkovnichenko)