Profile
Sujoy Mukerji completed his undergraduate studies at Presidency College, Calcutta, followed by an MA in Economics from the Delhi School of Economics and a PhD from Yale University. He joined Queen Mary University of London as Head of the School of Economics and Finance in September 2015, coming from the University of Oxford, where he was Professor of Economics.
His research focuses on decision-making under uncertainty, particularly ambiguity, and its applications in economics and finance. More broadly, he is interested in the intersection of bounded rationality and economic theory.
Mukerji's work explores the foundations of ambiguity—situations where probabilities associated with outcomes are poorly understood—and its implications for economic decision-making. Ambiguity is widespread in economics and not limited to the uninformed or unsophisticated; even experts often cannot distinguish clearly between competing models based on historical data alone. In such cases, it may be prudent to adopt strategies that are robust to uncertainty about the “correct” model.
His research includes developing models that incorporate ambiguity into dynamic games with incomplete information, principal-agent frameworks, and other core economic contexts. He has also studied how ambiguity affects efficient allocations under general equilibrium, portfolio choice, trade, and asset pricing in financial markets, especially when agents differ in their attitudes toward ambiguity. Recently, he has engaged in experimental work testing decision-theoretic models of ambiguity.
Editorial services:
Associate Editor, Oxford Economic Papers, 2006 - 2015
Associate Editor, Theory and Decision, 2008 - 2020
Associate Editor, Econometrica, 2010 - 2019
Co-editor, Mathematics and Financial Economics, 2019 -
Research
Publications
Several of these publications may be downloaded from my Google Scholar page.
To request working paper versions of the published papers please email: s.mukerji@qmul.ac.uk
- Mukerji S., Ozsoylev H.N., Tallon J.-M. (2023) Trading Ambiguity - A Tale Of Two Heterogeneities [PDF 332KB], International Economic Review, 64: 1127-1164
- Klibanoff P., Mukerji S., Seo K., Stanca L. (2022) Foundations of ambiguity models under symmetry: α-MEU and smooth ambiguity, Journal of Economic Theory, 199
- Altug S., Collard F., Çakmakli C., Mukerji S. Özsöylev H (2020) Ambiguous Business Cycles: A Quantitative Assessment [PDF 598KB], Review of Economic Dynamics, 38: 220-237
- Hanany E., Klibanoff P., Mukerji S. (2020) Incomplete Information Games with Ambiguity Averse Players [PDF 354KB] American Economic Journal: Microeconomics, 12 (2): 135-87
- Cubitt R., Mukerji S., van de Kuilen G. (2020) Discriminating between Models of Ambiguity Attitude: A Qualitative Test, Journal of the European Economic Association, 18(2):708–749
- Billot A., Mukerji S., Tallon JM., (2020) Market allocations under ambiguity: A survey, Revue Economique, 71(2): 267-282
- Cubitt R., Mukerji S., van de Kuilen G. (2018) The Strength of Sensitivity to Ambiguity, Theory and Decision, 85(3–4), pp 275–302
- Collard F., Sheppard K., Mukerji S., Tallon JM. (2018) Ambiguity and the Historical Equity Premium, Quantitative Economics, 9, pp. 945-993
- Klibanoff P. Mukerji S., Seo K. (2018) Symmetry axioms and perceived ambiguity, Mathematics and Financial Economics, 12, pp. 33–54
- Jewitt I., Mukerji S. (2017) Ordering ambiguous acts, Journal of Economic Theory Volume 171, Pages 213-267
- Klibanoff P. Mukerji S., Seo K. (2014) Perceived Ambiguity and Relevant Measures, with P. Klibanoff and K. Seo, Econometrica, 82(5), pp. 1945–1978
- Klibanoff P., Marinacci M., Mukerji S. (2012) On the Smooth Ambiguity Model: A Reply, Econometrica, 80(3), pp. 1303–1321
- Klibanoff P., Marinacci M., Mukerji S. (2011) Definitions of Ambiguous Events and the Smooth Ambiguity Model, Economic Theory, 48(2), pp. 399–424
- Mukerji S. Foundations of ambiguity and economic modeling, Economics and Philosophy, 25, pp. 297-302, 2009
- Klibanoff P., Marinacci M,. Mukerji S. (2009) Recursive Smooth Ambiguity Preferences, Journal of Economic Theory, 144, pp. 930–976
- Higashi Y., Mukerji S., Takeoka N., Tallon JM. (2008) Comment on "Ellsberg 2-Color Experiment, Portfolio Inertia and Ambiguity," International Journal of Economic Theory, 4(3), pp. 433-444
- Klibanoff P., Marinacci M., Mukerji S. (2005) A Smooth Model of Decision Making under Ambiguity, Econometrica 73, pp. 1849-1892
- Mukerji S. Tallon JM. (2004) Ambiguity Aversion and the absence of indexed debt, Economic Theory, 24(3), pp. 665-685. Reprinted in a longer version in Essays in Dynamic General Equilibrium Theory: Festschrift for David Cass Series: Studies in Economic Theory, Vol. 20; eds. A. Citanna, J. Donaldson, H. Polemarchakis, P. Siconolfi, S. Spear: Springer Verlag, 2005
- Mukerji S. Tallon JM. (2004) Ambiguity Aversion and the absence of Wage Indexation, Journal of Monetary Economics, 51, pp. 653-670
- Mukerji S. Tallon JM. (2003) Ellsberg 2-Color Experiment, Portfolio Inertia and Ambiguity, Journal of Mathematical Economics, 39, pp. 299-316
- Mukerji S., Shin HS (2002) Equilibrium Departures from Common Knowledge in Games with Non-Additive Expected Utility, Advances in Theoretical Economics: Vol. 2: No. 1, Article 2. Reprinted in Special Collection in Behavioral Economics, B.E, Journal of Theoretical Economics, 2010, http://www.bepress.com/bejte/advances/vol2/iss1/art2
- Ambiguity Aversion and Incompleteness of Financial Markets, with JM Tallon, Review of Economic Studies, 68, pp. 883-904, 2001. Reprinted in "Uncertainty in Economic Theory: A collection of essays in honor of David Schmeidler's 65th birthday," edited by Itzhak Gilboa. Routledge (2004)
- Mukerji S. (2000) A Survey of Some Applications of the Idea of Ambiguity Aversion in Economics, International Journal of Approximate Reasoning, 24, pp 221-234
- Ambiguity Aversion and the Incompleteness of Contractual Form, American Economic Review, 88, pp. 1207-1232, 1998. Reprinted in "Uncertainty in Economic Theory: A collection of essays in honor of David Schmeidler's 65th birthday," edited by Itzhak Gilboa, Routledge, 2004. Reprinted in "Law and Economics of Uncertainty", edited by Joshua C. Teitelbaum, part of the series, Economic Approaches to Law, ed(s). Richard Posner and Francesco Parisi. Edward Elgar.
- Mukerji (1997) Understanding the Non-additive Probability Decision Model, Economic Theory, 9, pp. 23-46
Other publications in academic journals/books:
- "Ambiguity and economic activity: Implications for the current crises in credit markets" in The Economic Crisis and the State of Economics, edited by Robert Skidelsky, Palgrave Macmillan, 2010
- "An Overview of Economic Applications of David Schmeidler’s Models Of Decision Making Under Uncertainty" in Uncertainty in Economic Theory: A collection of essays in honor of David Schmeidler's 65th birthday, edited by Itzhak Gilboa, Routledge, 2004, with JM Tallon.
- "Review of Risk, Ambiguity and Decision by D. Ellsberg" in Economic Journal, 113, pp. F187-F188, 2003
Research mimeographs:
- Incomplete Information Games with Smooth Ambiguity Preferences [PDF 530KB], 2016, with E. Hanany and P. Klibanoff.
- Ambiguity Aversion and Cost-Plus Procurement Contracts, Discussion Paper Series, Dept. of Economics, Oxford University, 2006.
- A Theory of Play for Games in Strategic Form when Rationality is not Common Knowledge, mimeo, University of Southampton Department of Economics Discussion Paper, 1997.
Public Engagement
Editorial services:
Associate Editor, Oxford Economic Papers, 2006 (Sept) - 2015 (Sept)
Associate Editor, Theory and Decision, 2008 (January)
Associate Editor, Econometrica, 2010 (July) - 2019 (June)
Co-editor, Mathematics and Financial Economics, 2019 -