for updated version, go to

Stephen Morris

436 Prospect Avenue, Princeton NJ 08540
Department of Economics, 001 Fisher Hall, Princeton, NJ 08544
Office Phone: 609-2584032; Home Phone: 609-6518344

Academic Background
Yale University, Ph.D. (Economics) 1991
Cambridge University, B.A. with 1st Class Honours (Mathematics and Economics) 1985

Academic Employment
Princeton University: Professor of Economics, 2005-2007; Alexander Stewart 1886 Professor of Economics 2007-
Yale University: Professor of Economics, 1998-2005; Ford Foundation Professor of Economics 2004-2005;  Irving Fisher Professor of Economics 2005
University of Pennsylvania: Assistant Professor, 1991-1996; Associate Professor, 1996-1998


(with Dirk Bergemann) Robust Mechanism Design. World Scientific Publishing, 2012.


Articles (published and forthcoming)

(with Andrew Feltenstein) "Fiscal Stabilization and Exchange Rate Instability: A Theoretical Approach and Some Policy Conclusions using Mexican Data," Journal of Public Economics 42 (1990), 329-356.

(with Franklin Allen and Andrew Postlewaite) "Finite Bubbles with Short Sales Constraints and Asymmetric Information," Journal of Economic Theory 61 (1993), 206-229.

"Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica 62 (1994), 1327-1347.

"Revising Knowledge: A Hierarchical Approach," in Theoretical Aspects of Reasoning about Knowledge, Proceedings of the Fifth Conference, edited by R. Fagin.  Morgan Kaufman (1994), 160-174.  

(with Rafael Rob and Hyun Song Shin) "p-Dominance and Belief Potential," Econometrica 63 (1995), 145-157.

"Inflation Dynamics and the Parallel Market for Foreign Exchange," Journal of Development Economics 46 (1995), 295-316.

"The Common Prior Assumption in Economic Theory," Economics and Philosophy 11 (1995),  227-253.  Reprinted in Davis, J. Recent Developments in Economic Methodology Volume II, edited by J. Davis, Edward Elgar Publishing (2006).

(with Stephen Coate) "On the Form of Transfers to Special Interests," Journal of Political Economy 103 (1995), 1210-1235.  Reprinted in Rational Choice Politics: Volume 2 Voting, Elections and Pressure Politics, edited by T. Dewan, K. Dowding and K. Shepsle, Sage Publications (2009).  

(with Andrew Postlewaite and Hyun Song Shin) "Depth of Knowledge and the Effect of Higher Order Uncertainty," Economic Theory 6 (1995), 453-467.

"The Logic of Belief and Belief Change: A Decision Theoretic Approach," Journal of Economic Theory 69 (1996), 1-23.

"Speculative Investor Behavior and Learning," Quarterly Journal of Economics 111 (1996), 1111-1133.

(with Atsushi Kajii) "Common p-Belief: The General Case," Games and Economic Behavior 18 (1997), 73-82.

(with Jayasri Dutta) "The Revelation of Information and Self-Fulfilling Beliefs," Journal of Economic Theory 73 (1997), 231-244.

(with Hyun Song Shin) "Rationality and Efficacy of Decisions under Uncertainty," Economic Theory 9 (1997), 309-324.

(with Hyun Song Shin) "Approximate Common Knowledge and Co-ordination: Recent Lessons from Game Theory," Journal of Logic, Language and Information 6 (1997), 171-190.

"Risk, Uncertainty and Hidden Information," Theory and Decision 42 (1997), 235-269.

"Alternative Notions of Knowledge," in Epistemic Logic and the Theory of Games and Decisions, edited by M. Bacharach, L.-A. Gérard-Varet, P. Mongin and H. Shin. Kluwer Academic Press (1997), 217-234.

(with Atsushi Kajii) "The Robustness of Equilibria to Incomplete Information," Econometrica 65 (1997), 1283-1309.  

(with Hyun Song Shin) "Unique Equilibrium in a Model of Self-Fulfilling Attacks," American Economic Review 88 (1998), 587-597; reprinted in New Research in Financial Markets, edited by B. Biais and M. Pagano, Oxford University Press (2002); in Credit, Intermediation and the Macroeconomy: Models and Perspectives, edited by S. Bhattacharya, A. Boot and A. Thakor, Oxford University Press (2004); and in Financial Crises, edited by F. Allen and D. Gale, Edward Elgar Publishing (2008).

(with Atsushi Kajii) "Payoff Continuity in Incomplete Information Games," Journal of Economic Theory 82 (1998), 267-276.

"Approximate Common Knowledge Revisited," International Journal of Game Theory 28 (1999), 385-408.

(with Hyun Song Shin) "Risk Management with Interdependent Choice," Oxford Review of Economic Policy 15 (1999), 52-62; reprinted in the Bank of England's Financial Stability Review 7, 141-150.

(with Stephen Coate) "Policy Persistence," American Economic Review 89 (1999), 1327-1336.

(with Hyun Song Shin) "A Theory of the Onset of Currency Attacks," in Asian Financial Crisis: Causes, Contagion and Consequences, edited by Agénor, Miller, Vines and Weber. Cambridge University Press (1999).

"Contagion," Review of Economic Studies 67 (2000), 57-78.

(with Costis Skiadas) "Rationalizable Trade," Games and Economic Behavior 31 (2000), 311-323.

"Political Correctness," Journal of Political Economy 109 (2001), 231-265.

(with Franklin Allen) "Game Theory Models in Finance," in Game Theory and Business Applications, edited by Chatterjee and Samuelson. Kluwer Academic Press (2001).  Second Edition, forthcoming in 2013.

(with Hyun Song Shin) "Rethinking Multiple Equilibria in Macroeconomics," NBER Macroeconomics Annual 2000, 139-161. M.I.T. Press (2001).

(with George Mailath) "Repeated Games with Almost-Public Monitoring," Journal of Economic Theory 102 (2002), 189-228.  Reviewed in NAJ: Not a Journal 2.

"Faulty Communication: Some Variations on the Electronic Mail Game," Advances in Theoretical Economics 1-1 (2002), Article 5.

(with Sandeep Baliga) "Coordination, Spillovers and Cheap Talk," Journal of Economic Theory 105 (2002), 450-468.

(with Hyun Song Shin) “The Social Value of Public Information,” American Economic Review 92 (2002), 1521-1534.

"Coordination, Communication and Common Knowledge: A Retrospective on the Electronic-Mail Game," Oxford Review of Economic Policy 18 (2002), 433-445. 

(with Jeffery Amato and Hyun Song Shin) "Communication and Monetary Policy," Oxford Review of Economic Policy 18 (2002), 495-503.

(with David Frankel and Ady Pauzner) "Equilibrium Selection in Global Games with Strategic Complementarities," Journal of Economic Theory 108 (2003), 1-44.
(with Hyun Song Shin) "Global Games: Theory and Applications," in Advances in Economics and Econometrics (Proceedings of the Eighth World Congress of the Econometric Society), edited by M. Dewatripont, L. Hansen and S. Turnovsky.  Cambridge, England: Cambridge University Press (2003).

(with Hyun Song Shin) "Coordination Risk and the Price of Debt," European Economic Review 48 (2004), 133-153.

(with Amil Dasgupta, Giancarlo Corsetti and Hyun Song Shin) "Does One Soros Make a Difference? A Theory of Currency Crises with Large and Small Traders," Review of Economic Studies 71 (2004), 87-114.

(with Hyun Song Shin) "Liquidity Black Holes," Review of Finance 8 (2004), 1-18.

(with Takashi Ui) "Best Response Equivalence," Games and Economic Behavior 49  (2004), 260-287.

(with Takashi Ui) "Generalized Potentials and Robust Sets of Equilibria," Journal of Economic Theory 124 (2005), 45-78.

(with Hyun Song Shin) "Heterogeneity and Uniqueness in Interaction Games," in The Economy as an Evolving Complex System III, edited by L. Blume and S. Durlauf.  Santa Fe Institute Studies in the Sciences of Complexity.  New York:  Oxford University Press (2005), 207-242.

(with Dirk Bergemann) "Robust Mechanism Design," Econometrica 73 (2005), 1771-1813.  Reviewed in NAJ: Not a Journal 8.

(with Stephen Coate) "Policy Conditionality," in Globalization and the Nation State: the Impact of the IMF and World Bank, edited by J. Vreeland and G. Ranis.  London: Routledge (2005),  36-50.

(with Hyun Song Shin). "Central Bank Transparency and the Signal Value of Prices," Brookings Papers on Economic Activity 2 (2005), 1-66.

(with Hanming Fang) "Multidimensional Private Value Auctions," Journal of Economic Theory 126 (2006), 1-30.

(with Hyun Song Shin and Hui Tong) "Social Value of Information: Morris and Shin (2002) is Actually Pro Transparency, Not Con: Reply," American Economic Review 96 (2006), 453-455.

(with Hyun Song Shin). "Inertia of Forward Looking Expectations," American Economic Review Papers and Proceedings 96 (2006), 152-157.  

(with Franklin Allen and Hyun Song Shin) "Beauty Contests and Bubbles," Review of Financial Studies 19 (2006), 719-752.  Reviewed in NAJ: Not a Journal 5.

(with Hyun Song Shin) "Catalytic Finance: When Does It Work?" Journal of International Economics 70 (2006), 161-177.

(with Eddie Dekel and Drew Fudenberg)  "Topologies on Types," Theoretical Economics 1 (2006), 275-309.

(with George Mailath) "Coordination Failure in Repeated Games with Almost-Public Monitoring," Theoretical Economics 1 (2006), 311-340.

(with Eddie Dekel and Drew Fudenberg)  "Interim Correlated Rationalizability," Theoretical Economics 2 (2007), 15-40. 

(with Hyun Song Shin)  "Optimal Communication," Journal of the European Economics Association Papers and Proceedings 5 (2007), 594-602.

(with Dirk Bergemann) "An Ascending Auction for Interdependent Values: Uniqueness and Robustness to Strategic Uncertainty," American Economic Review Papers and Proceedings 97 (2007), 125-130.  

(with Bernardo Guimaraes) "Risk and Wealth in a Model of Self-Fulfilling Currency Crises," Journal of Monetary Economics 54 (2007), 2205-2230.

(with Dirk Bergemann)  "The Role of the Common Prior Assumption in Robust Implementation," Journal of the European Economic Association 6 (2008), 551-559.   

(with Dirk Bergemann) "Ex Post Implementation," Games and Economic Behavior 63 (2008), 527-566. 

(with V. Bhaskar and George Mailath) "Purification in the Infinitely Repeated Prisoner's Dilemma," Review of Economic Dynamics 11 (2008), 515-528.   

"Global Games," in The New Palgrave Dictionary of Economics (2008) edited by Steven Durlauf and Lawrence Blume;  Palgrave Macmillan (2008), 676-681.

"Purification," in The New Palgrave Dictionary of Economics (2008) edited by Steven Durlauf and Lawrence Blume;  Palgrave Macmillan (2008), 779-782

(with Hyun Song Shin) "Coordinating Expectations in Monetary Policy," in Central Banks as Economic Institutions, Jean-Philippe Touffut (ed.).  Edward Elgar (2008), 88-104.

(with Hyun Song Shin) Financial Regulation in a System Context , Brookings Papers on Economic Activity  (Fall  2008),  229-261.

(with Dirk Bergemann), "Robust Virtual Implementation," Theoretical Economics  4 (2009), 45-88.

(with Dirk Bergemann) "Robust Implementation in Direct Mechanisms," Review of Economic Studies 76 (2009), 1175-1204.

(with Dirk Bergemann) "Robust Implementation in General Mechanisms,"  Games and Economic Behavior 71 (2011), 261-281.  

(with Dirk Bergemann and Olivier Tercieux) "Rationalizable Implementation," Journal of Economic Theory 146 (2011), 1253-1274.  

(with Moritz Meyer-ter-Vehn) "The Robustness of Robust Implementation," Journal of Economic Theory 146 (2011), 2093-2104.  

(with Hyun Song Shin) "Contagious Adverse Selection," American Economic Journal: Macroeconomics 4 (2012), 1-21.

(with Satoru Takahashi and Olivier Tercieux) "Robust Rationalizability under Almost Common Certainty of Payoffs," Japanese Economic Review 63 (2012), 57-67.

(with Dirk Bergemann and Satoru Takahashi) "Efficient Auctions and Interdependent Types," American Economic Reviews Papers and Proceedings 102 (2012), 319-324.

(with Dirk Bergemann)  "An Introduction to Robust Mechanism Design,"  Foundations and Trends in Microeconomics 8 (2012), 169-230.  

(with Dirk Bergemann)  "Robust Predictions in Games of Incomplete Information," Fisher-Schultz Lecture,  Econometrica 81 (2013), 1251-1308.  

(with George Mailath and V. Bhaskar)  "A Foundation for Markov Equilibria with Finite Social Memory," Review of Economic Studies  80  (2013), 925-948.  

“Coordination, Timing and Common Knowledge,” Research in Economics 68 (2014), 306-314.

(with Dirk Bergemann and Benjamin Brooks) “The Limits of Price Discrimination,” American Economic Review 105 (2015), 921-957.

(with Dirk Bergemann and Tibor Heumann) "Information and Volatility," Journal of Economic Theory 158 (2015).

(with Muhamet Yildiz) "Common Belief Foundations of Global Games," Journal of Economic Theory 163 (2016), 826-848.

(with  Dirk Bergemann) "Bayes Correlated Equilibrium and The Comparison of Information Structures in Games,"  Theoretical Economics 106 (2016), 586-591.

(with Dirk Bergemann) "Information Design, Bayesian Persuasion and Bayes Correlated Equilibrium," American Economic Review Papers and Proceedings 11 (2016), 487-522. 

(with Hyun Song Shin) “Illiquidity Component of Credit Risk,”  International Economic Review 57 (2016), 1135-1148.

(with Hyun Song Shin) “Risk Taking Channel of Monetary Policy,” Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World, edited by Michael Woodford, Diego Saravia and Elias Albagli, 138-149. 

(with Ben Brooks and Dirk Bergemann) “First Price Auctions with General Information Structures: Implications for Bidding and Revenue,”  Econometrica 85, 107-143  

(with George Mailath and Andy Postlewaite) “Laws and Authority,” forthcoming in Research in Economics.

(with Dirk Bergemann and Satoru Takahashi) “Strategic Distinguishability and Interdependent Preferences,” forthcoming in Journal of Economic Theory.


Selected Working Papers

(with Atsushi Kajii) "Refinements and Higher Order Beliefs: A Unified Survey," Center for Mathematical Studies in Economics and Management Science Discussion Paper #1197, Northwestern University.

"Interaction Games: A Unified Analysis of Incomplete Information, Local Interaction and Random Matching," Santa Fe Institute Working Paper #97-08-072 E.

"Typical Types."

"Continuous Consumption Rules with Non-Exponential Discounting."

(with Satoru Takahashi) "Games in Preference Form and Preference Rationalizability," DETC Working Paper 043-2012.  

(with Dirk Bergemann and Tibor Heumann) "Information and Market Power." DETC Working Paper 070-2015.

(with Muhamet Yildiz)  “Crises: Equilibrium Shifts and Large Shocks,” DETC Working Paper 083-2016.

(with Dirk Bergemann and Ben Brooks "Informationally Robust Optimal Auction Design," DETC working paper 084-2016

(with Dirk Bergemann and Ben Brooks "Optimal Auction Design in a Common Value Model," DETC working paper 085-2016

(with Dirk Bergemann) "Belief-Free Rationalizability and Information Robustness," DETC working paper 086-2016.

(with Ming Yang)  “Coordination and Continuous Choice,” DETC Working Paper 087-2017.

(with Ilhyock Shim and Hyun Song Shin)  "Redemption Risk and Case Hoarding by Asset Managers," DETC Working Paper 08*-2017

(with Ben Golub) “Higher-Order Expectations,” November 2016. 

(with Ben Golub)  “Expectations, Networks and Conventions,” November 2016.

(with Dirk Bergemann)  “Information Design,” January 2017

Editorial Work
Economic Theory
, Editorial Board 1996-2001
Journal of Economic Theory, Associate Editor 1996-2001
Review of Economic Studies, Foreign Editor 1999-2005
BEPress Journals of Theoretical Economics, Founding Editor 1999-2000, Editorial Board 2000-present
International Journal of Game Theory, Editorial Board 2000-2003
American Economic Review, Board of Editors 2001-2006
Games and Economic Behavior, Associate Editor 2001-2003
Econometrica, Associate Editor 2003-2007, Editor 2007-2011
Journal of Economic Literature, Board of Editors 2013-2015

Refereeing for African Economic Research Consortium, American Political Science Review, Bank of England, Bulletin of Economic Research, Cambridge University Press, Canadian Journal of Economics, Economic and Social Research Council (UK), Economic Inquiry, Economic Theory, Economica, Economics and Philosophy, Economics Letters, Economics of Governance, Empirical Economics, Erktennis, European Journal of Finance, International Economic Review, International Review of Economics and Finance, Israel Science Foundation, John Wiley and Sons, Journal of Banking and Finance, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of International Economics, Journal of International Money and Finance, Journal of Mathematical Economics, Journal of Political Economy, Journal of Public Economics, Leverhulme Trust, Mc.Graw Hill, National Science Foundation, Oxford University Press, Philosophy of Science, Princeton University Press, Quarterly Journal of Economics, RAND Journal of Economics, Resource and Energy Economics, Review of Economic Design, Review of Economics and Statistics, Review of Financial Studies, Review of International Organizations, Royal Society of New Zealand, Scandinavian Journal of Economics, Science, Social Science Research Council (UK), Social Sciences Research Council of Canada, Social Science Research Council (US), Southern Economic Journal, Theoretical Economics, Theory and Decision.

Grants, Awards, Fellowships and Service

Clare-Mellon Fellowship, Yale University 1985-1987
Overseas Development Institute Fellowship 1987-1989
Carl Arvid Andersen Prize Fellowship, Cowles Foundation 1990-1991
Philip Schlein Term Assistant Professor of Economics 1991-1995
Alfred P. Sloan Research Fellow 1996-1998
U. of Pennsylvania Research Foundation Grant, "Dynamic Preferences, Beliefs and Knowledge" 1991-1992
N.S.F. Grants: "Revising Knowledge: A Hierarchical Approach" 1993-1995; "The Value of Information in Strategic Settings" 1997-2000; "Robust Mechanism Design" 2001-2004 (with Dirk Bergemann); "Coordination, Incomplete Information and Iterated Dominance: Theory and Experiments (conference support)" 2002; "Robust Market Design" 2005-2007 (with Dirk Bergemann);  "Common Belief Foundations of Global Games" 2007-2008 (with Hyun Song Shin); "Robust Predictions in Games with Private Information" 2009-2012 (with Dirk Bergemann);  "Interaction, Information and Identification" (with Dirk Bergemann) 2012-2015.
U. of Pennsylvania I.E.R. Grant, "Modelling Higher Order Beliefs" 1994-1995
U. of Pennsylvania Research Foundation Grant, "Designing Policy Conditionality" 1994-1995
Econometric Society: Fellow 2002; Council Member 2008-2014
Yale Economics Department "Best Graduate Student Advisor" Award 2004
John Simon Guggenheim Fellowship, 2005-2006
Elected Member of the American Academy of Arts and Sciences 2005
Harold T. Shapiro *64 Professor of Economics, 2005-2006
Game Theory Society, Council Member 2008-2014
Econometric Society: Council 2008-2014, 2016-2018, Executive Committee 2016, Second Vice President 2017 (President 2019)

Visiting Positions

Makerere University, Visiting Lecturer 1988-1989
University of Cambridge, Research Officer (DAE) 1993-1994
Université Catholique de Louvain, Visiting Scholar (CORE) 1993
University of Melbourne, Visiting Lecturer 1994
Federal Reserve Bank of Philadelphia, Visiting Scholar 1995-1996
Northwestern University, Visiting Professor 1997-1998
University of Oslo, Visiting Professor, 1998
London School of Economics, Visiting Scholar, 2001
International Monetary Fund, Visiting Scholar 2002
Brown University, Visiting Professor 2003
Universite de Paris I Pantheon-Sorbonne, Visiting Professor 2004
London School of Economics, STICERD Distinguished Visitor 2004
Center for Advanced Studies in Behavioral Sciences, Palo Alto, Fellow, 2005-2006
Harvard University, Taussig Fellow and Visiting Professor, Fall 2013