Peter Norman Sørensen Professor of Finance Department of Economics University of Copenhagen Øster Farimagsgade 5, Building 26 DK-1353 Copenhagen K Denmark Tel. +45 3532 3056 Fax. +45 3532 3000 Email peter.sorensen@econ.ku.dk

News: I received a 2012 EliteForsk researcher prize from the Danish Ministry of Science, Innovation and Higher Education.

• CV and Research Papers
• Teaching

CV and Research Papers

Brief CV

• Professor of Finance, Department of Economics, University of Copenhagen, 2006-present.
• Associate Professor, Department of Economics, University of Copenhagen, 1999-2006.
• Assistant Professor, Department of Economics, University of Copenhagen, 1998-1999.
• Prize Research Fellow at Nuffield College, Oxford, 1995-1997.
• PhD in Economics, Massachusetts Institute of Technology, 1996. Dissertation on Rational Social Learning.
• MSc (cand. scient. oecon.) in Mathematics and Economics, University of Copenhagen, 1992.

Publications

• Pathological Outcomes of Observational Learning, with Lones Smith: pdf (437 kB), postscript (468 kB). Published in Econometrica volume 68(2), March 2000, 371–398.
• Herd Behavior and Investment: Comment, with Marco Ottaviani: pdf (155 kB), postscript (174 kB). Published in the American Economic Review volume 90(3), June 2000, 695–704.
• Information Aggregation in Debate, with Marco Ottaviani: pdf (239 kB), postscript (315 kB). Published in the Journal of Public Economics volume 81(3), September 2001, 393–421.
• Professional Advice, with Marco Ottaviani: pdf (308 kB). Published in the Journal of Economic Theory, volume 126(1), January 2006, 120–142.
• Reputational Cheap Talk, with Marco Ottaviani: pdf (354 kB). Published in the Rand Journal of Economics, volume 37(1), Spring 2006, 155–175. [Click here for supplementary material on deviation incentives, interim evaluation, and mixed incentives contained in earlier drafts.]
• The Strategy of Professional Forecasting, with Marco Ottaviani: pdf (396 kB). Published in the Journal of Financial Economics, volume 81(2), August 2006, 441–466.
• Simple Utility Functions with Giffen Demand: pdf (123 kB). Published as Exposita Note in Economic Theory, volume 31(2), May 2007, 367–370. The original publication is available at www.springerlink.com.
• Outcome Manipulation in Corporate Prediction Markets, with Marco Ottaviani: pdf (147 kB). Published in the Journal of the European Economic Association, volume 5(2-3), April-May 2007, 554–563.
• The Favorite-Longshot Bias: An Overview of the Main Explanations, with Marco Ottaviani: pdf (232 kB). Published in Handbook of Sports and Lottery Markets, edited by Donald B. Hausch and William T. Ziemba, North-Holland, Amsterdam, 2008, pages 83–101.
• Surprised by the Parimutuel Odds?, with Marco Ottaviani: pdf (112 kB). Published in the American Economic Review, volume 99(5), December 2009, 2129–2134.
• Noise, Information and the Favorite-Longshot Bias in Parimutuel Predictions, with Marco Ottaviani: pdf (277 kB). Published in the American Economic Journal: Microeconomics, volume 2(1), February 2010, 58–85. Also reviewed in NAJ Economics, 11:3.
• Idea Markets as an Evaluation Tool: Between Beauty Contests and Prediction Markets, with Ivan Marinovic and Marco Ottaviani: pdf (159 kB). Published in Prediction Markets: Theory and Applications, edited by Leighton Vaughan Williams, Routledge, 2011, pages 4–17.
• Giffen Demand for Several Goods, pdf (121 kB). Published in New Insights into the Theory of Giffen Goods, edited by Wim Heijman and Pierre von Mouche, Springer, 2011, pages 97–104.
• Observational Learning, with Lones Smith: pdf (97 kB). Published in the New Palgrave Dictionary of Economics Online, edited by Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan.
• The Intraday Effects of Central Bank Intervention on Exchange Rate Spreads, with Rasmus Fatum and Jesper Pedersen: pdf (300 kB). Forthcoming in the Journal of International Money and Finance.

Working Papers

• Aggregation of Information and Beliefs: Asset Pricing Lessons from Prediction Markets, joint with Marco Ottaviani, updated July 2012.
• Forecasters' Objectives and Strategies, joint with Ivan Marinovic and Marco Ottaviani, July 2012.
• Informational Herding and Optimal Experimentation, joint with Lones Smith, updated April 2008.
• The Timing of Parimutuel Bets, joint with Marco Ottaviani, updated May 2006.
• Parimutuel versus Fixed-Odds Markets, joint with Marco Ottaviani, draft April 2005.

If you are looking for other working papers, please email me.

Professional

• I am director of the Finance Research Unit (FRU).
• I am a member of the Microeconomic Research Unit (MRU).
• I am a senior researcher on the ERC funded project "EVALIDEA—Designing Institutions to Evaluate Ideas," led by principal investigator Marco Ottaviani.
• I am a member of the Friction-finance Research Initiative Copenhagen (FRIC).
• I am a member of the Danish Center for Accounting and Finance (D-CAF).
• I am co-editor of Economica.
• I am an associate editor of Macroeconomic Dynamics.
• I am a member of the standing committee on teaching under the European Economic Association.
• I have a grant from the Danish Social Science Research Council to study Asset Market Design during the period 2010-2012.
• I held a grant from the Danish Social Science Research Council to study Prices and Probabilities in Prediction Markets during the period 2007-2010.
• I co-organized a symposium on Financial Stability and Future Financial Regulation, on December 13, 2010.
• I organized a research workshop on prediction markets on December 17-18, 2008. Download the program.
• I organized a Workshop on Informational Herding Behavior on September 16-18, 2005.
• I directed our PhD Program in Economics from 2008 to 2010.
• Towards the end of its funded period, I was heading the Dynamic Economic Theory network.
• I received a 2012 EliteForsk researcher prize from the Danish Ministry of Science, Innovation and Higher Education.
• I received the 2011 Finance researcher prize from the Nykredit Foundation.
• I received a 2009 Excellence in Refereeing Award from the American Economic Review.

Teaching

Fall 2012

I lectured in the fourth-year Corporate Finance Theory course for the Econ students.

Other teaching

• Spring 2012: I lectured in the fourth-year Financial Markets course for the Econ students. Different earlier versions of this course were the Spring 2010 Financial Markets course, the Spring 2007 Financial Markets course, an earlier Financial Markets course, as well as a Math-Econ course on Strategic Trading in Financial Markets. I also provided supervision to the Corporate Governance course for the Econ students.
• Fall 2011: I lectured in the fourth-year Corporate Finance Theory course for the Econ students.
• Spring 2011: I supervised a seminar on Advanced Corporate Finance Theory.
• Fall 2010: I lectured on Corporate Governance for the master's students in International Law, Economics and Management.
• In the Spring 2009, I contributed lectures and supervision to the fourth-year course on Private Equity and Hedge Funds for both econ and law students. Here is an earlier version of the Private Equity and Hedge Funds 2007 course page.
• Spring 2008: I offered a version of Corporate Finance Theory for the Math-Econ students.
• Spring 2006: For the Math-Econ programme I offered an advanced course on Games and Information.
• I have frequently taught a third-year course in Microeconomics for the Econ students.
• Likewise, I have frequently taught a second-year course in Microeconomics for the Math-Econ students. See also the different Microeconomics 2008, Microeconomics 2006, and Microeconomics 2005 versions.
• I have also run seminars on Information and Incentives, on Financial Markets, on Advanced Corporate Finance Theory, and on Finance in general.
• Fall 2004: The third-year course on Dynamical Economics for the Math-Econ students.
• Spring 2000: The micro half of the first-year Economics 1 course for our Math-Econ students.
• 1995-1997: In Oxford, I taught a topics course in Game Theory. Here is the 1997 game theory reading list in postscript format (101kB).