Antonio Cabrales

Curriculum Vitae

[Contact Information] [Personal Information] [Education] [Academic Employment] [Teaching Experience] [Publications] [Working papers] [Research Grants] [Graduate advising] [Editorial work] [Academic Service] [Honors]

Contact Information

Address:
Antonio Cabrales
Depoartamento de Economía
Universidad Carlos III de Madrid
c/ Madrid 126
Getafe 28903, Spain
Email: antonio.cabrales@uc3m.es
Phone: +34 91 624 9833
Website: http://www.ucl.ac.uk/~uctpcab/
Office: 15.1.33

Personal Information

Born: 1964, Madrid, Spain.
Citizenship: Spanish.

Education

Ph. D. in Economics, 1993, University of California, San Diego.
Licenciado (B.A.) in Economics, 1987, Universidad Complutense de Madrid.

Academic Employment

September 2020-: Professor, Dept. of Economics, Universidad Carlos III de Madrid.
September 2013-August 2020: Professor, Dept. of Economics, University College London.
September 2006-August 2016: Professor, Dept. of Economics, Universidad Carlos III de Madrid.
February 2005-August 2006: Professor, Dept. of Economics, Universitat Pompeu Fabra, Barcelona.
September 1998-February 2005: Associate Professor, Dept. of Economics, Universitat Pompeu Fabra, Barcelona.
September 1993-August 1998: Assistant Professor, Dept. of Economics, Universitat Pompeu Fabra, Barcelona.
September 1995-August 1996: Visiting Scholar, Dept. of Economics, University College, London.
September 1992-August 1993: Teaching Assistant, Dept. of Economics, University of California, San Diego.
September 1987-August 1988: Teaching Assistant, Dept. of Economics, Universidad Complutense de Madrid.

Teaching Experience

Graduate:: 1994-1995, 1996-1997, Game Theory and Contracts;; 2000-2002, 2004-2006, Advanced Game Theory;; 2003-2006, Microeconomics II (Game theory and General Equilibrium);; 2004-2006, Competition Policy;; 2006-2007, Advanced Microeconomics I
Undergraduate:: 2014-, Principles of Economics (with the Core Econ text);; 2009-2013, Principios de Economía (Principles of Economics);; 2006-2008, Microeconomía II;; 2015-2017, Industrial Economics.; 2001-2002, Negotiation;; 1993-1995, 1999-2002, Game Theory;; 1997-2002, 2013-14 An introduction to the economics of information;; 1996-1997, Economic Theory II (intermediate microeconomics);; 1993-1994, 1996-1997, Introduction to Economics I (introductory microeconomics);; 1987-1988, Intermediate microeconomics and macroeconomics, (at Universidad Complutense de Madrid)

Published papers

Vasco, M., Alfonso, A., Arenas, A., Cabrales, A., Cuesta, J. A., Espín, A. M., Espinosa, M. P., García-Muñoz, T., Izquierdo Nofuentes, Á., Jorrat, D., Kovářík, J., Lomas, P., MartínezEstudillo, A. C., Montolio, D., Ramos-Sosa, M. del P., Román, P., Sánchez, A., VázquezDe Francisco, M. J., & Brañas-Garza, P. (2025), Economic preferences and cognitive abilities among teenagers in Spain.
Nature: Scientific Data , 12(1), 7.
Antonio Cabrales and Esther Hauk (2024), Norms and the evolution of leaders' followership.
Games and Economic Behavior, 148: 138-161.
Antonio Alfonso, Pablo Brañas-Garza, Antonio Cabrales, and Angel Sánchez (2024), The complexity of climate change mitigation: An experiment with large groups.
Journal of Physics: Complexity, 5: 015007.
Cristina Bellés-Obrero, Antonio Cabrales, Sergi Jiménez-Martín and Judit Vall-Castelló (2023), Women's Education, Fertility and Children's Health during a Gender Equalization Process:
Evidence from a Child Labor Reform in Spain.
European Economic Review, 154: 104411.
Siddhartha Bandyopadhyayy and Antonio Cabrales (2023), Pricing group membership.
Mathematical Social Sciences, 123: 114-121.
Pablo Brañas-Garza, Antonio Cabrales, Guillermo Mateu, Angel Sánchez and Angela Sutan (2023), Social interaction and negotiation outcomes: An experimental approach.
Journal of Behavioral and Experimental Economics, 102: 101948.
David Ramos, Antonio Cabrales, and Angel Sánchez (2023), Central Banks and Climate Change: Does Climate Change Fit in Central Banks' Mandates? (Part 1),
Can Central Banks Intervene Now? And How? Arguments of ``Opportunity'' and ``Suitability'' (Part 2) .
The Business and Finance Law Review, 6: 213-260.
Antonio Cabrales, Ryan Kendall, and Angel Sánchez (2022), The effectiveness of prosocial policies: Gender differences arising from social norms.
PLoS ONE, 17(12) e0275383.
Antonio Cabrales, Antonio Espin, Praveen Kujal, and Stephen Rassenti (2022), Trustors' disregard for trustees deciding quickly or slowly in three experiments with time constraints.
Nature Scientific Reports, 12.1: 1-13.
Valerio Capraro, Andrea Vanzo, and Antonio Cabrales (2022), Playing with words: Do people exploit loaded language to affect others' decisions for their own benefit?
Judgement and Decision Making, 17: 50-69.
Antonio Cabrales, Penélope Hernández, and Angel Sánchez (2020), Robots, labor markets and universal basic income.
Humanities & Social Sciences Communications, 7: 185. Supplementary material.
Antonio Cabrales, Francesco Feri, Piero Gottardi, and Miguel Angel Meléndez (2020),Can there be a market for cheap-talk information? Some experimental evidence.
Games and Economic Behavior, 121: 368-381.
Ghazala Azmat, Manuel Bagues, Antonio Cabrales and Nagore Iriberri (2019), What you know... Can't hurt you? A natural field experiment on relative performance feedback in higher education.
Management Science, 65: 3714-3736.
Antonio Cabrales, Maia Güell, Rocío Madera and Analía Viola (2019), Income contingent university loans:policy design and an application to Spain.
Economic Policy, 34: 479-521.
Facundo Albornoz-Crespo, Antonio Cabrales and Esther Hauk (2019), Occupational choice with endogenous spillovers.
Economic Journal, 129: 1953-1970.
Facundo Albornoz-Crespo, Paula Calvo, Antonio Cabrales and Esther Hauk (2018), Immigrant Children's School Performance and Immigration Costs: Evidence from Spain.
Economics Letters, 170C: 27-30.
Facundo Albornoz-Crespo, Samuel Berlinski and Antonio Cabrales (2018), Motivation, resources and the organization of the school system.
Journal of the European Economic Association, 16:199-231.
Facundo Albornoz-Crespo, Antonio Cabrales and Esther Hauk (2018), Immigration and the School System.
Economic Theory, 65:855-890.
Antonio Cabrales, Piero Gottardi and Fernando Vega (2017), Risk Sharing and Contagion in Networks.
Review of Financial Studies, 30:3086-3127.
Antonio Cabrales, Olivier Gossner and Roberto Serrano (2017), A Normalized Value for Information Purchases.
Journal of Economic Theory, 170:266-288.
Antonio Cabrales, Juan J. Dolado, and Ricardo Mora (2017), Dual Labour Markets and (Lack of) On-the-Job Training: Evidence for Spain Using PIAAC Data.
SERIEs, Journal of the Spanish Economic Association, 8:345-371.
Facundo Albornoz-Crespo, Antonio Cabrales, Esther Hauk and Pablo Warnes (2017), Intergenerational field transitions in economics.
Economics Letters, 154:1-5.
Brindusa Anghel, Antonio Cabrales and Jesús Carro (2016), Evaluating a bilingual education program in Spain: the impact beyond foreign language learning.
Economic Inquiry, 54:1202-23.
Antonio Cabrales and Haydée Lugo (2016), An impure public good model with lotteries in large groups.
International Tax and Public Finance, 23:218-33.
Brindusa Anghel, Antonio Cabrales Jorge Sainz and Ismael Sanz (2015), Publicizing the results of standardized external tests: Does it have an effect on school outcomes?.
IZA Journal of European Labor Studies, 4:7.
Antonio Cabrales and Piero Gottardi (2014), Markets for Information: Of Inefficient Firewalls and Efficient Monopolies. Online Appendix.
Games and Economic Behavior, 83:24-44.
Brindusa Anghel and Antonio Cabrales (2014), The Determinants of Success in Primary Education in Spain.
Journal of Public Programs and Policy Evaluation , 2:22-53.
Facundo Albornoz-Crespo and Antonio Cabrales (2013), Decentralization, Political Competition and Corruption..
Journal of Development Economics, 105:103-111.
Lasse Loepfe, Antonio Cabrales, and Angel Sánchez (2013), Towards a Proper Assignment of Systemic Risk: The Combined Roles of Network Topology and Shock Characteristics.
PLoS ONE, 8: Article number: e77526 doi:10.1371/journal.pone.0077526.
Antonio Cabrales and Sergi Jiménez-Martín (2013), The Determinants of Pricing in Pharmaceuticals: Are U.S. prices really so high?.
Health Economics, 22:1377-1397.
Antonio Cabrales and José Ramón Uriarte (2013), Doubts and Equilibria..
Journal of Evolutionary Economics, 23:783-810.
Antonio Cabrales, Olivier Gossner and Roberto Serrano (2013), Entropy and the value of information for investors..
American Economic Review, 103:360-377.
Gregory B. Pollock, Antonio Cabrales, Steven W. Rissing and Kenneth G. Binmore (2012), Suicidal Punishment in the Ant Acromyrmex versicolor.
Evolutionary Ecology Research, 14:951-971.
Antonio Cabrales, Rosemarie Nagel and José Vicente Rodríguez-Mora (2012), It is Hobbes, not Rousseau An Experiment on Social Insurance.
Experimental Economics, 15:278-308.
Jelena Grujiç, Burcu Eke, Antonio Cabrales, José A. Cuesta and Angel Sánchez (2012), Three is a crowd in iterated prisoner's dilemmas: experimental evidence on reciprocal behavior.
Nature Scientific Reports, 2: Article number: 638 doi:10.1038/srep00638
Antonio Cabrales and Roberto Serrano (2012), Stochastically Stable Implementation.
SERIEs, Journal of the Spanish Economic Association, 3:59-72.
Antonio Cabrales and Roberto Serrano (2011), Implementation in Adaptive Better-Response Dynamics: Towards a General Theory of Bounded Rationality in Mechanisms.
Games and Economic Behavior, 73:360-374. Corrigendum..
Antonio Cabrales, Gary Charness and Marie Claire Villeval (2011), Competition, Hidden Information and Efficiency: An Experiment.
Experimental Economics, 14:133-159.
Antonio Cabrales, Antoni Calvó-Armengol and Yves Zenou (2011), Social Interactions and Spillovers: Incentives, Segregation and Topology.
Games and Economic Behavior, 72:339-360.
Antonio Cabrales and Esther Hauk (2011), Democracy and the curse of natural resources.
Economic Journal, 121:58-88.
Antonio Cabrales and Gary Charness (2011), Optimal Contracts wih Team Production and Hidden Information: An Experiment.
Journal of Economic Behavior and Organization, 77:163-176.
Antonio Cabrales, Raffaele Miniaci, Marco Piovesan and Giovanni Ponti (2010), Social Preferences and Strategic Uncertainty: an Experiment on Markets and Contracts.
American Economic Review, 100:2261-2278.
Antonio Cabrales (2010), The causes and economic consequences of envy.
SERIEs, Journal of the Spanish Economic Association, 1:371-386.
Àlex Arenas, Antonio Cabrales, Leon Danon, Albert Díaz-Guilera, Roger Guimerà, Fernando Vega-Redondo (2010), Optimal Information Transmission in Organizations: Search and Congestion.
Review of Economic Design, 14:75-93.
Gregory B. Pollock and Antonio Cabrales (2008), Suicidal Altruism under Random Assortment.
Evolutionary Ecology Review, 10:1077-1086.
Antonio Cabrales and Antoni Calvó-Armengol (2008), Interdependent Preferences and Segregating Equilibria.
Journal of Economic Theory, 139:99-113.
Antonio Cabrales, Antoni Calvó-Armengol and Nicola Pavoni (2008), Social Preferences, Skill Segregation and Wage Dynamics.
Review of Economic Studies, 75:65-98.
Antonio Cabrales, Rosemarie Nagel and Roc Armenter (2007), Equilibrium Selection Through Incomplete Information in Coordination Games: An Experimental Study.
Experimental Economics, 10:221-234.
Antonio Cabrales and Antoni Calvó-Armengol (2007), Corporate Downsizing to Rebuild Team Spirit: How Costly Voting Can Foster Cooperation.
Journal of the European Economic Association, 5:1016-1042.
Jordi Brandts, Antonio Cabrales and Gary Charness (2007), Forward Induction and the Excess Capacity Puzzle: An Experimental Investigation .
Economic Theory, 33:183-209.
Gregory B. Pollock, Antonio Cabrales and Steven W. Rissing (2004), On Suicidal punishment among "Acromyrmex Versicolor" Cofoundresses: the Disadvantage in Personal Advantage.
Evolutionary Ecology Research, 6:891-917.
Antonio Cabrales, Gary Charness and Luis Corchón (2003), An Experiment on Nash Implementation.
Journal of Economic Behavior and Organization, 51 :161-193.
Antonio Cabrales, Antoni Calvó-Armengol and Matthew O. Jackson (2003), La Crema: A Case Study of Mutual Fire Insurance.
Journal of Political Economy, 111:425-458.
Roger Guimerà, Albert Díaz-Guilera, Fernando Vega-Redondo, Antonio Cabrales and Àlex Arenas (2002), Optimal network topologies for local search with congestion.
Physical Review Letters, 89(24):248701.
Antonio Cabrales and Massimo Motta (2001), Country Asymmetries, Endogenous Product Choice and the Speed of Trade Liberalization.
European Economic Review, 45:87-107.
Antonio Cabrales and Giovanni Ponti (2000), Implementation, Elimination of Weakly Dominated Strategies and Evolutionary Dynamics.
Review of Economic Dynamics, 3:247-282.
Antonio Cabrales (2000), Stochastic Replicator Dynamics.
International Economic Review, 41:451-481.
Antonio Cabrales, Walter García-Fontes and Massimo Motta (2000), Risk Dominance Selects the Leader: An Experimental Analysis.
International Journal of Industrial Organization, 18:137-162.
Antonio Cabrales (1999), Adaptive Dynamics and the Implementation Problem with Complete Information.
Journal of Economic Theory, 86:159-184.
Massimo Motta, Jacques François Thisse and Antonio Cabrales (1997), On the Persistence of Leadership and Leapfrogging in International Trade.
International Economic Review, 38:809-824.
Antonio Cabrales and Hugo Hopenhayn (1997), Nash Bargaining with Downward Rigid Wages.
Economics Letters, 57:213-218.
Antonio Cabrales and Hugo Hopenhayn (1997), Labor Market Flexibility and Aggregate Employment Volatility.
Carnegie-Rochester Conference Series on Public Policy, 46:189-228.
Antonio Cabrales and Takeo Hoshi (1996), Heterogeneous Beliefs, Wealth Accumulation and Asset Price Dynamics.
Journal of Economic Dynamics and Control, 20:1073-1100.
Antonio Cabrales and Joel Sobel (1992), On the Limit Points of Discrete Selection Dynamics .
Journal of Economic Theory, 57:407-420.

Working papers

Antonio Cabrales, Lorenzo Ductor, Ericka Rascón-Ramírez, and Ismael Rodríguez-Lara (2025), Gender stereotypes and homophily in team formation.
Facundo Albornoz, Antonio Cabrales, Guillermo Cruces, and María Lombardi (2025), Parental Involvement in Education.
Antonio Cabrales, Gema Pomares, David Ramos Muñoz, and Anxo Sánchez (2025), Network Formation with Publicly Noxious but Privately Profitable Agents: An Experiment.
Pablo Brañas-Garza, Antonio Cabrales, María Paz Espinosa, and Teresa García-Muñoz (2024), Behind the support for redistributive politics: Social preferences or beliefs?
Antonio Cabrales and Piero Gottardi (2024), Network formation and heterogeneous risks.
Samuel Bentolila, Antonio Cabrales, and Marcel Jansen (2023), Does Dual Vocational Education and Training Pay Off?.
Pablo Brañas-Garza, Antonio Cabrales, María Paz Espinosa and Diego Jorrat (2022), The effect of ambiguity in strategic environments: an experiment.
Antonio Cabrales, Manu García, Angel Sánchez, and David Ramos (2022), The Interactions of Social Norms about Climate Change: Science, Institutions and Economics..
Antonio Cabrales, Francesco Feri, Piero Gottardi, and Miguel Angel Meléndez (2021),Communication and social preferences: an experimental analysis.
Cevat Giray Aksoy, Antonio Cabrales, Mathias Dolls,Ruben Durante, and Lisa Windsteiger (2021) , Calamities, Common Interests, Shared Identity: What Shapes Altruism and Reciprocity?
Antonio Cabrales, Irma Clots-Figueras, Roberto Hernán-González and Praveen Kujal (2020), Institutions, opportunism and prosocial behavior: Some experimental evidence.
Antonio Cabrales, Michalis Drouvelis, Zeynep Gurguc and Indrajit Ray (2017), Transparency is overrated: communicating in a coordination game with private information.
Gregory B. Pollock, Antonio Cabrales and Steven W. Rissing (2011), On suicidal punishment among Acromyrmex versicolor cofoundresses: Comparative stability of suicide and self preservation.
Brindusa Anghel and Antonio Cabrales (2010), Los Determinantes del Éxito en Educación Primaria en España.
Antonio Cabrales, Antoni Calvó-Armengol and Leonard Wantchekon (2007), Pathway from Communist Revolution to Liberal Democracy.
Antonio Cabrales (2003), Pharmaceutical Generics, Vertical Product Differentiation and Public Policy. Working paper UPF 662.
Antonio Cabrales and Walter García-Fontes (2000), Estimating Learning Models with Experimental Data. Working paper UPF 501.
Antonio Cabrales and Hugo Hopenhayn (1998), Job Dynamics, Correlated Shocks and Wage Profiles. Working paper UPF 260.

Research Grants (only as PI)

Centro de Excelencia María de Maeztu, Departamento de Economía UC3M. (January 2023- January 2027). 2,000,000 euros.
Decisions, Education, Networks and Teenagers. Ministry of Science and Innovation PID2021-126892NB-I00 (September 2022-September 2025). 181,500 euros.
Can we mitigate climate change through financial regulation? Marie Skłodowska Curie Individual Fellowships (October 2020-October 2022). 172,932.48 euros.
Strategic interactions: Implications for the financial sector, education, commercial intermediation and politics. Ministry of Economy and Competitiveness ECO2012-34581, (January 2013- Jan. 2015). 75,000 euros.
Structure of relationships and strategic interaction. Ministry of Science and Innovation ECO2009-10531 (December 2009-Dec. 2012). 78,771 euros.
Markets, organizations and institution: new approaches. Ministry of Education SEJ2006- 11665-C02-01 (December 2006-Dec. 2009). 24,000 euros.
Group for Microeconomic Analysis. Generalitat de Catalunya SGR2005-00940 (December 2005- Dec. 2007). 39,000 euros.
Corporations and externalities: effects on organizations and behavior. Fundación BBVA (March 2005- March 2007). 67,000 euros.
From the local commons to the global commons: lessons from the Valencia irrigation farms. Fundación Ramón Areces (February 2004-February 2006). 30,000 euros.
Contracts and incentives in business: the influence of the environment. Fundación BBVA (March 2003- March 2005). 80,000 euros.
Information structure, interaction and rationality in games. Ministry of Education BEC2000-1029 (December 2000-Dec. 2003). 36,661 euros.

Graduate advising

Nicola Pavoni. Dissertation defended October 2000.
Domenico Menicucci. Dissertation defended March 2001.
Matthias Messner. Dissertation defended March 2002.
Neus Bover. Dissertation defended December 2002.
Alejandro Lugón. Dissertation defended May 2004.
Óscar Nupia. Dissertation defended June 2007.
Paolo Vanin. Dissertation defended September 2007.
Antoni Rubí. Dissertation defended February 2008.
Margherita Comola. Dissertation defended June 2008.
Ana Cusolito. Dissertation defended June 2008.
Flavia Roldán. Co-directed with Luis Úbeda. Dissertation defended October 2008.
Sandro Shelegia. Co-directed with Andreu Mas-Colell. Dissertation defended June 2009.
Javier Coronado. Co-directed with Sergi Jiménez-Martín. Dissertation defended March 2010.
Sevinc Cukurova. Co-directed with María Gutiérrez. Dissertation defended May 2012.
Jesper Rũdiger. Dissertation defended September 2012.
Daniel García. Dissertation defended September 2012.
María Martín Rodríguez. Dissertation defended September 2013.
Nikolas Tsakas. Dissertation defended June 2014.
Rubén Poblete-Cazenave. Dissertation defended June 2019.
Julen Ortiz de Zárate Pina. Dissertation defended July 2021.
Agustina Martínez. Dissertation defended September 2023.
Wenhao Cheng. Dissertation defended June 2024.

Refereeing and Editorial work

Co-editor, B. E. Journal of Economic Analysis and Policy (2010-2012).
Co-editor, Investigaciones Económicas (2004-2008).
Associate editor, Journal of Economic Theory (2014-).
Associate editor, Journal of the European Economic Association (2008-2013).
Associate editor, SERIEs, Journal of the Spanish Economic Association (2010-2015).

Academic Service

Head of department of Economics, University College London, 2017-2019.
Executive Vice president, European Economic Association, 2016-.
PhD Director, University College London, 2015-2017.
President, Spanish Economic Association, 2009.
Chairman, 2012-2013; Economics department, Universidad Carlos III de Madrid.
Recruiting coordinator, 2007-2011; Economics department, Universidad Carlos III de Madrid.
Director of the Msc Program, 2001-2003; and Coordinator for the MSc in Economics, 1997-2000; of the graduate program in Economics and Management GPEM at Universitat Pompeu Fabra.
Coordinator for the activities of Teaching Assistants, 1997-2000.
Organizer of the Barcelona-JOCS (Barcelona Game Theory) seminar, 2001-2003.
Organizer of the Microeconomics and Finance Workshop at the Departament of Economics at Universitat Pompeu Fabra, 1993-94 and 1994-95, and the Department Seminar, 1996-97 and 1997-1998.

Honors

Fellow, Econometric Society.
Fellow, European Economic Association.
Julián Marías Prize in Social Sciences and Humanities, 2024.
King Jaume I Prize in Economics, 2021.
Prize of Excellence in research from the social council of Universidad Carlos III de Madrid, 2009.
Research distinction from the Catalan regional government for the promotion of university research, young researcher category, 2002.
Academic Excellence Award. Department of Economics, University of California, San Diego. June 1990, June 1991, June 1992.
Teaching Excellence Award. Department of Economics, University of California, San Diego. June 1993.

[Contact Information] [Personal Information] [Education] [Academic Employment] [Teaching Experience] [Publications] [Research Grants] [Graduate Advising] [Editorial work] [Academic Service] [Honors]

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