Education
- PhD in Economics and Management, University of Trento, Trento, Italy, Dec 2022
- Thesis: "Three Essays on Financial Economics: Machine learning and Experimental Approaches"
- Supervisors: Prof. Luigi Mittone, Prof. Flavio Bazzana
- MPhil in Economics and Finance, Bocconi University, Milan, Italy, Jan 2018
- MSC in Finance and Banking, University of Rome Tor Vergata, Rome, Italy, Mar 2016
- Thesis: "Dynamic Spillover Effects in the UK and Italian Futures Markets"
Research Interests
Behavioral Finance, Market Microstructure, Experimental Economics, Complex Systems
Working Papers
- Fairness in Real Option Games, Co-authored with: Luigi Mittone, Azzurra Morreale, Flavio Bazzana, Lenos Trigeorgis
- Summary: In this paper, we enhance the traditional Real Options Game (ROG) framework by integrating fairness concerns. We investigate decision-making in a leader-follower Stackelberg game, where leaders face the choice of imposing risky outcomes on followers or delegating decisions. Using laboratory experiments, we show that increased uncertainty prompts leaders to delegate decisions to achieve fairer outcomes, and second movers tend to choose equitable options. These findings strongly support our theoretical model's predictions and demonstrate the impact of other-regarding preferences in ROG.
- Choice Under the Radar: Experimental Insights into the Shadow Economy and Tax Evasion, Co-authored with: Luigi Mittone
- Summary: In this study, we simulate a credit market in a laboratory setting to investigate how the presence of a shadow economy influences tax behavior under a variety of treatments. Our innovative approach includes analyzing both the demand and supply sides, utilizing semantic prosody, and employing a framework free from direct references to taxes. We show that the presence of a shadow economy significantly impacts decision-making. While it attracts tax evaders, a notable number of participants chose to avoid the shadow economy but still evaded taxes within the formal economy. Conversely, those in the untaxed economy often paid fees similar to taxes to hedge against detection risks. In addition, the use of semantic prosody increased tax compliance across the board, highlighting its broad applicability.
- Do ChatGPT Messages Bridge or Break Communication? Experimental Evidence on Response Rates Across Relationship Types, Co-authored with: Katarina Cellarova
- Status: Pilot
- Summary:In this project, we evaluate the impact of ChatGPT-edited messages on response rates in communications, examining multiple relationship dimensions between senders and recipients. Using experimental data, we identify an inverted relationship between relational closeness and the effect of ChatGPT. While messages edited with ChatGPT negatively impact response rates among close ties, they significantly improve response rates in more formal or distant relationships. These findings highlight the nuanced role of AI-generated language in interpersonal dynamics and suggest context-dependent effects of using ChatGPT in communication strategies.
- From Heuristics to Algorithms: A Neuro-Fuzzy Investigation of Herd Behavior
- Status: Preliminary Research Phase
- Summary: In this research, I explore trader behavior in a sequential trading experiment with fuzzy private information. I aim to map trader heuristics into a rule-based expert system using ANFIS (Adaptive Neuro-fuzzy Inference System) and examine the impact of an algo-trader on herd behavior in the experimental asset market, employing a complex systems approach.
- Network Effects and the Dynamics of Collective Irrationality in Financial Markets
- Status: Preliminary Research Phase
- Summary: This research investigates the emergence of collective irrationality in financial markets, focusing on phenomena like meme stock surges and fraudulent market exits (e.g., rug-pulling events in decentralized finance). By analyzing the role of network effects and decision interdependence, it explores how these factors amplify volatility and drive market-wide contagion. The study integrates behavioral game theory with experimental and empirical approaches to uncover the thresholds where rational individual decision-making gives way to destabilizing group behavior. The findings aim to uncover actionable mechanisms for addressing systemic risks and fostering stability in rapidly evolving financial ecosystems.
Teaching Experience
- LUT Business School, Finland (2023-Present)
- Introduction to Programmatic Business Analytics: The basics of Python for bachelor's students
- Analytics for Business: Machine learning techniques using Matlab and Python for master's students
- Investment and Business Analysis in Excel: Data analysis, portfolio optimization, and investment modeling using Excel and VBA
Master's Thesis Supervision
- Predicting Churn Using Machine Learning Methods, by Eero Tenhunen, 2022
- Unraveling Finnish Housing Market Affordability: A Cluster Analysis Approach, by Juho Suutari, 2023
Work Experience
- Ramp-Up Manager, Viipuri Lab, LUT Business School, Lappeenranta, Finland (June 2023 - Present)
- Leading the pre-launch phase of Viipuri Lab, developing interim payment solutions while ensuring future compliance with Finnish tax regulations
- Research Assistant, Innocenzo Gasparini Institute for Economic Research, Milan, Italy (Jan 2018 - Aug 2018)
- Developed advanced Stata scripts for analyzing data, contributing to research led by Pamela Giustinelli published in the Journal of the European Economic Association
- Junior Broker to Licensed Broker, Asel Brokerage Firm (renamed to Kian in 2017), Tehran, Iran (Jan 2010 - Aug 2013)
- Attained Licensed Broker status after successfully passing the Securities Principles Certificate exam administered by the Securities and Exchange Organization in Iran
Languages
English (Fluent), Persian (Mothertongue), Italian (Intermediate)
Computer Skills
- Advanced: Python, O-Tree, Matlab, Stata
- Intermediate: R, HTML, CSS
Interests
Paddle-boarding, Hiking, Driving, Traveling