About
He is Professor of Economics at the University of Siena (Italy) and Life Member of Clare Hall College, University of Cambridge (UK). He earned an Undergraduate Degree in Statistics and Economics (cum laude), from the University of Siena, a Master in Statistics from the London School of Economics (UK) and a Phd in Economics from the University of Siena. He has been Fullbright Student (US) and British Chevening Scholar (UK). He served as Chair of the Department of Economics and Deputy Rector of the University of Siena. He has been Italian Delegate for the 7th EU Framework Research Program, Honorary Professor at the Maastricht School of Management (NL) and Visiting Professor at IMT Lucca (Italy). His research interests include game and decision theory, auction theory, supply chain and procurement, pharmaceutical and health economics. Since 2016 he developed a strong interest for the economics of blockchain and cryptocurrencies.
He has given several talks and seminars in different countries, organized and participated to international conferences, consulted and trained diffusely in Italy and abroad. He has published extensively in international peer review journals such as Theoretical Computer Science, The Review of Economic Dynamics, Decision Analysis, The Review of Industrial Organization, The Lancet Infectious Diseases, Trends in Pharmacological Sciences, Ledger and others.
Starting with 2016 he became very interested in the economics of blockchain and cryptocurrencies. In particular, since then he has written game theoretic papers on the mining activity and the block size in Bitcoin, as well as on the economics of proof of stake. More recently he has worked on the cost of smart contracts in Ethereum, pointing out an analogy between the cost conceptual framework and second-price all-pay contests. Additionally, he has also worked on the representation of the blockchain as a Markov Process in the blocks ha
He is Review Editor of Frontiers in Blockchain and Associate Editor of IET Blockchain
Contacts
Papers
Selected Written Works
1) Un Ruolo da Difendere; Poste & Telecomunicazioni (1985), n°5.
2) Generalizations of Some Continuous Time Epidemic Models; Quaderni dell'Istituto di Economia, Facoltà di Scienze Economiche e Bancarie Università di Siena (1987) n° 65.
3) A Note on Risk Sharing in the Principal-Agent Relationship; Economic Notes, (1987) n°3.
4) A Short Remark on Learning Rational Expectations; Economic Notes, (1988) n°3.
5) Some Results on Ranked Contracts; Economic Notes, (1989) n°2.
6) On the Robustness of the Rational Expectations Hypothesis; Quaderni del Dipartimento di Economia Politica,Facoltà di Scienze Economiche e Bancarie Università di Siena (1989) n° 90.
7) Asymptotic Consensus with Partitions; Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie Università di Siena (1991) n° 135 (under revision)
8) Macroeconomics: A Survey of Research Strategies; with A Vercelli, (eds.) Oxford University Press (1992).
9) Generalized Information Structures: Some Theoretical and Methodological Issues; Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie, Università di Siena,(1992), n°144.(under revision)
10) Learning Partitions; Economics Letters, (1993).
11) On Sufficient Conditions for Rational Information Processing ; Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie, Università di Siena,(1994), n°171.
12) The Expected Cost of Capital: Private vs. Public Debt Placements (with Alberto Dalmazzo) ; Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie, Università di Siena,(1994), n°178. (under revision)
13) Randomization and Cooperation with Knightian Uncertainty; Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie, Università di Siena,(1995), n°191.
14) The Economic Theory of Learning: An Introduction. Monograph Series, Dipartimento di Economia Politica, Facoltà di Scienze Economiche e Bancarie, Università di Siena, (1996), n°8.
15) Indipendenza tra Eventi con Probabilità Non-Additive in “Incertezza, Razionalità e Decisioni Economiche” (A. Vercelli Ed), (1998), Il Mulino
16) Independence Between Events with Non-Additive Probabilities; in “Uncertain Decisions” di L. Luini (Editor), (1999) Kluwer.
(17) Insurance Reversal in an Agency Model with Uncertainty, Journal of Institutional Theoretical Economics, (1999), 155, 516-526
(18) Alcune Applicazioni delle Probabilità Non-Additive, on Collana Atto di Congressi (CNR Project on “Decisioni Statistiche: Teoria ed Applicazioni”), (1999) Pitagora Editrice, Bologna.
19) Correlation, Learning and the Robustness of Cooperation: Review of Economic Dynamics (2000) , 3, 311-329.
20) Coordination in an EMAIL Game without “Almost Common Knowledge: Journal of Logic, Language and Information 12, 1-11 (2003).
21) Correlated Communication; in “Cognitive Processes and Economic Behavior” (Dimitri-Basili-Gilboa eds), Routledge-London (2003)
22) Efficiency and Equilibrium in the EMAIL Game; The General Case : Theoretical Computer Science, 314, 335-349, (2003).
23) Generating Realistic Data Sets for Combinatorial Auctions (with A. Bonaccorsi, B. Codenotti, M. Leoncini, P. Santi, G. Resta) : Proc. IEE Conference on Electronic Commerce (CEC), Newport Beach, CA, pp 331-338, June 2003.
24) Cooperation with Strategy-Dependent Uncertainty Attitude Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche, Università di Siena, (2005) (submitted).
25) Hyperbolic Discounting can Represent Consistent Preferences, Quaderni del Dipartimento di Economia Politica, Facoltà di Scienze Economiche, Università di Siena, (2005) (submitted)
26) Handbook of Procurement (Dimitri, Piga, Spagnolo eds), (2006), Cambridge University Press http://www.cambridge.org/catalogue/catalogue.asp?isbn=9780521870733
27) Fostering Participation, in “Handbook of Procurement” (Dimitri-Piga-Spagnolo eds), Cambridge University Press (2006)
28) When Should Procurement be Centralized ? in “Handbook of Procurement” (Dimitri-Piga-Spagnolo eds), Cambridge University Press (2006)
29) Information and Competitive Tendering in “Handbook of Procurement” (Dimitri-Piga-Spagnolo eds), Cambridge University Press (2006)
30) Multi-Contract Tendering Procedures and Package Bidding in Procurement in “Handbook of Procurement” (Dimitri-Piga-Spagnolo eds), Cambridge University Press (2006)
31) Putting Auction Theory to Work (by P. Milgrom, Cambridge University Press, 2003) Review article for “Rivista di Politica Economica” (2007)
32) Formule d’Aggiudicazione nelle Gare per gli Acquisti Pubblici (Scoring Rules in Public Procurement) , Quaderni Consip (2007) http://www.consip.it/on-line/Home/Ricercaesviluppo/UfficioStudi/Pubblicazioni.html
33) “Last Minute Bidding” Equilibrium in Second Price Internet Auctions, Working Papers Series n°1, Dipartimento di Politica Economica, Finanza e Sviluppo, Università di Siena (2007) (under revision)
34) On the Stage Division Mechanism in Pharmaceuticals Development Processes, Drug Discovery Today, 13, 902-906, (2008)
35) Decisioni Intertemporali e Risparmio, Giornale Italiano di Psicologia¸ XXXV, 779-783 (2008)
36) Standard ed Innovazione negli Acquisti Pubblici (Standards and Innovation in Public Procurement), Quaderni Consip (2008) http://www.consip.it/on-line/Home/Ricercaesviluppo/UfficioStudi/Pubblicazioni.html
37) Basi D’asta nelle Gare per gli Acquisti Pubblici, Rivista di Politica Economica Maggio-Giugno (2008) http://www.rivistapoliticaeconomica.it/2008/mag-giu/albano.php
38) Dynamic Consistency in Extensive Form Decision Problems: Theory and Decision, 4, 345-354, (2009)
39) Cooperation with Time-Inconsistency (under revision)
40) The Economics of Priority Review Vouchers, Drug Discovery Today, 15, 887-891, (2010)
41) Global burden and Investment for Neglected Diseases?, The Lancet Infectious Diseases, 10, 658-659. (2010)
42) What Constitutes an Optimal Portfolio of Compounds? Clinical Pharmacology and Therapeutics, 80, 300-303. (2011)
44) An Assessment of the Pharmaceutical Industry R&D Productivity, Trends in Pharmacological Sciences, 12, 683-685. (2011)
45) “Mirror Revelation” in Second-Price Tullock Auctions (under revision ) (2012)
46) R&D Investments for Neglected Diseases could be Sensitive to the Economic Goals of Pharmaceutical Companies, Drug Discovery Today, 17, 818-823. (2012)
47) Gains and Losses in Intertemporal Preferences: A Behavioural Study (with Faralla, Benuzzi and Nichelli), in “Neuroscience and the Economics of Decision Making” (Innocenti A-Sirigu A. eds) Routledge, (2012)
48) Some Law & Economics Considerations on the EU Pre-Commercial Procurement of Innovation, in “The Applied Law end Economics of Public Procurement” (Piga,Treumer eds) (2012), Routledge.
49) On the “Exclusion Principle” in All-Pay Auctions with Incomplete Information (submitted) (Maastricht School of Management Working Paper Series 2012/50) (2012)
50) Time Discounting and Time Consistency, (with J. van Eijck) in “Games, Actions and Social Software” (R. Verbrugge and J. van Eijck Eds), Texts in Logic and Games, Springer Verlag (2012)
51) On the Reward-Loss Duality in Time Consistent Decision Making. in “The goals of cognition: Essays in honor of Cristiano Castelfranchi” F. Paglieri, L. Tummolini, R. Falcone, M. Miceli (Eds.) London: College Publications (2012)
52) R&D Incentives for Neglected Diseases, PLoS ONE, 7(12); e50835. (2012)
53) On the Notion of “Information Set” in Extensive Form Games with Imperfect Information (2012) (submitted)
54) A New Approach to Assess Drug Development Performance, (with A Rosiello and F. Fiorini), 18, 420-427, Drug Discovery Today, (2013)
55) Best Value for Money in Procurement, The Journal of Public Procurement,13,149-175 (2013)
56) Aste. Formati d’Asta, in Economia e Finanza, Istituto Enciclopedia Italiana Treccani, pp 74-75 (2013)
57) Game theory considerations on third countries’ reciprocal access rules to EU public procurement (2013), Expert report for the European Parliament. (Under revision for submission)
58) Pricing Pharmaceutical Compounds under Development, Trends in Pharmacological Sciences, 35, 217-218, (2014)
59) Neural correlates in intertemporal choice of gains and losses (with V. Faralla, F. Benuzzi, P. Nichelli), Journal of Neuroscience, Psychology, and Economics, 8, 27-47 (2015)
60) The Economics of Epidemic Diseases, Plos One, http://dx.doi.org/10.1371/journal.pone.0137964 (2015)
61) Eligibility and efficiency in public procurement systems design, in Future Proofing Procurement, United Nations Office for Project Services (UNOPS) (2016)
62) Le Aste su Internet, Rivista di Politica Economica, I-III,1-20, (2016)
63) Bitcoin Mining as a Contest, Ledger, 2, 31-37 (2017)
64) Joint Public Procurement Colloquium, in Law and Economics of Public Procurement Reforms (Piga G.- Tatrai T. eds) Routledge (2017)
65), Joint Procurement and the EU Perspective, with Mennini F. Gitto L., Lichere F., Piga G., in Law and Economics of Public Procurement Reforms (Piga G.- Tatrai T. eds) Routledge (2017)
66) The Blockchain Technology; Some Theory and Applications, Maastricht School of Management Working Paper, 2017/3 (2017)
67) A Characterisation of Observability and Verifiability in Contracts: International Game Theory Review, 20, 1 (2018)
68) Last Minute Bidding Only is Implausible in E-Bay Sealed Bid Type-of-Auctions, (submitted 2018)
69) Combinatorial Advertising Internet Auctions, Electronic Commerce Research and Applications, 32, 49-56 (2018)
70) The Race for an Artificial General Intelligence: Implications for Public Policy, with W. Naudè, AI & Society, April (2019)
71) Transaction Fees, Block Size Limit and Auctions in Bitcoin, Ledger, 4, 68-81, (2019)
72) On The Economics of Proof-of-Stake, revised and resubmitted to Frontiers in Blockchain. (2019)
73) Skills, Efficiency and Timing in a Simple Attack and Defence Model, (forthcoming in Decision Analysis) (2020)
74) Budget Allocation Design in the EU Pre-Commercial Procurement for Innovation, Journal of Public Procurement, 20, 88-96, (2020)
75) The “Italian Football Federation Auction” for Co-Ownership Resolution (forthcoming in Review of Industrial Organization) (2020)
76) Pricing Cloud IaaS Computer Services, Journal of Cloud Computing, 9, 14, (2020)
Some Work in Progress
77) A Representation of the Blockchain (submitted)
78) Why do Lotteries Exist? (submitted)
79) Preference for Future Consumption can Increase Current Consumption with Endogenous Time Discounting (submitted)
80) War of Attrition and the Cost of Smart Contracts in Ethereum (submitted)
Projects
The following are some of the relevant projects I'm currently working on:
Blockchain and public procurement
The cost of smart contracts
Proof of Stake and consensus algorithms
Blockchain and health