Luís Santos-Pinto  





Curriculum Vitae




    new image


Luís Santos-Pinto is a Professor of Economics at HEC Lausanne, the Faculty of Business and Economics of the University of Lausanne.

He holds a B.A. in Economics from Católica Lisbon School of Business & Economics and a Ph.D. in Economics from UC San Diego. Prior to joining the University of Lausanne in 2008, he was an assistant professor at Nova School of Business & Economics from 2004 to 2008.

His main area of research is applied microeconomic theory. He investigates the links between information, cognition, judgment, and economic behavior. He studies the implications of behavioral biases like overconfidence and optimism in terms of individual decision making, the design of incentives in organizations, market outcomes, and welfare. He uses laboratory and field experiments to study the existence and consequences of these biases for economic decisions.

His research spans over the areas of applied microeconomic theory, behavioral, experimental, and labor economics. His work has been published in American Economic Review, International Economic Review, Journal of Labor Economics,  Economic JournalEuropean Economic Review, Journal of Economic Behavior and Organization, International Journal of Game Theory, International Journal of Industrial Organization, and Theory and Decision. He is a member of the European Economic Association and the Econometric Society. He is coordinating editor of Theory and Decision.

He teaches courses at the MA, Executive MBA and PhD levels. He teaches a variety of courses including Game Theory, Industrial Organization, and Behavioral Economics. 




Subjective Performance Evaluation of Employees with Biased Beliefs
(with Matteo Foschi)
This version: May 2018. Download

A General Equilibrium Theory of Occupational Choice under Optimistic Beliefs about Entrepreneurial Ability
(with Michele Dell'Era and Luca Opromolla)
This version: March 2019.  Download

Risk and Rationality: The Relative Importance of Probability Weighting and Choice Set Dependence
(with Adrian Bruhin and Maha Manai)
This version: August 2019.  Download   Appendix


Interdependent Lying Costs: Theory and Experimental Evidence
(with Georgia Michailidou and Paola Colzani)


How Do Beliefs about Skill Affect Risky Decisions?
(with Adrian Bruhin and David Staubli)
Journal of Economic Behavior and Organization, 2018, Vol.150, 350-371. Download

Entrepreneurial Optimism and the Market for New Issues
(with Michele Dell'Era)
International Economic Review
, 2017, Vol. 58, No. 2, 383-419. Download   Slides        

Home Bias in Multimarket Cournot Games
(with Catherine Roux and Christian Thöni)
European Economic Review, 2016, Vol. 89, 361-371  Download

Detecting Heterogeneous Risk Attitudes with Mixed Gambles  
Adrian Bruhin, José Mata, and Thomas Astebro) 
Theory and Decision,
2015, Vol. 79, Issue 4, 573-600.  Download  

Skewness Seeking: Risk Loving, Optimism or Overweighting of Small Probabilities?
(with Thomas Astebro and José Mata)  
Theory and Decision, 2015, Vol. 78, Issue 2, 189-208. Download   Appendix   

A Cognitive Hierarchy Model of Behavior in the Action Commitment Game
(with Daniel Carvalho) 
International Journal of Game Theory, 2014, Vol. 43, Issue 3, 551-577. Download

Experimental Cournot Oligopoly and Inequity Aversion
(with Doruk Iris)
Theory and Decision2014, Vol. 76, Issue 1, 31-45.

Tacit Collusion under Fairness and Reciprocity
(with Doruk Iris)
, 2013, 4, 50-65.  Download

Labor Market Signaling and Self-Confidence: Wage Compression and the Gender Pay Gap 
Journal of Labor Economics, 2012, Vol. 30, No. 4, 873-914. 
 Download  Slides

Positive Self-Image in Tournaments 
International Economic Review, 2010, Vol. 51, No. 2, 475-496. Download  Slides

Overconfidence in Tournaments: Evidence from the Field
(with Young-Joon Park)
Theory and Decision, 2010, Vol. 69, 143-166. Download  Slides

The Impact of Firm Cost and Market Size Asymmetries on National Mergers
in a Three-Country Model
International Journal of Industrial Organization, 2010, Vol. 28, 682-694. Download  Slides

Asymmetries in Information Processing in a Decision Theory Framework
Theory and Decision, 2009, Vol. 66, 317-343. 

Positive Self-Image and Incentives in Organizations
Economic Journal, 2008, Vol. 118, 1315-1332.  Download Slides

Making Sense of the Experimental Evidence on Endogenous Timing in Duopoly Markets
Journal of Economic Behavior and Organization, 2008, Vol. 68, 657-666. 
Download   Slides

A Model of Positive Self-Image in Subjective Assessments
(with Joel Sobel)
American Economic Review, 2005, Vol. 95, No. 5, 1386-1402. 

"If... deceit is fundamental to animal communication, then there must be strong selection to spot deception and this ought, in turn, to select for a degree of self-deception, rendering some facts and motives unconscious so as not to betray — by the subtle signs of self-knowledge — the deception being practiced.' Thus, 'the conventional view that natural selection favors nervous systems which produce ever more accurate images of the world must be a very naive view of mental evolution."
Robert Trivers

 Men follow their sentiments and their self-interest, but it pleases them to imagine that they follow reason. And so they look for, and always find, some theory which, a posteriori, makes their actions appear to be logical. If that theory could be demolished scientifically, the only result would be that another theory would be substituted for the first one, and for the same purpose.”     Vilfred Pareto

"People do not ever fully overcome the egocentrism that Piaget and others claim to be characteristic of the immature social perceiver"  
Griffin, Dunning, and Ross (1990)

Hosted by Tribal DDB Lisboa