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Regular version of the site

Economics and Management

Economics and Management

research adviser
Konstantin Sonin

Candidate of Sciences in Mathematics, Professor at the HSE Department of Applied Economics, Professor at the University of Chicago
H-index: 12

Oleg Zamulin

PhD, Dean of the HSE Faculty of Economic Sciences, Professor at the HSE Department of Theoretical Economics

Stategic Academic Unit Structure and System

The Economics & Management Stategic Academic Unit belongs to the first type of HSE Stategic Academic Units.

Management Committee (Heads of key subdivisions):


Oleg Zamulin

Faculty of Economic Sciences, Dean

Nikolay Filinov

Faculty of Business and Management, Dean

Sergey Yakovlev

International College of Economics and Finance, Director

Fuad Aleskerov

International Laboratory of Decision Choice and Analysis, Head

Alexis Belianin

Laboratory for Experimental and Behavioural Economics, Head

Olga Tretyak

Laboratory of Network Organizational Forms, Head

Igor Gurkov

Laboratory of Corporate Strategies, Organizational Structures, and Management Innovations, Head

International Supervisory Council:


"Economics" section:

"Management" section: 


To strengthen the leading positions of HSE as the preeminent scientific and educational center of excellence in economic sciences and management in the former Soviet Union and Eastern Europe; to gain global recognition in economics and econometrics.

Main Objectives:

  • To obtain world-level results in research in the areas of political economics and institutional transformation, financial economics, theory of markets, and business models, confirmed by publications in international peer-reviewed academic journals;
  • To recruit academics following international best practices with the aim of reaching a balance between the international and beginning-level faculty and researchers;
  • To strengthen the leading role of HSE as the premier expert and analytical center in designing economic reforms for the Government of the Russian Federation, Federal authorities, and certain sectors of the economy;
  • To promote HSE competitive degree programs in Economics on the global market through double-degree programs in partnership with leading European universities and through the international accreditation of programs in Management; to diversify and modernize existing Master’s programs through feedback from global employers.

Main Anticipated Deliverables:

  • Completion of research projects in cooperation with foreign partners (key partners: London School of Economics and Political Science, University of California Berkeley, and Oxford University) in financial economics, theory of economic decision making, spatial and network aspects of company behavior, and business models in the emerging markets; publication of research results in international peer-reviewed academic journals (top 5, top field);
  • Contribution to the expert and analytical activities in designing economic reforms in the Russian Federation in the form of regular monitoring and analysis of the economic situation, as well as the direct participation of Strategic Academic Unit's faculty and researchers in the government’s program design;
  • Recruitment of core academic personnel from the international academic market following globally accepted procedures;
  • Demonstrated demand for graduates of the Bachelor’s, Master’s, and Doctoral degree programs in Economics from top 100 international companies and post-graduate programs;
  • International accreditation of degree programs in Management in the EPAS certification agency; two programs to be implemented in cooperation with the London University; the contents of the programs to be modified in accordance with the global employers’ recommendations;
  • Strengthening of HSE’s international reputation by means of entering the TOP 100 QS 'Social Sciences & Management' subject rankings, TOP 100 of the QS Development Studies and Economics & Econometrics ranking by faculty, and TOP 200 of the QS Business & Management subject rankings.

Key Subdivisions and Associated Units:


 Grant Proposal (PDF, 677 Kb)

 Roadmap (DOC, 138 Kb)

Key Educational Programs and Their Development

The Stategic Academic Unit offers 7 Bachelor’s programs (4464 students incl. 250 international); and 25 Master’s programs (1619 students; incl. 176 international).

Currently, programs of the Strategic Academic Unit are well recognized on Russian and global markets. The international quality of the programs allows students to work both in the Russian Federation and abroad, and to build successful business careers at leading companies in the banking, financial, and real sectors (at companies including VTB, Sberbank, Goldman Sachs, Citigroup, HSBC, Barclays, McKinsey, EY, PwC and KPMG, etc.), to hold high-level offices in the Ministries of Finance and Economic Development, as well as enroll in post-graduate programs offered by top world universities, including Harvard, MIT, Princeton, Stanford, LSE, Toulouse, and others. HSE graduates who obtain a PhD degree go on to work at leading global universities, such as MIT, Stanford, and Oxford, as well as in top universities of the Russian Federation, including HSE and the New Economic School.

The educational programs of the unit are actively developing – in recent years, many of them have undergone wide-scale transformations focused on bringing them to the global level. In the near future, the priority is to develop these programs in the new format.

All educational programs of the Strategic Academic Unit can be divided into the following major groups:

1. Double-degree programs implemented in partnership with leading foreign universities

  • The English-language Bachelor’s double-degree program led by HSE and University of London and implemented by the International College of Economics and Finance (ICEF) is the only program in the Russian Federation where the quality of the education level is confirmed by a diploma issued by one of the leading universities in the world. Among the more than 1000 graduates of the program, the majority holds first and upper second degree diplomas. ICEF holds the status of the Authorized Center of the University of London for Bachelor’s programs in economics, management, and social sciences;
  • Master’s programs in Economics after their recent modernization: the Applied Economics program, focuses on training professionals for the real sector and the government; and the Research Program in Economics prepares students for doctoral training. The first graduates from these programs are planned for 2016. Students in these programs have an option of spending their second year at the Humboldt University, Erasmus University, or Sorbonne, and receiving a second diploma;
  • The Strategic Corporate Finance Master’s program is integrated with the Corporate Finance Scientific-Educational Laboratory. Key foreign partners in the program are the Duisenberg School of Finance (Netherlands), Lancaster University, University of Bologna, Paris 1-Pantheon-Sorbonne University, Humboldt University, and Maastricht University. Beginning in 2016, the program’s language of instruction will be English, which is anticipated to help significantly increase the number of foreign students;
  • In ICEF’s Financial Economics English-language Master’s program, the research component is significantly expanded within the framework of ARDP (Advanced Research and Doctoral Placement Program), implemented by ICEF’s internationally recruited faculty. Highly talented foreign students are admitted to the program and the number of students is growing. There are plans to expand cooperation and academic student exchange programs with the leading universities in the sphere of financial economics: Oxford University, London School of Economics, Tilburg University, University of Warwick, and Bocconi University.

2. The Bachelor’s programs in Economics, ensuring in-depth fundamental training in modern economics, mathematics, information technologies, statistics, econometrics, and foreign languages, in combination with applied disciplines and a large research and project-oriented component

  • The main Bachelor’s program in Economics has been in place since the foundation of the University. Currently, the program follows a new format that includes self-study and electives, as well as an expanded research component. Among others, the research stream is formed from the advanced students who demonstrate special academic achievements and interest in research. A number of elective courses are taught in English, thus further expanding the international exchange program.
  • In 2011, a cutting-edge Bachelor’s program was launched in cooperation with the New Economic School that is fundamentally new for Russia. This program is based on the concept of liberal arts and more than half of the curriculum lies outside of economics and mathematics. A special focus is placed on mastering oral and written communication skills, following the practice of the world’s leading universities. The key partners in the program’s implementation are the major international auditors – KPMG, PwC, and EY – who participate in the development of the educational environment and provide comprehensive support for the program during an adaptation course designed to prepare student economists to their future work. Company representatives arrange various training sessions, seminars, master-classes, and other events for the business skills development.

3. A range of degree programs in Management, designed in accordance with the most recent global trends in managerial education and labor market demands

  • The “Strategic Management and Corporate Governance,” “Project Management,” and “Marketing” Master’s programs have well-developed systems of tracks that allow students to enroll in double-degree programs with leading European universities, such as ESCP Europe, Lancaster University, Warwick University and Université Laval, etc. The EPAS international accreditation is planned. Based on the program evaluation recommendations from the European Foundation Management Development international experts group, the number of courses taught in English will be increased, and the work with alumni and the business sector will be institutionalized;
  • In the “Strategic Management in Logistics” Master’s program (international double-degree track with BBW University (Berlin, Germany)), the research component is well-developed, and interaction, cooperation, and student exchanges with the leading global universities are expanding, with the following universities and centers: MIT (Center in the Field of Logistics and SCM), Cranfield University (Cranfield Center for Logistics and Supply Chain Management - CLSCM and Cranfield Supply Chain Research Center (SCRC)) (Cranfield, UK), Kühne Logistics University (Hamburg, Germany).
  • In the “Business Informatics” Master’s program, within the framework of cooperation with ERCIS (European Research Center for Information Systems), the significant growth of the research component is planned. Also, there are plans to expand student exchanges with leading European universities that implement the business informatics programs (University of Cologne, University of St. Gallen, University of Duisburg-Essen, University of Liechtenstein).
  • For “Big Data Systems,” it is planned to increase the scope of student project and advisory work in partnership with the program’s leading partner companies (IBM, Microsoft, SAP, Oracle, Tableau, SAS, IBS, ATK (Qlick), to expand the scope of cooperation with European universities, as well as faculty and student academic mobility within the framework of the ERASMUS project devoted to the field of big data.

4. Doctoral program

  • In 2014, the Doctoral schools in economics and management were established; these schools have fundamentally changed the approach to doctoral training. Control over the work of graduate students and scientific advisors, executed by the newly created Doctoral School Councils, has been increased; new certification requirements for the students have been introduced. The full-time Advanced Doctoral Program has been set up using the western PhD standards. Students in this program are provided with higher than others scholarships and spend six months at a foreign university. One of the strategic objectives is competitiveness of the Doctoral program graduates in the global academic market.

Key Research Projects and Their Development

The Economics & Management Stategic Academic Unit includes a number of research teams; their achievements prove not only that they are leaders in Russian science, but also that they are making important contributions to the global scientific agenda. In particular, it is worth highlighting the political economics and institutional transformation research by K. Sonin and his co-authors, published in the Journal of Political Economy and Quarterly Journal of Economics; financial economics research by A. Bulatov, published in the Review of Economic Studies; monopolistic competition research by Zhelobodko E., Kokovin S., Thisse J., published in Econometrica. These journals are in the economics and finance TOP 5.

The value of Stategic Academic Unit in the global market is emphasized by the availability of foreign scientists who permanently cooperate with the university: E. Maskin (Harvard, Nobel Prize in Economics, 2007), M. Janssen (University of Vienna), B. Taub (University of Glasgow) and others. It is worth noting that F.Aleskerov from HSE is the only Russian partner in COST Action IC1205 EU’s program, devoted to the computational social choice theory.

HSE’s internationally-recruited academic specialists and international laboratories play a critical role in the university’s research development.

Key research projects:

1. Modelling of individual and collective choice in economics, politics, and society.

Project heads: Fuad Aleskerov, Eric Maskin, Alexei Zakharov, Konstantin Sonin.

In the crisis environment, with limited financial and other resources, higher requirements are imposed on justification of choice and on the analysis of decisions in the social, economic, and political domains.

The project describes game-theory models of individual, collective, and multiple criteria choice, aggregative models of deterministic and non-deterministic data, and choice under uncertainty. These models have a wide range of applications, including international relations, improvement of energy efficiency, collective interactions problems, efficient migration, monetary and fiscal policies, evaluation of quality and aggregation of the expert information, improvement of the election legislation, and others.

Among the current work in progress, it is worth noting ongoing research devoted to the robustness of the decision-making rules to the deliberate distortions of the participants’ actions. The result is the comparison of about 30 well-known rules in the widest theoretical context. The results can be used for choosing the optimal rule for decision-making in small groups. The significance of results is recognized by publications in highly reputable international journals and in presentations made at leading scientific conferences. Additionally, it is worth noting the published game-theory models of the agency relations with incomplete information (А. Zakharov, K. Sorokin, HSE), studies devoted to the political economy of the democratic and dictatorial regimes (D. Acemoglu (MIT), G. Egorov (Northwestern), K. Sonin (Chicago and HSE), studies of the non-cooperative basis for the coalition formation. Research in these areas is in progress; in addition, at HSE, the regular international scientific political economy seminar is held, the first in the Russian Federation.

The main Russian project partners are Moscow State University researchers (Faculty of Computational Mathematics: professor A. Vasin), Moscow Institute of Physics and Technology (professor A. Shananin), Russian Academy of Sciences Computing Center (professor F. Ereshko), RAS Institute of Control Sciences (RAS corresponding member, professor D.Novikov) RAS Institute for Systems Analysis (RAS corresponding member, professor Yu. Popkov), Saint Petersburg State University (professor L. Petrosyan).

Among the key foreign partners are California Institute of Technology (professors Ch. Plott and T. Palfrey), Paris 1-Pantheon-Sorbonne University (professor M. Grabisch), Cambridge (professor K. Patel), Hebrew University of Jerusalem Center for Rationality (professors Sh. Zamir, E. Winter and I. Gilboa), New York University (professor E. Ok), and University of Helsinki (professor J. Nurmi).

2. Microstructural and macroeconomic aspects of financial markets.

Project heads: Alexei Bulatov, Dmitry Makarov.

The recent financial crises have demonstrated the key role of financial markets in the macroeconomic business cycles, in the specific markets functioning, such as the real estate market, and the problem of the market participants’ coordination, which needs to be analysed at the microeconomic level. This project is focused on studying the links of the macroeconomic (monetary policy, exchange rates, and interest rates) and the microeconomic (corporate governance structure, microstructure) features of the financial markets.

It is planned to address a number of theoretical and empirical problems coming from the imperfections of the financial markets, peculiarities of interaction between different participants, state regulation, market and information structure. The sequence of projects will yield results that characterize the inter-relations among the behavior of corporations in the money markets, strategic interaction between players in the financial assets markets, and their joint influence on the macroeconomic performance of specific countries and the global markets status. These results are interesting both from the modern global economy fundamental regularities description viewpoint, and for better understanding of the development and the prospects of specific financial instruments in the emerging markets, especially the Russian Federation market.

The research in financial economics is conducted in cooperation with the colleagues from the London School of Economics (C. Julliard), University of Glasgow (B. Taub), University of British Columbia (S. Severinov), Berkeley (D. Livdan, T. Hendershott), and the University of Oxford (D. Tsomocos). One of the top international scientific seminars in economics and finance in Russia is functioning. Every November a regular international conference on financial economics is held; this conference brings together the leading specialists in the finance domain from all over the world.

3. The role of spatial structure in economics.

Project heads: Jacques Francois Thisse, Kristian Behrens, Sergey Kokovin.

Empirical studies of international and inter-regional trade show presence of sufficiently rich and varied behaviors of market prices and the level of market power by companies in response to exogenous shocks, such as a change in the degree of trade openness, the redistribution of income as a result of changes in the tax system, improvement of transport infrastructure, etc. The study is aimed at developing models of imperfect markets which would explain these effects and utilize them for implementing new economic policy. The project will lead to the development of the theory of hybrid market structures with applications to the analysis of well-being, modelling of urban and regional development. Special attention will be paid to the analysis of the relationship between the factors of gains and losses from trade in the framework of international trade models with variable elasticity of substitution. Other issues include identification of the nature of the impact of different types of heterogeneous agents in the sectoral and spatial structure of the economy, development of new approaches to modelling bounded rationality of decision-making and the network of interactions between agents in markets with imperfect competition, as well as investigating the role of agglomeration and dispersion forces in the heterogeneity of distribution of economic activity. These problems are relevant in light of the need for the formation of a new economic policy for international trade and regional development, to respond efficiently to the challenges of modernity.

The project is implemented jointly (joint authorship) with the leading researchers in this area, including G. Felbermayr (LMU Munich), G. Mion (LSE), M. Parenti (Université Libre de Bruxelles), B. Nahata (University of Louisville), G.I.P. Ottaviano (LSE), F. Robert-Nicoud (University of Geneva), J. Südekum (Heinrich-Heine University), Y. Zenou (Stockholm University).

4. Business models in developing markets.

Project head: Olga Tretyak

This project addresses the problem of a company’s embeddedness into the system of interactions with market entities in order to gain the biggest value for the participants of the interaction. A system of types of activities, resources, and market interactions that the company organizes in the market in order to create and distribute value and gain profit has been labeled in the scientific circles as the “business model” (BM). In the modern studies in management, BMs are one of the most actively addressed subjects. Despite the fact that many researchers consider BMs as a separate unit of analysis, the problem of the unified theoretical foundation of BMs is still open.

This project (initiated in 2013) includes the polling and interviewing of both the heads of companies and market experts; in this project, a methodology for studying BMs as a separate unit of analysis is developed using the cutting-edge achievements in strategic management, marketing, finance, innovative and operational management in order to gain a deeper understanding of BMs. The fundamental difference in the approach is the usage of the network context as the basis for creation and distribution of value, its recognition and transformation into the revenue generated by the network and by each single participant of the network. As a result, a conceptual model is developed, operationalization of the distinguished three levels of the BMs analysis is provided in the proposed model; and then the model is tested in various industries in the developing market. Based on the model testing, existing BM diagnostics procedure is substantiated, and its development directions are substantiated.

The main project partners are the Direct Selling Association (DSA), Internet Trading Companies Association (ITCA), which provide support in establishing the contacts with the companies management, as well as the team of researchers lead by Mangematin Vincent (Director for Research, Grenoble School of Management, France).

5.  Probabilistic and statistical methods for complex models 

Project head: Valentin Konakov, Vladimir Panov

1. Statistical inference in semi- and nonparametric models.

The main aim of this part of the project is to develop statistical procedures which can be practically used for statistical inference in complex models. To a large extent theoretical research will be  concentrated on the optimal rates of convergence. Moreover, we aim to develop an asymptotic distribution theory, which allows the construction of asymptotically valid confidence regions as well as the calculation of critical values and asymptotic power functions for tests based on the estimators.

2. Discretization of stochastic differential equations.

The aim of this research is to  prove the local limit theorems for a wide class of discretization schemes including the classical schemes (Euler scheme, Milshtein scheme, higher order stochastic Taylor expansion schemes). It is planned to consider stochastic equations with unbounded drift and degenerate stochastic differential equations. Possible tools are the Malliavin calculus and the parametrix method for Markov chains and diffusions.