Andres Carvajal

Andres Carvajal Portrait

Position Title

1142 SSH


  • Ph.D., Economics, Brown University, 2003
  • M.A., Economics, Brown University, 2000
  • M.A., Economics, Universidad de los Andes, Colombia, 1996
  • B.A., Economics, Pontificia Universidad Javeriana, Colombia, 1995


Andrés Carvajal is an economic theorist, with emphasis in general equilibrium, financial economics and mathematical economics. Starting in January 2020, he will be Editor-in-Chief of the Journal of Mathematical Economics. He was Co-Chair of the 2018 North American Summer Meeting of the Econometric Society, Co-Editor of the Canadian Journal of Economics and Associate Editor of the Journal of Mathematical Economics.

Research Focus

Professor Carvajal investigates the ways in which imperfections in markets affect the performance of economic systems and, ultimately, the well-being of the members of a society. He has also done research on the development of empirical tests of models of rational behavior, on the informational and behavioral foundations of equilibrium theory, and on environmental economics.


  • Carvajal, A. (2019). Arbitrage pricing in non-Walrasian financial markets. Economic Theory, in press.
  • Arvaniti, M. & Carvajal, A. (2018). Risk externalities: when financial imperfections are not the problem, but part of the solution. Journal of Mathematical Economics, in press.
  • Carvajal, A., Rostek, M. & Sublet, G. (2018). Information design and capital formation. Journal of Economic Theory 176, 255-92.
  • Carvajal, A. & Song, X. (2018). Testing Pareto efficiency and competitive equilibrium in economies with public goods. Journal of Mathematical Economics 75, 19-30.
  • Carvajal, A., Deb, R., Fenske, J. & Quah, J. (2014). Non-parametric analysis of multi-product oligopolies. Economic Theory 57, 253-77.
  • Carvajal, A., Deb, R., Fenske, J., & Quah, J. (2013 ). A revealed preferences analysis of the Cournot model. Econometrica, 81, 2351–79.
  • Carvajal, A., Rostek, M., & Weretka, M. (2012 ). Competition in financial innovation. Econometrica, 80, 1895–936.
  • Carvajal, A., & Weretkam, M. (2012 ). No-arbitrage, state prices and trade in thin financial markets. Economic Theory, 50, 223–68.
  • Carvajal, A., & Polemarchakis, H. (2011). Idiosyncratic risk and financial policy. Journal of Economic Theory, 146, 1569–97.
  • Carvajal, A., & Riascos, A. (2005). Identification of preferences from market data. Advances in Theoretical Economics, 5(3).


Andrés Carvajal teaches courses on microeconomics (decision theory, general equilibrium and game theory), financial economics and mathematics for economics.


  • Graduate Professor of the Year, Department of Economics, University of Western Ontario, 2014
  • ESRC (UK) Seminar Grant, Games and Economic Behavior Group (LSE–UCL–Warwick), 2010–2012.
  • ESRC (UK) Research Grant, Non-competitive behaviour and equilibrium, 2009–2012
  • Postdoctoral Fellowship in Mathematical Economics, Cowles Foundation, Yale University, 2005
  • Abramson Award for Exceptional Dissertation, Brown University, 2002