Radu Vranceanu
Professor, Economics Department

Photo de Radu Vranceanu
Curriculum Vitae (pdf)
General Information Research Areas Publications Teaching Other Activities
Doctorate in Economics, University of Paris II.
Habilitation à Diriger des Recherches (HDR), University of Paris I.
DEA d'Economie Appliquée, Institut d'Etudes Politiques, Paris.
Graduate degree in business and economics, ASE Bucarest.
Radu Vranceanu is Professor of Economics at the ESSEC Business School and research fellow at the THEMA (CNRS) research center. He holds a Doctorate in Economics from the University of Paris II, HDR, and is widely recognized as having special expertise in the theory of expectations and the analysis of informational inefficiencies, which he has applied to various fields including financial and exchange rate crises, monetary and public debt policies, research management, defense economics, labor contracts and managerial behavior. He is now a driver of research in experimental economics at ESSEC, where he carried out several studies in team production, gender issues, lies and deception, cooperation in public goods games. In 2000-2001 Radu Vranceanu worked for the UN Economic Commission for Europe; he also served as a Dean for Research of ESSEC Business School for many years. Since January 2020, he is the representative for scientific integrity of ESSEC.
Research Areas

Macroeconomics, Experimental economics, Labor economics 

 Theory of Expectations, Incentives, Imperfect information

  Financial and exchange rate crises, Development issues, Monetary policy

Geographical Areas

European Union and the Euro area

Central and Eastern Europe

Developping countries 

Academic Publications
  Economie Manageriale. (with M. Guyot). Paris (France)  : Gualino (Lextenso éditions), 2008
  Moral Foundations of Management Knowledge. (with ML. Djelic). Cheltenham (UK)  : Edward Elgar, 2007 (Edited book.)
  Ethical Boundaries of Capitalism. (with D. Daianu). Aldershot, Hampshire (Grande‑Bretagne)  : Ashgate, 2005 (E-book, 2011, Essec Publishing)
  Macroéconomie. Outils d'analyse, monnaie européenne et ouverture internationale. (with F. Contensou). 2d edition. Paris (France)  : Editions ESKA, 2003
  Introduction à la microéconomie des entreprises. (with M. Guyot). Paris (France)  : Dunod, 2002
  România si Uniunea Europeana. (with D. Daianu). Iasi (Roumanie)  : Polirom, 2002
  Working Time: Theory and Policy Implications. (with F. Contensou). CHELTENHAM (Angleterre)  : Edward ELGAR, 2000
  Introduction à la théorie macroéconomique. (with F. Contensou). Paris (France)  : Editions ESKA, 1996

  "A Global Game Model of Medical Project Crowdfunding" (D. Besancenot, R. Vranceanu), International Game Theory Review, Dec 2019, Vol. 1, Issue 1
  "Discontent with taxes and the timing of taxation: Experimental evidence" (R. Vranceanu, A. Sutan, D. Dubart), Revue Economique, Nov 2019, Vol. 70, Issue 6, p. 1227‑1239
  "An Attitude Model of Environmental Action: Evidence from Developing and Developed Countries" (C. Davino, V. Esposito Vinzi, E. Santacreu Vasut, R. Vranceanu), Social Indicators Research, Jun 2019, Vol. 143, Issue 2, p. 811‑838
  "Experimental Evidence on Bank Runs with Uncertain Deposit Coverage" (O. Peia, R. Vranceanu), Journal of Banking & Finance, Jun 2019, Vol. 106, Issue 3, p. 214‑223
  "Deceitful Communication in a Sender-Receiver Experiment: Does Everyone Have a Price?" (R. Vranceanu, D. Dubart), Journal of Behavioral and Experimental Economics, Apr 2019, Vol. 79, p. 43‑52
  "Willingness to compete: Between- and within-gender comparisons" (S. Jung, R. Vranceanu), Managerial and Decision Economics, Feb 2019, Vol. 40, Issue 3, p. 321‑335
  "Competitive Compensation and Subjective Well-being: The Effect of Culture and Gender Journal" (S. Jung, R. Vranceanu), Journal of Economic Psychology (The), Jan 2019, Vol. 70, Issue 1, p. 90‑108
  "'Facta non verba': An Experiment on Pledging and Giving" (G. Mateo, G. Grolleau, A. Sutan, R. Vranceanu), Journal of Economic Psychology (The), May 2018, Vol. 65, p. 1‑15
  "Group gender composition and economic decision-making: Evidence from the Kallystée business game" (K. Lamiraud, R. Vranceanu), Journal of Economic Behavior and Organization, Jan 2018, Vol. 145, Issue 1, p. 294‑305
  "The cost of capital in a model of financial intermediation with coordination frictions" (O. Peia, R. Vranceanu), Oxford Economic Papers, Jan 2018, Vol. 70, Issue 1, p. 266‑285
  "Experimental Evidence on Gender Differences in Lying Behaviour" (S. Jung, R. Vranceanu), Revue Economique, Jul 2017, Vol. 68, Issue 5, p. 80‑95
  "Gender Interaction in Teams: Experimental Evidence on Performance and Punishment Behavior" (S. Jung, R. Vranceanu), Korean Economic Review, Jun 2017, Vol. 33, Issue 1, p. 95‑126
  "The Legal Grounds of Irregular Migration: A Global Game Approach" (C. Naiditch, R. Vranceanu), The B.E. Journal of Economic Analysis & Policy, Apr 2017, Vol. 17, Issue 2
  "A model of scholarly publishing with hybrid academic journals" (D. Besancenot, R. Vranceanu), Theory and Decision, Jan 2017, Vol. 82, Issue 1 , p. 131‑150
  "Do People Contribute More to Intra-temporal or Inter-temporal Public Goods?" (A. Sutan, G. Grolleau, R. Vranceanu), Research in Economics, Mar 2016, Vol. 70, Issue 1, p. 186‑195
  "Lying about Delegation" (A. Sutan, R. Vranceanu), Journal of Economic Behavior and Organization, Feb 2016, Vol. 121, Issue 1, p. 29‑40
  "Team Production with Punishment Option: Insights from a Real Effort Experiment" (R. Vranceanu, F. El Ouardighi, D. Dubart), Managerial and Decision Economics, Aug 2015, Vol. 36, Issue 6, p. 408‑420
  "Fear of Novelty: A Model of Scientific Discovery with Strategic Uncertainty" (D. Besancenot, R. Vranceanu), Economic Inquiry, Jan 2015, Vol. 53, Issue 2, p. 1132‑1139
  "Experimental Evidence on the 'Insidious' Illiquidity Risk" (D. Besancenot, R. Vranceanu), Research in Economics, Dec 2014, Vol. 68, Issue 4, p. 315‑323
  "Corporate profit, entrepreneurship theory and business ethics" (R. Vranceanu, R. Vranceanu), Business Ethics: A European Review, Jan 2014, Vol. 23, Issue 1, p. 50‑68
  "Publish or Teach? Analysis of the Professor's Optimal Career Path" (F. El Ouardighi, K. Kogan, R. Vranceanu), Journal of Economic Dynamics and Control, Dec 2013, Vol. 37, Issue 10, p. 1995-2009
  "The Value of Lies in an Ultimatum Game with Imperfect Information" (D. Besancenot, D. Dubart, R. Vranceanu), Journal of Economic Behavior and Organization, Sep 2013, Vol. 93, p. 239‑247
  "A Note on Cooperative Strategies in Gladiators? Games" (R. Vranceanu, D. Bazin, J. Ballet), Games, May 2013, Vol. 4, Issue 2, p. 1‑7
  "The spending multiplier in a time of massive public debt: The Euro-area case" (R. Vranceanu, D. Besancenot), Applied Economic Letters, Mar 2013, Vol. 20, Issue 8, p. 758‑762
  "Knowledge in Economics and Economic Reform: An Analysis of Survey Data from a French Business School" (R. Vranceanu, J. Barthélemy), Revue Economique, Nov 2012, Vol. 63, Issue 6, p. 1193‑1208
  "Trust and financial trades: Lessons from an investment game where reciprocators can hide behind proababilities" (R. Vranceanu, A. Sutan, D. Dubart), Journal of Socio-Economics (The), Jan 2012, Vol. 41, Issue 1, p. 72‑78
  "Le jeu des gladiatores: Un spectacle de qualité" (J. Ballet, D. Bazin, R. Vranceanu), Mathematiques et Sciences Humaines, Dec 2011, Vol. 195, Issue 3, p. 75‑86
  "A matching model of the academic publication market" (D. Besancenot, K. Huynh, R. Vranceanu), Journal of Institutional and Theoretical Economics, Dec 2011, Vol. 167, Issue 4, p. 708‑725
  "Remittances as a social status signaling device" (C. Naiditch, R. Vranceanu), Research in Economics, Sep 2011, Vol. 65, Issue 3, p. 305‑318
  "Banks' Risk Race: A Signaling Explanation " (D. Besancenot, R. Vranceanu), International Review of Economics and Finance, May 2011, Vol. 20, Issue 2, p. 784‑791
  "Four Myths and a Financial Crisis" (R. Vranceanu), Thunderbird International Business Review, Mar 2011, Vol. 53, Issue 2, p. 151‑171
  "Equilibrium migration with invested remittances: The EECA evidence" (C. Naiditch, R. Vranceanu), European Jornal of Political Economy, Sep 2010, Vol.  26, Issue  , p.  454‑ 474
  "Financial distress and bank communication policy in crisis times" (D. Besancenot, R. Vranceanu), Romanian Journal of Economic Forecasting, Apr 2010, Vol. 13, Issue 1, p. 5‑20
  "Origines, moments critiques et consequences de la crise financière de 2007-2009" (R. Vranceanu), Oeconomica, Oct 2009, Vol. 18, Issue 2, p. 63‑83
  "Why business schools do so much research ? A signaling explanation" (D. Besancenot, J. Faria, R. Vranceanu), Research Policy, Sep 2009, Vol. 38, p. 1093‑1101
  "Une crise de confiance" (R. Vranceanu), Sociétal, May 2009, Vol. 64, Issue 2, p. 11‑29
  "The 'Read or Write' Dilemma in Academic Production: A Transatlantic Perspective" (D. Besancenot, K. Huynh, R. Vranceanu), American Economist, May 2009, Vol. 53, Issue 1, p. 75‑85
  "Multiple equilibria in firing game with impartial justice" (D. Besancenot, R. Vranceanu), Labour Economics. An International Journal, Apr 2009, Vol.  16, Issue  2, p.  262‑ 271
  "Strategic managerial dishonesty and financial distress" (D. Besancenot, R. Vranceanu), Research in Economics, Feb 2009, Vol. 63, p. 11‑21
  "Migrant wages, remittances and recipient labour supply in a moral hazard model" (C. Naiditch, R. Vranceanu), Economic Systems, Feb 2009, Issue 33, p. 60‑82
  "Transferts des migrants et offre de travail dans un modèle de signalisation" (R. Vranceanu, C. Naiditch), Revue d'Economie Politique, Nov 2008, Vol. 118, Issue 4, p. 513‑540
  "Can Incentives for Research Harm Research? A Business Schools' Tale" (D. Besancenot, R. Vranceanu), Journal of Socio-Economics (The), May 2008, Vol.  37, Issue  , p. 1248‑1265
  "Equilibrium (dis)honesty" (D. Besancenot, R. Vranceanu), Journal of Economic Behavior and Organization, Sep 2007, Vol. 64, p. 232‑249
  "Financial Instability under a Flexible Exchange Rate" (D. Besancenot, R. Vranceanu), Scandinavian Journal of Economics, Aug 2007, Vol. 109, Issue 2, p. 291‑302
  "The ECB monetary policy: Choices and challenges" (A. Fourçans, R. Vranceanu), Journal of Policy Modeling, Mar 2007, Vol. 29, p. 181‑194
  "La théorie économique au début du XXe siècle (reprise article Societal)" (R. Vranceanu), Problèmes Economiques, Nov 2006, Issue 2911, p. 3‑8
  "La théorie économique au début du XXIe siècle" (R. Vranceanu), Sociétal, Oct 2006, Vol. 54, Issue 4, p. 28‑35
  "Economies émergentes: de l'incompatibilité entre changes flexibles et dette en dollars" (D. Besancenot, R. Vranceanu), Revue d'Economie Politique, Jul 2006, Vol. 117, Issue 4, p. 556‑574
  "European Defence Firms: The Information Barrier on Private Finance" (D. Besancenot, R. Vranceanu), Defence and Peace Economics, Feb 2006, Vol. 17, Issue 1
  "Dollar Debt in Developing Countries: Too Much of a Good Thing?" (R. Vranceanu, D. Besancenot), Global Economy Journal, Jan 2006, Vol. 6, Issue 1, p. 1‑18
  "The Ethical Dimension of Economic Choices" (R. Vranceanu), Business Ethics, Apr 2005, Vol. 14, Issue 2
  "Financial Architecture and Manager Dishonesty: Lessons from US Corporate Scandals" (R. Vranceanu), Acta Oeconomica, Jan 2005, Vol. 15, Issue 1
  "Quality and Price Dispersion in an Equilibrium Search Model" (R. Vranceanu, D. Besancenot), Journal of Economics and Business, Mar 2004, Vol. 56, Issue 2
  "Default on Sustainable Public Debt: Illiquidity Suspect Convicted" (R. Vranceanu, D. Besancenot, K. Huynk), Economics Letters, Jan 2004, Vol. 2, Issue 82
  "The ECB Interest Rate Rule Under the Duisenberg Presidency" (A. Fourçans, R. Vranceanu), European Journal of Political Economy, Jan 2004, Vol. 20
  "Dette publique : du risque d'insoutenabilité au risque d'illiquidité" (R. Vranceanu, D. Besancenot, K. Huynh), Revue Economique, Jul 2003, Vol. 54, Issue 4
  "Opening the Capital Account of Developing Countries: Some Policy Issues" (R. Vranceanu, D. Daianu, R. Vranceanu), Acta Oeconomica, Jan 2003, Vol. 53, Issue 3
  "Credibility Costs in the Monetary Integration Game" (R. Vranceanu, D. Besancenot), Economics of Transition (The), Jan 2003, Vol. 11, Issue 4
  "Manager Honesty and Foregin Investment in Developing Countries" (R. Vranceanu, D. Besancenot), Research in Economics, Sep 2002, Vol. 56, Issue 3
  "Globalization and Development: New Evidence from Central and Eastern Europe" (R. Vranceanu, L. Cernat), Comparative Economic Studies, Jan 2002, Vol. XLIV, Issue 4
  "EMU: Optimal Fiscal Strategy and the Punishment Effectiveness" (R. Vranceanu, T. Warin), Review of International Economics, Aug 2001, Vol. 9, Issue 3
  "Pitfalls of Taxation Policy in Transition Economies" (R. Vranceanu, D. Daianu), Acta Oeconomica, Jan 2001, Vol. 51, Issue 1
  "Growth Patterns under Imitation in the Investment Decision" (D. Besancenot, K. Huynh), Economic Systems, Jan 2001, Vol. 25
  "European Defence: The Cost of Partial Integration" (M. Guyot), Defence and Peace Economics, Jan 2001, Vol. 12, Issue 2
  "Pays de l'Est : le coût d'une candidature à l'Union Européenne Monétaire" (D. Besancenot, T. Warin), Economie Internationale, Sep 2000, Vol. 81, Issue 1
  "Macroeconomic Implications of Voucher Privatization in a Model with Incomplete Information" (D. Besancenot), Journal of Policy Reform (The), Jan 2000, Vol. 4, Issue 4
  "Search, Price Illusion and Welfare" (D. Besancenot, G. Rocheteau), Journal of Macroeconomics, Jan 2000, Vol. 22, Issue 1
  "A Trade Union Model with Endogeneous Militancy: Interpreting the French Case" (R. Vranceanu, D. Besancenot), Labour Economics. An International Journal, Jan 1999, Issue 6
  "Un modèle de privatisation généralisée avec effet de réputation" (D. Besancenot), Revue d'Economie Politique, Jan 1998, Vol. 108, Issue 1
  "A Model of Working Time under Utility Competition in the Labor Market" (F. Contensou), Journal of Economics, Jan 1998, Vol. 67, Issue 1
  "On the Dynamic Consistency of Economy-Wide Privatization : A Theoretical Approach" (D. Besancenot), Economics Systems, Jun 1997, Vol. 21, Issue 2
  "Quelle règlementation pour le secteur de la Défense : l'expérience américaine" (M. Guyot), Revue Française d'Economie, Jan 1997, Vol. XII, Issue 3
  "Chômage structurel et emploi dans les économies en transition" (A. Fourcans), Revue Française d'Economie, Mar 1996, Vol. XI, Issue 2
  "Structure de coût généralisée et horaire optimal" (R. Vranceanu, F. Contensou), Economie et Prévision, Jan 1996, Vol. 4, Issue 125
  "The Impact of Enterprise Reform on Labor Markets in Transitional Economies : A Multi-sector Model" (R. Vranceanu, A. Fourcans), Economics Systems, Dec 1995, Vol. 19, Issue 4
  "Inflation and Employment Fluctuations in Transitional Economics" (R. Vranceanu, A. Fourcans), Journal of Public Finance and Public Choice (Economia Dell Scelte Publiche), Jan 1995, Vol. XIII, Issue 2 et 3
  "Le chômage en Roumanie" (R. Vranceanu), Le Courrier des Pays de l'Est, Oct 1993

  Economic Policies and the Debt-to-GDP Constraint. In: The Eurozone Crisis and the Future of Europe. New York (US) : Plagrave Macmillan, D. Daianu, G. Basevi, C. D'Adda, R. Kumar. 2014, p. 60-83
  Clés d'analyse de la conjoncture macroéconomique. In: Gestion de Patrimoine. Clés et outils. Cergy (France) : ESSEC Publishing, François Longin. 2012, p. 30-50
  Migratory policy in developing countries: How to bring best people back?. In: Post-accesion Romania: Issues and Prospects (with D. Besancenot). Bucarest (Romania) : National Bank of Romania, Daniel Daianu. 2009, p. 113-136
  Probleme economice contemporane. In: Capitalismul incotro ? autor: Daniel Daianu. Iasi (Roumanie) : Polirom, 2009, p. 9-13
  La crise de 2007-2009: Reperer les moments critiques, evaluer les politiques. In: A. Lempereur (Ed.), Le leadership responsable, un allié sûr contre la crise. Paris (France) : Gualino (Lextenso), Alain Pekar Lempereur. 2009, p. 287-303
  The moral layer of contemporary economics: A virtue-ethics perspective. In: M.L. Djelic & R. Vranceanu (Eds), Moral Foundations of Managment Knowledge. Cheltenham (UK) : Edward Elgar, Marie-Laure Djelic, Radu Vranceanu. 2007, p. 134-155
  Deregulating Dishonesty: Lessons from the US Corporate Scandals. In: Ethical Boundaries of Capitalism. Aldershot (Grande-Bretagne) : Ashgate, Daianu D., Vranceanu R.. 2005
  Weak Institutions, Fiscal Policy and Low Equilibria. In: Beyond Transition: Development Perspectives and Dilemmas (with D. Daianu). Aldershot (England) : Ashgate, DABROWSKI M., SLAY B., NENEMAN J.. 2004
  European Monetary Union: The Case for Fiscal Coordination. In: Global Financial Markets at the Turn of the Century (with A. Fourcans). Kidlington, Oxford (Grande-Bretagne) : Pergamon, Elsevier Science, Meric I., Gulser M.. 2001
  Endogeneous Corruption Risk and FDI in the Developing Countries. In: International Public Policy and Regionalism at the Turn of the Century (with D. Besancenot). Amsterdam (Pays-Bas) : Pergamon, FATEMI K.. 2001
  Labor Market Institutions and Social Welfare in Transitional Economies. In: Economic Transformation in Emerging Countries (with A. Fourcans). Oxford (Grande-Bretagne) : Elsevier Science Ltd., CONTRACTOR F.J.. 1998

Working papers
  "A Two-country Model of High Skill Migration with Public Education" (C. Naiditch, R. Vranceanu). Essec Research Center, DR‑1301 Jan 13.
  "The Euro Sovereign Debt Crisis and the Built-in Instability of the Euro" (R. Vranceanu). Essec Research Center, DR‑1211 Dec 12.
  "The Spending Multiplier in a Time of Massive Public Debt: The Euro Area Case" (R. Vranceanu, D. Besancenot). Essec Research Center, DR‑1209 Jul 12.
  "The Value of Lies in a 'Power-to-take' Game with Imperfect Information" (D. Besancenot, D. Dubart, R. Vranceanu). Essec Research Center, DR‑1205 Mar 12.
  "Experimental Evidence on the 'Insidious' Illiquidity Risk" (R. Vranceanu, D. Besancenot). Essec Research Center, DR‑1107 Jun 11.
  "Can Incentives for Research Harm Research? A Business Schools Tale" (D. Besancenot). Essec Research Center, DR‑06003 Feb 06.

Other Publications
Press articles
  "Crise financière, dette et avenir". Le, 05 Sep 2011, p. 1-2
  "Pourquoi il faut renforcer la concurrence bancaire". Les Echos, 22 Apr 2008, p. 17-17
  "US policymakers could learn from ECB". Financial Times, 07 Apr 2008, p. 10-10
  "America exporta criza financiara". Saptamina Financiara, 10 Sep 2007, p. 10-10
  "O furtuna financiara in luna august". Saptamina Financiara, 27 Aug 2007, p. 15-15
  "Le contrat de travail unique". Le Figaro, 01 Mar 2007, p. 14-14
  "Recherche en management; quels enjeux ?". Reflets Magazine, 14 Aug 2006, p. 30-31
  "La TVA à la carte". Monde (Le), 26 Feb 2004
  "L'impasse académique française". Monde (Le), 29 Nov 2003
  "Les 35 heures ou le discours sans la méthode". Monde (Le), 10 Oct 2003
  "Etats-Unis : une récession sans inflation ?". Figaro (Le), 01 Jun 2001
  "Pourquoi des entreprises profitables licencient-elles ?". Echos (Les), 16 May 2001
  "French in a State Over Danone Closures". Financial Times, 16 Apr 2001
  "Les lois Aubry ou les voiles de l'économie". Echos (Les), 05 Jun 2000

Teaching at ESSEC

Undergraduate courses: Microeconomics, Macroeconomics, European Economics

Graduate courses (MBA): Short-term Economic Analysis, Labor Economics, Economic Analysis for Business

Students seminar, PhD Programme, Economics Track

Labor Economics (Part I), PhD Programme, Economics Track

Executive programmes

Affiliations and Academic Responsibilities

Research fellow with THEMA (UMR 8184) CNRS - University Cergy-Pontoise.

Expert think-tank: GénérationLibre

Formely Board of Directors of the International Trade and Finance Association (US, Ohio State University):

President Elect of the ITFA (2010-2011).

December 2015 - December 2019:  member of the WES Expert Group (Economic Analysis

Academic membership: Association Française d'Economie Experimentale, European Economic Association.

Supervised the PhD disertations of Christian Ben Lakhdar, Michael Mangot, Katarzina Romaniuk, Claire Naiditch, Emmanuel Valat, Oana Peia.

Ad hoc referee for: Journal of Economic Behavior and Organization, Labour Economics, Revue d'Economie Politique, Economic Systems, Journal of Bhaviorla and Experimental Economics, Plos-One, Nature Human Behavior, Review of International Economics, Business Ethics: a European Journal, Ecology and Economics, Business and Society,...

Consulting & Other Activities

A series of opinion papers with Marc Guyot in La Tribune (online economic journal) - 2012 to date.

2001 : IER and World Bank supported project : Romanian Monetary Policy 1995-2001  

2002 : IER and EU financed project: Deregulating International Movements of Capital in Romania

2003-2004 : IER and EU financed project: "Romanian monetary policy and institutions: meeting the EU challenge"
2005 : Financing defense firms in France (and Europe), a study under the coordination of M. Guille et J. Belin, Paris 2 University, financed by the French Ministry of Defence
2006 : Independent Expert for the European Commission and the OSB Consulting (Austria) - Peer Review on "Incentives for indefinite contracts in Spain". See:

Professional Experience

2001-2007 and 2009-2014:  Dean for Research, ESSEC Business School

2002-2012: Member of the Board of Directors of the ESSEC Business School

2000-2001: Economic Affairs Officer, UNECE, Economic Analysis Division, Geneva. Contributed to the Economic Survey on Europe 2000 and 2001.

Useful Links
Personal Links
Google Scholar Profile
Repec Working Papers
Tel: 33 (0) 1 34 43 31 83

ESSEC Business School
Av. Bernard Hirsch
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