Prof Tim Worrall

Tim Worrall is Professor of Economics and Deputy Head of the School of Economics.

Prof Tim Worrall

Contact details



Room 3.09, 31 Buccleuch Place

Areas of interest
Contract theory
Risk and uncertainty
Network Design
Game theory

Research Interests

Contract Theory; Risk and Uncertainty; Network Design.


Educated at Liverpool and Essex Universities and graduated with a PhD in Economics from Liverpool University in 1983. Previously a member of Professor Frank Hahn's ESRC project on Risk, Information and Quantity Signals in Economics at Cambridge University 1983-85 and part of the DFG Sonderforschungsbereich 178 on the Internationalization of the World Economy at Konstanz and Kiel Universities, 1987-1990. Also Assistant Professor at the University of Western Ontario, Reading University and Liverpool University, Professor of Economics at Keele University 1996-2008 and Hallsworth Fellow in Political Economy at the University of Manchester 2008-11.

His principal research interests (with corresponding JEL classification) are:

  • Game Theory and Bargaining Theory (C7);
  • Market Structure and Pricing (D4);
  • Information and Uncertainty (D8);
  • Intertemporal Choice and Growth (D9);
  • Consumption, Saving, Production, Employment and Investment (E2);
  • Financial Markets (G1);
  • Corporate Finance and Governance (G3);
  • Regulation and Industrial Policy (L5).

His primary teaching interests are in economic theory, industrial organisation, game theory, asset pricing, derivatives and risk management.

Selected Publications

  • Cost Padding in Regulated Monopolies (with Spiros Bougheas), International Journal of Industrial Organization, July, 2012, Volume 30(5), pages 331-341.
  • Limited commitment models of the labour (with Jonathan Thomas), Scottish Journal of Political Economy, November, 2007, Volume 54 (5), pages 750-773.
  • Unemployment insurance under moral hazard and limited commitment: Public versus private provision (with Jonathan Thomas), Journal of Public Economic Theory, February, 2007, Volume 9, (1) pages 151-181.
  • Gift-giving, quasi-credit and reciprocity (with Jonathan Thomas), Rationality and Society, August, 2002, Volume 14, (3), pages 307-351.
  • Mutual insurance and limited commitment: Theory and evidence from village economies (with Ethan Ligon and Jonathan Thomas), Review of Economic Studies, January, 2002 69 (1), pages 209-244.
  • Mutual insurance, individual savings and limited commitment (with Ethan Ligon and Jonathan Thomas), Review of Economic Dynamics April, 2000, Volume 3 (2), pages 216-246.

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