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Dr Michael Keane

Professor of Economics and Public Policy

Contact details

Room S2.47 Strand Building
Strand Campus London WC2R 2LS 

Phone: +44 (0) 7766 ?????

Twitter: @jdportes

Office Hours: Tuesdays 14:00-16:30 or by appointment



Michael Keane is the Plus Alliance Professor of Economics at KCL and UNSW. Prior to this he was the Nuffield Professor of Economics at Oxford, as well as holding Full Professor positions at Yale, NYU and Minnesota. His professional honours include being elected Fellow of the Econometric Society (2005), Australian Federation Fellow (2005), Council of the Econometric Society (2009), Australian Laureate Fellow (2012), Fellow of the Academy of Social Sciences in Australia (2012) and Fellow of the Journal of Econometrics (2016). He is also a winner of the John Little Award, 1996, the Kenneth Arrow Award, 2009, and the Dennis Aigner Award 2017. From 2006-2010 he was co-director of the Centre for the Study of Choice at UTS, and since 2001 he has been a co-director of the Centre for Populating Ageing Research at UNSW.



Econometrics (September to December 2017)



Michael’s research covers both econometrics methodology and a wide range of applied econometric fields. In terms of  methodology he is best known for the development in the late ‘80s and early ‘90s of methods that made it feasible to estimate choice models that were much more complex than had been previously been possible (both in terms of the number and complexity of the options, and the nature of the dynamics involved). In terms of applied work, he is well known for work on human capital and occupational choice, particularly his joint work with Ken Wolpin on “The Career Decisions of Young Men.” He is also well known for his work on how consumers learn about products and develop brand loyalty, particularly his joint work with Tulin Erdem on “Decision Making under Uncertainty: Capturing Dynamic Brand Choice Processes in Turbulent Consumers Goods Markets.” He has also done work on labour economics, health economics, political economy, industrial organization, international trade, and child development.


Keane’s current research focusses on (1) the extension of traditional life-cycle labour supply models to incorporate important factors like human capital accumulation, investments in health, and marriage markets, (2) inclusion of psychological factors into consumer demand models – particularly for health insurance, and (3) the study of child development, both in developed and developing countries.


Selected publications

Keane, M. (1994). A Computationally Practical Simulation Estimator for Panel Data. Econometrica, 62:1, 95-116.

Erdem, T. and M. Keane (1996). Decision Making under Uncertainty: Capturing Dynamic Brand Choice Processes in Turbulent Consumer Goods Markets. Marketing Science, 15:1, 1-20. (John D.C. Little Award).

Keane, M. And K. Wolpin (1997). The Career Decisions of Young Men. Journal of Political Economy, 105:3, 473-522.

Keane, M. and R. Moffitt (1998). A Structural Model of Multiple Welfare Program Participation and Labor Supply. International Economic Review, 39:3, 553-589.


Keane, M. and K. Wolpin (2001). The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment. International Economic Review, 42:4, 1051-1103.

Imai, S. and M. Keane (2004). Intertemporal Labor Supply and Human Capital Accumulation. International Economic Review, 45:2, 601-642.

Dieremeier, D., Keane M. and A. Merlo (2005).  A Political Economy Model of Congressional Careers. American Economic Review, 95:1 (March), p. 347-373.

Feinberg, S. and M. Keane (2006). Accounting for the Growth of MNC-Based Trade using a Structural Model of US MNCs, American Economic Review, 96:5, 1515-58.

Fang, H., M. Keane and D. Silverman (2008). Sources of Advantageous Selection: Evidence from the Medigap Insurance Market, Journal of Political Economy, 116:2 (April), p. 303-350. (Kenneth J. Arrow Award, 2008).

Bernal, R. and M. Keane (2011). Child Care Choices and Children’s Cognitive Achievement: The Case of Single Mothers, Journal of Labor Economics, 29:3, (July) 459-512.

Keane, M. and O. Stavrunova (2016). Adverse Selection, Moral Hazard and the Demand for Medigap Insurance. Journal of Econometrics, 190, 62-78. (Dennis Aigner Award 2017).

Keane, M. and N. Wasi (2016). Labour Supply: the Roles of Human Capital and the Extensive Margin, The Economic Journal, 126(592), 578-617.

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