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Craig Webb


  • Senior Lecturer of Microeconomic Theory, Economics
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Personal profile


Postgraduate Supervision

I am keen to supervise any student (for MSc dissertation or PhD research) interested in modern theories of decision making under risk, uncertainty or time. This is a vast field and there are many areas being addressed by current research. In particular, the following areas are of interest:

  • The preference foundations of utility models of choice under risk, uncertainty or time.
  • Analysis of behavioural patterns inconsistent with classical Microeconomic Theory (e.g. loss aversion, ambiguity aversion, decreasing impatience etc.).
  • Designing methods for measuring utility, or other salient aspects of decision making, in experiments
  • Microeconomic or game theoretic applications of modern theories of decision making

Research in non-EU theory can be mathematically demanding and students should already be comfortable with the mathematics encountered in postgraduate economics. Regardless of previous experience, it is expected that interested students should be keen to enhance their current skill set.

I am currently co-supervising Jinrui Pan (PhD Economics year 4), working on the analysis and axiomatic foundations of new models of intertemporal decision making.


Current Teaching

I am currently the lecturer for the following courses:

  • ECON10171 Microeconomic Analysis 1 (1st Year Undergraduate)
  • ECON30001 Advanced Microeconomics (3rd Year Undergraduate)
  • ECON80041 Advanced Microeconomic Theory (PhD level)
  • ECON80150 Advanced Topics in Microeconomic Theory (PhD level)


Previous Teaching

I have previously lectured or taken classes for the following courses:

  • ECON20000 Managerial Economics I
  • ECON20351 Microeconomics IIA (2nd Year Undergraduate)
  • ECON20352 Microeconomics IIB (2nd Year Undergraduate).
  • ECON30600 Microeconomics III (3rd Year Undergraduate).
  • ECON31001 Managerial Economics II (3rd Year Undergraduate).



PhD. Economics, University of Manchester, September 2006 - May 2009. 

MSc. Economics, University of Manchester, 2005 – 2006.
Awarded with Distinction. 

BA. Financial Economics, University of Liverpool, 2001 – 2004.
Awarded with First Class Honours.


ESRC 1+3 PhD Studentship, University of Manchester, 2005 – 2009.

GLS Shackle Prize, University of Liverpool, 2004.

Bromley Undergraduate Scholarship, University of Liverpool, 2003.

Research interests

My research is concerned with the foundations, analysis and application of models regarding individual choice under risk and uncertainty.

The work of Behavioural and Experimental Economists presents many challenges to classical Microeconomic Theory. Certain behavioural patterns have consistently been shown to be empirically important. These include: loss aversion, probabilistic risk attitudes and ambiguity aversion. Importantly, such behavioural patterns do not sit well the classical Subjective Expected Utility model.

My primary research agenda is concerned with how these empirical insights can be integrated into mathematical models of decision making. This agenda is guided by a personal view that such models should be both: general enough to allow for realistic departures from expected utility, and simple enough to be of use to Microeconomic Theory.


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