Microeconomics at CEMFI
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The microeconomics group at CEMFI covers several areas of research including industrial organization, microeconomic theory, energy economics, or behavioral economics. The members of this group make contributions that are both theoretical and empirical in nature and have been published in top journals. This group organizes the FIRMS seminar, which serves as a meeting hub for researchers in the Madrid area. On top of that, this group organizes the microeconomics workshop, where our PhD students present their own research, as well as recent research in their areas of interest. Members of the group are affiliated with other research centers and networks, such as the Centre for Economic Policy Research (CEPR) and they hold multiple grants from Spanish funding agencies and private institutions. We invite you to learn more about the Microeconomics group at CEMFI below.
Faculty
Guillermo Caruana
Associate Professor with Tenure
Susanna Esteban
Associate Professor with Tenure
Natalia Fabra
Professor
Gerard Llobet
Professor
Other academic staff
Milena Almagro
Research Associate
PhD students
Seminars series
OCT
FIRMS Seminar
Nahim Bin Zahur (Queen's University) presents "Long-term Contracts and Efficiency in the Liquefied Natural Gas Industry"
NOV
FIRMS Seminar
Hyuk-soo Kwon (Harris School of Public Policy - University of Chicago) presents "Designing Electric Vehicle Subsidies for Equity and Efficiency"
NOV
FIRMS Seminar
Nick Ryan (Yale University) presents "TBA"
NOV
FIRMS Seminar
Luis Aguiar (Universität Zürich) presents "Can machine translation democratize knowledge access? Evidence from Wikipedia"
DEC
FIRMS Seminar
joint Banking and Finance Olivier Darmouni (HEC Paris) presents "Financing Investment in Electricity" (joint with Clemens Lehner and Pari Sastry)
Recent publications of this research line
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Gerard Llobet, Álvaro Parra and Javier Suárez,
Optimal Patent Screening with Imperfect Enforcement,
International Journal of Industrial Organization, (2026), 103248. -
Natalia Fabra, M. Reguant and J. Wang,
The Distributional Impacts of Time-Varying Electricity Pricing: A Novel Approach to Estimating Household Income,
Journal of the European Economic Association, forthcoming. -
D. Andrés-Cerezo and Natalia Fabra,
Storage and Renewable Energies: Friends or Foes?,
Economic Journal, forthcoming. -
Natalia Fabra and Gerard Llobet,
Fossil Fuels and Renewable energy:Mix or Match?,
Rand Journal of Economics, (2025), 121950.
Research grants
Designing Auctions for Renewable Energies and Storage (Fundación Ramón Areces, 2026-2028)
Researchers: Natalia Fabra (PI), Gerard Llobet.
IMPACT: Integrated Modelling for Physical Assessment of Climate Threats (Ministerio de Ciencia, Innovación y Universidades, 2025-2027)
Researchers: Natalia Fabra (PI).
Advances in Applied Microeconomics (Ministerio de Ciencia, Innovación y Universidades, 2025-2028)
Researchers: Gerard Llobet (Co-PI), Pedro Mira (Co-PI), Guillermo Caruana.
Socio-Economic Challenges and Opportunities of the Energy Transition (Consejo Europeo de Investigación, 2025-2030)
Researchers: Natalia Fabra (PI), Gerard Llobet.
The Economics of Energy Transition and Technological Progress (Ministerio de Ciencia, Innovación y Universidades (MCIU), 2024-2028)
Researchers: Natalia Fabra (PI).
Economic and Social Effects of Climate and Energy Policies (CLIMAD-CM) (Comunidad de Madrid, 2025-2027)
Researchers: Natalia Fabra (Co-PI), Gerard Llobet (Co-PI).