Staff profile

Spyros is Professor in Economics and Director of the DREAM Research Centre. He has held academic positions at the University of Southampton (Lecturer and Associate Professor) and City, University of London (Senior Lecturer, Reader and Head of Department). He received his PhD from the University of Rochester in 2008, his MSc from the University of Warwick in 2002 and his BSc from the Athens University of Economics and Business in 2001, all in Economics.

His main research focuses on the role that uncertainty, information and bounded perception have on single- and multi-agent decision making. He examines under which conditions speculative trade occurs and whether information is valuable, in three different settings: when traders have a bounded perception of their uncertainty due to their unawareness, when they are dynamically and time inconsistent, and when they are not financially sophisticated enough to formulate complex trading strategies. He also studies when information is valuable and whether markets aggregate and reveal information through their price mechanism.

Spyros has been awarded an ESRC grant as PI that runs between 2021 and 2024, , and a French grant as Co-I, on the forecasting efficiency of prediction markets.   The aim is to understand under which conditions the prediction markets (and financial markets more generally) are an effective tool in aggregating information. The aim is to study prediction markets theoretically and experimentally, but also to collaborate with firms in implementing them on-site and testing their effectiveness. You can find more information about the project at calimantic.com.

His work has been published in journals such as the Review of Economic Studies, Journal of Economic Theory, Games and Economic Behavior, and Economic Theory, among others. He is Director of the Durham Research in Economic Analysis and Mechanisms (DREAM) and he co-organises the Virtual Seminars in Economic Theory (VSET), the Durham Economic Theory Conference and the Makris Symposium in Economic Theory (MSET).

• Decision Theory
• Experiments
• Finance
• Game Theory

• 2024: CMA Durham Partnership: The partnership of the University with the Microeconomics Unit (MU), a dedicated unit within the Competition and Markets Authority (CMA) at the UK Government’s Darlington Economic Campus (DEC), will play a pivotal role in advancing open-access economic research and informing evidence-based policy. The main partners from the University are the Durham University Business School, the Department of Economics and the DREAM Research Centre .

Authored book

• Galanis, S. (2018). Six Easy Models of International Trade Theory. Polyolvos

Journal Article

• Galanis, S., Ioannou, C. A., & Kotronis, S. (2024). Information Aggregation Under Ambiguity: Theory and Experimental Evidence. The Review of Economic Studies, https://doi.org/10.1093/restud/rdae009
• Galanis, S. (2021). Dynamic consistency, valuable information and subjective beliefs. Economic Theory, 71(4), 1467-1497. https://doi.org/10.1007/s00199-021-01351-y
• Galanis, S. (2021). Speculative trade and the value of public information. Journal of Public Economic Theory, 23(1), 53-68. https://doi.org/10.1111/jpet.12476
• Galanis, S., & Kotronis, S. (2021). Updating Awareness and Information Aggregation. B.E. Journal of Theoretical Economics, 21(2, SI), 613-635. https://doi.org/10.1515/bejte-2018-0193
• Galanis, S. (2021). Group Testing and Social Distancing. National Institute Economic Review, 257, 36-45. https://doi.org/10.1017/nie.2021.26
• Galanis, S. (2018). Financial Complexity and Trade. Games and Economic Behavior, 112, 219-230
• Galanis, S. (2018). Speculation under unawareness. Games and Economic Behavior, 109, 598-615. https://doi.org/10.1016/j.geb.2018.03.001
• Galanis, S. (2016). The value of information in risk-sharing environments with unawareness. Games and Economic Behavior, 97, 1-18. https://doi.org/10.1016/j.geb.2016.03.001
• Galanis, S. (2015). The value of information under unawareness. Journal of Economic Theory, 157, 384-396. https://doi.org/10.1016/j.jet.2015.01.015
• Barelli, P., & Galanis, S. (2013). Admissibility and event-rationality. Games and Economic Behavior, 77(1), 21-40. https://doi.org/10.1016/j.geb.2012.08.012
• Galanis, S. (2013). Unawareness of theorems. Economic Theory, 52(1), 41-73. https://doi.org/10.1007/s00199-011-0683-x
• Galanis, S. (2011). Syntactic foundations for unawareness of theorems. Theory and Decision, 71(4), 593-614. https://doi.org/10.1007/s11238-010-9218-3