Francesca Pancotto

I am Associate Professor in Economics at the University of Modena and Reggio Emilia. My research focuses on the investigation of rationality of human choice in connection with social and economic behavior. In particular, I focused on the study of individual behavior and social norms and on the irrationality of expectations in financial markets. In 2015, I funded Rebel, the Reggio Emilia Behavioral and Experimental Lab. This January(2019), together with Marco Mamei (and Marco Lippi, Semit Tumen and Semyi Cilasun) we won our second Big Data Challenge, precisely the 'D4R' proposed by Turkish Telecom, in the category education.

Individual behavior and social norms

Publications in referred journals

  • Synchronization as a measure of social capital, with M. Mamei, M. De Nadai, B. Lepri, F. Zambonelli, A. Pentland, EPJ Data Science, EPJ Data Science, 2018, 7:25
  • Amoral Familism, Social Capital or Trust? The Behavioral Foundations of the Italian North-South Divide, with M. Bigoni, S. Bortolotti, M. Casari, D. Gambetta, June 2015, Economic Journal, Volume 126, Issue 594, Pages 1318 - 1341 link
  • Pro-sociality and Strategic Reasoning in Economic Decisions, with B. Arrunada and M. Casari, Frontiers in Behavioral Neuroscience, 2015, doi: 10.3389/fnbeh.2015.00140, link
  • Norms of punishment: Experiments with students and the general population, Economic Inquiry, Volume 53, Issue 2, pages 1207 -1223, April 2015. link
  • The Minority Game Unpacked: Coordination and Competition in a Team-based Experiment, with T. Brenner, G. Devetag, Journal of Evolutionary Economics, September 2014, Volume 24, Issue 4, pp 761-797. link

Book Chapters:

  • Salah, A. A., et al. "Policy implications of the D4R Challenge." Guide to mobile data analytics in refugee scenarios: the'Data for Refugees Challenge'study. Springer, 2019. 481-498.

Working papers:

  • Reflectivity reduces pro-sociality but only among strategic subjects, with S. Righi, F. Codeluppi, G, Debetag, submitted
  • Food waste as a (negative) measure of social capital. A study across Italian Provinces, with Simone Piras , Simone Righi, Matteo Vittuari and Marco Setti, submitted, link
  • Optional Public Good Game and antisocial punishment, with S. Righi, K. Takacs, submitted
  • The effect of a natural disaster on the contribution to the public good, with S. Righi, G. Devetag, M. Mamei, F. Giardini, in progress

Behavioral Finance:

Publications in referred Journals

  • Persuasion in Finance: Behavioral or Rational?, with. R. Ferretti and E. Rubaltelli, Journal of Behavioral and Experimental Economics, Volume 71, December 2017, pages 26-30, link
  • Overreaction in Survey Exchange Rates Forecasts, with F. Pericoli, and M. Pistagnesi, Journal of Forecasting, Volume 33, Issue 4, pages 243–258, July 2014. link
  • Till Labor Cost do Us Part. On the long run convergence of EMU countries, with Filippo Pericoli, International Economics and Economic Policy, September 2014, Volume 11, Issue 3, pp 371-395. link
  • Does Volatility Matter? Expectations of Price Return and Variability in an Asset Pricing Experiments, with G. Bottazzi and G. Devetag, Journal of Economic Behavior and Organization, Volume 77, Issue 2, February 2011, Pages 124-146. link
  • Equilibria, Stability and Asymptotic Dominance in a Speculative Market with Heterogeneous Agents, Journal of Economic Dynamics and Control, Vol. 30 pag 1787-1835, 2006, with M.Anufriev, G.Bottazzi. link

Articles in Referred Proceedings and Collections

  • M. Anufriev, G. Bottazzi and F. Pancotto, "Speculative Equilibria and Asymptotic Dominance in a Market with Adaptive CRRA Traders" in Abbot, D., Bouchard, J.P., Gabaix, X., and McCauley, J.L. "Noise and Fluctuations in Econophysics and Finance" SPIE Conference Proceedings, vol. 5848, SPIE, WA, 2005.

Working papers

  • Consistency, Learning and Higher Order Beliefs: A Structural Model of Exchange Rates Dynamics, with G. Pignataro, D. Raggi, submitted
  • The less I know the better: The role of Information for efficient forecasts, with E. Giacomini, G. Valeri, in progress
  • A bayesian model of firm advertising: theory and empirical evidence, with R. Ferretti and L. Ferrari, in progress


  • Complaining in Consumer Credit: which relationship with credit risk, with S. Cosma and P. Vezzani, Book Chapter in Contemporary Issues in Banking, Regulation, Governance, and Performance, Editors García-Olalla, Myriam, Clifton, Judith (Eds.) 2018
  • The role of moral hazard in Consumer Credit Complaints, with S. Cosma and P. Vezzani, in progress