Kremena Valkanova
Kremena Valkanova

I am a microeconomic theorist studying how people, algorithms, and societies make decisions, and how the choice environment shapes outcomes. My research spans stochastic choice, bounded rationality, social choice, and learning in games. I study what stochastic decisions reveal about preferences, cognition, and attention, and how to design institutions that promote fair and reliable collective outcomes.

I am currently a Research Scientist at Parity Technologies, where I work on voting system design and blockchain economic security. I completed my Ph.D. in Economics at the University of Zurich in 2021, followed by a postdoctoral position on mathematical democracy at ETH Zurich.


Research

Working Papers

Markov Stochastic Choice

September 2024 (First version: November 2020)

We propose a Markovian model of sequential comparison to study how item arrangement affects choice, identifying when rearrangements are irrelevant and when observed choices reveal underlying consideration sets and decision processes.

Voting with Random Proposers: Two Rounds May Suffice

with Hans Gersbach, October 2024

We study a randomized agenda-setting procedure that curbs manipulation and quickly selects the Condorcet winner, with applications to committees, legislatures, and decentralized governance.

Publications

Revealed Preference Domains from Random Choice

2024, Games and Economic Behavior, 147, pp. 288-304.

We define a new property of ordinal random utility models, exclusiveness, and show that many classical and novel preference domains satisfy it, enabling their direct identification from stochastic choice data.

Irrelevant Alternatives Bias Large Language Model Hiring Decisions

with Pencho Yordanov (2024), In Findings of the Association for Computational Linguistics: EMNLP 2024, pages 6899–6912, Miami, Florida, USA. Association for Computational Linguistics.

We document a robust attraction effect in GPT-3.5 and GPT-4 hiring decisions, demonstrating that LLMs reproduce a classic human choice bias.

Fictitious Play in Networks

with Christian Ewerhart (2020). Games and Economic Behavior, 123, pp. 182-206.

We characterize when fictitious play converges in networks of bilateral games, proving fast convergence in zero-sum networks and identifying structural conditions for broader classes.