The research is based on his doctoral thesis entitled “Essays on investment under uncertainty and asymmetric information”. The award was presented by Prof Robert Aumann, the 2005 Nobel Laureate in economics. Amongst the participants attending the forum were John Nash, Robert Mundell, Finn Kydland, Edward Prescott, Eric Maskin and Christopher Pissarides.

Kirill presented his research on “Risk-shifting asset price bubbles”, which demonstrates that uncontrolled credit expansion can alter the behaviour of agents and thereby adversely affect the real economic activity. During the awards ceremony Prof Aumann emphasised that positive and negative bubbles have played an important role prior to and during the recent financial crisis.