Andrey Minaev

PhD Candidate

University of North Carolina at Chapel Hill


I am a Ph.D. Candidate in Economics at the University of North Carolina at Chapel Hill.

My research area is Industrial Organization, mainly the big tech industry, with a focus on consumer search, platforms, and ranking mechanisms.

Please check 2 minutes video summary of my Job Market Paper by this link.

I am on the job market in 2020-2021 and will be available for interviews at the 2021 ASSA meeting and at the 2021 EJM meeting.


  • Industrial Organization
  • Empirical Microeconomics
  • Microeconomic Theory
  • Search Theory


  • PhD in Economics, May 2021 Expected

    University of North Carolina at Chapel Hill

  • MA in Econometrics and Quantitative Economics, 2015

    New Economic School, Moscow

  • MSc in Applied Math and Physics, 2011

    Moscow Institute of Physics and Technology

  • BSc in Applied Math and Physics, 2009

    Moscow Institute of Physics and Technology




Wolfram Mathematica

Working Papers

Consumer Data and Consumer Welfare: Evidence from the Hotel Booking Market (Job Market Paper)

I study how the information a search intermediary has about consumer preferences impacts the market. Consumers participate in costly search among different sellers’ products, relying on the rankings order provided by the intermediary based on their preferences. Better product targeting affects consumer search and purchases, which, in turn, changes the seller pricing incentives. I considered these aspects by modeling both sides of the market under various ranking algorithms used by the intermediary. On the demand side, I developed a joint model of consumer costly search and purchase. On the supply side, I considered the sellers’ pricing competition. To estimate the demand and supply models, I utilized a rich dataset provided by Expedia, which includes consumer search and purchase data and information on the hotels and prices they charge. I find that if the intermediary uses data on consumers’ preferences to provide them personalized rankings of products, consumers, on average, experience a 3.6% ($4.9) utility decrease due to increased transaction prices, a 0.8% ($1.1) utility gain due to a reduction in search spending, and 0.5% ($0.7) utility gain due to finding a better-fitted hotel.

Markets with Search Frictions and Partially Informed Intermediary

The paper discusses markets with consumer’s search frictions and partially informed intermediary. The main finding is the increase in the intermediary information might decrease the average quality of the product consumers purchase and decline the total economic welfare and consumer surplus. The mechanism is if the intermediary makes better advise to consumers in average what product to explore first, all consumers have lower expectations about the next products and explore them less often, which decreases the quality of purchased good for consumers who got the wrong recommendation and might lead to a reduction of the average quality of purchased products. This effect appears in the case of low search cost, which makes it especially important in the analysis of online search platforms.

Work in Progress

Firms entrance on ranking platforms

The paper shows that the entrance of new firms on ranking platforms with ordered consumer's search (e.g., Amazon and Google) can lead to an increase in the price charged by firms already presented on the market, despite increased market competition. The mechanism is as follows: an entrance of a new firm increases the chances of all other firms on the market to take low positions in the ranking, which, according to standard results of ordered search literature, leads to an increase in firms’ prices.




University of North Carolina at Chapel Hill

Jun 2017 – Present Chapell Hill, US

Intermediate Microeconomic Theory for nonmajors, 100 students. Latest evaluation

  • Fall 2018, 2019, 2020
  • Spring 2019, 2020, 2021

Intermediate Microeconomic Theory for majors, 30 students. Latest evaluation

  • Summer 2017, 2018, 2019

Statistics and Econometrics for majors, 30 students. Latest evaluation

  • Summer 2020

Undegraduate Head Teaching Assistant

University of North Carolina at Chapel Hill

Aug 2016 – May 2018 Chapell Hill, US
Intermediate Microeconomic Theory for majors, 500 students

  • Fall 2016, 2017
  • Spring 2017, 2018

Graduate Teaching Assistant

New Economic School

Sep 2014 – Jun 2015 Moscow, Russia

Optimization Methods in Economics, PhD level, 20 students

  • Fall 2014

Game theory, PhD level, 20 students

  • Spring 2015

Working Experience


Chief Executive Officer

Air Conditioners online store

Nov 2010 – Oct 2012 Moscow, Russia

  • Built and implemented company development strategy. Raised annual revenue from $0 to $300,000
  • Organized all company’s business processes, including procurement, advertising, sales, and distribution
  • Managed a team of four employees and several freelancers
  • Participated in government and corporate procurement contracts. Made deals for $100,000

Business Management Analyst

Strategy Business Solutions, Management Consulting

Sep 2009 – Nov 2010 Moscow, Russia

  • Built business process map of the textile factory with 100 workers
  • Conducted research of textile market helping to tailor the factory market strategy
  • Regularly presented the results to clients and other team members

Marketing Intern


Jun 2008 – Sep 2008 Moscow, Russia

  • Conducted market research of Microsoft Healthcare potential customers needs
  • Helped to organize the conference for hospitals administrators