Andrey Minaev, PhD

Senior Associate

Charles River Associates


I'm an Economist with experience using economic models and statistics to analyze data, helping businesses and executives find insights that answer complex questions and inform strategic decisions in high-stakes Antitrust and M&A transactions.


  • Antitrust
  • Mergers & Acquisitions
  • Class Certification
  • Big Tech
  • Search Theory


  • PhD in Economics, May 2021

    University of North Carolina at Chapel Hill

  • MA in Quantitative Economics, 2015

    New Economic School, Moscow

  • MS & BS in Mathematics and Physics, 2011

    Moscow Institute of Physics and Technology



Senior Associate

Charles River Associates

Aug 2021 – Present Washington DC, US

  • Help attorneys and clients navigate complex economic issues in a mergers and competition litigation
  • Conduct data-driven research for different context reflecting business problems
  • Delivering research results to colleagues and clients using presentations and correspondence


University of North Carolina at Chapel Hill

Jul 2017 – May 2021 Chapel Hill, US

  • Teaching Intermediate Microeconomics and Statistics (10 semesters in total)
  • Conduct lectures for a hundred students
  • Developed lecture materials emphasizing basic theories in microeconomics
  • Adapted the presenting of economic concepts for easy understanding by non-econ majors


Air Conditioners online store

Nov 2010 – Oct 2012 Moscow, Russia

  • Built and implemented company development strategy
  • 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

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




Wolfram Mathematica


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.




University of North Carolina at Chapel Hill

Jun 2017 – May 2021 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