Sergei Kulaev (Koulayev)


Aug 2019 - now, Principal Economist, Amazon

Feb 2014 - Aug 2019, Economist, Consumer Financial Protection Bureau

 Education: PhD in Economics, Columbia University, 2010; MA in Economics, New Economic School, 2003; 

Fields: industrial organization; applied microeconomics. Research interests: household finance; empirical modeling of search; antitrust economics;  

Contact: Google Scholar profile

Completed research

Changing the Scope of GSE Loan Guarantees: Estimating Effects on Mortgage Pricing and Availability, with Alexei Alexandrov and Thomas Conkling, The Journal of Real Estate Finance and Economics (2022)

Consumer Demand for Credit Card Services, with Daniel Grodzicki, Alexei Alexandrov, Ozlem Bedre-Defolie, Journal of Financial Services Research, 2022

Sustained Credit Card Borrowing, with Daniel Grodzicki, Journal of Consumer Affairs,  vol 55, 2021

Ability-to-Repay and Qualified Mortgage Rule Assessment Report, Consumer Financial Protection Bureau report to examine impacts of Dodd-Frank mandated ability to repay mortgage rules (lead economist), 2019

First-Time Homebuyer Counseling and the Mortgage Selection Experience in the United States Evidence from the National Survey of Mortgage Originations, with Robert Argento, Lariece Brown, Grace Li, Marina Myhre, Forrest Pafenberg, Saty Patrabansh, Cityscape,   Volume 21 Number 2, 2019

No Shopping in the U.S. Mortgage Market: Direct and Strategic Effects of Providing Information, with Alexei Alexandrov; CFPB Working Paper No. 2017-01

Price to Compete ... With Many: How to Identify Price Competition in High Dimensional Space, with Jun Li and Serguei Netessine, Management Science, 2017

Optimizing Click-through in Online Rankings with Endogenous Search Refinement, with Babur de los Santos, Marketing Science 36.4 (2017): 542-564. 

Explaining adoption and use of payment instruments by US consumers, Marc Rysman, Scott Schuh and Joanna Stavins. RAND Journal of Economics, Volume 47, Issue 2, 2016

Can Physicians Affect Patient Adherence with Medication?, with Emilia Simeonova and Niels Skipper, Health Economics, 2016.  Earlier and more detailed version of the paper is NBER Working Paper 19496

Using the Economics of the Pass Through in Proving Antitrust Injury in Robinson-Patman cases, with Alexei Alexandrov, The Antitrust Bulletin December 2015 vol. 60 no. 4 345-357

Can Health IT Adoption Reduce Health Disparities?, with Emilia Simeonova, Health Systems 4, 55-63 (March 2015)

Search for differentiated products: identification and estimation, RAND Journal of Economics, Volume 45, Issue 3, 2014.  Technical Appendix.

Search with Dirichlet priors: estimation and implications for consumer demand, Journal of Business and Economic Statistics, Volume 31, Issue 2, 2013.


Empirical industrial organization, graduate course at Johns Hopkins university (2019) 

Information, Game Theory and Market Design, for Applied Economics Master's program, Univ of Maryland (2014,2015)

Market Organization and Public Policy, a graduate level class in Boston University. (2012)

Industrial Organization-Competition and Antitrust, an undergraduate course in Boston College (2012-2013) 

Introduction to Econometrics, an undergraduate course in Boston College (2012-2013)


Married to Emilia Simeonova