Dr. Hamed Ghoddusi

Building: Babbio Center
Room: 417
Phone: 201 216 3512
Fax: 201 216 5385
Email: Hamed.Ghoddusi@stevens.edu
  • Postdoc, Massachusetts Institute of Technology (MIT), 2011-2013
  • PhD in Finance, Vienna Graduate School of Finance (VGSF), 2007-2011
  • Visiting PhD Student, University of Texas, Austin, 2009-2010
  • Post-graduate diploma in Economics, Institute for Advanced Studies
    (IHS), Vienna, 2005-2007
  • M.B.A, Sharif University of Technology, 2000-2003
  • BSs in Industrial Engineering, Sharif University of Technology, 1995-2000

Research Interests:  Energy and Resouce Economics, Real Options, Commodity Markets, Risk Management, Sustainability

Refereed Journal Articles

  1. "Input-price Risk Management:Technology Improvement and Financial Hedging", with Sam Aflaki and Ali Shantia, forthcoming, Production and Operations Management (POMS)
  2. "Valuation of Mortgage Interest Deduction under Uncertainty: An Option Pricing Approach", with Mohamad Afkhami,  forthcoming, Journal of Economic Dynamics and Control (JEDC)
  3. Ghoddusi H, Rafizadeh N, Rahmati, MH, 2018, "Price Elasticity of Gasoline Smuggling", Energy Economics

  4. Ghoddusi H, Nili, M, and Rastad, M, 2017, "On Quota Violations of OPEC Members", Energy Economics
  5. Ghoddusi H and Roy M, 2017, "Supply Elasticity Matters for the Rebound Effect and Its Policy Implications", Energy Economics
  6. Ghoddusi H, with Mohamad Afkhami and Lindsey Cormack, 2017, "The Most Predictive Energy Search Terms", Energy Economics 
  7. Ghoddusi, H, 2017, "Price Risks for Biofuels Producers in a Deregulated Market", Renewable Energy 
  8. Ghoddusi, H, Emamzadeh Fard, S, 2017, "Optimal Hedging in the US Natural Gas Market: the Effect of Maturity and Cointegration", Energy Economics
  9. Ghoddusi, H, 2017, "Blending Under Uncertainty: Real Options Analysis of Ethanol Plants and Biofuels Mandates", Energy Economics  61, Pages 110-120
  10. Ghoddusi, H and Fahim, A, 2016, "Volatility Can be Deterimental to Option Values", Economics Letters 149, Pages 5-9
  11. Ghoddusi, H, 2016, "Integration of Physical and Futures Prices in the US Natural Gas Market", Energy Economics 
  12. Ekholm, T., Ghoddusi, H., Krey, V., & Riahi, K, 2013, The Effect of Financial Constraints on Energy-Climate Scenarios. Energy Policy 59, 562-572.
  13. Ghoddusi, H, 2010, Dynamic Investment in Extraction Capacity of Exhaustible Resources , Scottish Journal of Political Economy 57 (3), 359-373

Working Papers and Papers Under Review 

  1. "Machine Learning in Energy Economics: A Review", with German Creamer and Nima Rafizadeh, Second Round, Energy Economis, SSRN
  2. "Hedging Commodity Price Risk in a Supply Chain", 2019, with Sheridan Titman and Stathis Tompaidis, Under Review
  3. "Endogenous Profit Dynamics in Commodity Processing Firms", with Sheridan Titman and Stathis Tompaidis, 2019
  4. "Effect of Subsidy Reforms on Consumers Behavior", with Nima Rafizadeh, Under Review
  5. "Exchange Rate Volatility and Gasoline Consumption", with Nima Rafizadeh and Mohammad Morovati, Under Review
  6. "Virtual Water Trade: The Implications of Capital Scarcity", with Mohamad Afkhami, Thomas Bassetti, and Filippo Pavesi, Under Review, SSRN
  7. "Pricing Renewable Identification Numbers (RINs) under Uncertainty", with Mohamad Afakhami, Under Review, SSRN 
  8. "Income Elasticity of Demand versus Income Elasticity of Consumption", with Mandira Roy and Alexander Rodivilov, Under Review, SSRN
  9. "A Risk-Hedging View to Downstream Investment for Oil-Rich Economies", with Franz Wirl, Under Review, SSRN
  10. "Immigration Option and Optimal Investment in Human Capital", 2016, with Baran Siyahhan, Under Review, SSRN
  11. "The Expected Hitting Time Approach to Optimal Price Adjustment Problems", with Yiying Cheng, Chihoon Lee, and Yaozhong Hu, SSRN

Book Chapters:

  • Ghoddusi, Hamed, "Risk Management in Commodity Processing Firms", Emerging Technology & Advances in Supply Chain Finance & Risk Management, 2019

  • Rahmandad, H, Jalali, M, Ghoddusi, H, Using the Simulated Method of Moments (SMM) to Estimate Dynamic Models, Analytical Methods for Dynamic Modelers, MIT Press, 2015

Work in Progress

  • Option Value in Two-Sided Markets, with Baran Siyahhan
  • Why Competitive Industries May Prefer Low-Quality Capital Assets?, with Thomas Dangl, draft coming soon
  • Frequency of Adjustment in Impulse Control Models, with Julia Eisenberg
  • Volatility: Good, Bad, Ugly!, with Shayan Dashmiz
  • Irrigation Efficiency Investment under Uncertainty, with Javad Nasiry
  • Renewable Energy Investment with Endogenous Policy Change, with Verena Hogspiel and Lars Hegnes
  • Post-doctoral Associate, Massachusetts Institute of Technology (MIT), 2011-2013
  • Visiting Scholar, Oxford Institute for Energy Studies (OIES), 2011
  • Young Scientist Summer Program (YSSP), International Institute for Applied Systems Analysis (IIASA), 2010
  • Consultant, United Nations Industrial Development Organization, 2004-2005
Professional Service

Selected Presentations

  • 2019: International Real Options Conference (Scheduled), Institut Mines Telecom (Scheduled), Sixth Conference on Iran's Economy (Schedule), Florida State University (Scheduled), Supply Chain Finance & Risk Management Workshop (Scheduled), Economic Research Forum (ERF)
  • 2018: ًVienna University of Natural Resources, Norwegian University of Science and Technology (NTNU), Rutger Business School (Operations Management), World Congress of Environmental Resource Economics (WCERE), International Real Options Conference, Vienna Workshop on Optimal Control and Dynamic Games, International Industrial Organization Conference (IIOC), Supply Chain Finance & Risk Management Workshop, Fordham University, Rutgers (Resource Economics), Fifth Conference on the Iranian Economy, Vienna University, Vienna University of Economics
  • 2017: International Energy Workshop (IEW), European Environmental and Resource Economics (EAERE), Institut Mines Telecom, University Quebec Montral (UQAM), Cal Poly, Rutgers, Baruch (CUNY), Vienna University
  • 2016: International Water Resource Economics Conference, International Energy Workshop (IEW), European Environmental and Resource Economics (EAERE)
  • 2015: Rutgers, European Environmental and Resource Economics, HEC Paris, International Energy Workshop, UC Davis, UC Berkeley Bioeconomy Conference
  • 2014: Financial Management Association (FMA), World Congress of Environmental and Resource Economics (WCERE), 

Discussant Service in Conferences:

  • 4th Conference of the Iranian Economy, 2016
  • European Environmental and Resource Economics (EAERE2016)
  • World Congress of Environmental and Resource Economics (WCERE), 2014
  • European Environmental and Resource Economics (EAERE2012), “Complete Extraction Costs and the Optimal Exploitation of Two Non-Renewable Polluting Resources” 2012
  • Financial Management Association (FMA),“Infrastructure: Real Assets and Real Returns”, 2012
  • The European Winter Finance Summit (EWFS), “Strategic IPOs and Product Market Competition “, 2011
  • The European Winter Finance Summit (EWFS), “Hedging Policies, Incentives and Market Power”, 2010
Consulting Service
  • United Nations Development Program (UNDP)
  • United Nations Industrial Development Organization (UNIDO)
  • International Institute for Applied Systems Analysis (IIASA)
  • Various individual projects related to investment evaluation, and financial and economic policies (especially in resource-rich economies)
Honors & Awards

Semi-Finalist, Best Paper Award in Investment Category, Financial Management Association (FMA), 2012 

  • Assistant Professor of Finance, Howe School of Technology Management, 2013-


Grants, Contracts & Funds
  • USDA, EverGreen Project, Co-Investigator, 2016
  • Howe School Alliance for Technology Management (HSATM) Grant, 2013
  • MIT/BP Biofuels Grant, Co-Developer of the Grant Proposal, 2012
  • Full Scholarship, Vienna Graduate School of Finance, 2007-2011
  • Full Scholarship, Institute for Advanced Studies (IHS), 2005-2007
  • MGT 700 Econometrics
  • BT 321 Corporate Finance
  • QF 401 Senior Design Research Projects in Quantitative Finance I
  • QF 402 Senior Design Research Projects in Quantitative Finance II
  • FIN 620 Financial Econometrics
  • FIN 703 Microeconomic Theory