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Serguey Braguinsky

Associate Professor, Social and Decision Sciences, Heinz College, Engineering and Public Policy

Voice: 412-268-3009
Personal Website


Serguey's primary research field is the economics of entrepreneurship, growth and industrial change. Detailed studies of industry and business histories expand the horizons of the so-called “nano-economics”, that is, an approach to economic analysis that starts from structural thinking but goes on to analyze empirical phenomena at a very detailed and deeply disaggregated level – something that had been previously detached from structural theoretical thinking and belonged mostly to unsystematic descriptive research. Serguey's current research, focusing on rewards to becoming an entrepreneur and on the role of firm founders in shaping various aspects of long-term performance of their startups is part of this approach and is expected to lead to new insights about the entrepreneurial function and entrepreneurs as agents of economic change, both theoretically and empirically.

Serguey's secondary research field is economics of incentives and institutions, and the relationship between those and the entrepreneurial function in its role as the engine of economic growth. One key area of this work deals with the transition to a market economy in Russia, with the aim of developing analytically tractable new insights about the mechanisms which prevent entrepreneurial activity and entrepreneurs from advancing the cause of economic progress and development. Another key area which comes from Serguey's experience as a researcher in Japan, searches for the roots of the Japanese success (as opposed to the Russian failure) and has in particular motivated his in-depth study of the development of the Japanese cotton spinning industry which according to economic historians was the “first ever case of successful adoption of Western manufacturing system by an Asian country”.

Selected Publications

Books from Academic Publishing Houses

Serguey Braguinsky and Grigory Yavlinsky, 2000. Incentives and Institutions. The Transition to a Market Economy in Russia, Princeton University Press, Princeton, New Jersey. Russian translation, 2006. (Reviewed in Journal of Economic Literature, Economic Journal, Journal of Comparative Economics, American Political Science Review, Foreign Affairs, Milken Institute Review, Internationale Politik, European Legacy, Slavic Review.)

Serguey Braguinsky and Yakov Pevzner, 1991. Political Economy: Problems and Ways of Renovation (in Russian), Moscow, "Muisl".

Serguey Braguinsky, 1989. Monetary Policy in Japan (in Russian), Moscow, "Nauka".

Papers in Refereed Journals

Serguey Braguinsky and Sergey Mityakov, 2013. “Foreign-Owned Firms and the Culture of Transparency: Evidence From Russian Administrative Data,” forthcoming in the Journal of Financial Economics.

Serguey Braguinsky, Steven Klepper and Atsushi Ohyama, 2012. “High-Tech Entrepreneurship,” Journal of Law and Economics, Vol. 55, No. 4, pp. 715-744.

Tom Åstebro, Navid Bazzazian, and Serguey Braguinsky. 2012. “Start-ups by University Graduates versus Their Faculty: Implications for University Entrepreneurship Policy,” Research Policy, Vol. 41, No. 4, pp. 663-677 (lead article).

Serguey Braguinsky and Atsushi Ohyama, 2011. “Noisy Selection Model and the Evolution of Firm Size and Within-Firm Earnings Distributions: A Unified Approach,” Small Business Economics: An Entrepreneurship Journal, Vol. 37 (1), 59-72.

Serguey Braguinsky, 2009. “The Rise and Fall of Russian Oligarchs: Quantitative Analysis,” Journal of Law and Economics, Vol. 52, No. 2, 307-350.

Serguey Braguinsky and David C. Rose, 2009. “Competition, Cooperation, and the Neighboring Farmer Effect,” Journal of Economic Behavior and Organization, Vol 72, Issue 1, 361-376.

Serguey Braguinsky, Salavat Gabdrakhmanov and Atsushi Ohyama, 2007. “A Theory of Industry Dynamics With Innovation and Imitation,” Review of Economic Dynamics, Vol. 10, No. 4, 729-760.

Serguey Braguinsky and Roger Myerson, 2007. “Capital and Growth With Oligarchic Property Rights,” Review of Economic Dynamics, Vol. 10, No. 4, 676-704.

Serguey Braguinsky and Roger Myerson, 2007. “A Macroeconomic Model of Russian Transition: The Role of Oligarchic Property Rights,” Economics of Transition, Vol. 15, No. 1, 77-107.

Boyan Jovanovic and Serguey Braguinsky, 2004. “Bidder Discounts and Target Premia in Takeovers,” American Economic Review, Vol. 94, No. 1, 46-56.

Atsushi Ohyama, Serguey Braguinsky and Kevin M.Murphy, 2004. “Entrepreneurial Ability and Market Selection in an Infant Industry: Evidence from the Japanese Cotton Spinning Industry,” Review of Economic Dynamics, Vol. 7, No. 2, 358-381.

Serguey Braguinsky, 1999. “Enforcement of Property Rights during the Russian Transition: Problems and Some Approaches to a New Liberal Solution,” Journal of Legal Studies, Vol. 28, No. 2, 515-544.

Serguey Braguinsky, 1997. “Producer's Behavior in Transition Economy – Theoretical and Empirical Analysis with Special Application to the Russian Economy,” Economic Systems, Vol. 21, No. 3, 265-295.

Serguey Braguinsky and Grigory Yavlinsky, 1994. “The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation,” Journal of Comparative Economics, Volume 19, 88-116.


B.S. 1982, Moscow State University
M.S. 1986, Institute of Oriental Studies, USSR Academy of Sciences
Ph.D. 1997, Keio University

Representative Publications

Working Papers