Business PhD Spotlight: Arjang Nikbakht

After earning a silver medal in Iran’s National Physics Olympiad, Arjang Nikbakht pursued mechanical engineering at Sharif University of Technology in Iran. His early academic life was filled with rigorous modeling and analytical problem-solving — but over time, his curiosity shifted toward understanding the decision making in markets.

“I realized that while physics could explain how the world works, business explained how the world moves,” says Nikbakht. “The behavior, style, and thinking of people in business seemed far more connected to everyday life — and I felt I’d be missing something important if I didn’t learn marketing.” Motivated by that realization, Nikbakht transitioned from engineering to an MBA program. He later moved to Canada to begin his PhD in marketing at the University of Alberta School of Business.

Nikbakht’s research lies at the intersection of game theory and machine learning data analysis. One of his main projects examines Stackelberg role assignment — a core concept in game theory where one firm acts as the leader (e.g., choosing its price first) and the other as the follower (e.g., choosing its price second). Even though this setup is widely used in business and economic models, researchers often assign these roles without fully justifying why a specific firm should lead or follow. He has developed criteria to make these assignments more realistic and better aligned with actual market conditions.

His other two research projects explore (1) patent pricing strategies and (2) donation behavior in retail environments. The first research aims to guide small firms on whether to license or sell patents to larger competitors. The second research helps retailers design better donation options — especially through understanding the round-up behavior.

“I’ve always loved models,” Arjang reflects. “Whether in physics, business, or finance, there’s something deeply satisfying about understanding how different parts interact — and helping others find the most efficient, optimal way forward.”

Outside of research, he has been a passionate teacher. As the principal instructor, he has taught Intro to Marketing and Strategic Marketing at the University of Alberta, alongside earlier teaching experiences in Physics and Math.

Beyond academia, Arjang enjoys playing the piano and sports. He is also active in financial markets and has passed the CFA Level II exam, reflecting his belief that sound investing is a vital life skill.

Ultimately, his work connects a lifelong passion for modeling with the human side of decision-making. “I find it fascinating that companies — just like people — are constantly trying to perform as optimally as possible,” stated Nikbakht. “My research is about helping them do that more intelligently, with models that reflect reality, more truthfully.” His theoretical work helps researchers avoid implausible game structures for their specific markets — and adapt as those markets evolve.

Arjang Nikbakht joined the Alberta School of Business in January 2021 as a PhD student in marketing and is co-supervised by professors Paul Messinger and Bora Kolfal.