|
List Of Nobel Memorial Prize Laureates In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics, is an award in the field of Economic Sciences administered by the Nobel Foundation. The first Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. As of the awarding of the 2023 prize, 55 Prizes in Economic Sciences have been given to 93 individuals. As of October 2023, the department of economics with the most affiliated laureates in economic sciences is the University of Chicago, with 16 affiliated laureates. As of 2023, the institutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel2008Economics News Conference1
Nobel often refers to: *Nobel Prize, awarded annually since 1901, from the bequest of Swedish inventor Alfred Nobel *The Nobel family, a prominent Swedish and Russian family; see there for the list of people with the surname Nobel may also refer to: Places *Nobel (crater), a crater on the far side of the Moon. *Nobel, Ontario, a village located in Ontario, Canada. *Nobel Square, public square in Cape Town, South Africa * ,Ukraine * , village in Ukraine Other uses *6032 Nobel, a main-belt asteroid *Nobel (automobile) a licence-built version of the German Fuldamobil, manufactured in the UK and Chile * ''Nobel'' (TV series), a Norwegian television series about the country's military involvement in Afghanistan *Nobel (typeface), a geometric, sans-serif typeface. *The Nobel School, a secondary school in Stevenage, England. *Nobel (crater), Moon *Nobel Vega, Cuban actor See also * *Nobel Peace Prize The Nobel Peace Prize (Swedish language, Swedish and ) is one of the five Nobel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Erasmus University
Erasmus University Rotterdam ( ; abbreviated as EUR) is a public university, public research university located in Rotterdam, Netherlands. The university is named after Desiderius Erasmus, Desiderius Erasmus Roterodamus, a 15th-century Christian humanist and theologian. Erasmus MC, the teaching hospital and medical school of Erasmus University, is one of the largest medical institutions in Western Europe and the foremost medical and trauma centers in the Netherlands. In addition, its economics and business schools, Erasmus School of Economics and Rotterdam School of Management, have an international reputation. History Erasmus University Rotterdam was founded on 8 November 1913 as the Netherlands School of Commerce (, or NHH) through private initiative with broad support from the business community of Rotterdam. In 1937, the school was recognized as a higher educational institute with university status, providing education in commerce and economics as an academic discipline. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stolper–Samuelson Theorem
The Stolper–Samuelson theorem is a theorem in Heckscher–Ohlin trade theory. It describes the relationship between relative prices of output and relative factor returns—specifically, real wages and real returns to capital. The theorem states that—under specific economic assumptions (constant returns to scale, perfect competition, equality of the number of factors to the number of products)—a rise in the relative price of a good will lead to a rise in the real return to that factor which is used most intensively in the production of the good, and conversely, to a fall in the real return to the other factor. History It was derived in 1941 from within the framework of the Heckscher–Ohlin model by Wolfgang Stolper and Paul Samuelson, but has subsequently been derived in less restricted models. As a term, it is applied to all cases where the effect is seen. Ronald W. Jones and José Scheinkman show that under very general conditions the factor returns change with outpu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balassa–Samuelson Effect
The Balassa–Samuelson effect, also known as Harrod–Balassa–Samuelson effect (Kravis and Lipsey 1983), the Ricardo–Viner–Harrod–Balassa–Samuelson–Penn–Bhagwati effect (Samuelson 1994, p. 201), or productivity biased purchasing power parity (PPP) (Officer 1976) is the tendency for consumer prices to be systematically higher in more developed countries than in less developed countries. This observation about the systematic differences in consumer prices is called the " Penn effect". The Balassa–Samuelson hypothesis is the proposition that this can be explained by the greater variation in productivity between developed and less developed countries in the traded goods' sectors which in turn affects wages and prices in the non-tradable goods sectors. Béla Balassa and Paul Samuelson independently proposed the causal mechanism for the Penn effect in the early 1960s. Theory The Balassa–Samuelson effect depends on inter-country differences in the relative pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnpike Theory
Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system, depending on the initial and final levels. In the context of a macroeconomic exogenous growth model, for example, it says that if an infinite optimal path is calculated, and an economic planner wishes to move an economy from one level of capital to another, as long as the planner has sufficient time, the most efficient path is to quickly move the level of capital stock to a level close to the infinite optimal path, and to allow capital to develop along that path until it is nearly the end of the desired term and the planner must move the capital stock to the desired final level. The name of the theory refers to the idea that a turnpike is the fastest route between two points which are far apart, even if it is not the most direct route. Origins Although the idea can be traced back to John von Neumann in 1945, Lionel W. McKenzie traces the term to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient-market Hypothesis
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Welfare Function
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability. Each person's preferences are combined in some way to determine which outcome is considered better by society as a whole. It can be seen as mathematically formalizing Rousseau's idea of a general will. Social choice functions are studied by economists as a way to identify socially-optimal decisions, giving a procedure to rigorously define which of two outcomes should be considered better for society as a whole (e.g. to compare two different possible income distributions). They are also used by democratic governments to choose between several options in elections, based on the preferences of voters; in this context, a social choice function is typically referred to as an electoral system. The notion of social utility is analogous to the notion of a utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samuelson Condition
The Samuelson condition, due to Paul Samuelson, in the theory of public economics, is a condition for optimal provision of public goods. For an economy with ''n'' consumers, the conditions is: : \sum_^n \text_i = \text MRS''i'' is individual ''i'' marginal rate of substitution and MRT is the economy's marginal rate of transformation between the public good and an arbitrarily chosen private good. Note that while the marginal rates of substitution are indexed by individuals, the marginal rate of transformation is not; it is an economy wide rate. If the private good is a numeraire good then the Samuelson condition can be re-written as: : \sum_^n \text_i = \text where \text_i is the marginal benefit to each person of consuming one more unit of the public good, and \text is the marginal cost of providing that good. In other words, the public good should be provided as long as the overall benefits to consumers from that good are at least as great as the cost of providing it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer preferences between available choices. It contrasts with attempts to directly measure preferences or u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Institute Of Technology
The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of modern technology and science. In response to the increasing Technological and industrial history of the United States, industrialization of the United States, William Barton Rogers organized a school in Boston to create "useful knowledge." Initially funded by a land-grant universities, federal land grant, the institute adopted a Polytechnic, polytechnic model that stressed laboratory instruction in applied science and engineering. MIT moved from Boston to Cambridge in 1916 and grew rapidly through collaboration with private industry, military branches, and new federal basic research agencies, the formation of which was influenced by MIT faculty like Vannevar Bush. In the late twentieth century, MIT became a leading center for research in compu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard University
Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyman John Harvard (clergyman), John Harvard, it is the oldest institution of higher learning in the United States. Its influence, wealth, and rankings have made it one of the most prestigious universities in the world. Harvard was founded and authorized by the Massachusetts General Court, the governing legislature of Colonial history of the United States, colonial-era Massachusetts Bay Colony. While never formally affiliated with any Religious denomination, denomination, Harvard trained Congregationalism in the United States, Congregational clergy until its curriculum and student body were gradually secularized in the 18th century. By the 19th century, Harvard emerged as the most prominent academic and cultural institution among the Boston B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Samuelson was one of the most influential economists of the latter half of the 20th century."Paul Samuelson: The last of the great general economists died on December 13th, aged 94" ''The Economist'', December 17, 2009 In 1996, he was awarded the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
