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Kenneth Arrow
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks. In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his " impossibility theorem", and his work on general equilibrium analysis are significant. His work in many other areas of economics, including endogenous growth theory and the economics of information, was also foundational. Education and early career Arrow was born on August 23, 1921, in New York City. Arrow's mother, Lilian (Greenberg), was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The family was of Romanian-Jewish desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory. Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. Classification The term was originally introduced by Thorstein Veblen in his 1900 article "Preconceptions of Economic Science", in which he related marginalists in the tradition of Alfred Marshall ''et al.'' to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Harsanyi
John Charles Harsanyi (; May 29, 1920 and August 9, 2000) was a Hungarian-American economist who spent most of his career at the University of California, Berkeley. He was the recipient of the Nobel Memorial Prize in Economic Sciences in 1994. Harsanyi is best known for his contributions to the study of game theory and its application to economics, specifically for his developing the highly innovative analysis of games of incomplete information, so-called Bayesian games. He also made important contributions to the use of game theory and economic reasoning in political and moral philosophy (specifically utilitarian ethics) as well as contributing to the study of equilibrium selection. For his work, he was a co-recipient along with John Nash and Reinhard Selten of the 1994 Nobel Memorial Prize in Economic Sciences. He moved to the United States in 1956, and spent most of his life there. According to György Marx, he was one of The Martians. Early life Harsanyi was born on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fundamental Theorems Of Welfare Economics
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off). The requirements for perfect competition are these: # There are no externalities and each actor has perfect information. # Firms and consumers take prices as given (no economic actor or group of actors has market power). The theorem is sometimes seen as an analytical confirmation of Adam Smith's "invisible hand" principle, namely that ''competitive markets ensure an efficient allocation of resources''. However, there is no guarantee that the Pareto optimal market outcome is equitative, as there are many possible Pareto efficient allocations of resources differing in their desirability (e.g. one person may own everything and everyone else nothing). The second theorem s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Tarski
Alfred Tarski (; ; born Alfred Teitelbaum;School of Mathematics and Statistics, University of St Andrews ''School of Mathematics and Statistics, University of St Andrews''. January 14, 1901 – October 26, 1983) was a Polish-American logician and mathematician. A prolific author best known for his work on model theory, metamathematics, and algebraic logic, he also contributed to abstract algebra, topology, geometry, measure theory, mathematical logic, set theory, type theory, and analytic philosophy. Educated in Poland at the University of Warsaw, and a member of the Lwów–Warsaw school, Lwów–Warsaw school of logic and the Warsaw school of mathematics, he immigrated to the United States in 1939 where he became a naturalized citizen in 1945. Tarski taught and carried out research in mathematics at the University of California, Berkeley, from 1942 until his death in 1983.#FefA, Feferman A. His biographers Anita Burdman Feferman and Solomon Feferman state that, "Along with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Menahem Yaari
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Nancy Stokey
Nancy Laura Stokey (born May 8, 1950) has been the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago since 1990 and focuses particularly on mathematical economics while recently conducting research about Growth Theory, economic dynamics, and fiscal/monetary policy. She earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978, under the direction of thesis advisor Kenneth Arrow. She is a Fellow of the Econometric Society, the American Academy of Arts and Sciences and the National Academy of Sciences. She previously served as a co editor of ''Econometrica'' and was a member of the Expert Panel of the Copenhagen Consensus. She received her Honorary Doctor of Laws (L.L.D) in 2012 from the University of Western Ontario. Author Stokey has published significant research in the areas of economic growth and development, as well as papers on economic history ("A Quantitative Model of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Spence
Andrew Michael Spence (born November 7, 1943) is a Canadian-American economist and Nobel laureate. Spence is the William R. Berkley Professor in Economics and Business at the Stern School of Business at New York University, and the Philip H. Knight Professor of Management, Emeritus, and Dean, Emeritus, at the Stanford Graduate School of Business. Together with George A. Akerlof and Joseph E. Stiglitz, Spence is a co-recipient of the 2001 Nobel Memorial Prize in Economic Sciences, "for their analyses of markets with asymmetric information." Career Spence is noted for his job-market signaling model, which inspired research into this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Shell
Karl Shell (born May 10, 1938) is an American theoretical economist, specializing in macroeconomics and monetary economics. Shell received an A.B. in mathematics from Princeton University in 1960. He earned his Ph.D. in economics in 1965 at Stanford University, where he studied under Nobel Prize in Economics winner Kenneth Arrow and Hirofumi Uzawa. Shell is currently Robert Julius Thorne Professor of Economics at Cornell University (succeeding notable economist and airline deregulator Alfred E. Kahn in the Thorne chair). He previously served on the economics faculty at MIT and the University of Pennsylvania. Shell has been editor of the ''Journal of Economic Theory'', generally regarded as the leading journal in theoretical economics, since its inception in 1968. Contributions to economics While Shell has published academic articles on numerous topics in economics, he is primarily known for his contributions in three areas. Between 1966 and 1973, Shell published three ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrea Prat
Andrea Prat (born 1967) is an Italian economist. He is the Richard Paul Richman Professor of Business and professor of economics at Columbia University. He first studied economics at the University of Turin and then obtained his PhD in 1997 at Stanford University under the supervision of Kenneth Arrow. Prat has also taught at the London School of Economics and at Tilburg University. He served as chairman and managing editor of the '' Review of Economic Studies'' and as an associate editor of '' Theoretical Economics''. He is the editor-in-chief of '' The Journal of Law, Economics, & Organization''. Prat is a Fellow of the British Academy and of the Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o .... He is a corresponding fellow of the Accademia delle Scienze. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sebastián Piñera
Miguel Juan Sebastián Piñera Echenique (; 1 December 1949 – 6 February 2024) was a Chilean businessman and politician who served as President of Chile from 2010 to 2014 and again from 2018 to 2022. The son of a Christian Democratic Party (Chile), Christian Democratic politician and diplomat, he studied business administration at the Pontifical Catholic University of Chile and economics at Harvard University. At the time of his death, he had an estimated net worth of US$2.7 billion, according to ''Forbes'', making him the third richest person in Chile. A member of the liberal-conservative National Renewal (Chile), National Renewal party, he served as a senator for the East Santiago district from 1990 to 1998, running for the presidency in the 2005–06 Chilean presidential election, 2005 election, which he lost to Michelle Bachelet, and again, successfully, 2009–10 Chilean presidential election, in 2010. As a result, he became Chile's first conservative president to be demo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roger Myerson
Roger Bruce Myerson (born March 29, 1951) is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy Studies, Harris School of Public Policy, the Griffin Department of Economics, and the College of the University of Chicago. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory". He was elected a Member of the American Philosophical Society in 2019. Biography Roger Myerson was born in 1951 in Boston into a Jews, Jewish family. He attended Harvard University, where he received his Bachelor of Arts, A.B., ''summa cum laude'', ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eric Maskin
Eric Stark Maskin (born December 12, 1950) is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University. Until 2011, he was the Albert O. Hirschman Professor of Social Science at the Institute for Advanced Study, and a visiting lecturer with the rank of professor at Princeton University.Economics professor wins Nobel – The Daily Princetonian Early life and education Maskin was born in |
