Beth Hayes (May 27, 1955 – June 3, 1984) was an American economist specializing in theoretical microeconomics. She has been memorialized by an award established by the

University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...

Educational background

Hayes graduated from the honors program at the

University of Michigan The University of Michigan (U-M, U of M, or Michigan) is a public university, public research university in Ann Arbor, Michigan, United States. Founded in 1817, it is the oldest institution of higher education in the state. The University of Mi ...

in 1977 and received her Ph.D. in

Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

in 1982 from the

, studying under

David Cass David Cass (January 19, 1937 – April 15, 2008) was a professor of economics at the University of Pennsylvania, mostly known for his contributions to general equilibrium theory. His most famous work was on the Ramsey–Cass–Koopmans model of ...

. Her dissertation, ''Three Essays in Microeconomic Theory'', formed the basis for her foundational work in research on two-part tariffs and asymmetrical information, and insurance contracts.

Academic life and legacy

Hayes Asymmetric Information Model of Strike Behavior

Beth Hayes was a professor of managerial economics in the J.L. Kellogg Graduate School of Management at

Northwestern University Northwestern University (NU) is a Private university, private research university in Evanston, Illinois, United States. Established in 1851 to serve the historic Northwest Territory, it is the oldest University charter, chartered university in ...

until her death in a traffic fatality in 1984. Hayes produced foundational research on

two-part tariff A two-part tariff (TPT) is a form of price discrimination wherein the price of a product or service is composed of two parts – a lump-sum fee as well as a per-unit charge. In general, such a pricing technique only occurs in partially or fully ...

s, the economics of

information asymmetry In contract theory, mechanism design, and economics, an information asymmetry is a situation where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes c ...

, insurance contracts, and public regulation. The model of strike behavior has been referenced widely and empirically tested. "The Hayes asymmetric information model of strike activity predicts a negative relationship between actual firm profits and strike frequency, and a positive relationship between the trade union's expectations of firm profitability and the duration of strikes." Other references to the Hayes model appear in articles by Joseph S. Tracy,

David Card David Edward Card (born 1956) is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in ...

, Other references to the model appear in studies examining trade union behavior in Papua New Guinea, and Japan. The model continues to be cited in studies on union strike behavior.

The Beth Hayes/David Cass Prize

In 1994,

was instrumental in establishing the Beth Hayes Prize for Graduate Research Accomplishment at the

. The prize was created in honor and memory of Dr. Hayes, one of his former graduate students whom he describes in his essay "On Women." In its original form, the prize was awarded biennially to the woman in the economics graduate program who had produced the most significant piece of original research in the preceding two years. The award was later modified with Cass's approval to include eligibility for male students. Following his death, the university renamed the award as The Beth Hayes/David Cass Prize for Graduate Research Accomplishment in Economics.

Notes

External links

The Beth Hayes/David Cass Prize
at the

* * * {{DEFAULTSORT:Hayes, Beth A. 1955 births 1984 deaths American women economists Northwestern University faculty Road incident deaths in Illinois University of Michigan alumni 20th-century American economists 20th-century American women scientists 20th-century American scientists