Charles Raymond Plott (born July 8, 1938) is an American economist. He currently is Edward S. Harkness Professor of Economics and Political Science at the California Institute of Technology, [1] Director, Laboratory for Experimental Economics and Political Science, and a pioneer in the field of experimental economics. His research is focused on the basic principles of process performance and the use of those principles in the design of new, decentralized processes to solve complex problems. Applications are found in mechanisms for allocating complex items such as the markets for pollution permits in Southern California, the FCC auction of licenses for Personal Communication Systems, the auctions for electric power in California, the allocation of landing rights at the major U.S. airports, access of private trains to public railway tracks, access to natural gas pipelines, the allocation of licenses for offshore aquaculture sites, the combinatorial sale of fleets of vehicles, and the application of complex procurements. Plott has contributed extensively to the development and application of a laboratory experimental methodology in the fields of economics and political science.[ citation needed ]
Memberships include National Academy of Sciences, 2007; American Academy of Arts and Sciences, 1985; Distinguished Fellow of American Economic Association; Centre for Market Design, Victoria, Board Member; Fellow of the Econometric Society; Public Choice Society, President 1976-1978; Southern Economic Association, Executive Committee 1977-1978, vice president 1985-1987, president 1989-90; Economic Science Association, president 1987-1988; Western Economic Association International, vice president, 1996, president 1999.[ citation needed ]
Recent awards include GAIM Research Paper of the Year 2006 Award; Economic Inquiry 2006 Best Article; GSAM Quant Best Paper Prize, Review of Finance ; Journal of Financial Markets 2003 Best Paper Award; Journal of Finance Markets Award, and others.[ citation needed ]
Charles Plott has held the positions of president of the Society for the Advancement of Economic Theory, [2] president of the Western Economic Association International, [3] and others.
Plott's professional appointments include: National Research Council's Committee on Proposed Revisions to the Common Rule in Relation to Behavioral and Social Sciences; Economic Theory - Member, Editorial Board; Chairman, California Institute of Technology Institutional Review Board, National Research Council's Commission on Behavioral and Social Sciences and Education – Board on Behavioral, cognitive, and Sensory Sciences; The Lee Center for Advanced Networking, as well as others.
2002 Nobel Laureate Vernon L. Smith lauded Plott in his speech of thanks at the Nobel Banquet, December 10, 2002 with a toast to "The pioneering influence of Sidney Siegel, Amos Tversky, Martin Shubik, and Charles Plott on the intellectual movement that culminated in the economics award for 2002." [4] In addition, the prize committee recognized Plott's contribution to the field. [5]
Plott received his education from the University of Virginia, PhD; Oklahoma State University, M.S., B.S. [1]
Plott is the author of numerous scholarly books and publications. A selection is:
(Vernon Smith) has educated and collaborated with a large number of younger researchers in experimental economics. The most prominent of these is Charles Plott, who has also made important contributions to the field.
| International | |
|---|---|
| National | |
| Academics | |
| Other | |
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science". Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents and their interactions, which can be represented in a number of ways – using standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.
An economist is a professional and practitioner in the social science discipline of economics.
James McGill Buchanan Jr. was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.
Robert Emerson Lucas Jr. was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". He was characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century." In 2020, he ranked as the 10th most cited economist in the world.
Vernon Lomax Smith is an American economist and professor of business economics and law at Chapman University. He was formerly a professor of economics at the University of Arizona, professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith shared the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics. He worked to establish 'laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms'.
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.
Paul Anthony Samuelson 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". Economic historian Randall E. Parker has called him the "Father of Modern Economics", and The New York Times considers him to be the "foremost academic economist of the 20th century".
Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law.
The goals of experimental finance are to understand human and market behavior in settings relevant to finance. Experiments are synthetic economic environments created by researchers specifically to answer research questions. This might involve, for example, establishing different market settings and environments to observe experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanism and returns processes.
Peter Joseph Boettke is an American economist of the Austrian School. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at GMU.
The European Association for Evolutionary Political Economy (EAEPE) is a pluralist forum of social scientists that brings together institutional and evolutionary economists broadly defined. EAEPE members are scholars working on realistic approaches to economic theory and economic policy. With a membership of about 500, EAEPE is now the foremost European association for heterodox economists and the second-largest association for economists in Europe.
Regulatory capitalism suggests that the operation maintenance and development of the international political economy increasingly depends on administrative rules outside the legislatures and the courts. In other words, it tells us that capitalism is a regulatory institution – one that is being constituted, shaped, constrained and expanded as a historically woven patchwork of regulatory institutions, strategies, and functions.
Robert Mark Isaac is an American academic who uses experimental economics to address basic microeconomic problems. His work has provided new empirical insights for many traditional economic problems, particularly cooperation and collective action problems.
Alvin Eliot Roth is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. He was President of the American Economic Association in 2017.
Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. Innovation management is the subject of ISO 56000 series standards being developed by ISO TC 279.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics. Instead, constitutional economics takes into account the impacts of political economic decisions as opposed to limiting its analysis to economic relationships as functions of the dynamics of distribution of marketable goods and services.
Shyam Sunder is an accounting theorist and experimental economist. He is the James L. Frank Professor of accounting, economics, and finance at the Yale School of Management; a professor in Yale University’s Department of Economics; and a Fellow of the Whitney Humanities Center.
Behavioral strategy refers to the application of insights from psychology and behavioral economics to the research and practice of strategic management. In one definition of the field, "Behavioral strategy merges cognitive and social psychology with strategic management theory and practice. Behavioral strategy aims to bring realistic assumptions about human cognition, emotions, and social behavior to the strategic management of organizations and, thereby, to enrich strategy theory, empirical research, and real-world practice".
Peter L. Bossaerts is a Belgian-American economist. He is considered one of the pioneers and leading researchers in neuroeconomics and experimental finance.
Andreas Ortmann is a German-born economist and Professor of Experimental and Behavioural Economics at the UNSW Business School. He is best known for his work on experimental methodology in social sciences, heuristics and coordination games. Vernon L. Smith, in the acknowledgement to his A Life in Experimental Economics, described Ortmann as an "economic theorist, experimentalist, and intellectual historian par excellence in all".
