David K. Levine
David Knudsen Levine
c. 1955 (age 63–64)
|Institution|| European University Institute |
Washington University in St. Louis
|Field||Game theory, General equilibrium Theory|
|Alma mater||UCLA, MIT|
|Contributions||Learning in games, Folk theorem|
|Information at IDEAS / RePEc|
David Knudsen Levine (born c. 1955) is department of Economics and Robert Schuman Center for Advanced Study Joint Chair at the European University Institute; he is John H. Biggs Distinguished Professor of Economics Emeritus at Washington University in St. Louis. His research includes the study of intellectual property and endogenous growth in dynamic general equilibrium models, the endogenous formation of preferences, social norms and institutions, learning in games, and game theory applications to experimental economics.
The European University Institute (EUI) in Florence, Italy, is an international postgraduate and post-doctoral teaching and research institute established by European Union member states to contribute to cultural and scientific development in the social sciences, in a European perspective.
Washington University in St. Louis is a private research university in St. Louis, Missouri. Founded in 1853, and named after George Washington, the university has students and faculty from all 50 U.S. states and more than 120 countries. As of 2017, 24 Nobel laureates in economics, physiology and medicine, chemistry, and physics have been affiliated with Washington University, nine having done the major part of their pioneering research at the university.
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. The most prominent types of intellectual property are copyrights, patents, and trademarks, though many other types also exist, and some countries recognize more types than others. It was not until the 19th century that the term "intellectual property" began to be used, and not until the late 20th century that it became commonplace in the majority of the world.
At UCLA, Levine obtained a B.A. in Mathematics in 1977, and an M.A. in Economics in the same year. He was awarded a Ph.D. in Economics at MIT in June 1981. He became an Assistant Professor of Economics at UCLA in July 1981, an Associate Professor of Economics at the University of Minnesota in 1987, and a Professor of Economics at UCLA in the same year. In 1997 he became the Armen Alchian Professor of Economics at UCLA. In 2006 he moved to Washington University in St. Louis, where he became the John H. Biggs Distinguished Professor of Economics.
A Bachelor of Arts is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, sciences, or both. Bachelor of Arts programs generally take three to four years depending on the country, institution, and specific specializations, majors, or minors. The word baccalaureus should not be confused with baccalaureatus, which refers to the one- to two-year postgraduate Bachelor of Arts with Honors degree in some countries.
Mathematics includes the study of such topics as quantity, structure (algebra), space (geometry), and change. It has no generally accepted definition.
A Master of Arts is a person who was admitted to a type of master's degree awarded by universities in many countries, and the degree is also named Master of Arts in colloquial speech. The degree is usually contrasted with the Master of Science. Those admitted to the degree typically study linguistics, history, communication studies, diplomacy, public administration, political science, or other subjects within the scope of the humanities and social sciences; however, different universities have different conventions and may also offer the degree for fields typically considered within the natural sciences and mathematics. The degree can be conferred in respect of completing courses and passing examinations, research, or a combination of the two.
Levine was the Coeditor of the Review of Economic Dynamics from November 1996 to June 2001, and of Econometrica from July 2003 to June 2008. He presided the Society for Economic Dynamics from July 2006 to June 2009.
The Review of Economic Dynamics is a quarterly peer-reviewed academic journal published by Elsevier on behalf of the Society for Economic Dynamics. It covers dynamic models from all areas of economics. The editor-in-chief is Matthias Doepke.
Econometrica is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief is Joel Sobel.
Levine is a Fellow of the Econometric Society since 1989 and a Research Associate at NBER since 2006.
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. It was founded on December 29, 1930, at the Stalton Hotel in Cleveland, Ohio. As of 2014, there are about 700 Elected Fellows of the Econometric Society, making it one of the most prevalent research affiliations.
David K. Levine conducts ongoing research in general equilibrium theory, focusing specifically on growth theory, innovation, and intellectual property. Collaborating with Michele Boldrin, Levine examines the role of increasing returns in growth and innovation. They posit that little evidence exists for increasing returns at the aggregate level, and thus argue that there is no reason to believe that increasing returns play an important role in growth. This theory concludes that existing claims for the necessity of intellectual property in the process of growth and innovation are greatly exaggerated.
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of partial equilibrium, which only analyzes single markets.
Michele Boldrin is an Italian-born economist, expert in economic growth, business cycles, technological progress and intellectual property. He is currently the Joseph Gibson Hoyt Distinguished Professor in Arts & Sciences at Washington University in St. Louis. Along with his colleague and coauthor David Levine, he was part of the group of 200 economists publicly opposing the 2009 Stimulus bill. He later publicly defended his position on the issue in various international media, including a public debate with Brad DeLong.
Levine also conducts research in the field of dynamic games. He established with Drew Fudenberg that a long-lived player playing in opposition to short-lived players can substitute reputation for commitment. He developed with Eric Maskin the first "folk theorem" for games in which players do not directly observe each other's decisions, with applications for learning in games. They argued that while learning theories cannot provide detailed descriptions of non-equilibrium behavior, they act as a useful tool in understanding which equilibria are likely to emerge. One example of this, they put forward, explains how superstitions survive in the face of rational learning.
Drew Fudenberg is the Paul A. Samuelson Professor of Economics at MIT. His extensive research spans many aspects of game theory, including equilibrium theory, learning in games, evolutionary game theory, and many applications to other fields. Fudenberg was also one of the first to apply game theoretic analysis in industrial organization, bargaining theory, and contract theory. He has also authored papers on repeated games, reputation effects, and behavioral economics.
Eric Stark Maskin is an American economist and 2007 Nobel laureate recognized with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor 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.
Levine currently studies the endogenous formation of preferences and social norms. His analysis of experimental anomalies explores some of the limitations of the standard economic model of self-interested individuals.
Kenneth Joseph "Ken" Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
This aims to be a complete article list of economics topics:
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena.
The Stockholm School, is a school of economic thought. It refers to a loosely organized group of Swedish economists that worked together, in Stockholm, Sweden primarily in the 1930s.
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example, subsidies for research and development or education increase the growth rate in some endogenous growth models by increasing the incentive for innovation.
Michio Morishima was a heterodox economist and public intellectual who was the Sir John Hicks Professor of Economics at the London School of Economics from 1970–88. He was also professor at Osaka University and member of the British Academy. In 1976 he won the Order of Culture, Japan's equivalent of the Nobel Memorial Prize in Economics.
Constantine Christos "Costas" Azariadis is a macroeconomist born in Athens, Greece. He has worked on numerous topics, such as labor markets, business cycles, and economic growth and development. Azariadis originated and developed implicit contract theory.
Karl Shell is an American theoretical economist, specializing in macroeconomics and monetary economics.
In game theory, fictitious play is a learning rule first introduced by George W. Brown. In it, each player presumes that the opponents are playing stationary strategies. At each round, each player thus best responds to the empirical frequency of play of their opponent. Such a method is of course adequate if the opponent indeed uses a stationary strategy, while it is flawed if the opponent's strategy is non-stationary. The opponent's strategy may for example be conditioned on the fictitious player's last move.
Paul Michael Romer is an American economist, a pioneer of endogenous growth theory, and a co-recipient of the 2018 Nobel Memorial Prize in Economic Sciences. He received the prize "for integrating technological innovations into long-run macroeconomic analysis".
Patents are legal instruments intended to encourage innovation by providing a limited monopoly to the inventor in return for the disclosure of the invention. The underlying assumption is that innovation is encouraged because an inventor can secure exclusive rights, and therefore a higher probability of financial rewards in the market place. The publication of the invention is mandatory to get a patent. Keeping the same invention as a trade secret, rather than disclose by publication, could prove valuable well beyond the time of any limited patent term, but at the risk of congenial invention through third party.
David Cass 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 economic growth.
Jean Tirole is a French professor of economics. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation.
In game theory, self-confirming equilibrium is a generalization of Nash equilibrium for extensive form games, in which players correctly predict the moves their opponents make, but may have misconceptions about what their opponents would do at information sets that are never reached when the equilibrium is played. Informally, self-confirming equilibrium is motivated by the idea that if a game is played repeatedly, the players will revise their beliefs about their opponents' play if and only if they observe these beliefs to be wrong.
Legal scholars, economists, activists, policymakers, industries, and trade organizations have held differing views on patents and engaged in contentious debates on the subject. Critical perspectives emerged in the nineteenth century that were especially based on the principles of free trade. Contemporary criticisms have echoed those arguments, claiming that patents block innovation and waste resources that could otherwise be used productively, and also block access to an increasingly important "commons" of enabling technologies, apply a "one size fits all" model to industries with differing needs, that is especially unproductive for industries other than chemicals and pharmaceuticals and especially unproductive for the software industry. Enforcement by patent trolls of poor quality patents has led to criticism of the patent office as well as the system itself. Patents on pharmaceuticals have also been a particular focus of criticism, as the high prices they enable puts life-saving drugs out of reach of many people. Alternatives to patents have been proposed, such Joseph Stiglitz's suggestion of providing "prize money" as a substitute for the lost profits associated with abstaining from the monopoly given by a patent.
The term "copyright abolition movements" refers to movements to abolish copyright, specifically those that espouse the repeal of the Statute of Anne and all subsequent law made in its support.
Christian Hellwig is a German economic theorist and macroeconomist who did research in the field of global games. He is the editor of the Journal of Economic Theory.