|Born||1 June 1943|
|Alma mater||University of Cambridge|
|Information at IDEAS / RePEc|
David Michael Garrood Newbery, CBE, FBA (born 1 June 1943),is a Professor of Applied Economics at the University of Cambridge. He got this position in 1988. He specializes in the field of energy economics, and he writes on the regulation of electricity markets. His interests also include climate change mitigation and environmental policy, privatisation, and risk.
Newbery was born on 1 June 1943 at Fulmer Chase, Fulmer, Buckinghamshire, England. He studied at Portsmouth Grammar School from 1954 till 1961, where he won Best Science Candidate in Cambridge GCE A&S Level. He then proceeded to study Mathematics and Economics at Trinity College, Cambridge, obtaining a B.A. in 1964, M.A. (Cantab.) in 1968 and a Ph.D. degree in 1976.
In 1965 he was pre-elected to Churchill Teaching Fellowship. In 1966 he got a position of University Assistant Lecturer at Faculty of Economics. Later he was a Director of Department of Applied Economics from 1988 till 2003. He also served as a Professor II at Tromso University, Norway from 2011 till 2013.
In 1981 Newbery co-authored a book and several articles with Nobel-laureate Joseph Stiglitz. The name of the book was "The Theory of Commodity Price Stabilization: A Study in the Economics of Risk"
Besides his role as Professor of Applied Economics at Cambridge, he serves as Vice-Chairman of Cambridge Economic Policy Associates,Director of the Cambridge Electricity Policy Research Group and an occasional consultant to the World Bank. In 1988–2003 he was Director of the Department of Applied economics. He was a member of the Competition Commission in 1996–2002, and chairman of the Dutch electricity market surveillance committee. He was elected a Fellow of the British Academy in 1991. He is a member of the Academic Panel of DEFRA. Since 1966 he has been a fellow of Churchill College, and was President of its Senior Combination Room (SCR) in from 2010 to 2019.
Pareto efficiency or Pareto optimality is a situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off or without any loss thereof. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related:
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. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis.
Kenneth Joseph 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.
Joseph Eugene Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists, and of international institutions such as the International Monetary Fund and the World Bank.
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self-contained academic discipline, but it is an applied subdiscipline of economics. From the list of main topics of economics, some relate strongly to energy economics:
Law and economics or economic analysis of law is the application of economic theory to the analysis of law that began mostly with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics. The first branch is based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law. The second branch focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes. This second branch of law and economics thus overlaps more with work on political institutions and governance institutions more generally.
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber. Agricultural economics began as a branch of economics that specifically dealt with land usage, it focused on maximizing the crop yield while maintaining a good soil ecosystem. Throughout the 20th century the discipline expanded and the current scope of the discipline is much broader. Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics. Agricultural economists have made substantial contributions to research in economics, econometrics, development economics, and environmental economics. Agricultural economics influences food policy, agricultural policy, and environmental policy.
Hirofumi Uzawa was a Japanese economist.
Sanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance. His research in macroeconomics, finance, and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management, an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.
The Lange model is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency. In this model, the state owns non-labor factors of production, and markets allocate final goods and consumer goods. The Lange model states that if all production is performed by a public body such as the state, and there is a functioning price mechanism, this economy will be Pareto-efficient, like a hypothetical market economy under perfect competition. Unlike models of capitalism, the Lange model is based on direct allocation, by directing enterprise managers to set price equal to marginal cost in order to achieve Pareto efficiency. By contrast, in a capitalist economy managers are instructed to maximize profits for private owners, while competitive pressures are relied on to indirectly lower the price to equal marginal cost.
Holbrook Working was an American professor of economics and statistics at Stanford University's Food Research Institute known for his contributions on hedging, on the theory of futures prices, on an early theory of market maker behavior, and on the theory of storage.
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics, it is typically characterized by the application of the core, i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, engineering economics, financial economics, health economics, monetary economics, public economics, and economic history. From the perspective of economic development, the purpose of applied economics is to enhance the quality of business practices and national policy making.
Paul David Klemperer FBA is an economist and the Edgeworth Professor of Economics at the Department of Economics, Oxford University. He is a member of the Klemperer family. He works on industrial economics, competition policy, auction theory, and climate change economics and policy.
Jacques H. Drèze is a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economics profession. Drèze was the first President of the European Economic Association in 1986 and was the President of the Econometric Society in 1970.
George David Norman Worswick (1916–2001), also known as David Worswick, was an Oxford economist specialising in understanding of the UK's economy from a Keynesian perspective.
Roger Guesnerie is an economist born in France in 1943. He is currently the Chaired Professor of Economic Theory and Social Organization of the Collège de France, Director of Studies at the École des hautes études en sciences sociales, and the chairman of the board of directors of the Paris School of Economics.
Andreu Mas-Colell is a Spanish economist, an expert in microeconomics and one of the world's leading mathematical economists. He is the founder of the Barcelona Graduate School of Economics and a professor in the department of economics at Pompeu Fabra University in Barcelona, Catalonia, Spain. He has also served several times in the cabinet of the Catalan government. Summarizing his and others' research in general equilibrium theory, his monograph gave a thorough exposition of research using differential topology. His textbook on microeconomics, co-authored with Michael Whinston and Jerry Green, is the most used graduate microeconomics textbook in the world.
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood. When convexity assumptions are violated, then many of the good properties of competitive markets need not hold: Thus, non-convexity is associated with market failures, where supply and demand differ or where market equilibria can be inefficient. Non-convex economies are studied with nonsmooth analysis, which is a generalization of convex analysis.
Disequilibrium macroeconomics is a tradition of research centered on the role of disequilibrium in economics. This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement theory. Early work in the area was done by Don Patinkin, Robert W. Clower, and Axel Leijonhufvud. Their work was formalized into general disequilibrium models, which were very influential in the 1970s. American economists had mostly abandoned these models by the late 1970s, but French economists continued work in the tradition and developed fixprice models.
Michael James Farrell (1926-1975), was a Cambridge academic economist professionally known as M. J. Farrell. Academically he is remembered largely for the celebrated non-parametric measure of productive efficiency that he published in 1957.
data sheet (b. 6-1-1943)