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|Field||Game theory, General equilibrium Theory|
|Alma mater||A.B. Harvard College 1978, Ph.D. MIT 1981|
| Matthew Rabin |
|Contributions||learning in games, Folk theorem|
|Awards||Guggenheim Fellowship, 1990; Fellow of the American Academy of Arts and Sciences|
|Information at IDEAS / RePEc|
Drew Fudenberg (born March 2, 1957 in New York City) 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.
Fudenberg obtained his A.B. in Applied Mathematics from Harvard University in 1978, when he went on to obtain his Ph.D. in Economics at MIT. After completing his Ph.D. in just three years, he began his assistant professorship at the University of California, Berkeley in 1981. At Berkeley, Fudenberg was tenured at the age of 28. In 1987, he returned to a faculty position at MIT, where he taught for 6 years. In 1993, Fudenberg accepted a faculty position in the Economics department of his alma mater, Harvard University. He has returned once more to MIT as the Paul A. Samuelson Professor of Economics as of 2016.
Fudenberg was the associate editor of the Journal of Economic Theory from 1984 to 1996; the Quarterly Journal of Economics from 1984 to 1989; Econometrica from 1985 to 1996; Games and Economic Behavior from 1988 to 1993, and the foreign editor of the Review of Economic Studies from 1993 to 1996. He was also the principal editor of Econometrica from 1996 until 2000.
Fudenberg has authored many books on game theory, including Game Theory with Jean Tirole, a primary reference for graduate students in economics; Dynamic Models of Oligopoly, also with Jean Tirole; and Theory of Learning in Games with David K. Levine.
Fudenberg received the Guggenheim Fellowship in 1990 and became a fellow of the American Academy of Arts and Sciences in 1998.
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations.
In game theory, the best response is the strategy which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response to the other players' strategies.
Matthew Joel Rabin is the Pershing Square Professor of Behavioral Economics in the Harvard Economics Department and Harvard Business School. Rabin's research focuses primarily on incorporating psychologically more realistic assumptions into empirically applicable formal economic theory. His topics of interest include errors in statistical reasoning and the evolution of beliefs, effects of choice context on exhibited preferences, reference-dependent preferences, and errors people make in inference in market and learning settings.
An Edgeworth price cycle is cyclical pattern in prices characterized by an initial jump, which is then followed by a slower decline back towards the initial level. The term was introduced by Maskin and Tirole (1988) in a theoretical setting featuring two firms bidding sequentially and where the winner captures the full market.
Kenneth George "Ken" Binmore, is a British mathematician, economist, and game theorist. He is a Professor Emeritus of Economics at University College London (UCL) and a Visiting Emeritus Professor of Economics at the University of Bristol.
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.
Screening in economics refers to a strategy of combating adverse selection, one of the potential decision-making complications in cases of asymmetric information, by the agent(s) with less information. The concept of screening was first developed by Michael Spence (1973), and should be distinguished from signalling, a strategy of combating adverse selection undertaken by the agent(s) with more information.
David Knudsen Levine 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.
Martin Shubik was an American economist, who was Professor Emeritus of Mathematical Institutional Economics at Yale University.
Risk dominance and payoff dominance are two related refinements of the Nash equilibrium (NE) solution concept in game theory, defined by John Harsanyi and Reinhard Selten. A Nash equilibrium is considered payoff dominant if it is Pareto superior to all other Nash equilibria in the game. When faced with a choice among equilibria, all players would agree on the payoff dominant equilibrium since it offers to each player at least as much payoff as the other Nash equilibria. Conversely, a Nash equilibrium is considered risk dominant if it has the largest basin of attraction. This implies that the more uncertainty players have about the actions of the other player(s), the more likely they will choose the strategy corresponding to it.
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.
Frank Horace Hahn FBA was a British economist whose work focused on general equilibrium theory, monetary theory, Keynesian economics and monetarism. A famous problem of economic theory, the conditions under which money can have a positive value in a general equilibrium, is called "Hahn's problem" after him.
Ehud Kalai is a prominent Israeli American game theorist and mathematical economist known for his contributions to the field of game theory and its interface with economics, social choice, computer science and operations research. He was the James J. O’Connor Distinguished Professor of Decision and Game Sciences at Northwestern University, 1975-2017, and currently is a Professor Emeritus of Managerial Economics and Decision Sciences.
Motty Perry is an Israeli professor of Economics at University of Warwick, England and emeritus Don Patinkin Professor of Economics at Hebrew University of Jerusalem, Israel.
A Markov perfect equilibrium is an equilibrium concept in game theory. It is the refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be readily identified. The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin. It has since been used, among else, in the analysis of industrial organization, macroeconomics and political economy.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
Larry Samuelson is the A. Douglas Melamed Professor of Economics at Yale University and one of the faculty of the Cowles Foundation of Yale University.
The Nancy L. Schwartz Memorial Lecture is a series of public lectures held every year by the Kellogg Department of Managerial Economics and Decision Sciences.
Georg Nöldeke is an economist and currently serves as Professor of Economics at the University of Basel. His research interests focuses on microeconomic theory, game theory, and social evolution. In 2007, Georg Nöldeke's contributions to economics of information - in particular on the communication within financial markets - as well as to game theory and contract theory were awarded the Gossen Prize by the German Economic Association.
Peter Klibanoff is an American economist who is currently John L. and Helen Kellogg Professor of Managerial Economics & Decision Sciences at the Kellogg School of Management.
| President of the Econometric Society |