John Geanakoplos

Last updated
John Geanakoplos
Born (1955-03-18) March 18, 1955 (age 69)
Urbana, Illinois, U.S.
Education Yale University (BA)
Harvard University (MA, PhD)
Spouse Anne Higonnet
Academic career
Field Mathematical economics
Institution Yale University
Doctoral
advisor		 Kenneth Arrow
Doctoral
students		 Stephen Morris

John Geanakoplos (born March 18, 1955) is an American economist, and the current James Tobin Professor of Economics at Yale University. [1]

Contents

Background and education

John Geanakoplos was born to a Greek-American family of scholars. His father was the late Professor Emeritus at Yale Deno Geanakoplos (Greek : Κωνσταντίνος Γιαννακόπουλος), a renowned Greek-American historian of Byzantine cultural and religious history, and his mother, Effie Geanakoplos, was an instructor in psychiatry at the Yale Child Study Center. [2]

In 1970 Geanakoplos won the United States Junior Open Chess Championship. He received his B.A. in mathematics from Yale University in 1975 (summa cum laude), and his M.A. in mathematics and his Ph.D. in economics under Kenneth Arrow and Jerry Green from Harvard University in 1980. In 1980 he became an assistant professor of economics at Yale University, rising to associate professor in 1983, full professor in 1986, and the James Tobin Professor of Economics in 1994.

Professional career

In 1996-2005 Geanakoplos was director of the Cowles Foundation for Research in Economics. He was a co-founder in 2002, and is still currently co-director, of the Hellenic Studies Program at Yale. He was elected a fellow of the Econometric Society in 1990, and of the American Academy of Arts and Sciences in 1999. He was awarded the Samuelson Prize in 1999, and was awarded the first Bodossaki Prize in economics in 1994 for the best economist of Greek heritage under 40. In 1990-1991 and again in 1999-2000 he directed the economics program at the Santa Fe Institute, where he remains an external professor and chairman of the science steering committee. In 2009-2010 he testified before Congress and before the Financial Crisis Inquiry Commission. He spent terms as visiting professor at MSRI in the University of California, Berkeley, at Churchill College, Cambridge, at the University of Pennsylvania, at Harvard, at Stanford, and at MIT. In 1990-1994 he was a managing director of fixed income research at Kidder, Peabody & Co. He was a founding partner in 1995 of Ellington Management Group, and remains a partner.

Research

Geanakoplos' papers in the 1980s with Paul Klemperer and Jeremy Bulow developed the concept and invented the terminology of strategic complements that is now commonly used in game theory, industrial organization and elsewhere.

Before the 2007–2008 financial crisis, Geanakoplos was known primarily for his contributions to general equilibrium theory, particularly incomplete markets in general equilibrium theory. [3] Geanakoplos and Polemarchakis (1986), [4] for example, establishes key existence and welfare results in a general incomplete markets model.

After the 2007–2008 financial crisis, Geanakoplos' work on the relationship between leverage and asset prices, "The Leverage Cycle," [5] has been prominent in both popular and academic discussions of financial market fluctuations and regulation. [6]

In 2009, Geanakoplos co-authored a work on credit cards and inflation through the Cowles Foundation. [7] His co-author was the mathematical economist and fellow Yale professor Pradeep Dubey.

Personal life

Geanakopolos is married to Barnard College art historian Anne Higonnet. [8]

Videos

Yale University published Geanakoplos' Financial Theory lecture in the Yale Open Courses series.

Selected publications

The following are selected publications from 1998 to date. [9]

Related Research Articles

<span class="mw-page-title-main">General equilibrium theory</span> Theory of equilibrium between supply and demand

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 with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, or in other words, considered to be beyond the scope of economic analysis. The noneconomic influences may change given changes in the economic factors however, and therefore the prediction accuracy of an equilibrium model may depend on the independence of the economic factors from noneconomic ones.

<span class="mw-page-title-main">Index of economics articles</span>

This aims to be a complete article list of economics topics:

Fernando Enrique Alvarez is an Argentine macroeconomist. He is professor of economics at the University of Chicago. He received his B.A. in Economics at Universidad Nacional de La Plata in 1989 and his Ph.D. from the University of Minnesota in 1994. He was elected a Fellow of the Econometric Society in 2008. He was named a Fellow of the American Academy of Arts and Sciences in 2018.

In economics, incomplete markets are markets in which there does not exist an Arrow–Debreu security for every possible state of nature. In contrast with complete markets, this shortage of securities will likely restrict individuals from transferring the desired level of wealth among states.

<span class="mw-page-title-main">David Cass</span> American economist

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.

<span class="mw-page-title-main">Sonnenschein–Mantel–Debreu theorem</span> Economic theorem

The Sonnenschein–Mantel–Debreu theorem is an important result in general equilibrium economics, proved by Gérard Debreu, Rolf Mantel, and Hugo F. Sonnenschein in the 1970s. It states that the excess demand curve for an exchange economy populated with utility-maximizing rational agents can take the shape of any function that is continuous, has homogeneity degree zero, and is in accordance with Walras's law. This implies that the excess demand function does not take a well-behaved form even if each agent has a well-behaved utility function. Market processes will not necessarily reach a unique and stable equilibrium point.

Martin Shubik (1926-2018) was an American mathematical economist who specialized in game theory, defense analysis, and the theory of money. The latter was his main research interest and he referred to it as his "white whale". He also coined the term "mathematical institutional economics" in 1959 to describe his scholarly approach to studying the economy. He spent the majority of his career at Yale University, where he was heavily involved with the Cowles Foundation for Research in Economics, and launched the virtual Museum of Money and Financial Institutions.

Economics education or economic education is a field within economics that focuses on two main themes:

<span class="mw-page-title-main">Pradeep Dubey</span> Indian academic (born 1951)

Pradeep Dubey is an Indian game theorist. He is a Professor of Economics at the State University of New York, Stony Brook, and a member of the Stony Brook Center for Game Theory. He also holds a visiting position at Cowles Foundation, Yale University. He did his schooling at the St. Columba's School, Delhi. He received his Ph.D. in applied mathematics from Cornell University and B.Sc. from the University of Delhi. His research areas of interest are game theory and mathematical economics. He has published, among others, in Econometrica, Games and Economic Behavior, Journal of Economic Theory, and Quarterly Journal of Economics. He is a Fellow of The Econometric Society, ACM Fellow and a member of the council of the Game Theory Society.

<span class="mw-page-title-main">Dynamic stochastic general equilibrium</span> Macroeconomic method

Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.

<span class="mw-page-title-main">Guillermo Calvo</span> Argentine-American economist

Guillermo Antonio Calvo is an Argentine-American economist who is director of Columbia University's mid-career Program in Economic Policy Management in their School of International and Public Affairs (SIPA).

The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) with neoclassical economics.

Roy Radner was Leonard N. Stern School Professor of Business at New York University. He was a micro-economic theorist. Radner's research interests included strategic analysis of climate change, bounded rationality, game-theoretic models of corruption, pricing of information goods and statistical theory of data mining. Previously he was a faculty member at the University of California, Berkeley, and a Distinguished Member of Technical Staff at AT&T Bell Laboratories.

<span class="mw-page-title-main">Frank Hahn</span> British economist (1925–2013)

Frank Horace Hahn FBA was a British economist whose work focused on general equilibrium theory, monetary theory, Keynesian economics and critique of monetarism. A famous problem of economic theory, the conditions under which money, which is intrinsically worthless, can have a positive value in a general equilibrium, is called "Hahn's problem" after him. One of Hahn's main abiding concerns was the understanding of Keynesian (Non-Walrasian) outcomes in general equilibrium situations.

Jacques H. Drèze was 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.

Sheri Marina Markose is a computational economist. She is a professor of Economics at the University of Essex, where she holds a personal chair since 2006. She is the founding director (2002-2009) of the Centre for Computational Finance and Economic Agents (CCFEA) at Essex. At CCFEA, with the support of the then Vice Chancellor, Ivor Crewe, she pioneered multi-disciplinary research as well as PhD and Masters programs, which include Agent-based computational economics, financial market modelling with extreme events and markets as complex adaptive systems.

John Howland Cochrane is an American economist who has served as the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution since 2015. A specialist in financial economics and macroeconomics, he has been a professor of finance and economics by courtesy at the Stanford Graduate School of Business since 2016. From 1994 to 2015, he served as the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.

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.

In economic theory, a strategicmarket game, also known as a market game, is a game explaining price formation through game theory, typically implementing a general equilibrium outcome as a Nash equilibrium.

Felix Kübler is a German economist who currently works as Professor of Financial Economics at the University of Zurich. His research interests include computational economics, general equilibrium theory and portfolio choice. In 2012, he was awarded the Gossen Prize in recognition of his contributions to economic research.

References

  1. ↑ "Welcome | Cowles Foundation for Research in Economics".
  2. ↑ "In Memoriam: Deno Geanakoplos". Yale News. Yale University. October 11, 2007. Retrieved 2017-06-21.
  3. ↑ "John D. Geanakoplos". Archived from the original on 2011-05-24. Retrieved 2011-04-02.
  4. ↑ Geanakoplos, J.D. and H.M. Polemarchakis, 1986, Existence, regularity and constrained suboptimality of competitive allocations when the asset structure is incomplete, in: W.P. Hell&, R.M: Starr and D.A. Starrett, eds., Uncertainty, information and communication: Essays in honor of K.J. Arrow. Vol. 3 (Cambridge Universitv Press, New York) 65-95.
  5. ↑ Geanakoplos, J. (2010) "The Leverage Cycle", in D.Acemoglu, K. Rogoff, and M. Woodford (eds.), NBER Macro-economics Annual 2009, vol. 24, University of Chicago Press, Chicago, 2010, pp. 1-65.
  6. ↑ Whitehouse, Mark (4 November 2009). "Crisis Compels Economists To Reach for New Paradigm - WSJ". Wall Street Journal.
  7. ↑ MoneyBuilder. "How Credit Cards Hurt the Economy". Forbes. Retrieved 2017-02-02.
  8. ↑ Beach, Randall (2010-06-11). "Case dismissed in New Haven school confrontation". New Haven Register. Retrieved 2022-05-16.
  9. ↑ "Publication List". John Geanakoplos. Yale University. Retrieved 4 April 2019.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.