 |
Kim C. Border | |
|---|---|
| Born | June 27, 1952 |
| Died | November 19, 2020 (aged 68) [1] |
| Nationality | American |
| Alma mater | [2] |
| Known for | Border's theorem |
| Children | 1 |
| Scientific career | |
| Fields | Economics |
| Doctoral advisor | Marcel Kessel Richter [2] |
Kim C. Border was an American behavioral economist and professor of economics at the California Institute of Technology.
Border received a bachelor's degree in economics from Caltech in 1974. Shortly after completing his Ph.D. in economics at the University of Minnesota in 1979, he returned to Caltech as a faculty member, where he remained for over forty years. [1]
Border specialized in decision theory and auction design. In 1991, he proved a set of inequalities (now known as Border's theorem) that characterize the possible allocations for a single-item auction, [3] a result that now plays a key role in the computational design of auctions. [4] He also contributed several applications of Arrow's impossibility theorem to economic domains. [5]
Border was also known for his teaching in subjects of mathematical economics, and for his extensive in-depth lecture notes. [6]
Border died on November 19, 2020, and is survived by his son. [1]
Arrow's impossibility theorem is a key result in social choice, discovered by Kenneth Arrow, showing that no ranked voting rule can behave rationally. Specifically, any such rule violates independence of irrelevant alternatives (IIA), the idea that a choice between and should not depend on the quality of a third, unrelated option . The result is most often cited in election science and voting theory, where is called a spoiler candidate. In this context, Arrow's theorem can be restated as showing that no ranked voting rule can eliminate the spoiler effect.
Independence of irrelevant alternatives (IIA) is a major axiom of decision theory which codifies the intuition that a choice between and should not depend on the quality of a third, unrelated outcome . There are several different variations of this axiom, which are generally equivalent under mild conditions. As a result of its importance, the axiom has been independently rediscovered in various forms across a wide variety of fields, including economics, cognitive science, social choice, fair division, rational choice, artificial intelligence, probability, and game theory. It is closely tied to many of the most important theorems in these fields, including Arrow's impossibility theorem, the Balinski-Young theorem, and the money pump arguments.
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 Guido Imbens.
Gérard Debreu was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.
Harold Hotelling was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. He also developed and named the principal component analysis method widely used in finance, statistics and computer science.
Paul Robert Milgrom is an American economist. He is the Shirley and Leonard Ely Professor of Humanities and Sciences at the Stanford University School of Humanities and Sciences, a position he has held since 1987. He is a professor in the Stanford School of Engineering as well and a Senior Fellow at the Stanford Institute for Economic Research. Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats".
Michio Morishima was a Japanese heterodox economist and public intellectual who was the Sir John Hicks Professor of Economics at the London School of Economics from 1970 to 1988. He was also professor at Osaka University and member of the British Academy. In 1976 he won the Order of Culture.
Hirofumi Uzawa was a Japanese economist.
In mathematics and economics, the envelope theorem is a major result about the differentiability properties of the value function of a parameterized optimization problem. As we change parameters of the objective, the envelope theorem shows that, in a certain sense, changes in the optimizer of the objective do not contribute to the change in the objective function. The envelope theorem is an important tool for comparative statics of optimization models.
In mathematics, a vector measure is a function defined on a family of sets and taking vector values satisfying certain properties. It is a generalization of the concept of finite measure, which takes nonnegative real values only.
Susan Carleton Athey is an American economist. She is the Economics of Technology Professor in the School of Humanities and Sciences at the Stanford Graduate School of Business. Prior to joining Stanford, she has been a professor at Harvard University and the Massachusetts Institute of Technology.
Turnpike theory refers to a set of economic theories about the optimal path of accumulation in a system, depending on the initial and final levels. In the context of a macroeconomic exogenous growth model, for example, it says that if an infinite optimal path is calculated, and an economic planner wishes to move an economy from one level of capital to another, as long as the planner has sufficient time, the most efficient path is to quickly move the level of capital stock to a level close to the infinite optimal path, and to allow capital to develop along that path until it is nearly the end of the desired term and the planner must move the capital stock to the desired final level. The name of the theory refers to the idea that a turnpike is the fastest route between two points which are far apart, even if it is not the most direct route.
Roger Bruce Myerson is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy, the Griffin Department of Economics, and the College of the University of Chicago. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory". He was elected a Member of the American Philosophical Society in 2019.
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.
Convexity is a geometric property with a variety of applications in economics. Informally, an economic phenomenon is convex when "intermediates are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of diminishing marginal utility of having more of the same good.
Arunava Sen is a professor of economics at the Indian Statistical Institute. He works on Game Theory, Social Choice Theory, Mechanism Design, Voting and Auctions.
Hervé Moulin is a French mathematician who is the Donald J. Robertson Chair of Economics at the Adam Smith Business School at the University of Glasgow. He is known for his research contributions in mathematical economics, in particular in the fields of mechanism design, social choice, game theory and fair division. He has written five books and over 100 peer-reviewed articles.
Yeon-Koo Che (Korean: 최연구) is a Korean American economist. He is the Kelvin J. Lancaster Professor of Economic Theory at Columbia University, a position he held since 2009. Prior to joining Columbia in 2005, he was a professor at University of Wisconsin-Madison.
Zvi Safra is an Israeli and British economist and decision theorist. Safra is a professor at the Warwick Business School at the University of Warwick an emeritus professor at the Coller School of Management at Tel Aviv University. Safra is an editor at the Journal of Economics and Philosophy and an elected fellow of the Society for the Advancement of Economic Theory. Safra was formerly a Vice-Chancellor at the Israeli College of Management Academic Studies.
In auction theory and mechanism design, Border's theorem gives a necessary and sufficient condition for interim allocation rules to be implementable via an auction.
| International | |
|---|---|
| National | |
| Academics | |
| Other | |
