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James Joseph Heckman is an American economist and Nobel laureate who serves as the Henry Schultz Distinguished Service Professor in Economics at the University of Chicago, where he is also a professor at the College, a professor at the Harris School of Public Policy, Director of the Center for the Economics of Human Development (CEHD), and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also a professor of law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the NBER. He received the John Bates Clark Medal in 1983, and the Nobel Memorial Prize in Economic Sciences in 2000, which he shared with Daniel McFadden. He is known principally for his pioneering work in econometrics and microeconomics.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society.
In welfare economics, a social planner is a hypothetical decision-maker who attempts to maximize some notion of social welfare. The planner is a fictional entity who chooses allocations for every agent in the economy—for example, levels of consumption and leisure—that maximize a social welfare function subject to certain constraints. This so-called planner's problem is a mathematical constrained optimization problem. Solving the planner's problem for all possible Pareto weights yields all Pareto efficient allocations.
Andrew B. Whinston is an American economist and computer scientist. He serves as the Hugh Roy Cullen Centennial Chair in Business Administration. He also works as a Professor of Information Systems, Computer Science and Economics, and Director of the Center for Research in Electronic Commerce (CREC) in the McCombs School of Business at the University of Texas at Austin.
In economics, a budget set, or the opportunity set facing a consumer, is the set of all possible consumption bundles that the consumer can afford taking as given the prices of commodities available to the consumer and the consumer's income. Let the number of commodities available to the consumer in an economy be finite and equal to . Thus, for commodity amounts , also known as consumption plans which should not exceed the income, with associated prices and consumer income , the budget set is defined as
Avinash Kamalakar Dixit is an Indian-American economist. He is the John J. F. Sherrerd '52 University Professor of Economics Emeritus at Princeton University, and has been Distinguished Adjunct Professor of Economics at Lingnan University, senior research fellow at Nuffield College, Oxford and Sanjaya Lall Senior Visiting Research Fellow at Green Templeton College, Oxford.
In economics, an agent's preferences are said to be weakly monotonic if, given a consumption bundle , the agent prefers all consumption bundles that have more of all goods. That is, implies . An agent's preferences are said to be strongly monotonic if, given a consumption bundle , the agent prefers all consumption bundles that have more of at least one good, and not less in any other good. That is, and imply .
The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in sales price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes. This means that producers and manufacturers are willing to offer more of a product for sale on the market at higher prices, as increasing production is a way of increasing profits.
In economics, partial equilibrium is a condition of economic equilibrium which analyzes only a single market, ceteris paribus except for the one change at a time being analyzed. In general equilibrium analysis, on the other hand, the prices and quantities of all markets in the economy are considered simultaneously, including feedback effects from one to another, though the assumption of ceteris paribus is maintained with respect to such things as constancy of tastes and technology.
In economics exponential discounting is a specific form of the discount function, used in the analysis of choice over time. Formally, exponential discounting occurs when total utility is given by
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.
Sir Richard William Blundell CBE FBA is a British economist and econometrician.
Bonnie Honig, is a political, feminist, and legal theorist specializing in democratic theory. In 2013-14, she became Nancy Duke Lewis Professor-Elect of Modern Culture and Media and Political Science at Brown University, succeeding Anne Fausto-Sterling in the Chair in 2014–15. Honig was formerly Sarah Rebecca Roland Professor of Political Science at Northwestern University and Research Professor at the American Bar Foundation.
Franklin Marvin Fisher was an American economist. He taught economics at the Massachusetts Institute of Technology from 1960 to 2004.
Andreu Mas-Colell is an economist, an expert in microeconomics and a prominent mathematical economist. 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 Microeconomic Theory, 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.
Jerry Richard Green is the John Leverett Professor in the University and the David A. Wells Professor of Political Economy at Harvard University. He is known for his research in economic theory, as well as writing the most commonly used microeconomic theory for graduate school with Andreu Mas-Colell and Michael Whinston, Microeconomic Theory.
Microeconomic Theory by Andreu Mas-Colell, Michael D. Whinston and Jerry R. Green is the standard US graduate level mainstream economics textbook. The book has 5 parts: Part I: Individual Decision-Making; Part II: Game Theory; Part III: Market Equilibrium and Market Failure; Part IV: General Equilibrium; Part V: Welfare Economics and Incentives individual decision theory. The book provides a rigorous (mathematical) and lengthy treatment of the standard microeconomic theorems and their ‘’proofs’’.
References
- ↑ "Michael Whinston". mit.edu. Retrieved May 1, 2017.
- ↑ "Michael Whinston". mit.edu. Retrieved May 1, 2017.
- ↑ "Michael Whinston".
- ↑ "Bonnie Honig Weds Michael Whinston". The New York Times. 9 July 1990.
- ↑ "Michael Whinston".
- ↑ "Michael Whinston".
- ↑ "Michael Whinston".
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