Roger Guesnerie | |
---|---|

Born | 1943 (age 77–78) France |

Nationality | French |

Institution | Collège de France École des hautes études en sciences sociales Paris School of Economics |

Field | Economic theory Macroeconomics Public economics |

School or tradition | Mathematical economics |

Alma mater | École Polytechnique École nationale des ponts et chaussées |

Doctoral advisor | Jean-Jacques Laffont |

Doctoral students | Thomas Piketty |

Awards | President, Econometric Society (1996) President, French Association of Economic Sciences (2002–2003) President, European Economic Association (1994) Foreign Honorary Member of the American Economic Association Foreign Honorary Member, American Academy of Arts and Sciences CNRS Silver medal Chevalier de l'Ordre National du Mérite Chevalier de la Légion d'honneur |

Information at IDEAS / RePEc |

**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.

Guesnerie studied at École Polytechnique and the École Nationale des Ponts et Chaussées, and received his doctorate in economics from the University of Toulouse in 1982. He has taught at the London School of Economics, the École Polytechnique, and at Harvard University.^{ [1] } Guesnerie has published widely in economics, including in public economics, in the theory of incentives and economic mechanisms, and in the theory of general economic equilibrium.

Guesnerie has been elected president of several scholarly societies, notably the French Association of Economic Sciences (2002–2003), the Econometric Society (1996), and the European Economic Association (1994). Guesnerie has been elected as an foreign honorary member of the American Economic Association and as a foreign member of the American Academy of Arts and Sciences. He has served as co-editor of * Econometrica * (1984–1989) and as foreign editor of the * Review of Economic Studies *. In France, Guesnerie's research has been recognized with the CNRS Silver medal; he has been declared to be a *Chevalier de l'Ordre National du Mérite* and *Chevalier de la Légion d'honneur*.

- Roger Guesnerie and Henry Tulkens, 2008,
*The Design of Climate Policy*, MIT Press.^{ [2] } - "Assessing Rational Expectations 2: Eductive stability in economics", MIT Press, 2005, 453p.
^{ [3] } - "Assessing Rational Expectations: Sunspot multiplicity and economic fluctuations", MIT Press, 2001, 319 p. ISBN 978-0-262-26279-8
- "A contribution to the pure theory of taxation", Cambridge University Press, 1995, 301 pages
^{ [4] }

- Guesnerie, Roger; Roberts, Kevin W.S. (January 1984). "Effective policy tools and quantity controls" (PDF).
*Econometrica*.**52**(1): 59–86. doi:10.2307/1911461. JSTOR 1911461. - Guesnerie, Roger (1975). "Pareto optimality in non-convex economies".
*Econometrica*.**43**. pp. 1–29. doi:10.2307/1913410. JSTOR 1913410. MR 0443877. with "Errata".*Econometrica*.**43**(5–6). 1975. p. 1010. doi:10.2307/1911353. JSTOR 1911353. MR 0443878.

- Donald J. Brown credited Guesnerie's "seminal" paper with the "major methodological innovation in the general equilibrium analysis of firms with pricing rules", "the introduction of the methods of nonsmooth analysis, as a [synthesis] of global analysis (differential topology) and [of] convex analysis."
^{ [5] }This paper introduced cone of interior displacements of Dubovickii and Miljutin into economics.^{ [6] }^{ [7] }

- "General equilibrium when Some firms follow special pricing rules", (with Egbert Dierker and W. Neuefeind),
*Econometrica*, 53, 6, 1985

- This paper stimulated a subfield of economics, devoted to pricing rules, as discussed by Jacques Drèze:
"Starting with a paper in

*Econometrica*by Dierker, Guesnerie and Neuefeind (1985), a theory of general equilibrium has developed for economies with non-convex production sets, where firms follow well-defined pricing rules. In particular, existence theorems of increasing generality cover (to some extent, because of various differences in assumptions) the case of Ramsey-Boiteux pricing. Those interested primarily in applications might express skepticism, perhaps even horrified skepticism, upon realizing that 90 pages of a serious economics journal—a 1988 issue of*The Journal of Mathematical Economics*—were devoted to existence proofs of equilibrium in non-convex economies, under alternative formulations of the assumption that marginal cost pricing entails bounded losses at normalized prices. Still, I think that economic research must cover the whole spectrum from concrete applications to that level of abstraction."^{ [8] }

- Guesnerie, Roger; Roberts, Kevin W.S. (February–March 1987). "Minimum wage legislation as a second best policy".
*European Economic Review*.**31**(1–2): 490–498. doi:10.1016/0014-2921(87)90067-5. - Guesnerie, Roger (1989). "First-best allocation of resources with nonconvexities in production". In Cornet, Bernard; Tulkens, Henry (eds.).
*Contributions to Operations Research and Economics: The twentieth anniversary of CORE (Papers from the symposium held in Louvain-la-Neuve, January 1987)*. Cambridge, MA: MIT Press. pp. 99–143. ISBN 978-0-262-03149-3. MR 1104662.

**Game theory** is the study of mathematical models of strategic interactions among rational agents. It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations, and is now an umbrella term for the science of logical decision making in humans, animals, and computers.

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 analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors.

In economics, "**rational expectations**" are **model-consistent expectations**, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid. Rational expectations ensure internal consistency in models involving uncertainty. To obtain consistency within a model, the predictions of future values of economically relevant variables from the model are assumed to be the same as that of the decision-makers in the model, given their information set, the nature of the random processes involved, and model structure. The rational expectations assumption is used especially in many contemporary macroeconomic models.

**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.

In mathematical economics, the **Arrow–Debreu model** suggests that under certain economic assumptions there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy.

**William Jack Baumol** was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles.

**Thomas John Sargent** is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics. As of 2020, he ranks as the 29th most cited economist in the world. He was awarded the Nobel Memorial Prize in Economics in 2011 together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy".

In economics, the term **sunspots** refers to an *extrinsic* random variable, that is, a random variable that does not affect economic fundamentals. *Sunspots* can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term *sunspots* as a suggestive and less technical way of saying "extrinsic random variable".

**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.

**Lionel Wilfred McKenzie** was an American economist. He was the Wilson Professor Emeritus of Economics at the University of Rochester. He was born in Montezuma, Georgia. He completed undergraduate studies at Duke University in 1939 and subsequently moved to Oxford that year as a Rhodes Scholar. McKenzie worked with the Cowles Commission while it was in Chicago and served as an assistant professor at Duke from 1948–1957. Having received his Ph.D. at Princeton University in 1956, McKenzie moved to Rochester where he was responsible for the establishment of the graduate program in economics.

**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).

**Mathematical economics** is the application of mathematical methods to represent theories and analyze problems in economics. By convention, these applied methods are beyond simple geometry, such as differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, and other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.

**Roy Radner** is Leonard N. Stern School Professor of Business at New York University. He is a micro-economic theorist. Radner's research interests include strategic analysis of climate change, bounded rationality, game-theoretic models of corruption, pricing of information goods, 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.

Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.

**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.

The **Lucas aggregate supply function** or **Lucas** "**surprise**" **supply function**, based on the **Lucas imperfect information model**, is a representation of aggregate supply based on the work of new classical economist Robert Lucas. The model states that economic output is a function of money or price "surprise". The model accounts for the empirically based trade off between output and prices represented by the Phillips curve, but the function breaks from the Phillips curve since only unanticipated price level changes lead to changes in output. The model accounts for empirically observed short-run correlations between output and prices, but maintains the neutrality of money in the long-run. The policy ineffectiveness proposition extends the model by arguing that, since people with rational expectations cannot be systematically surprised by monetary policy, monetary policy cannot be used to systematically influence the economy.

The **Shapley–Folkman lemma** is a result in convex geometry with applications in mathematical economics that describes the Minkowski addition of sets in a vector space. *Minkowski addition* is defined as the addition of the sets' members: for example, adding the set consisting of the integers zero and one to itself yields the set consisting of zero, one, and two:

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 an important topic in **economics**. In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperplane supports the best attainable indifference curve. The profit function is the convex conjugate of the cost function. Convex analysis is the standard tool for analyzing textbook economics. Non‑convex phenomena in economics have been studied with nonsmooth analysis, which generalizes 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.

- ↑ "Roger Guesnerie: (English) Curriculum Vitae". Paris School of Economics. Retrieved 8 December 2019.
- ↑ R. Guesnerie; Henry Tulkens (2008).
*The Design of Climate Policy*. MIT Press. ISBN 978-0-262-07302-8. - ↑ Roger Guesnerie (2005).
*Assessing Rational Expectations 2: "eductive" Stability in Economics*. MIT Press. ISBN 978-0-262-26290-3. - ↑ Roger Guesnerie (12 November 1998).
*A Contribution to the Pure Theory of Taxation*. Cambridge University Press. ISBN 978-0-521-62956-0. - ↑ Page 1967: Brown, Donald J. (1991). "Equilibrium analysis with non-convex technologies". In Hildenbrand, Werner; Sonnenschein, Hugo (eds.).
*Handbook of mathematical economics, Volume IV*. Handbooks in Economics.**1**. Amsterdam: North-Holland Publishing Co. pp. 1963–1995. ISBN 978-0-444-87461-0. MR 1207195. - ↑ 1965. A.J. Dubovickii and A. Miljutin, Extremum problems in the presence of restrictions.
*Zh. Vychisl. Mat. Fiz.***5**(1965), pp. 395–453.*USSR Comp. Math. and Math. Physics*5 (1965), pp. 1–80. - ↑ Page 495: Mordukhovich, Boris S. (2006). "8 Applications to economics".
*Variational analysis and generalized differentiation II: Applications*. Grundlehren Series (Fundamental Principles of Mathematical Sciences).**331**. Springer. pp. 461–505. MR 2191745. - ↑ Drèze, Jacques H. (1995). "Forty years of public economics: A personal perspective".
*Journal of Economic Perspectives*.**9**(2). pp. 111–130.

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