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In 1968, Sveriges Riksbank (Sweden's central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, according to the same principles as for the Nobel Prizes that have been awarded since 1901. This volume is a collection of the Nobel lectures delivered by the prizewinners, together with their biographies and the presentation speeches, for the period 2006-2010.List of prizewinners and their award citations:(2006) Edmund S Phelps — for his analysis of intertemporal tradeoffs in macroeconomic policy;(2007) Leonid Hurwicz, Eric S Maskin and Roger B Myerson — for having laid the foundations of mechanism design theory;(2008) Paul Krugman — for his analysis of trade patterns and location of economic activity;(2009) Elinor Ostrom — for her analysis of economic governance, especially the commons, and Oliver E Williamson — for his analysis of economic governance, especially the boundaries of the firm;(2010) Peter A Diamond, Dale T Mortensen and Christopher A Pissarides — for their analysis of markets with search frictions.
In 1968, Sveriges Riksbank (Sweden's central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, according to the same principles as for the Nobel Prizes that have been awarded since 1901. This volume is a collection of the Nobel lectures delivered by the prizewinners, together with their biographies and the presentation speeches, for the period 2006 2010. List of prizewinners and their award citations: (2006) Edmund S Phelps for his analysis of intertemporal tradeoffs in macroeconomic policy; (2007) Leonid Hurwicz, Eric S Maskin and Roger B Myerson for having laid the foundations of mechanism design theory; (2008) Paul Krugman for his analysis of trade patterns and location of economic activity; (2009) Elinor Ostrom for her analysis of economic governance, especially the commons, and Oliver E Williamson for his analysis of economic governance, especially the boundaries of the firm; (2010) Peter A Diamond, Dale T Mortensen and Christopher A Pissarides for their analysis of markets with search frictions.
Mentioned as the second prize area in his will, Chemistry was the most important science for Alfred Nobel's own work. The development of Nobel's inventions as well as the industrial processes he employed were based upon chemical knowledge. This volume is a collection of the Nobel lectures delivered by the prizewinners, together with their biographies and the presentation speeches for the period 2006-2010. Each Nobel lecture is based on the work for which the laureate was awarded the prize.List of prizewinners and their award citations:(2006) Roger D Kornberg — for his studies of the molecular basis of eukaryotic transcription;(2007) Gerhard Ertl — for his studies of chemical processes on solid surfaces;(2008) Osamu Shimomura, Martin Chalfie and Roger Y Tsien — for the discovery and development of the green fluorescent protein, GFP;(2009) Venkatraman Ramakrishnan, Thomas A Steitz and Ada E Yonath — for studies of the structure and function of the ribosome;(2010) Richard F Heck, Ei-ichi Negishi and Akira Suzuki — for palladium-catalyzed cross couplings in organic synthesis.
A wide-ranging intellectual history that reveals how important games have been to human progress, and what’s at stake when we forget what games we’re really playing. We play games to learn about the world, to understand our minds and the minds of others, and to make predictions about the future. Games are an essential aspect of humanity and a powerful tool for modeling reality. They’re also a lot of fun. But games can be dangerous, especially when we mistake the model worlds of games for reality itself and let gamification co-opt human decision making. Playing with Reality explores the riveting history of games since the Enlightenment, weaving an unexpected path through military theory, political science, evolutionary biology, the development of computers and AI, cutting-edge neuroscience, and cognitive psychology. Neuroscientist and physicist Kelly Clancy shows how intertwined games have been with the arc of history. War games shaped the outcomes of real wars in nineteenth and twentieth century Europe. Game theory warped our understanding of human behavior and brought us to the brink of annihilation—yet still underlies basic assumptions in economics, politics, and technology design. We used games to teach computers how to learn for themselves, and now we are designing games that will determine the shape of society and future of democracy. In this revelatory new work, Clancy makes the bold argument that the human fascination with games is the key to understanding our nature and our actions.
The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. - Offers a wide selection of Robert Lucas's unpublished works - Discusses the history of business-cycle theories in the context of methodological advancements - Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling
This text presents statistical methods for studying causal effects and discusses how readers can assess such effects in simple randomized experiments.
Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process. Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by twenty-three Nobel Prize laureates in Economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content. This sixth edition adds four recent Nobelists to its pages: Eric Maskin, who illustrates his explanation of mechanism design with an example involving a mother, a cake, and two children; Joseph Stiglitz, who recounts his field's ideological wars linked to policy disputes; Paul Krugman, who describes the insights he gained from studying the model of the Capitol Hill Babysitting Coop (and the recession it suffered when more people wanted to accumulate babysitting coupons than redeem them); and Peter Diamond, who maps his development from student to teacher to policy analyst. Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms. These lectures demonstrate the richness and diversity of contemporary economic thought. The reader will find that paths cross in unexpected ways—that disparate thinkers were often influenced by the same teachers—and that luck as well as hard work plays a role in the process of scientific discovery. The Laureates Lawrence R. Klein • Kenneth J. Arrow • Paul A. Samuelson • Milton Friedman • George J. Stigler • James Tobin • Franco Modigliani • James M. Buchanan • Robert M. Solow • William F. Sharpe • Douglass C. North • Myron S. Scholes • Gary S. Becker • Robert E. Lucas, Jr. • James J. Heckman • Vernon L. Smith • Edward C. Prescott • Thomas C. Schelling • Edmund S. Phelps • Eric S. Maskin • Joseph E. Stiglitz • Paul Krugman • Peter A. Diamond
Mentioned as the second prize area in his will, Chemistry was the most important science for Alfred Nobel's own work. The development of Nobel's inventions as well as the industrial processes he employed were based upon chemical knowledge. This volume is a collection of the Nobel lectures delivered by the prizewinners, together with their biographies and the presentation speeches for the period 2006 2010. Each Nobel lecture is based on the work for which the laureate was awarded the prize. List of prizewinners and their award citations: (2006) Roger D Kornberg for his studies of the molecular basis of eukaryotic transcription; (2007) Gerhard Ertl for his studies of chemical processes on solid surfaces; (2008) Osamu Shimomura, Martin Chalfie and Roger Y Tsien for the discovery and development of the green fluorescent protein, GFP; (2009) Venkatraman Ramakrishnan, Thomas A Steitz and Ada E Yonath for studies of the structure and function of the ribosome; (2010) Richard F Heck, Ei-ichi Negishi and Akira Suzuki for palladium-catalyzed cross couplings in organic synthesis.
Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award