View / Open UOCAT Jun 1958 Comm.Pdf

Total Page:16

File Type:pdf, Size:1020Kb

View / Open UOCAT Jun 1958 Comm.Pdf ommrncrmrnt gram OFFICIAL 0 Approved by th State Board of Hi EIGHTY·FIRST COMMENCEMENT UNIVERSITY OF OREGON HAYWARD FiElD SUNDAY, JUNE 15, 1958 <9rder of Exercises Processional-March from the Opera "Scipio" . Handel THE UNIVERSITY OF OREGON BAND Robert S. Vagner, M.A., M.Mus., Director ~ledge ~ong <9rcgon The Color Guard Fair Oregon, we pledge to thee Our honor and fidelity, Invocation THE REVEREND PERRY DICKINSON AVERY, M.A., B.D., D.D. Both now and in the years to be, Minister, The Federated Churches, Corvallis A never failing loyalty. Fair Oregon, thy name shall be Greetings from the Oregon State Board of Higher Education CHARLES R. HOLLOWAY, JR., LL.B. Written high in liberty. Member, State Board of Higher Education Now, uncovered, swears thy every son Our pledge to Oregon. Presentation of the Ersted Award for Distinguished Teaching Address-"Charge to the Class" OWEN MEREDITH WILSON, Ph.D. President of the University The Conferring of Degrees PRESIDENT WILSON Oregon Pledge Song Evans Benediction THE REVEREND LAWRENCE HUGH MITCHELMORE, B.S., M.S.J., B.D. Minister, The Community Church, Long Beach, Washington Recessional-March from the Opera "Henry VIII" . Saint-Saens THE UNIVERSITY OF OREGON BAND ]. SPENCER CARLSON, M.A., University Marshal The audience will remain seated during the processional and the recessional. and will refrain from applause during the conferring of degrees. [ 1 ] \ I I Rrc ognition for iRi!Jhcst ~cholarship )Baccalaurratr Ilrgrrrs MARION SUTTON BAUM GORDON WAYNE MANNING College of Liberal Arts DAVID CASS DAVID GARVIN MOURSUND CRAIG GIFFORD CHESHIRE NADINE MARGARET SMALL DIUN EDWARD ABBOTT, B.S. JOHN 1. BRENNAN, B.S. MARY JOSEPHINE FOURIER MERRIE JACQUELYN ZIMMERMAN Klamath Falls; Political Science Albany; Psychology MARIYLN ADELE FOWLER MARGERY LOUISE ZINIKER FUNCES M. ACHEE, B.A. N,LS HEMMING HAKANSSON M,LTON M. BRISTOW, B.S. Honolul u, Hawaii; General Science Harrisburg; Geography and Geology ROBERT LOUIS ACKERMAN, B.S. MARCIA ELLEN BROOKS, B.S. Menlo Park, Cal.; Economics Fall Creek; General Science ~cholarship JERRY AIKEN, B.S. JAMES D. BROWN, B.S. Rrcognition for iRigh Roseburg; History Reedsport; Political Science GARY LEE ALDEN, B.S. JOHN FRANCIS BROWN, B.A. ANITA MARGARET ALLEN AGNES L. LERVIK Grants Pass; Speech ROGER MERLIN BANDY LEOLA CAROLYN LORENZEN Eugene; Chemistry LUCILLE M. BEATTIE HARRIET PHYLLIS McALPIN JAMES L. ALLEMAN, B.S. LIONEL ALBERT BROWN, B.A. ROBERT WILLIS COFFIN PETER JAMES MCCART Eugene; General Social Science Portland; Anthropo ogy RAYMOND R. COWAN JEAN ELLEN MCPHERSON R,CHARD ALLEN, B.A. BARBARA ANN BRYAN B.A. BARRY MAXWELL DEVINE CLAUDIA WURTZ M,LKES Portland; General Science Garden City, N.Y.; Political Science EDITH K. ELLIS GAIL JOANNA MOAN MARC H. ANDERSON, B.S. R,CHARD DALE BUFFINGTON"B.S. DOROTHY ELIZABETH FETTER J ON EDWARD MORRIS Burns; History JOHN THAD FLAXEL DONNA ROSE NICHOLS Cottage Grove; General ~cience ALYCE JOY ATHERTON GUSTAFSON ARTHUR N. OSTRANDER R,CHARD HOLMES ANDERSON, B.A. ROBER'T N. BUREKER, B.A. ROGER MUIR HAGGLUND R. CRAIG PHILIPS Springfield; Biology , Eugene; English WINNIFRED TRAVIS HAHN WANDA GAE ROBERSON RONALD LEO ANDERSON, B.S. JEWETT MILLARD BURR, B.S. LORRAINE C. HAMPTON KAYE CHESTER ROBINETTE Portland; General Science Castro Valley, Cal.; History ERIK V. HANSEN AUDREY ANN RUSSELL ROYER CHARLES DELROY AUSTIN, B.S. JACK BURRI, B.S. ROBERT ROLAND HANSMANN RONALD VANCE SAVAGE Bend; History ROSEMARY R,CKARD HITE BETTY SELEY Portland; History BURTON JAMES HOBSON CLARINE M. SHEMWELL MARYLIN RUTH AVERY, B.A. FAY CAMPBELL, B.A. Y ASUO ISHIDA PERRY RUSSELL SLOOP, JR. Corvallis; Sociology Berkeley, Cal.; Psychology JEROME LOUIS KATZKY DONALD GARY SWANSON JOAN MARTHA BAILEY, B.S. ROBERT BRYCE CAMPBELL, B.S. SUSAN ANN KEHRLI THOMAS EDMUND TAYLOR Albany; General Social Science Canyon City; General Science V,RGIN,A ANNE KIRK DOROTHY M. JOHNSON W,LLENER DALE DINGEMAN BAJEMA, B.S. THOMAS JOSEPH CAREY, JR., B.S. HELEN KNIGHT GRACIE M. WOLFE Portland; Political Science KARLA KAYE KUHNLEY Salem; General Science RICHARD A. BAKER, D.S. WILLIAM R. CARSILLO, B.S. Eugene; History Menlo Park, Cal.; History ROGER MERLIN BANDY, B.S. CAROL BAKER CARVER, B.A. )Baccalaurratr Ilrgrrrs \\lith iRonors Salem; Chemistry Hillsborough, Cal.; Sociology ROYCE MARTIN BARTEL, B.S. DAVID CASS, B.A. Under the University's Honors Program Creswell; General Science Eugene; Economics MARION SUTTON BAUM, B.A. BETTY JEAN CATE, B.S. Salem: History Forest Grove; Sociology DALE DINGEMAN BAJEMA CHARLES HUGH MITCHELMORB MORTON P. BERENSON, B.A. BEVERLY MARGAllET CHAMBERLAIN, B.A. MORTON P. BERENSON JOHN ALAN RAVENTOS Portland; General Science BRIAN GEDDES BOOTH DONALD GARY SWANSON Portland; English PATRICIA JOYCE COONS MARGERY LOUISE ZINIKER DAVID ELMER BILLINGS, B.S. CHUNG Doo CHANG, B.A. JOHN THAD FLAXEL Weiser, Idaho; General Science Seoul, Korea; Physics LEE KATHERINE BLAESING, B.A. Roy NORMAN CUASE, B.S. Portland; English Mill City; General Science ~ophomorr FERN ELLEN BLOCHER, B.A. WALTER WAH YAI CHING, B.A. iRonors Elmira; English Honolulu, Hawaii; General Science JIMMIE MILTON BLUE), B.S. SEI YONG CHO, B.A. Awarded to Members of this Graduating Class Eugene; General ~cience Seoul, Korea; Economics EGON PAUL BODTKER, B.A. JURIS CILNIS, B.A. Portland; History DALE DINGEMAN BAJEMA JAMES CORNELIUS LYNCH Portland; Biology MARION SUTTON BAUM CLAUDIA WURTZ M,LKES Lucy ANNR BOND, B.A. ARLENE ELIZABETH CLARK, B.A. Lucy ANNE BOND LAURA LEE MORRIS Haines; General Science Lakeview; General Social Science DALE KENNETH BOYER CATHARINE CLAIRE MUNDORFF JOUN ROBERT BOONE, B.S. CHARLES R,CHARD CLARK, B.S. WILLIAM JAMES COOK EVELYN FRANCES OLSEN Myrtle Point; Speech San Carlos, Cal.; History KATHLEEN DONOVAN R. CRAIG PHILIPS BRIAN GEDDES BOOTH, B.S. JAN J. CLARK, B.S. NANCY AUDEL DUNNINGTON JOHN ALAN RAVENTOS Roseburg; Economics ERIK V. HANSEN JAMES GEORGE RUSSELL bairy; Sociology MARGARET HOEHN HANSON JAM" BENJAMIN SERFLING DALE KENNETH BOYER, B.A. DOLORES CLARKE, B.S. ROSEMARY R,CKARD HITE PERRY RUSSELL SLOOP, JR. Haines; English Chisholm, Minn.; Psychology TOMIKO PAULINE KUSACHI MARY HELEN SOCOLOFSKY' SQUIRE NEWLAND BOZORTH, B.S. RICHARD CLAYTON COALWELL, B.S. LEOLA CAROLYN LORENZEN Oswego; History La Grande; General Science DONALD L. BRAMAN, B.S. LOUIS W. COCKERHAM. B.S. Portland; General Science Dayton; Speech JOUN BIRGER BRANDT, B.A. ROBERT W,LL,S COFFIN, B.A. <5raduatr Ilrgrrrs \\lith iRonors Astoria; Political Science Boise, Idaho; Biology BILL GRAY FENDALL, M.S. DAVID GEORGE FOSTER, M.F.A. HENRY HAMPTON FERRERO, M.S. [ 2 ] [ 3 1 CAROL ANN EMMONS, B.A. JACK C. COKER, B.S. RITA GRISLIS, B.S. GERALD GEORGE HUTCHISON, B.S. Beaverton; History Portland; Speech Eugene; General Science Portland; General Science ELTON E. ENGSTROM, JR., B.A. PATRICIA JOYCE COONS, B.A. MICHAEL GROFF, B.A. ROBERT HYLAND, JR., B.S. Eugene; English Juneau, Alaska; Political Science Portland; History Portland; Psychology SHERMAN BRADLEY EVERETT, B.S. JOSEPH K. CORRELL, B.S. GRACIE GROVE, B.S. MARTHA IRELAND, B.S. Bonneville; Psychology Springfield; General Science Reno, Nev.; Speech Portland; History JOHN RAYMOND EWING, B.S. CLIFFORD E. CORSON, JR., B.A. MANUEL C. GUZMAN, B.A. DIXIE VLASAK hVING, B.S. The DaHes; Anthropology Portland; Psychology Albany; Foreign Languages Eugene; History CARLENE LARAE FAIRES, B.S. RUSSELL N. COWELL, B.S. ROGER MUIR HAGGLUND, B.A. ROBERT THEODORE ISAACSON, B.S. Eugene; History Milton-Freewater; Sociology Redmond; Foreign Languages Portland; Mathematics VERNA ELIZA.ETH RAHE COWELL, B.S. JOE SCOTT FALKNER, JR., B.S. WILLIAM L. HALLOCK, B.A. YASUO ISHIDA, B.A. Palo Alto, Cal.; History Eugene; General Science Redmond; Speech Yokosuka, Japan; Physics STEPHEN ROGER FELKINS, B.S. GORDON BRADLEY CRAWFORD, B.S. HARRY MITCHELL HANNA, B.S. STANLEY MAKOTO lTo, B.S. Portland; Mathematics Hillsboro; Geography and Geology Portland; General Science Hawi, Hawaii; General Science CHARMIAN DEE FELTUS, B.S. STEI~ JOAN CROSS, B.S. ERIK VON HANSEN, B.A. VIRGINIA RUTH JARVIS, B.S. Portland; History Ventura; Cal.; Sociology Hillsboro; History Hood River; Sociology WILLIAM HENRY FERGUSON, B.S. LEE FRANKLIN CUMPSTON, B.S. JAMES DONALD HANSEN, B.A. WAYNE CONWELL JENKINS, B.S. Portland; Psychology Coos Bay; Economics Renton, Wash.; History Mooseheart, Ill.; Speech JANET ADEL EVELYN FERRIS, B.A. CHARLES RAy CUNNINGHAM, B.S. JAMES MACDONALD HANSEN, B.S. GLORIA ANN JOHNSON, B.A. Madras; Sociology Eastsound, Wash.; History Eugene; History Portland; Speech DOROTHY ELIZABETH FETTER, B.A. MARGARET ANN CURRY, B.S. BOBBYE JEAN HARRIS, B.A. HARRY HEGEMAN JOHNSON, B.S. Portland; General Social Science Eugene; English Coquille; English Portland; General Science H. CLAY FIFER, B.S. CARROL WAYNE HARR!S, B.S. PAUL HABING JOHNSON, B.A. KATHLEEN RUTH DAHL, B.A. Eugene; Geography and Geology Portland; English Reedsport; History Eugene; History ROBERT HALE FISCHER, B.A. JOHN D. DAILY, B.S. JACQUELINE JEANNE JONES HARTLEY, B.A. RONALD DEAN JOHNSON, B.S. Eugene; Mathematics Long Beach, Cal.; English Milton-Freewater; English Portland; Geography and Geology JOHN THAD FLAXEL, B.A. STEPHEN LOUIE DANCHOK, B.S. DARLENE HARTMAN, B.S. STEWART D. JOHNSON, B.S. Roseburg; General Science North Bend; Chemistry Portland; History Grants Pass; General Science ROBERTA MARIE FOLEY, B.A. DANIEL LING·CHENG DAO, JR., B.A. NANCY JAY HEATHE, B.S. SHIRLEY DIANE JOHNSTON, B.A. Hong Kong, China; Eugene; English Spokane, Wash.; General Social Science North Bend; English Geography and Geology STEPHEN BRUCE FONDA, B.S. SUSAN ANDERSON HELM, B.A. JAMES W. JUE, B.S. Vale; History JAMES L. DAVIS, B.S. Portland; English Coalinga, Cal.; General Science Eugene; General Science ARTHUR WILLIAM FOSTER, B.S. GEORGE KENNETH HEMPHILL, JR., B.S. TIEH-HsIUNG KAO, B.S. Dayton; Politieal Science CARROL MARTIN DE BROEKERT, B.S. Eugene; Mathematics Taipei, China; Chemistry FOURIE~ Bend; Political Science MARY JOSEPHINE B.S. JERRY GENE HENDERSON, B.S.
Recommended publications
  • Liquidator's Motion for Approval of Settlement Agreement With
    THE STATE OF NEW HAMPSHIRE MERRIMACK, SS. SUPERIOR COURT Docket No. 217-2003-EQ-00106 In the Matter of the Liquidation of The Home Insurance Company LIQUIDATOR’S MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH CHARLES CASS, BRIAN CASS, DAVID CASS, OHM HOLDINGS, INC., GABBROIC MANAGEMENT, LLC, AND ENVIRONMENTAL FORENSIC INVESTIGATIONS, INC. Christopher R. Nicolopoulos, Insurance Commissioner of the State of New Hampshire, as Liquidator (“Liquidator”) of The Home Insurance Company (“Home”), moves that the Court enter an order in the form submitted herewith approving a Settlement Agreement and Mutual Release (the “Settlement Agreement”), between the Liquidator and Charles Cass, individually and as Trustee of the Charlton E. Cass Revocable Trust u/a/d September 9, 1987, Brian Cass, David Cass, OHM Holdings, Inc., Gabbroic Management, LLC, and Environmental Forensic Investigations, Inc. (each individually a “Claimant” and collectively the “Claimants”). As reasons therefor, the Liquidator states as follows: 1. The Settlement Agreement was negotiated under the supervision of the Special Deputy Liquidator. A copy of the Settlement Agreement is attached hereto as Exhibit A. Affidavit of Peter A. Bengelsdorf, Special Deputy Liquidator, in Support of Motion for Approval of Settlement Agreement with Charles Cass, Brian Cass, David Cass, OHM Holdings, Inc., Gabbroic Management, LLC, and Environmental Forensic Investigations, Inc. (“Bengelsdorf Aff.”) ¶ 2. 2. Home issued six insurance policies for various policy periods between November 1, 1971 and November 1, 1981 to Charles Cass, O.H.M. of Lincoln, Inc., O.H.M. of Wauwatosa, Inc., O.H.M. of Elm Grove, Inc., O.H.M. of Hampton, Inc., O.H.M.
    [Show full text]
  • An Interview with David Cass
    32 Stephen E. Spear and Randall Wright 2 An Interview with David Cass Interviewed by Stephen E. Spear CARNEGIE MELLON UNIVERSITY and Randall Wright UNIVERSITY OF PENNSYLVANIA February 13, 1998 David Cass is undoubtedly one of the central contributors to modern dynamic economics. His fundamental contributions include work on optimal growth problems, overlapping-generations models, sunspot equilibria, and general equilibrium models with incomplete markets. His research has shaped in profound ways the manner in which we do both micro- and macroeconomics. From laying the foundations of real business-cycle theory via the Cass–Koopmans model, to providing us with general tools and techniques to analyze dynamic economic models, to furthering our under- standing of monetary economics, to making fundamental contributions to the economics of extrinsic uncertainty, Cass’s work has played a major part in the development of much of modern macroeconomic theory. In addition to being a first-class scholar, Cass is also truly his own man and a free spirit of the highest order. In this interview, we tried to gain some insights into the story of David Cass and his approach to economic theory. Also, given the title as well as the intended readership of Macroeconomic Dynamics, we made a real Reprinted from Macroeconomic Dynamics, 2, 1998, 533–558. Copyright © 1998 Cambridge University Press. ITEC02 32 8/15/06, 2:59 PM An Interview with David Cass 33 effort to get him to discuss mod- ern macroeconomics and the influence his work has had on its development. We edited out some parts of the discussion in the interests of space, but what re- mains is essentially unedited.
    [Show full text]
  • Making Sure Money Is Available When We Need It Protecting Household Assets Must Become an Integral Part of U.S
    AP PHOTO/RIC FRANCIS PHOTO/RIC AP Making Sure Money Is Available When We Need It Protecting Household Assets Must Become an Integral Part of U.S. Savings Policies Christian E. Weller March 2013 WWW.AMERICANPROGRESS.ORG Making Sure Money Is Available When We Need It Protecting Household Assets Must Become an Integral Part of U.S. Savings Policies Christian E. Weller March 2013 Contents 1 Introduction and summary 5 Greater wealth volatility has led to rising risk exposure 11 Risk exposure has increased over time and across groups 16 Detailed data show that risk exposure has become excessive 24 Conclusion and policy implications 28 About the author 29 Appendix A: Review of the relevant literature on wealth and risk exposure 31 Appendix B: High wealth went along with high insecurity before the crisis 32 Appendix C: Indicators of individual risk exposure 36 Appendix D: Rising risk exposure over time and changing risk exposure during crises 38 Endnotes Introduction and summary Household wealth—the difference between a household’s assets and its debt—is a crucial aspect of economic security. It allows households to pay for necessities during an economic emergency, and it permits families to invest in their future— pay for their children’s or their own education, start a business, switch jobs, move to advance their careers, and plan for a secure retirement. For a family to benefit from it, household wealth has to actually be there when households need the economic security that comes from having wealth. Over the past few decades, however, household wealth has become increasingly volatile, meaning that wealth has swung up and down much more widely over the past two decades than it did in the preceding decades after World War II.1 Macroeconomic instability due to the housing and stock market bubbles—and bursts—is one of the contributing factors, but so is greater household-wealth risk exposure due to more investments in the housing and stock markets and greater household debt than in the past.
    [Show full text]
  • Equilmrium and DYNAMICS David Gale, 1991 Equilibrium and Dynamics
    EQUILmRIUM AND DYNAMICS David Gale, 1991 Equilibrium and Dynamics Essays in Honour of David Gale Edited by Mukul Majumdar H. T. Warshow and Robert Irving Warshow Professor ofEconomics Cornell University Palgrave Macmillan ISBN 978-1-349-11698-0 ISBN 978-1-349-11696-6 (eBook) DOI 10.1007/978-1-349-11696-6 © Mukul Majumdar 1992 Softcover reprint of the hardcover 1st edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1992 ISBN 978-0-312-06810-3 Library of Congress Cataloging-in-Publication Data Equilibrium and dynamics: essays in honour of David Gale I edited by Mukul Majumdar. p. em. Includes bibliographical references (p. ). ISBN 978-0-312-06810-3 1. Equilibrium (Economics) 2. Statics and dynamics (Social sciences) I. Gale, David. II. Majumdar, Mukul, 1944- . HB145.E675 1992 339.5-dc20 91-25354 CIP Contents Preface vii Notes on the Contributors ix 1 Equilibrium in a Matching Market with General Preferences Ahmet Alkan 1 2 General Equilibrium with Infinitely Many Goods: The Case of Separable Utilities Aloisio Araujo and Paulo Klinger Monteiro 17 3 Regular Demand with Several, General Budget Constraints Yves Balasko and David Cass 29 4 Arbitrage Opportunities in Financial Markets are not Inconsistent with Competitive Equilibrium Lawrence M. Benveniste and Juan Ketterer 45 5 Fiscal and Monetary Policy in a General Equilibrium Model Truman Bewley 55 6 Equilibrium in Preemption Games with Complete Information Kenneth Hendricks and Charles Wilson 123 7 Allocation of Aggregate and Individual Risks through Financial Markets Michael J.
    [Show full text]
  • Active Defense: Definitions
    Moderator: Rhea Siers, Scholar in Residence at the GW Center for Cyber and Homeland Security (CCHS), Special, Counsel – Panel 3 - Controlling Cybersecurity, Zeichner Ellman & Krause LLP, Cyber Senior Advisor, RANE the Troops: "Active Network Panelists: Defense" - Is it Legal David Cass, Chief Information Security Officer, IBM Cloud & SaaS Operational Services Aristedes Mahairas, Special in the US and Agent in Charge of Special Operations/Cyber Division of the New York Office, FBI Abroad? Roland Cloutier, VP, Chief Security Officer, ADP Rhea Siers, David Cass, Aristedes Mahairas, Roland Cloutier, Scholar in Residence at the Chief Information Security Officer, Special Agent in Charge of Vice President, GW Center for Cyber and IBM Cloud & SaaS Special Operations/ Chief Security Officer, Homeland Security (CCHS) Operational Services Cyber Division of the ADP Special Counsel – New York Office, FBI Cybersecurity, Zeichner Ellman & Krause LLP Cyber Senior Advisor, RANE Network (c) Journal of Law & Cyber Warfare. All Rights Reserved. 2 This is not legal advice nor should it be considered legal advice This presentation and the comments contained therein represent only the Disclaimer personal views of the participants, and does not reflect those of their employers or clients This presentation is offered for educational and informational uses only (c) Journal of Law & Cyber Warfare 2017. All Rights Reserved Active Defense: Definitions Dictionary of Military and Associated Terms • The employment of limited offensive actions and counterattacks to
    [Show full text]
  • 2013 Complex Adaptive Systems Program
    Emerging Technologies Baltimore, Maryland for Evolving Systems: November I3 - I5, 20I3 Socio-technical, Cyber and Big Data 20I3 Conference Program Organizing Committee Welcome Welcome to this year’s Complex Adaptive Systems Conference. Over the next three General Conference Chair days, we will share our ideas, tools, methodologies and research results in the Cihan H. Dagli, Missouri University of Science & Technology, USA domains of cyberspace physical systems, socio-technical systems and healthcare. Contributions to this conference, in the form of paper presentations, plenary Conference Co-Chairs sessions and panel discussions, will cultivate new ideas and advance all of our understanding of complex systems of today. David Enke, Missouri University of Science & Technology, USA Walker Land, Binghamton University, USA We are pleased to announce that we have authors from 16 countries presenting Rosemary Paradis, Lockheed Martin, USA Cihan H. Dagli, Ph.D. 83 papers. On behalf of the organizing committee, I wish to thank all our authors for Mika Sato-Ilic, University of Tsukuba, Japan Conference Chair their contributions to the proceedings and to this conference. Professor Engineering Management A special recognition goes to our distinguished plenary speakers, and those who Organizing Committee Members and Systems Engineering serve as panelists during the discussion sessions. Director of S&T’s Systems Haden A. Land, Lockheed Martin, USA Engineering Graduate Program Further, I want to mention our conference sponsors, whose financial contributions INCOSE and IIE Fellow Iveta Mrazova, Charles University, Czech Republic International Journal and support allow us to continue to offer this annual conference. Their involvement Alper E. Murat, Wayne State University, USA of General Systems enhances the collaboration between industry and academia.
    [Show full text]
  • PIER Working Paper 07-036
    Penn Institute for Economic Research Department of Economics University of Pennsylvania 3718 Locust Walk Philadelphia, PA 19104-6297 [email protected] http://www.econ.upenn.edu/pier PIER Working Paper 07-036 “Utility-Based Utility” by David Cass http://ssrn.com/abstract=1077131 Utility-Based Utility∗ David Cass Department of Economics University of Pennsylvania First Version: December 15, 2007 Abstract A major virtue of von Neumann-Morgenstern utilities, for example, in the the- ory of general financial equilibrium (GFE), is that they ensure time consistency: consumption-portfolio plans (for the future) are in fact executed (in the future) — assuming that there is perfect foresight about relevant endogenous variables. This paper proposes an alternative to expected utility, one which also delivers consistency between plan and execution — and more. In particular, the formulation affords an extremely natural setting for introducing extrinsic uncertainty. The key idea is to divorce the concept of filtration (of the state space) from any considerations involv- ing probability, and then concentrate attention on nested utilities of consumption looking forward from any date-event: utility today depends only on consumption today and prospective utility of consumption tomorrow, utility tomorrow depends only on consumption tomorrow and prospective utility of consumption the day after tomorrow, and so on. JEL classification: D61, D81, D91 Key words: Utility theory, Expected utility, Time consistency, Extrinsic uncer- tainty, Cass-Shell Immunity Theorem ∗Interaction with the very able TA’s helping me with (carrying?) the first year equilibrium theory course at Penn during the fall of 2007 — Matt Hoelle and Soojin Kim — spurred me into pursuing this research.
    [Show full text]
  • "Rethinking Pension Reform: Ten Myths About Social Security Systems"
    "Rethinking Pension Reform: Ten Myths About Social Security Systems" Peter R. Orszag (Sebago Associates, Inc.) Joseph E. Stiglitz (The World Bank) Presented at the conference on "New Ideas About Old Age Security" The World Bank Washington, D.C. September 14-15, 1999 1 EXECUTIVE SUMMARY In 1994, the World Bank published a seminal book on pension reform, entitled Averting the Old Age Crisis. The book noted that "myths abound in discussions of old age security."1 This paper, prepared for a World Bank conference that will revisit pension reform issues five years after the publication of Averting the Old Age Crisis, examines ten such myths in a deliberately provocative manner. The problems that have motivated pension reform across the globe are real, and reforms are needed. In principle, the approach delineated in Averting the Old Age Crisis is expansive enough to reflect any potential combination of policy responses to the pension reform challenge. But in practice, the "World Bank model" has been interpreted as involving one specific constellation of pension pillars: a publicly managed, pay-as- you-go, defined benefit pillar; a privately managed, mandatory, defined contribution pillar; and a voluntary private pillar. It is precisely the private, mandatory, defined contribution component that we wish to explore in this paper. The ten myths examined in the paper include: Macroeconomic myths • Myth #1: Individual accounts raise national saving • Myth #2: Rates of return are higher under individual accounts • Myth #3: Declining rates of return
    [Show full text]
  • Curriculum Vitae July 2021 PAOLO
    1 Curriculum Vitae July 2021 PAOLO SICONOLFI PERSONAL: Academic Address: Graduate School of Business Uris Hall Columbia University New York, NY 10027 Phone: (212) 854-3474 E-mail: [email protected] EDUCATION 1987: Ph.D. in Economics, University of Pennsylvania, Philadelphia, PA. 1983: M.A. in Economics, University of Pennsylvania, Philadelphia, PA. 1981: Laurea in Statistics, summa cum laude, University of Rome, Rome, Italy. Fellowships and Prizes July 2011: Economic Theory Fellow Fall 2012, fall 2011, fall 2006, fall 2004 and fall 2000: Association of Graduate Students; Economics Department: Excellence in First Year Teaching Fall 2004, Association of Graduate Students; Economics Department: Best Advisor Fall 2001: Dean’s Award for Teaching Excellence for a Core Course. 1986-87: Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania. 1984-85: University of Pennsylvania Teaching Fellow. 1984-85: Fellowship, Ente "Luigi Einaudi", Rome, Italy. 1982-83, 1983-84: Istituto Bancario San Paolo di Torino, "L. Jona" Scholarship, Turin, Italy. 2 1982-83: Consiglio Nazionale delle Ricerche, Rome, Italy. PROFESSIONAL EXPERIENCE 2017- 2020: PhD Program Faculty Director 2011-present: Franklin Pitcher Johnson Professor of Finance and Economics, Graduate School of Business, Columbia University. 1998 - Present: Professor, Graduate School of Business, Columbia University. 1996 - 1998: Associate Professor with tenure, Graduate School of Business, Columbia University. 2003 - Present: Affiliated faculty member, Department
    [Show full text]
  • Multiplicity in General Financial Equilibrium with Portfolio Constraints
    DISCUSSION PAPER SERIES No. 5804 MULTIPLICITY IN GENERAL FINANCIAL EQUILIBRIUM WITH PORTFOLIO CONSTRAINTS Suleyman Basak, David Cass, Juan Manuel Licari and Anna Pavlova FINANCIAL ECONOMICS ABCD www.cepr.org Available online at: www.cepr.org/pubs/dps/DP5804.asp www.ssrn.com/xxx/xxx/xxx ISSN 0265-8003 MULTIPLICITY IN GENERAL FINANCIAL EQUILIBRIUM WITH PORTFOLIO CONSTRAINTS Suleyman Basak, London Business School (LBS) and CEPR David Cass, University of Pennsylvania Juan Manuel Licari, University of Pennsylvania Anna Pavlova, London Business School (LBS) and CEPR Discussion Paper No. 5804 August 2006 Centre for Economic Policy Research 90–98 Goswell Rd, London EC1V 7RR, UK Tel: (44 20) 7878 2900, Fax: (44 20) 7878 2999 Email: [email protected], Website: www.cepr.org This Discussion Paper is issued under the auspices of the Centre’s research programme in FINANCIAL ECONOMICS. Any opinions expressed here are those of the author(s) and not those of the Centre for Economic Policy Research. Research disseminated by CEPR may include views on policy, but the Centre itself takes no institutional policy positions. The Centre for Economic Policy Research was established in 1983 as a private educational charity, to promote independent analysis and public discussion of open economies and the relations among them. It is pluralist and non-partisan, bringing economic research to bear on the analysis of medium- and long-run policy questions. Institutional (core) finance for the Centre has been provided through major grants from the Economic and Social Research Council, under which an ESRC Resource Centre operates within CEPR; the Esmée Fairbairn Charitable Trust; and the Bank of England.
    [Show full text]
  • From Overlapping Generations to Infinite-Lived Agent Models
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Assous, Michaël; Duarte, Pedro Garcia Working Paper Challenging Lucas: From overlapping generations to infinite-lived agent models CHOPE Working Paper, No. 2017-05 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Assous, Michaël; Duarte, Pedro Garcia (2017) : Challenging Lucas: From overlapping generations to infinite-lived agent models, CHOPE Working Paper, No. 2017-05, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/155468 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Challenging Lucas: from overlapping generations to infinite-lived agent models by Michaël Assous and Pedro Garcia Duarte CHOPE Working Paper No.
    [Show full text]
  • On the Phelps-Koopmans Theorem
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Mitra, Tapan; Ray, Debraj Working Paper On the Phelps-Koopmans theorem CAE Working Paper, No. 09-04 Provided in Cooperation with: Center for Analytical Economics (CAE), Cornell University Suggested Citation: Mitra, Tapan; Ray, Debraj (2009) : On the Phelps-Koopmans theorem, CAE Working Paper, No. 09-04, Cornell University, Center for Analytical Economics (CAE), Ithaca, NY This Version is available at: http://hdl.handle.net/10419/70464 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu ISSN 1936-5098 CAE Working Paper #09-04 On the Phelps-Koopmans Theorem by Tapan Mitra and Debraj Ray February 2009 On the Phelps-Koopmans Theorem Tapan Mitra Cornell University and Debraj Ray New York University August 2008 Abstract We examine whether the Phelps-Koopmans theorem is valid in models with nonconvex production technologies.
    [Show full text]