Mphil-Phd Handbook of Information 2020
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Prof. Mrinal Datta Chaudhuri, MDC to All His Students, and Mrinal-Da to His Junior Colleagues and Friends, Was a Legendary Teacher of the Delhi School of Economics
Prof. Mrinal Dutta Chaudhuri Memorial Meeting Tuesday, 21st July, 2015 at DELHI SCHOOL OF ECONOMICS University of Delhi Delhi – 110007 1 1934-2015 2 3 PROGRAMME Prof. Pami Dua, Director, DSE - Opening Remarks (and coordination) Dr. Malay Dutta Chaudhury, Brother of Late Prof. Mrinal Dutta Chaudhuri Prof. Aditya Bhattacharjea, HOD Economics, DSE - Life Sketch Condolence Messages delivered by : Dr. Manmohan Singh, Former Prime Minister of India (read by Prof. Pami Dua) Prof. K.L.Krishna Prof. Badal Mukherji Prof. K. Sundaram Prof. Pulin B. Nayak Prof. Partha Sen Prof. T.C.A. Anant Prof. Kirit Parikh Mr. Nitin Desai Prof. J.P.S. Uberoi Prof. Pranab Bardhan Prof. Andre Beteille, Prof.Amartya Sen (read by Prof. Rohini Somanathan) Prof. Kaushik Basu, Dr. Omkar Goswami (read by Prof. Ashwini Deshpande) Prof. Abhijit Banerjee, Prof. Anjan Mukherji, Dr. Subir Gokaran (read by Prof. Aditya Bhattacharjea) Prof. Prasanta Pattanaik, Prof. Bhaskar Dutta, Prof. Dilip Mookherjee (read by Prof. Sudhir Shah) Dr. Sudipto Mundle Prof. Ranjan Ray, Prof. Vikas Chitre (read by Prof. Aditya Bhattacharjea) Prof. Adi Bhawani Mr. Paranjoy Guha Thakurta Prof. Meenakshi Thapan Prof. B.B.Bhattacharya, Prof. Maitreesh Ghatak, Prof.Gopal Kadekodi, Prof. Shashak Bhide, Prof.V.S.Minocha, Prof.Ranganath Bhardwaj, Ms. Jasleen Kaur (read by Prof. Pami Dua) 4 Prof. Pami Dua, Director, DSE We all miss Professor Mrinal Dutta Chaudhuri deeply and pay our heartfelt and sincere condolences to his family and friends. We thank Dr. Malay Dutta Chaudhuri, Mrinal’s brother for being with us today. We also thank Dr. Rajat Baishya, his close relative for gracing this occasion. -
Putting Auction Theory to Work
Putting Auction Theory to Work Paul Milgrom With a Foreword by Evan Kwerel © 2003 “In Paul Milgrom's hands, auction theory has become the great culmination of game theory and economics of information. Here elegant mathematics meets practical applications and yields deep insights into the general theory of markets. Milgrom's book will be the definitive reference in auction theory for decades to come.” —Roger Myerson, W.C.Norby Professor of Economics, University of Chicago “Market design is one of the most exciting developments in contemporary economics and game theory, and who can resist a master class from one of the giants of the field?” —Alvin Roth, George Gund Professor of Economics and Business, Harvard University “Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression.” —Evan Kwerel, Federal Communications Commission, from the Foreword For Robert Wilson Foreword to Putting Auction Theory to Work Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression. In August 1993, President Clinton signed legislation granting the Federal Communications Commission the authority to auction spectrum licenses and requiring it to begin the first auction within a year. With no prior auction experience and a tight deadline, the normal bureaucratic behavior would have been to adopt a “tried and true” auction design. But in 1993 there was no tried and true method appropriate for the circumstances – multiple licenses with potentially highly interdependent values. -
3 Nobel Laureates to Honor UCI's Duncan Luce
3 Nobel laureates to honor UCI’s Duncan Luce January 25th, 2008 by grobbins Three recent winners of the Nobel Prize in economics will visit UC Irvine today and Saturday to honor mathematician-psychologist Duncan Luce, who shook the economics world 50 years ago with a landmark book on game theory. Game theory is the mathematical study of conflict and interaction among people. Luce and his co-author, Howard Raiffa, laid out some of the most basic principles and insights about the field in their book, “Games and Decisions: Introductions and Critical Survey.” That book, and seminal equations Luce later wrote that helped explain and predict a wide range of human behavior, including decision-making involving risk, earned him the National Medal of Science, which he received from President Bush in 2005. (See photo.) UCI mathematican Don Saari put together a celebratory conference to honor both Luce and Raiffa, and he recruited some of the world’s best-known economic scientists. It’s one of the largest such gatherings since UCI hosted 17 Nobel laureates in October 1996. “Luce and Raiffa’s book has been tremendously influential and we wanted to honor them,” said Saari, a member of the National Academy of Sciences. Luce said Thursday night, “This is obviously very flattering, and it’s amazing that the book is sufficiently alive that people would want to honor it.” The visitors scheduled to attended the celebratory conference include: Thomas Schelling, who won the 2005 Nobel in economics for his research on game theory Roger Myerson and Eric Maskin, who shared the 2007 Nobel in economics for their work in design theory. -
The Death of Welfare Economics: History of a Controversy
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Igersheim, Herrade Working Paper The death of welfare economics: History of a controversy CHOPE Working Paper, No. 2017-03 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Igersheim, Herrade (2017) : The death of welfare economics: History of a controversy, CHOPE Working Paper, No. 2017-03, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/155466 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 The death of welfare economics: History of a controversy by Herrade Igersheim CHOPE Working Paper No. 2017-03 January 2017 Electronic copy available at: https://ssrn.com/abstract=2901574 The death of welfare economics: history of a controversy Herrade Igersheim December 15, 2016 Abstract. -
Chapter 11 Eric S. Maskin
Chapter 11 Eric S. Maskin BIOGRAPHY ERIC S. MASKIN, USA ECONOMICS, 2007 When seeking a solution to a problem it is possible, particularly in a non-specific field such as economics, to come up with several plausible answers. One may stand out as the most likely candi- date, but it may also be worth pursuing other options – indeed, this is a central strand of John Nash’s game theory, romantically illustrated in the film A Beautiful Mind. R. M. Solow et al. (eds.), Economics for the Curious © Foundation Lindau Nobelprizewinners Meeting at Lake Constance 2014 160 ERIC S. MASKIN Eric Maskin, along with Leonid Hurwicz and Roger Myerson, was awarded the 2007 Nobel Prize in Economics for their related work on mechanism design theory, a mathematical system for analyzing the best way to align incentives between parties. This not only helps when designing contracts between individuals but also when planning effective government regulation. Maskin’s contribution was the development of implementa- tion theory for achieving particular social or economic goals by encouraging conditions under which all equilibria are opti- mal. Maskin came up with his theory early in his career, after his PhD advisor, Nobel Laureate Kenneth Arrow, introduced him to Leonid Hurwicz. Maskin explains: ‘I got caught up in a problem inspired by the work of Leo Hurwicz: under what cir- cumstance is it possible to design a mechanism (that is, a pro- cedure or game) that implements a given social goal, or social choice rule? I finally realized that monotonicity (now sometimes called ‘Maskin monotonicity’) was the key: if a social choice rule doesn't satisfy monotonicity, then it is not implementable; and if it does satisfy this property it is implementable provided no veto power, a weak requirement, also holds. -
Leonid Hurwicz, Eric Maskin, and Roger Myerson
The Nobel Prize in Economics 2007: Background on Contributions to the Theory of Mechanism Design by Leonid Hurwicz, Eric Maskin, and Roger Myerson. The theories of mechanism design and implementation provide a strategic analysis of the operation of various institutions for social decision making, with applications ranging from modeling election procedures to market design and the provision of public goods. The models use game theoretic tools to try to understand how the design of an institution relates to eventual outcomes when self-interested individuals, who may have private information, interact through the given institution. For example, the type of question addressed by the theory is: ``How do the specific rules of an auction relate to outcomes in terms of which agents win objects and at what prices, as a function of their private information about the value of those objects?’’ Some of the early roots of the theories of mechanism design and implementation can be traced to the Barone, Mises, von Hayek, Lange and Lerner debates over the feasibility of a centralized socialist economy. These theories also have roots in the question of how to collect decentralized information and allocate resources which motivated early Walrasian tatonnement processes, and the later Tjalling Koopmans' (1951) formalization of adjustment processes as well as Arrow-Hurwicz gradient process. The more modern growth of these theories, both in scope and application, came from the explicit incorporation of incentive issues. Early mention of incentive issues, and what appears to be the first coining of the term ``incentive compatibility,'' are due to Hurwicz (1960). The fuller treatment of incentives then came into its own in the classic paper of Hurwicz (1972). -
Letter in Le Monde
Letter in Le Monde Some of us ‐ laureates of the Nobel Prize in economics ‐ have been cited by French presidential candidates, most notably by Marine le Pen and her staff, in support of their presidential program with regards to Europe. This letter’s signatories hold a variety of views on complex issues such as monetary unions and stimulus spending. But they converge on condemning such manipulation of economic thinking in the French presidential campaign. 1) The European construction is central not only to peace on the continent, but also to the member states’ economic progress and political power in the global environment. 2) The developments proposed in the Europhobe platforms not only would destabilize France, but also would undermine cooperation among European countries, which plays a key role in ensuring economic and political stability in Europe. 3) Isolationism, protectionism, and beggar‐thy‐neighbor policies are dangerous ways of trying to restore growth. They call for retaliatory measures and trade wars. In the end, they will be bad both for France and for its trading partners. 4) When they are well integrated into the labor force, migrants can constitute an economic opportunity for the host country. Around the world, some of the countries that have been most successful economically have been built with migrants. 5) There is a huge difference between choosing not to join the euro in the first place and leaving it once in. 6) There needs to be a renewed commitment to social justice, maintaining and extending equality and social protection, consistent with France’s longstanding values of liberty, equality, and fraternity. -
1 the Nobel Prize in Economics Turns 50 Allen R. Sanderson1 and John
The Nobel Prize in Economics Turns 50 Allen R. Sanderson1 and John J. Siegfried2 Abstract The first Sveriges Riksbank Prizes in Economic Sciences in Memory of Alfred Nobel, were awarded in 1969, 50 years ago. In this essay we provide the historical origins of this sixth “Nobel” field, background information on the recipients, their nationalities, educational backgrounds, institutional affiliations, and collaborations with their esteemed colleagues. We describe the contributions of a sample of laureates to economics and the social and political world around them. We also address – and speculate – on both some of their could-have-been contemporaries who were not chosen, as well as directions the field of economics and its practitioners are possibly headed in the years ahead, and thus where future laureates may be found. JEL Codes: A1, B3 1 University of Chicago, Chicago, IL, USA 2Vanderbilt University, Nashville, TN, USA Corresponding Author: Allen Sanderson, Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60637, USA Email: [email protected] 1 Introduction: The 1895 will of Swedish scientist Alfred Nobel specified that his estate be used to create annual awards in five categories – physics, chemistry, physiology or medicine, literature, and peace – to recognize individuals whose contributions have conferred “the greatest benefit on mankind.” Nobel Prizes in these five fields were first awarded in 1901.1 In 1968, Sweden’s central bank, to celebrate its 300th anniversary and also to champion its independence from the Swedish government and tout the scientific nature of its work, made a donation to the Nobel Foundation to establish a sixth Prize, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.2 The first “economics Nobel” Prizes, selected by the Royal Swedish Academy of Sciences were awarded in 1969 (to Ragnar Frisch and Jan Tinbergen, from Norway and the Netherlands, respectively). -
Central Bank Auctions, Regulation2point0, 6-8-10
Auction Magic « regulation2point0 Page 1 of 1 « Half a Loaf Privacy Perplex » Auction Magic August 6th, 2010 One day, possibly soon, someone will likely receive a Nobel prize for auction design. Amend that: another Nobel Prize. William Vickrey received one in 1996 for work in this area, and in 2007 Leonid Hurwicz, Eric Maskin and Roger Myerson were honored for related work. But this field is smokin’; it’s time for another. One problem that has been solved is how to auction related commodities, like swaths of electromagnetic spectrum. Different swaths frequently have different values and the values are interrelated. A series of separate auctions would be inefficient because bidders can typically exercise more market power in separate auctions. Furthermore, the amount they demand of one auctioned good will typically be affected by the price of others. The trick, it would appear, is to auction the goods together in a way that allows the bidders to get the bundles of goods they most want. Paul Milgrom and Robert Wilson of Stanford, along with Preston McAfee of Yahoo! came up with a “simultaneous ascending auction” that appears to work quite well for selling such bundles. Buyers are allowed to bid on parcels of their own design until the markets clear. But there are defects to this approach. First, the resulting auctions are vulnerable to collusion by the bidders. Second, the auctioneer has to decide exactly how much she wants to sell before she knows the prices the objects will sell for. Third, and crucially, these auctions may take numerous rounds, and in some markets – for example, liquid financial assets – values can change dramatically in the space of minutes. -
Economists' Statement on Carbon Dividends
THURSDAY, JANUARY 17, 2019 Original Co-Signatories Include (full list on reverse): 4 Former Chairs of the Federal Reserve (All) 27 Nobel Laureate Economists 15 Former Chairs of the Council of Economic Advisers 2 Former Secretaries of the U.S. Department of Treasury Economists’ Statement on Carbon Dividends Global climate change is a serious problem for various carbon regulations that are less calling for immediate national action. Guided efficient. Substituting a price signal for by sound economic principles, we are united in cumbersome regulations will promote the following policy recommendations. economic growth and provide the regulatory certainty companies need for long- term A carbon tax offers the most investment in clean-energy alternatives. I. cost-effective lever to reduce carbon emissions at the scale and speed that is To prevent carbon leakage and to necessary. By correcting a well-known market IV. protect U.S. competitiveness, a border failure, a carbon tax will send a powerful price carbon adjustment system should be signal that harnesses the invisible hand of the established. This system would enhance the marketplace to steer economic actors towards a competitiveness of American firms that are low-carbon future. more energy-efficient than their global competitors. It would also create an incentive A carbon tax should increase every year for other nations to adopt similar carbon II. until emissions reductions goals are met pricing. and be revenue neutral to avoid debates over the size of government. A consistently rising To maximize the fairness and political carbon price will encourage technological V. viability of a rising carbon tax, all the innovation and large-scale infrastructure revenue should be returned directly to U.S. -
Coercion, Contract and the Limits of the Market
CAE Working Paper #06-01 Coercion, Contract and the Limits of the Market by Kaushik Basu January 2006 . January 3, 2006 Coercion, Contract and the Limits of the Market Kaushik Basu Department of Economics Cornell University Ithaca, New York 14853 Email: [email protected] Abstract It is a widely accepted principle of economics that if two or more adults voluntarily agree to a contract or an exchange that has no negative fall-out on others, then the government should not stop such a contract. This is often called the ‘principle of free contract’ (PFC). There is a body of writing in economics which upholds the PFC. Yet, this ubiquitous principle is ill-defined and full of ambiguities. For instance, since it refers to voluntary choice, its proper use presumes an understanding of what is ‘voluntary’ and, therefore, also, of what is coercive. What is ironic is that, while philosophers and legal scholars have debated and analyzed these concepts and the validity of the principle of free contract, there is very little discussion of these in economics, even though so much of economics is founded on this principle. This has caused a lot of policy confusion. The aim of this paper is to construct general rules for when we may violate the PFC. The argument is constructed within the Paretian framework. Hence, the violation of the PFC is not justified by appeal to deontological ethics or non-welfarist criteria. This is not an easy task since the principle of free contract is often viewed as a rule that is a derivative of the Pareto principle. -
Curriculum Vitae
Curriculum Vitae Yongsheng Xu Department of Economics Andrew Young School of Policy Studies Georgia State University P.O. Box 3992 Atlanta, GA 30302-3992, U.S.A. Telephone: (404) 413 0158 Fax: (404) 413 0145 E-mail: [email protected] Education: BSc. (Applied Mathematics), Lanzhou University (China), 1985 MA. (Economics), Tulane University, 1987 Ph.D. (Economics), Tulane University, 1992 Positions Held: Professor, Georgia State University, 2004-present Associate Professor, Georgia State University, 1999-2004 Lecturer, University of Nottingham, 1995-2001 Associate Professor, Hitotsubashi University, 1998-1999 Lecturer, University of Durham, 1994-1995 Visiting Assistant Professor, Tulane University, 1993-1994 Visiting Positions: Hitotsubashi University, Japan (March 2003) University of Graz, Austria (May-June 2003) University of Bielefed, Germany (March 2002) Honors and Awards: Fellow, Human Development and Capability Association, 2004-present Fellow, Murphy Institute of Political Economy, Tulane University, 1992-1993 Fellow, Centre in Political Economy,Washington University, 1991-1992 Research Interests: Microeconomic theory, individual and social choice theory, welfare economics bargaining theory Courses Taught: undergraduate: Public Finance, Microeconomics, Macroeconomics, Welfare Economics, Game Theory, Math for Economists graduate: Public Economics, General Equilibrium and Welfare, Microeconomics (I), Game Theory, Information and Uncertainty, Mathematics for Economists Editorial Duties: Associate Editor, Social Choice and Welfare, 2005- Guest Editor, Mathematical Social Sciences, 2003 Publications, Books: 1. Rational Choice and Social Welfare, (co-edited with Prasanta K. Pattanaik, Koichi Tadenuma, and Naoki Yoshihara), Springer, 2008. Publications, Refereed Scholarly: 1. Ranking Sets of Characteristics (with Wulf Gaertner), Social Choice and Welfare, forthcoming. 2. On Thoughtfulness and Generosity in Sequential Decisions (with Fang Fang Tang), Social Choice and Welfare, forthcoming.