Richard H. Day
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RICHARD H. DAY Richard H. Day is Professor of Economics, Emeritus of the University of Southern California. He studied General Science at Iowa State University and, as an Honor Scholar, received the Bachelor of Science in June 1955. He attended Harvard University 1955-1958, received the Ph.D. degree in Economics in June 1961. His dissertation, published by North-Holland in 1963,, presented a class of "recursive programming" models for explaining production, investment and technological change in agriculture and industrial sectors. This work, originally sponsored by the U.S. Department of Agriculture, was the prototype for a U.S. National Model in the 1960s and for a variety of similar studies in a number of countries. His work at this time also included the derivation of sufficient conditions for aggregation in production models, estimates of the distribution of field crop yields, and an analysis of the effect of technological change on the migration from rural to urban centers. During the period 1959–1962, Day served in the U.S.A.F. as a mathematician and systems analyst and subsequently spent a brief stint as a consultant to Richard Reuter who was then Director of the Food for Peace Program and Special Assistant to President Kennedy. After joining the University of Wisconsin in 1963, with the support of the National Science Foundation, conducted recursive programming studies of the U.S. Coal, Steel and Petroleum Industries and of agricultural development in India. This work showed how structural change can be explained in economic terms and how it can completely transform a region or industry in less than a generation. These early studies and subsequent related reflections are reprised in the 2004 Cambridge volume The Divergent Dynamics of Economic Growth: Studies in Adaptive Economizing, Technological Change and Economic Development. The empirical studies of industrial and agricultural development became the basis for a dynamic theory describing economic change when agents are boundedly rational, when economic behavior is adaptive, when markets work out of equilibrium and when economic structure evolves, themes that he is continuing to develop. A recent mathematical expression of which was published in the Journal of Convex Analysis and Applications. Several nonlinear difference equation models of growth and business cycles were developed early in this work to illustrate various aspects of the general theory. These studies led him to introduce, in collaboration with Jess Benhabib, Wayne Shafer, and Giulio Pianigiani, mathematical chaos and ergodic theory into economic analysis. They demonstrate that irregular, random-like behavior is a generic possibility in models of economic change that incorporate significant nonlinearities. This work culminated in the two volume MIT book, Complex Economic Dynamics, published in 1994 and 2000. Day, with Sidney Winter, founded the Journal of Economic Behavior and Organization, serving as Editor through 2002. He is the author or coauthor of some 180 articles, 4 books, and editor of 9 others. He has been a visiting professor at Göttingen University, Harvard, MIT, the Princeton Institute for Advance Study, the Netherlands Institute for Advanced Study, the University of Siena, the European University Institute, the University of Paris, and the University of Århus. He has lectured at many other universities in the U.S., Europe and Asia, and is currently Chairman of the International Advisory Board for the Max Planck Institute, Economics Unit in Jena. VITA Richard Hollis Day Professor Emeritus, University of Southern California May 2007 EDUCATION Iowa State University 1951-1955 B.S., Economics, June 1955 Harvard University 1955-1958 M.S., Economics, June 1961 Ph.D., Economics, June 1961 Doctoral Dissertation: "Recursive Programming and Production Response" PROFESSIONAL EXPERIENCE: Major Appointments U.S. Department of Agriculture, Economist, 1958-1959 USAF, Mathematician, Computer Programming and Systems Analysis, 1959-1962 University of Wisconsin, Assistant Professor of Economics and Agricultural Economics, 1962-1964; Associate Professor, 1965-1968; Professor, 1968- 1977. Göttingen University, Fulbright Lecturer in Economics and Visiting Professor, 1967-1968. University of Southern California, Professor of Economics, 1976-2006 University of Southern California, Professor Emeritus of Economics, 2006- The Institute for Advanced Study, Princeton, N.J., Member 1978-1979 The Netherlands Institute for Advanced Study, Fellow, August 1984-August 1985. European University Institute, Distinguished Fulbright Lecturer, Florence, 1993. Max–Planck–Institut, Chairman, International Advisory Board, Economics Unit, 2004-. Selected Part-time or Temporary Appointments and Consulting Food for Peace Program, The White House, Consultant to the Director, 1962. General Electric Corporation, Computer Division, Consultant, 1962. Georgetown University, Lecturer, 1962. Southeast Wisconsin Development Commission, 1964. Rockefeller Foundation Study and Conference Center, Villa Serbelloni, Scholar in Residence, February-March, 1974. Mathematics Research Center, University of Wisconsin, Visiting Professor, Summers, 1971, 1972, 1974, Honorary Fellow, 1971-1975, Visiting Scholar, May 1983. Harvard University, Honorary Research Associate, Department of Economics, 1975- 1976. 2 MIT System Dynamics Group, Sloan School, Honorary Research Associate, 1975- 1976. Electric Power Research Institute, Consultant, 1976-1982, 1988-1989. University of Paris IX, Dauphine, Centre de Recherche de Mathematiques de la Decision (CEREMADE), Visiting Research Associate, April 1976, April 1978; Membre Associe E'tranger, 1979, Visiting Professor, 1982. Industrial Institute for Economic and Social Research, Stockholm, Visiting Scholar, Summer 1983-1984, July 1985, October 1986, November 1987, July 1988, June 1989, July 1990. University of Siena, Instituto di Matematica, Visiting Scholar, Summer 1988, Summer 1989, Summer, 1990. World Bank Project on Industrial Reform and Productivity in Chinese Enterprises, 1991–1992. United Nations Development Project, April 30–May 4, 1992. International Evaluation of Danish Research in the Social Sciences, Panel on Economics, 1995–1996. Art Meets Science and Economics, Speaker and Discussant, Royal Museum of Denmark, Copenhagen, 1997. University of Paris 2, Visiting Professor, Fall 1998. Århus University, Denmark, Visiting Professor, May, 1998. Administrative Experience University of Wisconsin, Director, Computation Division SSRI, 1964-1967; Chairman, Social Systems Research Institute, 1968-1970. Econometric Society, Program Committee, 1966, 1969; Chairman of Program Committee, 1970; Standing Committee, 1970-1973. Society of Industrial and Applied Mathematics, Program Chairman, 1974. Conference on Adaptive Economics, Co-Organizer, Mathematical Research Center, Madison, Wisconsin, 1974. Conference on the Dynamics of Market Economies, Co-Organizer, Stockholm, 1983. University of Southern California, Department Chair, 1976-1979, 1982 (Acting), 1987-1988; Modelling Research Group, Co-Director, 1976-1988. Conference on The Markets for Entrepreneurship, Ownership and Control, Co- Organizer, Stockholm, 1988. Workshop on Dynamical Economic Science, Co-Organizer, USC, April 1988. Conference on the Markets for Innovation, Ownership and Control, Co-Organizer, Stockholm, June 1988. International Symposium on Evolutionary Dynamics and Nonlinear Economics, Co- Chairman, University of Texas, Austin, April 1989. Conference on Econometric Estimation & Inference for Nonlinear, Dynamic Macroeconomic Models, Organizer, USC, April 1989. Second International Workshop on Dynamical Economic Sciences, Co-Organizer, Stockholm, June 1989. Western Economic Association International, Co-Organizer, Special Session, San Diego, CA, July 1999. 3 Editorial Activity Journal of Economic Behavior and Organization, Co–founder and Co–editor, 1980-1986; Editor, 1987–2002, Honorary Editor, 2002– Structural Change and Economic Dynamics, Advisory Board, 1991– Behavioral Science, Board of Referees, 1973–1979. Journal of Economic Dynamics and Control, Editorial Board, 1979–1980. Journal of Economic Development, Editorial Board, 1979– International Editorial Board of the Irving Fisher and Frank Taussig Awards Competition, 1976–1990. Discrete Dynamics in Nature and Society, Honorary Editor, 1997– Honors Econometric Society, Fellow, 1993–. Phi Kappa Phi Faculty Recognition Award for the book, Complex Economic Dynamics, Volume I, An Introduction to Dynamical Systems and Market Mechanisms. 4 I. JOURNAL ARTICLES, CONTRIBUTIONS TO BOOKS AND PROCEEDINGS 1. "Recursive Programming and Supply Prediction," Chapter 5 in Heady et al. (eds.), Agricultural Supply Functions. Iowa State University Press, pp. 108-125. 1961. 2. "Programming Absolute Priorities by Means of Input-Output Analysis," Artha Vijnana, 4:1-9, March 1962. 3. "An Approach to Production Response," Agricultural Economics Research, 14:134- 148, October 1962. 4. "Comments on Papers by Professor Fox and Sengupta," in Barna (ed.), Structural Interdependence and Economic Development, pp. 93-99, Macmillan, 1963. 5. "On Aggregating Linear Programming Models of Production," Journal of Farm Economics, 45:797-813, November 1963. 6. "Dynamic Coupling, Optimizing and Regional Interdependence," Journal of Farm Economics, 46:442-451, May 1964. 7. "Une Approche Pour L'Etude De La Production Agricole," Economic Rurals, No. 66, October 1965. Translators: P.F. Albert and J.M. Boussard. 8. "Probability Distributions of