Kenneth Arrow

Kenneth Arrow
National Medal of Science award ceremony, 2004
Born	Kenneth Joseph Arrow (1921-08-23) August 23, 1921 New York City, United States
Nationality	United States

Institution	Stanford University
Field	Microeconomics General equilibrium theory Social choice theory
School or tradition	Neoclassical economics
Alma mater	Columbia University City College of New York
Doctoral advisor	Harold Hotelling^[1]
Doctoral students	John C. Harsanyi Jan Kmenta Karl Shell A. Michael Spence Eric S. Maskin Roger Myerson Nancy Stokey^[2] John Geanakoplos Andrea Prat^[3]
Influences	Alfred Tarski
Influenced	Amartya Sen Allan Gibbard Anthony Downs Wahidul Haque Takashi Negishi^[4]
Contributions	General equilibrium theory Fundamental theorems of welfare economics Arrow's impossibility theorem Endogenous growth theory
Awards	John Bates Clark Medal (1957) Nobel Prize in Economics (1972) von Neumann Theory Prize (1986) National Medal of Science (2004) ForMemRS (2006)^[5]
Information at IDEAS / RePEc

Kenneth Joseph "Ken" Arrow (born August 23, 1921) is an American economist, writer, and political theorist. He is the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51.

In economics, he is a figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information.

Arrow remains active on the international scene through a variety of initiatives including trustee of Economists for Peace and Security and a member of the Advisory Board of Incentives for Global Health, the not-for-profit behind the Health Impact Fund.

Education and early career

Arrow was born on August 23, 1921, in New York City. Arrow's mother, Lilian, was from Iaşi (Romania), and his father, Harry, was from Podu Iloaiei (Iaşi, Romania).^[6] The Arrow family has Romanian Jewish origins.^[7]^[8] His family was very supportive of his education.^[9] Growing up during the Great Depression, he embraced socialism in his youth. He would later move away from socialism, but his views retained a left sensibility.^[10]

He graduated from Townsend Harris High School and then earned a Bachelor's degree from the City College of New York in 1940 in mathematics, where he was a member of Sigma Phi Epsilon. He attended Columbia University, for his graduate studies. While there, he studied under Harold Hotelling, and was greatly influenced by him.^[10] He received a Master's degree in 1941. He served as a weather officer in the United States Army Air Corps from 1942–1946.^[11]

From 1946 to 1949 he spent his time partly as a graduate student at Columbia and partly as a research associate at the Cowles Commission for Research in Economics at the University of Chicago. During that time he also held the rank of Assistant Professor in Economics at the University of Chicago. In 1951 he earned his Ph.D. from Columbia.^[12]

Arrow is brother to the economist Anita Summers, uncle to economist and former Treasury Secretary and Harvard President Larry Summers, and brother-in-law of the late economists Robert Summers and Paul Samuelson. In 1947, he married Selma Schweitzer; they have two children: David Michael and Andrew Seth,^[13] both actors. Andrew is married to actress Donna Lynne Champlin.

Academic career

He is currently the Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus at Stanford University. He is also a founding member of the Pontifical Academy of Social Sciences. He is also currently a member of the Science Board of Santa Fe Institute.

He is a trustee of Economists for Peace and Security. He was a convening lead author for the Intergovernmental Panel on Climate Change. He is also Editor of the Annual Review of Economics.

Five of his former students have gone on to become Nobel Prize winners. These include Eric Maskin, John Harsanyi, Michael Spence and Roger Myerson.^[14]

He served in the government on the staff of the Council of Economic Advisers in the 1960s with Robert Solow.^[15] As a Fulbright Distinguished Chair, in 1995 he taught Economics at the University of Siena.

A collection of Arrow's papers is housed at the Rubenstein Library at Duke University.^[16]

Contributions

Arrow's impossibility theorem

Main article: Arrow's impossibility theorem

Arrow's monograph Social Choice and Individual Values derives from his Ph.D. thesis.

"If we exclude the possibility of interpersonal comparisons of utility, then the only methods of passing from individual tastes to social preferences which will be satisfactory and which will be defined for a wide range of sets of individual orderings are either imposed or dictatorial."^[17]

General Impossibility Theorem: It is impossible to formulate a social preference ordering that satisfies all of the following conditions:

Nondictatorship: The preferences of an individual should not become the group ranking without considering the preferences of others.
Individual Sovereignty: each individual should be able to order the choices in any way and indicate ties
Unanimity: If every individual prefers one choice to another, then the group ranking should do the same
Freedom From Irrelevant Alternatives: If a choice is removed, then the others' order should not change
Uniqueness of Group Rank: The method should yield the same result whenever applied to a set of preferences. The group ranking should be transitive.

The theorem has implications for welfare economics and theories of justice. It was extended by Amartya Sen to the liberal paradox which argued that given a status of "Minimal Liberty" there was no way to obtain Pareto optimality, nor to avoid the problem of social choice of neutral but unequal results.

An example of this would be to have the following choices to divide a cake between three people. Let us call them A, B and C.

Choice 1: A gets nothing, B and C get half each.
Choice 2: B gets nothing, A and C get half each.
Choice 3: C gets nothing, A and B get half each.
Choice 4: divide the cake equally.

Thus, if each person votes to get as much cake as possible, choice 4 would be third from the top in everyone's list, and would in any direct choice lose 2 to 1 against an unequal distribution. Since all of these choices are Pareto-optimal – no one's welfare can be improved without reducing the welfare of others – choice 4 would not be chosen, since there would always be other preferred choices.

General equilibrium theory

Main articles: General equilibrium theory and Arrow–Debreu model

Work by Arrow and Gérard Debreu and simultaneous work by Lionel McKenzie offered the first rigorous proofs of the existence of a market clearing equilibrium. For this work and his other contributions, Debreu won the Nobel prize in 1983. Arrow went on to extend the model and its analysis to include uncertainty, the stability. His contributions to the general equilibrium theory were strongly influenced by Adam Smith's Wealth of Nations. Written in 1776, The Wealth of Nations is an examination of economic growth brought forward by the division of labor, by ensuring interdependence of individuals within society.^[18]

In 1974, The American Economic Association published the paper written by Kenneth Arrow, General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice, where he states, '“From the time of Adam Smith’s Wealth of Nations in 1776, one recurrent theme of economic analysis has been the remarkable degree of coherence among the vast numbers of individual and seemingly separate decisions about the buying and selling of commodities. In everyday, normal experience, there is something of a balance between the amounts of goods and services that some individuals want to supply and the amounts that other, different individuals want to sell. Would-be buyers ordinarily count correctly on being able to carry out their intentions, and would-be sellers do not ordinarily find themselves producing great amounts of goods that they cannot sell. This experience of balance indeed so widespread that it raises no intellectual disquiet among laymen; they take it so much for granted that they are not supposed to understand the mechanism by which it occurs.”'^[19]

Fundamental theorems of welfare economics

In 1951, Arrow presented the first and second fundamental theorems of welfare economics and their proofs without requiring differentiability of utility, consumption, or technology, and including corner solutions.^[20]

Endogenous-growth theory

Arrow was researching endogenous-growth theory (also known as new-growth theory), which sought to explain the source of technical change, which is a key driver of economic growth. Until this theory came to prominence, technical change was assumed to occur exogenously – that is, it was assumed to occur outside economic activities, and was outside (exogenous) to common economic models. At the same time there was no economic explanation for why it occurred. Endogenous-growth theory provided standard economic reasons for why firms innovate, leading economists to think of innovation and technical change as determined by economic actors, that is endogenously to economic activities, and thus belong inside the model. A literature on this theory has developed subsequently to Arrow's work.

Information economics

In other pioneering research, Arrow investigated the problems caused by asymmetric information in markets. In many transactions, one party (usually the seller) has more information about the product being sold than the other party. Asymmetric information creates incentives for the party with more information to cheat the party with less information; as a result, a number of market structures have developed, including warranties and third party authentication, which enable markets with asymmetric information to function. Arrow analysed this issue for medical care (a 1963 paper entitled "Uncertainty and the Welfare Economics of Medical Care", in the American Economic Review); later researchers investigated many other markets, particularly second-hand assets, online auctions and insurance.

Awards and honors

Arrow was elected a Fellow of the American Academy of Arts and Sciences in 1959.^[21] He was the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. He was one of the recipients of the 2004 National Medal of Science, the nation's highest scientific honor, presented by President George W. Bush for his contributions to research on the problem of making decisions using imperfect information and his research on bearing risk. On June 2, 1995 he received an honorary doctorate from the Faculty of Social Sciences at Uppsala University, Sweden ^[22] He was elected a Foreign Member of the Royal Society (ForMemRS) in 2006.^[5]

Publications

Arrow, Kenneth J. (1951a). "Alternative approaches to the theory of choice in risk-taking situations". Econometrica. The Econometric Society via JSTOR. 19 (4): 404–437. doi:10.2307/1907465. JSTOR 1907465.
Arrow, Kenneth J. (1951b). Social choice and individual values (1st ed.). New Haven, New York / London: J. Wiley / Chapman & Hall. OCLC 892549124.

Reprinted as: Arrow, Kenneth J. (1963). Social choice and individual values (2nd ed.). New Haven: Yale University Press. ISBN 9780300013641.

Arrow, Kenneth J.; Harris, Theodore; Marschak, Jacob (July 1951). "Optimal inventory policy". Econometrica. The Econometric Society via JSTOR. 19 (3): 250–272. doi:10.2307/1906813. JSTOR 1906813.
Arrow, Kenneth J.; Hurwicz, Leonid (1953). Hurwicz's optimality criterion for decision making under ignorance. Technical Report 6. Stanford University.

Also available as: Arrow, Kenneth J.; Hurwicz, Leonid (1977). "Appendix: An optimality criterion for decision-making under ignorance". (online book). Cambridge Books Online: 461–472. doi:10.1017/CBO9780511752940.015.

and as: Arrow, Kenneth J.; Hurwicz, Leonid (1977), "Appendix: An optimality criterion for decision-making under ignorance", in Arrow, Kenneth J.; Hurwicz, Leonid, Studies in resource allocation processes, Cambridge New York: Cambridge University Press, pp. 461–472, ISBN 9780521215220

Arrow, Kenneth J.; Debreu, Gérard (July 1954). "Existence of an equilibrium for a competitive economy". Econometrica. The Econometric Society via JSTOR. 22 (3): 265–290. doi:10.2307/1907353. JSTOR 1907353.
Arrow, Kenneth J. (February 1959a). "Functions of a theory of behaviour under uncertainty". Metroeconomica. Wiley. 11 (1–2): 12–20. doi:10.1111/j.1467-999X.1959.tb00258.x.
Arrow, Kenneth J. (1959b), "Toward a theory of price adjustment", in Abramovitz, Moses; et al., The allocation of economic resources: essays in honor of Bernard Francis Haley, Stanford, California: Stanford University Press, OCLC 490147128.
Arrow, Kenneth J. (1960), "Price-quantity adjustments in multiple markets with rising demands", in Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick, Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium, Stanford mathematical studies in the social sciences, IV, Stanford, California: Stanford University Press, pp. 3–15, ISBN 9780804700214.
Arrow, Kenneth J.; Suppes, Patrick; Karlin, Samuel (1960). Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium. Stanford, California: Stanford University Press. ISBN 9780804700214.

Including: Arrow, Kenneth J. Price-quantity adjustments in multiple markets with rising demands, pp. 3–15.

Arrow, Kenneth J. (June 1962). "The economic implications of learning by doing". The Review of Economic Studies. Oxford Journals. 29 (3): 155–173. doi:10.2307/2295952. Also available through: JSTOR 2295952.
Arrow, Kenneth J. (December 1963). "Uncertainty and the welfare economics of medical care". American Economic Review. American Economic Association via JSTOR. 53 (5): 941–973. JSTOR 1812044. Pdf version.
Arrow, Kenneth J. (1968), "Economic equilibrium", in Merton, Robert K.; Sills, David L., International encyclopedia of the social sciences (vol. 4), London and New York: Macmillan and the Free Press, pp. 376–388, OCLC 310091393.
Arrow, Kenneth J. (1969), "The organization of economic activity: issues pertinent to the choice of market versus non-market allocations", in {Papers}, The analysis and evaluation of public expenditures: the PPB system; a compendium of papers submitted to the Subcommittee on Economy in Government of the Joint Economic Committee, Congress of the United States, 1, Washington, D.C.: Government Printing Office, pp. 47–64, OCLC 26897.

Reprinted as: Arrow, Kenneth J. (1983b), "The organization of economic activity: issues pertinent to the choice of market versus non-market allocations", in Arrow, Kenneth J., Collected papers of Kenneth J. Arrow, volume 2: general equilibrium, Cambridge, Massachusetts: Belknap Press, pp. 133–155, ISBN 9780674137615.

Also reprinted as a pdf.

Arrow, Kenneth J. (1970). Essays in the theory of risk-bearing. Amsterdam: North-Holland Pub. Co. ISBN 9780720430479.
Arrow, Kenneth; Hahn, Frank (1971). General competitive analysis. San Francisco: Holden-Day. ISBN 9780816202751.
Arrow, Kenneth J.; Hurwicz, Leonid (1972), "Decision making under ignorance", in Carter, C. F.; Ford, J. L., Uncertainty and expectations in economics: essays in honour of G.L.S. Shackle, Oxford / New York: Basil Blackwell / Augustus M. Kelley, ISBN 9780631141709.
Arrow, Kenneth J. (1974). The limits of organization. New York: Norton. ISBN 9780393093230.
Arrow, Kenneth J. (February 1977). "Extended sympathy and the possibility of social choice". American Economic Review, special issue: Papers and Proceedings of the Eighty-ninth Annual Meeting of the American Economic Association. American Economic Association via JSTOR. 67 (1): 219–225. JSTOR 1815907.

Reprinted as: Arrow, Kenneth J. (1983a), "Extended sympathy and the possibility of social choice", in Arrow, Kenneth J., Collected papers of Kenneth J. Arrow, volume 1: social Choice and justice, Cambridge, Massachusetts: Belknap Press, ISBN 9780674137608.

Arrow, Kenneth J.; Intriligator, Michael D. (1981). Handbook of mathematical economics. Handbook of Economics Series. Amsterdam New York, New York: Elsevier North-Holland. ISBN 9780444861269.
Arrow, Kenneth J. Collected papers of Kenneth J. Arrow. Cambridge, Massachusetts: Harvard University Press. :

Arrow, Kenneth J. (1983a). Collected papers of Kenneth J. Arrow, volume 1: social Choice and justice. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137608.

Arrow, Kenneth J. (1983b). Collected papers of Kenneth J. Arrow, volume 2: general equilibrium. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137615.

Arrow, Kenneth J. (1984a). Collected papers of Kenneth J. Arrow, volume 3: individual choice under certainty and uncertainty. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137622.

Arrow, Kenneth J. (1984b). Collected papers of Kenneth J. Arrow, volume 4: the economics of information. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137639.

Arrow, Kenneth J. (1985a). Collected papers of Kenneth J. Arrow, volume 5: production and capital. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137776.

Arrow, Kenneth J. (1985b). Collected papers of Kenneth J. Arrow, volume 6: applied economics. Cambridge, Massachusetts: Belknap Press. ISBN 9780674137783.

Arrow, Kenneth J. (1987), "Rationality of self and others in an economic system", in Hogarth, Robin M.; Reder, Melvin W., Rational choice: the contrast between economics and psychology, Chicago: The University of Chicago Press, pp. 201–216, ISBN 9780226348575.
Arrow, Kenneth J.; Anderson, Philip W.; Pines, David, eds. (1988). The economy as an evolving complex system: the proceedings of the Evolutionary Paths of the Global Economy Workshop, held September, 1987 in Santa Fe, New Mexico. Redwood City, California: Addison-Wesley Pub. Co. ISBN 9780201156850. Book details.
Arrow, Kenneth J.; Intriligator, Michael D.; Harberger, Arnold C.; Wolf, Jr., Charles; Tullock, Gordon (April 1993). "Economic integration and the future of the nation-state". Contemporary Economic Policy. Wiley. 11 (2): 1–22. doi:10.1111/j.1465-7287.1993.tb00376.x.
Arrow, Kenneth J. (May 1994). "Methodological individualism and social knowledge (Richard T. Ely Lecture)". American Economic Review, special issue: Papers and Proceedings of the Hundred and Sixth Annual Meeting of the American Economic Association. American Economic Association via JSTOR. 84 (2): 1–9. JSTOR 2117792. Pdf.
Arrow, Kenneth J. (2008), "Arrow's theorem", in Durlauf, Steven N.; Blume, Lawrence E., The new Palgrave dictionary of economics (8 volume set) (2nd ed.), Basingstoke, Hampshire New York: Palgrave Macmillan, ISBN 9780333786765.

Also available online as: Arrow, Kenneth J. (2008). "Arrow's theorem". The new Palgrave dictionary of economics online, (2nd ed.). Palgrave Macmillan. doi:10.1057/9780230226203.0061.

Arrow, Kenneth J. (2008), "Hotelling, Harold (1895–1973)", in Durlauf, Steven N.; Blume, Lawrence E., The new Palgrave dictionary of economics (8 volume set) (2nd ed.), Basingstoke, Hampshire New York: Palgrave Macmillan, ISBN 9780333786765.

Also available online as: Arrow, Kenneth J. (2008). "Hotelling, Harold (1895–1973)". The new Palgrave dictionary of economics online, (2nd ed.). Palgrave Macmillan. doi:10.1057/9780230226203.0747.

Arrow, Kenneth J.; Debreu, Gérard (2001). Landmark papers in general equilibrium theory, social choice and welfare. Cheltenham, UK Northampton, Massachusetts, USA: Edward Elgar Publishing. ISBN 9781840645699.
Arrow, Kenneth J. (June 2009). "Some developments in economic theory since 1940: an eyewitness account". Annual Review of Economics. Wiley. 1: 1–16. doi:10.1146/annurev.economics.050708.143405.
Arrow, Kenneth J.; Anderson, Philip W.; Pines, David (1988). The economy as an evolving complex system: the proceedings of the evolutionary paths of the global economy workshop, held September, 1987 in Santa Fe, New Mexico. Redwood City, California: Addison-Wesley Pub. Co. ISBN 9780201156850.

References

↑ Kenneth Arrow at the Mathematics Genealogy Project
↑ PROFILE: Nancy Stokey.(Accessed September 2016)
↑ Prat's CV
↑ "経済学発展に貢献　文化勲章の根岸隆氏". The Nikkei. 24 October 2014. Retrieved 14 November 2015. (Japanese)
1 2 "Professor Kenneth Arrow ForMemRS, elected 2006". London: Royal Society. Archived from the original on 2015-11-17.
↑ "Premiat Nobel cu origini româneşti, Doctor Honoris Causa al Universităţii "Al. I. Cuza" din Iaşi". Jurnalul.ro. Retrieved 1 November 2014.
↑ Abu N.M. Wahid (2002). Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Publishing. p. 5. ISBN 0-313-32073-X.
↑ Steven Pressman (1999). Fifty major economists: Business & Economics. Routledge Publishing. p. 177. ISBN 0-415-13480-3.
↑ "American Jewish Recipients of the Nobel Prize". Fau.edu. Retrieved 1 November 2014.
1 2 "Econ Journal Watch – Ideological Profiles of the Economics Laureates". Econjwatch.org. Retrieved 1 November 2014.
↑ "Kenneth J. Arrow, MA, PhD". Stanford University. Retrieved 1 November 2014.
↑ "Kenneth J. Arrow – Biographical". Nobelprize.org. Retrieved 1 November 2014.
↑ Nobel Prize: "Kenneth J. Arrow – Biographical" retrieved March 29, 2015
↑ John B. Shoven. "Kenneth Arrow Contributions to Economics" (PDF). Siepr.stanford.edu. Retrieved 1 November 2014.
↑ "American President". Millercenter.org. Archived from the original on 2 November 2014. Retrieved 1 November 2014.
↑ "Kenneth J. Arrow Papers, 1939–2009.". Rubenstein Library, Duke University.
↑ Kenneth Arrow, "A Difficulty in the Concept of Social Welfare" (1950).
↑ Smith, Adam, and Andrew S. Skinner. The wealth of nations. London: Penguin Books, 1999. Print.
↑ Arrow, Kenneth (1974). "General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice". American Economic Review. 64 (3): 253–272. JSTOR 1808881.
↑ http://www.econlib.org/library/Enc/bios/Arrow.html
↑ "Book of Members, 1780–2010: Chapter A" (PDF). American Academy of Arts and Sciences. Retrieved 25 April 2011.
↑ http://www.uu.se/en/about-uu/traditions/prizes/honorary-doctorates/

External links

Wikiquote has quotations related to: Kenneth Arrow

Collected Papers of Kenneth J. Arrow
Kenneth Arrow at stanford.edu
Ideological Profile from Econ Journal Watch
Autobiography at nobel.se
Kenneth Arrow Profile at cepa.newschool.edu
Social Choice and Individual Values
Photos of Kenneth Arrow
Appearances on C-SPAN
IDEAS/RePEc
Kenneth J. Arrow: Nobel Prize in Economics Recipient by Seymour "Sy" Brody, Florida Atlantic University Libraries
Kenneth Arrow (1921– ). The Concise Encyclopedia of Economics. Library of Economics and Liberty (2nd ed.). Liberty Fund. 2008.
Biography of Kenneth J. Arrow from the Institute for Operations Research and the Management Sciences

Macroeconomic schools of thought

Austrian School Keynesian economics Monetarism Neo-Keynesian economics New classical macroeconomics New Keynesian economics Post-Keynesian economics Supply-side economics

Neoclassical economists

William Stanley Jevons Francis Ysidro Edgeworth Alfred Marshall John Bates Clark Irving Fisher

Walrasian economics	Maurice Allais Gérard Debreu Edmond Malinvaud Jacques Drèze Jean-Michel Grandmont Guy Laroque Jean-Pascal Benassy Yves Younes

New classical macroeconomics	Robert Barro Axel Leijonhufvud Robert Lucas, Jr. Bennett McCallum Patrick Minford Thomas J. Sargent Neil Wallace

Real business cycle school	Robert King Finn E. Kydland John Long Charles Plosser Edward C. Prescott Sérgio Rebelo Alan Stockman

Laureates of the Nobel Memorial Prize in Economic Sciences

1969–1975	1969 Ragnar Frisch / Jan Tinbergen 1970 Paul Samuelson 1971 Simon Kuznets 1972 John Hicks / Kenneth Arrow 1973 Wassily Leontief 1974 Gunnar Myrdal / Friedrich Hayek 1975 Leonid Kantorovich / Tjalling Koopmans

1976–2000	1976 Milton Friedman 1977 Bertil Ohlin / James Meade 1978 Herbert A. Simon 1979 Theodore Schultz / Arthur Lewis 1980 Lawrence Klein 1981 James Tobin 1982 George Stigler 1983 Gérard Debreu 1984 Richard Stone 1985 Franco Modigliani 1986 James M. Buchanan 1987 Robert Solow 1988 Maurice Allais 1989 Trygve Haavelmo 1990 Harry Markowitz / Merton Miller / William F. Sharpe 1991 Ronald Coase 1992 Gary Becker 1993 Robert Fogel / Douglass North 1994 John Harsanyi / John Forbes Nash Jr. / Reinhard Selten 1995 Robert Lucas Jr. 1996 James Mirrlees / William Vickrey 1997 Robert C. Merton / Myron Scholes 1998 Amartya Sen 1999 Robert Mundell 2000 James Heckman / Daniel McFadden

2001–present	2001 George Akerlof / Michael Spence / Joseph E. Stiglitz 2002 Daniel Kahneman / Vernon L. Smith 2003 Robert F. Engle / Clive Granger 2004 Finn E. Kydland / Edward C. Prescott 2005 Robert Aumann / Thomas Schelling 2006 Edmund Phelps 2007 Leonid Hurwicz / Eric Maskin / Roger Myerson 2008 Paul Krugman 2009 Elinor Ostrom / Oliver E. Williamson 2010 Peter A. Diamond / Dale T. Mortensen / Christopher A. Pissarides 2011 Thomas J. Sargent / Christopher A. Sims 2012 Alvin E. Roth / Lloyd S. Shapley 2013 Eugene Fama / Lars Peter Hansen / Robert J. Shiller 2014 Jean Tirole 2015 Angus Deaton 2016 Oliver Hart / Bengt Holmström

United States National Medal of Science laureates

Behavioral and social science

1960s	1964: Roger Adams Othmar H. Ammann Theodosius Dobzhansky Neal Elgar Miller

1980s	1986: Herbert A. Simon 1987: Anne Anastasi George J. Stigler 1988: Milton Friedman

1990s	1990: Leonid Hurwicz Patrick Suppes 1991: Robert W. Kates George A. Miller 1992: Eleanor J. Gibson 1994: Robert K. Merton 1995: Roger N. Shepard 1996: Paul Samuelson 1997: William K. Estes 1998: William Julius Wilson 1999: Robert M. Solow

2000s	2000: Gary Becker 2001: George Bass 2003: R. Duncan Luce 2004: Kenneth Arrow 2005: Gordon H. Bower 2008: Michael I. Posner 2009: Mortimer Mishkin

2010s	2011: Anne Treisman 2014: Robert Axelrod 2015: Albert Bandura

Biological sciences

1960s	1963: C. B. van Niel 1964: Marshall W. Nirenberg 1965: Francis P. Rous George G. Simpson Donald D. Van Slyke 1966: Edward F. Knipling Fritz Albert Lipmann William C. Rose Sewall Wright 1967: Kenneth S. Cole Harry F. Harlow Michael Heidelberger Alfred H. Sturtevant 1968: Horace Barker Bernard B. Brodie Detlev W. Bronk Jay Lush Burrhus Frederic Skinner 1969: Robert Huebner Ernst Mayr

1970s	1970: Barbara McClintock Albert B. Sabin 1973: Daniel I. Arnon Earl W. Sutherland Jr. 1974: Britton Chance Erwin Chargaff James V. Neel James Augustine Shannon 1975: Hallowell Davis Paul Gyorgy Sterling B. Hendricks Orville lvin Vogel 1976: Roger Guillemin Keith Roberts Porter Efraim Racker E. O. Wilson 1979: Robert H. Burris Elizabeth C. Crosby Arthur Kornberg Severo Ochoa Earl Reece Stadtman George Ledyard Stebbins Paul Alfred Weiss

1980s	1981: Philip Handler 1982: Seymour Benzer Glenn W. Burton Mildred Cohn 1983: Howard L. Bachrach Paul Berg Wendell L. Roelofs Berta Scharrer 1986: Stanley Cohen Donald A. Henderson Vernon B. Mountcastle George Emil Palade Joan A. Steitz 1987: Michael E. DeBakey Theodor O. Diener Harry Eagle Har Gobind Khorana Rita Levi-Montalcini 1988: Michael S. Brown Stanley Norman Cohen Joseph L. Goldstein Maurice R. Hilleman Eric R. Kandel Rosalyn Sussman Yalow 1989: Katherine Esau Viktor Hamburger Philip Leder Joshua Lederberg Roger W. Sperry Harland G. Wood

1990s	1990: Baruj Benacerraf Herbert W. Boyer Daniel E. Koshland Jr. Edward B. Lewis David G. Nathan E. Donnall Thomas 1991: Mary Ellen Avery G. Evelyn Hutchinson Elvin A. Kabat Salvador Luria Paul A. Marks Folke K. Skoog Paul C. Zamecnik 1992: Maxine Singer Howard Martin Temin 1993: Daniel Nathans Salome G. Waelsch 1994: Thomas Eisner Elizabeth F. Neufeld 1995: Alexander Rich 1996: Ruth Patrick 1997: James Watson Robert A. Weinberg 1998: Bruce Ames Janet Rowley 1999: David Baltimore Jared Diamond Lynn Margulis

2000s	2000: Nancy C. Andreasen Peter H. Raven Carl Woese 2001: Francisco J. Ayala Mario R. Capecchi Ann Graybiel Gene E. Likens Victor A. McKusick Harold Varmus 2002: James E. Darnell Evelyn M. Witkin 2003: J. Michael Bishop Solomon H. Snyder Charles Yanofsky 2004: Norman E. Borlaug Phillip A. Sharp Thomas E. Starzl 2005: Anthony S. Fauci Torsten N. Wiesel 2006: Rita R. Colwell Nina Fedoroff Lubert Stryer 2007: Robert J. Lefkowitz Bert W. O'Malley 2008: Francis S. Collins Elaine Fuchs J. Craig Venter 2009: Susan L. Lindquist Stanley B. Prusiner

2010s	2010: Ralph L. Brinster Shu Chien Rudolf Jaenisch 2011: Lucy Shapiro Leroy Hood Sallie Chisholm 2014: May Berenbaum Bruce Alberts 2015: Stanley Falkow Rakesh K. Jain Mary-Claire King Simon Levin

Chemistry

1980s	1982: F. Albert Cotton Gilbert Stork 1983: Roald Hoffmann George C. Pimentel Richard N. Zare 1986: Harry B. Gray Yuan Tseh Lee Carl S. Marvel Frank H. Westheimer 1987: William S. Johnson Walter H. Stockmayer Max Tishler 1988: William O. Baker Konrad E. Bloch Elias J. Corey 1989: Richard B. Bernstein Melvin Calvin Rudolph A. Marcus Harden M. McConnell

1990s	1990: Elkan Blout Karl Folkers John D. Roberts 1991: Ronald Breslow Gertrude B. Elion Dudley R. Herschbach Glenn T. Seaborg 1992: Howard E. Simmons Jr. 1993: Donald J. Cram Norman Hackerman 1994: George S. Hammond 1995: Thomas Cech Isabella L. Karle 1996: Norman Davidson 1997: Darleane C. Hoffman Harold S. Johnston 1998: John W. Cahn George M. Whitesides 1999: Stuart A. Rice John Ross Susan Solomon

2000s	2000: John D. Baldeschwieler Ralph F. Hirschmann 2001: Ernest R. Davidson Gábor A. Somorjai 2002: John I. Brauman 2004: Stephen J. Lippard 2006: Marvin H. Caruthers Peter B. Dervan 2007: Mostafa A. El-Sayed 2008: Joanna Fowler JoAnne Stubbe 2009: Stephen J. Benkovic Marye Anne Fox

2010s	2010: Jacqueline K. Barton Peter J. Stang 2011: Allen J. Bard M. Frederick Hawthorne 2014: Judith P. Klinman Jerrold Meinwald 2015: A. Paul Alivisatos Geraldine L. Richmond

Engineering sciences

1960s	1962: Theodore von Kármán 1963: Vannevar Bush John Robinson Pierce 1964: Charles S. Draper 1965: Hugh L. Dryden Clarence L. Johnson Warren K. Lewis 1966: Claude E. Shannon 1967: Edwin H. Land Igor I. Sikorsky 1968: J. Presper Eckert Nathan M. Newmark 1969: Jack St. Clair Kilby

1970s	1970: George E. Mueller 1973: Harold E. Edgerton Richard T. Whitcomb 1974: Rudolf Kompfner Ralph Brazelton Peck Abel Wolman 1975: Manson Benedict William Hayward Pickering Frederick E. Terman Wernher von Braun 1976: Morris Cohen Peter C. Goldmark Erwin Wilhelm Müller 1979: Emmett N. Leith Raymond D. Mindlin Robert N. Noyce Earl R. Parker Simon Ramo

1980s	1982: Edward H. Heinemann Donald L. Katz 1983: William Redington Hewlett George M. Low John G. Trump 1986: Hans Wolfgang Liepmann T. Y. Lin Bernard M. Oliver 1987: R. Byron Bird H. Bolton Seed Ernst Weber 1988: Daniel C. Drucker Willis M. Hawkins George W. Housner 1989: Harry George Drickamer Herbert E. Grier

1990s	1990: Mildred Dresselhaus Nick Holonyak Jr. 1991: George H. Heilmeier Luna B. Leopold H. Guyford Stever 1992: Calvin F. Quate John Roy Whinnery 1993: Alfred Y. Cho 1994: Ray W. Clough 1995: Hermann A. Haus 1996: James L. Flanagan C. Kumar N. Patel 1998: Eli Ruckenstein 1999: Kenneth N. Stevens

2000s	2000: Yuan-Cheng B. Fung 2001: Andreas Acrivos 2002: Leo Beranek 2003: John M. Prausnitz 2004: Edwin N. Lightfoot 2005: Jan D. Achenbach Tobin J. Marks 2006: Robert S. Langer 2007: David J. Wineland 2008: Rudolf E. Kálmán 2009: Amnon Yariv

2010s	2010: Shu Chien 2011: John Goodenough 2014: Thomas Kailath

Mathematical, statistical, and computer sciences

1960s	1963: Norbert Wiener 1964: Solomon Lefschetz H. Marston Morse 1965: Oscar Zariski 1966: John Milnor 1967: Paul Cohen 1968: Jerzy Neyman 1969: William Feller

1970s	1970: Richard Brauer 1973: John Tukey 1974: Kurt Gödel 1975: John W. Backus Shiing-Shen Chern George Dantzig 1976: Kurt Otto Friedrichs Hassler Whitney 1979: Joseph L. Doob Donald E. Knuth

1980s	1982: Marshall Harvey Stone 1983: Herman Goldstine Isadore Singer 1986: Peter Lax Antoni Zygmund 1987: Raoul Bott Michael Freedman 1988: Ralph E. Gomory Joseph B. Keller 1989: Samuel Karlin Saunders Mac Lane Donald C. Spencer

1990s	1990: George F. Carrier Stephen Cole Kleene John McCarthy 1991: Alberto Calderón 1992: Allen Newell 1993: Martin David Kruskal 1994: John Cocke 1995: Louis Nirenberg 1996: Richard Karp Stephen Smale 1997: Shing-Tung Yau 1998: Cathleen Synge Morawetz 1999: Felix Browder Ronald R. Coifman

2000s	2000: John Griggs Thompson Karen K. Uhlenbeck 2001: Calyampudi R. Rao Elias M. Stein 2002: James G. Glimm 2003: Carl R. de Boor 2004: Dennis P. Sullivan 2005: Bradley Efron 2006: Hyman Bass 2007: Leonard Kleinrock Andrew J. Viterbi 2009: David B. Mumford

2010s	2010: Richard A. Tapia S. R. Srinivasa Varadhan 2011: Solomon W. Golomb Barry Mazur 2014: Alexandre Chorin David Blackwell 2015: Michael Artin

Physical sciences

1960s	1963: Luis W. Alvarez 1964: Julian Schwinger Harold Clayton Urey Robert Burns Woodward 1965: John Bardeen Peter Debye Leon M. Lederman William Rubey 1966: Jacob Bjerknes Subrahmanyan Chandrasekhar Henry Eyring John H. Van Vleck Vladimir K. Zworykin 1967: Jesse Beams Francis Birch Gregory Breit Louis Hammett George Kistiakowsky 1968: Paul Bartlett Herbert Friedman Lars Onsager Eugene Wigner 1969: Herbert C. Brown Wolfgang Panofsky

1970s	1970: Robert H. Dicke Allan R. Sandage John C. Slater John A. Wheeler Saul Winstein 1973: Carl Djerassi Maurice Ewing Arie Jan Haagen-Smit Vladimir Haensel Frederick Seitz Robert Rathbun Wilson 1974: Nicolaas Bloembergen Paul Flory William Alfred Fowler Linus Carl Pauling Kenneth Sanborn Pitzer 1975: Hans A. Bethe Joseph O. Hirschfelder Lewis Sarett Edgar Bright Wilson Chien-Shiung Wu 1976: Samuel Goudsmit Herbert S. Gutowsky Frederick Rossini Verner Suomi Henry Taube George Uhlenbeck 1979: Richard P. Feynman Herman Mark Edward M. Purcell John Sinfelt Lyman Spitzer Victor F. Weisskopf

1980s	1982: Philip W. Anderson Yoichiro Nambu Edward Teller Charles H. Townes 1983: E. Margaret Burbidge Maurice Goldhaber Helmut Landsberg Walter Munk Frederick Reines Bruno B. Rossi J. Robert Schrieffer 1986: Solomon J. Buchsbaum H. Richard Crane Herman Feshbach Robert Hofstadter Chen-Ning Yang 1987: Philip Abelson Walter Elsasser Paul C. Lauterbur George Pake James A. Van Allen 1988: D. Allan Bromley Paul Ching-Wu Chu Walter Kohn Norman F. Ramsey Jack Steinberger 1989: Arnold O. Beckman Eugene Parker Robert Sharp Henry Stommel

1990s	1990: Allan M. Cormack Edwin M. McMillan Robert Pound Roger Revelle 1991: Arthur L. Schawlow Ed Stone Steven Weinberg 1992: Eugene M. Shoemaker 1993: Val Fitch Vera Rubin 1994: Albert Overhauser Frank Press 1995: Hans Dehmelt Peter Goldreich 1996: Wallace S. Broecker 1997: Marshall Rosenbluth Martin Schwarzschild George Wetherill 1998: Don L. Anderson John N. Bahcall 1999: James Cronin Leo Kadanoff

2000s	2000: Willis E. Lamb Jeremiah P. Ostriker Gilbert F. White 2001: Marvin L. Cohen Raymond Davis Jr. Charles Keeling 2002: Richard Garwin W. Jason Morgan Edward Witten 2003: G. Brent Dalrymple Riccardo Giacconi 2004: Robert N. Clayton 2005: Ralph A. Alpher Lonnie Thompson 2006: Daniel Kleppner 2007: Fay Ajzenberg-Selove Charles P. Slichter 2008: Berni Alder James E. Gunn 2009: Yakir Aharonov Esther M. Conwell Warren M. Washington

2010s	2011: Sidney Drell Sandra Faber Sylvester James Gates 2014: Burton Richter Sean C. Solomon 2015: Shirley Ann Jackson

John Bates Clark Medal recipients

John von Neumann Award recipients

John Harsanyi (1995) Hal Varian (1996) Kornai János (1997) Jean Tirole (1998) Oliver Williamson (1999) Avinash K. Dixit (2001) Jon Elster (2002) Maurice Obstfeld (2003) Gary S. Becker (2004) Glenn C. Loury (2005) Matthew Rabin (2006) Daron Acemoğlu (2007) Kevin M. Murphy (2008) Philippe Aghion (2009) Tim Besley (2010) Joshua Angrist (2011) Olivier Blanchard (2012) Esther Duflo (2013) Kenneth J. Arrow (2013)¹ Emmanuel Saez (2014) Matthew O. Jackson (2015) Alvin E. Roth (2016)

¹ Received honorary prize.

Presidents of the Econometric Society

1931–1950	Irving Fisher (1931–1934) François Divisia (1935) Harold Hotelling (1936–1937) Arthur Bowley (1938–1939) Joseph Schumpeter (1940–1941) Wesley Mitchell (1942–1943) John Maynard Keynes (1944–1945) Jacob Marschak (1946) Jan Tinbergen (1947) Charles Roos (1948) Ragnar Frisch (1949) Tjalling Koopmans (1950)

1951–1975	R. G. D. Allen (1951) Paul Samuelson (1952) René Roy (1953) Wassily Leontief (1954) Richard Stone (1955) Kenneth Arrow (1956) Trygve Haavelmo (1957) James Tobin (1958) Marcel Boiteux (1959) Lawrence Klein (1960) Henri Theil (1961) Franco Modigliani (1962) Edmond Malinvaud (1963) Robert Solow (1964) Michio Morishima (1965) Herman Wold (1966) Hendrik Houthakker (1967) Frank Hahn (1968) Leonid Hurwicz (1969) Jacques Drèze (1970) Gérard Debreu (1971) W. M. Gorman (1972) Roy Radner (1973) Don Patinkin (1974) Zvi Griliches (1975)

1976–2000	Hirofumi Uzawa (1976) Lionel McKenzie (1977) János Kornai (1978) Franklin M. Fisher (1979) John D. Sargan (1980) Marc Nerlove (1981) James A. Mirrlees (1982) Herbert Scarf (1983) Amartya K. Sen (1984) Daniel McFadden (1985) Michael Bruno (1986) Dale Jorgenson (1987) Anthony B. Atkinson (1988) Hugo Sonnenschein (1989) Jean-Michel Grandmont (1990) Peter Diamond (1991) Jean-Jacques Laffont (1992) Andreu Mas-Colell (1993) Takashi Negishi (1994) Christopher Sims (1995) Roger Guesnerie (1996) Robert E. Lucas, Jr. (1997) Jean Tirole (1998) Robert B. Wilson (1999) Elhanan Helpman (2000)

2001–present	Avinash Dixit (2001) Guy Laroque (2002) Eric Maskin (2003) Ariel Rubinstein (2004) Thomas J. Sargent (2005) Richard Blundell (2006) Lars Peter Hansen (2007) Torsten Persson (2008) Roger B. Myerson (2009) John H. Moore (2010) Bengt Holmström (2011) Jean-Charles Rochet (2012) James J. Heckman (2013) Manuel Arellano (2014) Robert Porter (2015) Eddie Dekel (2016)

Presidents of the American Economic Association

1886–1900	Francis A. Walker (1886) Charles F. Dunbar (1893) John B. Clark (1894) Henry C. Adams (1896) Arthur T. Hadley (1898) Richard T. Ely (1900)

1901–1925	Edwin R. A. Seligman (1902) Frank W. Taussig (1904) Jeremiah W. Jenks (1906) Simon N. Patten (1908) Davis R. Dewey (1909) Edmund J. James (1910) Henry W. Farnam (1911) Frank A. Fetter (1912) David Kinley (1913) John H. Gray (1914) Walter F. Willcox (1915) Thomas N. Carver (1916) John R. Commons (1917) Irving Fisher (1918) Henry B. Gardner (1919) Herbert J. Davenport (1920) Jacob H. Hollander (1921) Henry R. Seager (1922) Carl C. Plehn (1923) Wesley C. Mitchell (1924) Allyn A. Young (1925)

1926–1950	Edwin W. Kemmerer (1926) Thomas S. Adams (1927) Fred M. Taylor (1928) Edwin F. Gay (1929) Matthew B. Hammond (1930) Ernest L. Bogart (1931) George E. Barnett (1932) William Z. Ripley (1933) Harry A. Millis (1934) John M. Clark (1935) Alvin S. Johnson (1936) Oliver W. M. Sprague (1937) Alvin H. Hansen (1938) Jacob Viner (1939) Frederick C. Mills (1940) Sumner H. Slichter (1941) Edwin G. Nourse (1942) Albert B. Wolfe (1943) Joseph S. Davis (1944) I. Leo Sharfman (1945) Emanuel A. Goldenweiser (1946) Paul H. Douglas (1947) Joseph A. Schumpeter (1948) Howard S. Ellis (1949) Frank H. Knight (1950)

1951–1975	John H. Williams (1951) Harold A. Innis (1952) Calvin B. Hoover (1953) Simon Kuznets (1954) John D. Black (1955) Edwin E. Witte (1956) Morris A. Copeland (1957) George W. Stocking (1958) Arthur F. Burns (1959) Theodore W. Schultz (1960) Paul A. Samuelson (1961) Edward S. Mason (1962) Gottfried Haberler (1963) George J. Stigler (1964) Joseph J. Spengler (1965) Fritz Machlup (1966) Milton Friedman (1967) Kenneth E. Boulding (1968) William J. Fellner (1969) Wassily Leontief (1970) James Tobin (1971) John Kenneth Galbraith (1972) Kenneth J. Arrow (1973) Walter W. Heller (1974) R. Aaron Gordon (1975)

1976–2000	Franco Modigliani (1976) Lawrence R. Klein (1977) Jacob Marschak (1978) Tjalling C. Koopmans (1978) Robert M. Solow (1979) Moses Abramovitz (1980) William J. Baumol (1981) Gardner Ackley (1982) W. Arthur Lewis (1983) Charles L. Schultze (1984) Charles P. Kindleberger (1985) Alice M. Rivlin (1986) Gary S. Becker (1987) Robert Eisner (1988) Joseph A. Pechman (1989) Gérard Debreu (1990) Thomas C. Schelling (1991) William Vickrey (1992) Zvi Griliches (1993) Amartya Sen (1994) Victor R. Fuchs (1995) Anne O. Krueger (1996) Arnold C. Harberger (1997) Robert W. Fogel (1998) D. Gale Johnson (1999) Dale W. Jorgenson (2000)

2001–present	Sherwin Rosen (2001) Robert E. Lucas, Jr. (2002) Peter A. Diamond (2003) Martin Feldstein (2004) Daniel McFadden (2005) George A. Akerlof (2006) Thomas J. Sargent (2007) Avinash K. Dixit (2008) Angus Deaton (2009) Robert E. Hall (2010) Orley Ashenfelter (2011) Christopher A. Sims (2012) Claudia Goldin (2013) William D. Nordhaus (2014) Richard Thaler (2015) Robert J. Shiller (2016)

Presidents of the International Economic Association

Joseph Alois Schumpeter (1950)
Gottfried Haberler (1950–1953)
Howard S. Ellis (1953–1956)
Erik Lindahl (1956–1959)
E.A.G. Robinson (1959–1962)
G. Ugo Papi (1962–1965)
Paul A. Samuelson (1965–1968)
Erik Lundberg (1968–1971)
Fritz Machlup (1971–1974)
Edmond Malinvaud (1974–1977)
Shigeto Tsuru (1977–1980)
Victor L. Urquidi (1980–1983)
Kenneth Arrow (1983–1986)
Amartya Sen (1986–1989)
Anthony B. Atkinson (1989–1992)
Michael Bruno (1992–1995)
Jacques Drèze (1995–1999)
Robert M. Solow (1999–2002)
János Kornai (2002–2005)
Guillermo Calvo (2005–2008)
Masahiko Aoki (2008–2011)
Joseph E. Stiglitz (2011–2014)
Tim Besley (2014-)

Fellows of the Royal Society elected in 2006

Fellows	Roger Alder David Barford Stephen Barnett Allan Basbaum Richard Battarbee Axel Becke Valerie Beral John Browne Peter Donnelly John Eland David Ewins David Farmer Marc Feldmann Tom Foxon Matthew Freeman Karl Friston Nigel Grindley Andy Hopper Peter Hunter Richard Jackson Richard Jones Calestous Juma Michael Lockwood Ruth Lynden-Bell Trudy Mackay Jerrold Marsden Robert Martienssen Ramesh Narayan Raymond Ogden Peter Parker John Pearce Malik Peiris Michael Proctor Atta-ur-Rahman Helen Saibil Nicholas Shepherd-Barron Austin Smith Nahum Sonenberg Mriganka Sur Peter West Nicholas White Alan Wilson Phil Woodruff Ziheng Yang

Foreign	Kenneth Arrow Édouard Brézin Paul Crutzen Daan Frenkel Roger Tsien Carl Woese

Honorary	Ralph Kohn

Authority control	WorldCat Identities VIAF: 97632349 LCCN: n79074306 ISNI: 0000 0001 2144 6683 GND: 118986856 SUDOC: 031589421 BNF: cb12277447p (data) MGP: 51175 NLA: 35008587 NDL: 00431773 NKC: jn19990000274 ICCU: IT\ICCU\MILV\000439 BNE: XX992399 CiNii: DA00113470

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