Jonathan Levin PhD �"99 was named winner of the John Bates Clark Medal on Friday, awarded annually by the American Economics Association to the best economist under the age of 40.
Levin, a professor of economics at Stanford University, conducts research on industrial organization as well as the structure of markets. His work has looked at the nature of contractual relationships in business; the effects of imperfect information in the subprime lending and insurance markets; and the implications of auction-based markets for business competition, among other topics. He wrote his PhD thesis under the supervision of Bengt Holmstrom, the Paul A. Samuelson Professor of Economics at MIT.
"This is fantastic news,⬝ said Holmstrom in an e-mail to MIT News. �SOnce again, one of our students has received the highest recognition short of a Nobel Prize. John's great gift is in being able to see the essential in economic problems and work on them both theoretically and empirically. His contributions to game theory, especially auction theory and market design, have been academically influential and of great practical use."
Levin is the third straight winner of the Clark Medal to have earned a PhD from MIT in 1999, following last year�"s winner, MIT professor Esther Duflo, and the 2009 winner, Emmanuel Saez.
MIT faculty, alumni and former faculty have won the last eight Clark Medals, including former MIT professor Susan Athey in 2007; MIT professor Daron Acemoglu in 2005; Steven Levitt PhD �"94 in 2003; Matthew Rabin PhD �"89 in 2001; and Andrei Shleifer PhD �"86 in 1999. The award was given in odd-numbered years from its inception in 1947 until last year, when the AEA began to bestow it annually.
Other past winners who were either MIT faculty or received degrees from MIT include Paul Samuelson, Lawrence Klein, Robert Solow, Franklin Fisher, Daniel McFadden, Joseph Stiglitz, Jerry Hausman, Paul Krugman and Lawrence Summers.
Read More... [Source: MIT News - Topic - Economics - Posted by FreeAutoBlogger]
Thursday, 21 July 2011
USDA approves assistance to apple, cherry farmers
Farmers in five Oregon counties and three counties in Washington state are now eligible for low-interest emergency loans after a warm spell in February ended with frosts and freezing temperatures that damaged cherry and...
Read More... [Source: KHQ - Idaho Headlines - Posted by FreeAutoBlogger]
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Said and Done
Said and Done is the monthly, photo-rich publication from MIT's School of Humanities, Arts, and Social Sciences, integrating feature articles with news, research and events to give you a distilled overview of the school�"s endeavors. For the complete edition, visit Said and Done. Highlights include:
Jay Scheib, associate professor of theater, wins 2011 Guggenheim Fellowship
The prestigious Guggenheim Fellowship is an award for advanced, mid-career professionals, who are chosen from among thousands of distinguished artists, scholars and scientists, for having "demonstrated exceptional capacity for productive scholarship or exceptional creative ability in the arts."
More
Pauline Maier's Ratification is Washington Book prize finalist
The Washington Book Prize, one of the largest book awards in the U.S., is given annually to the best book on America's founding era, especially those that have the potential to advance broad public understanding of American history.
More on Ratification by Pauline Maier
Japan's nuclear crisis and governmental response
Co-sponsored by the Center for International Studies and the MIT Department of Nuclear Science and Engineering, MIT experts discuss Japan's nuclear past, present and future from a political and engineering perspective. The presentation includes an eyewitness account of the crisis and the Japanese government's response.
More + Video
3 Questions: Liquidity lessons
Economist Bengt Holmstrom on the problems of borrowing and lending in a post-crash world, and the role of government in responding to crises.
By Peter Dizikes at MIT News
Research portfolio
Research is the engine for MIT's humanities, arts and social science disciplines to effect positive change around the world. The school's research and creativity helps reduce global poverty, safeguard elections, understand the past and present, improve health policy, articulate human morality, steer economies, plan space policy, assess the impact of new technologies, preserve endangered languages and create new forms at the juncture of art and science.
Learn more
Suzanne Berger leads a team to re-think what it means to be "made in America."
MIT President Susan Hockfield has enlisted political science professor Suzanne Berger to undertake a game-changing study of America�"s industrial economy. Berger and Phil Sharp, Nobel laureate in biology, are chairing a new interdisciplinary team called Production in the Innovation Economy (PIE).
More
Bookshelf
New knowledge and analysis, innovation and insight, guidance for policy, and nourishment for lives
Take a look
Saturday, April 30
MIT Open House | Great Ideas Event at Kresge Auditorium
Discover MIT�"s creativity and research in the humanities, arts and social sciences. All day at Kresge Auditorium and surrounding courtyard, enjoy videos, great live music, interactive panels, and readings � as well as idea stations on anthropology, comparative media, economics, languages, history, international studies, linguistics, literature, music and theater, political science, philosophy, science, technology and society, women�"s studies and writing. Performances by the MIT Festival Jazz Ensemble, Wind Ensemble, Chamber Orchestra and more.
Open House information
Thursday, April 21-Saturday, April 23
Dance Technology and Circulations of the Social, V. 2.0
A dozen dance technology researchers will be at MIT to present media-focused research.
Full information
Lightman on art and science
A video interview with Alan Lightman, best-selling author of Einstein's Dreams, and the first professor at MIT to receive a joint appointment in the sciences and the humanities.
Watch at TechTV
Acemoglu on inequality and the financial crash
This podcast interview with Daron Acemoglu, Charles P. Kindleberger Professor of Economics, examines the role of income inequality in the financial crash.
Listen
Inside Tahrir Square | CIS Starr Forum
Greek journalist Iason Athanasiadis presents an intimate photographic portrait of the Egyptian revolt from its epicenter in Tahrir Square, following the attacks by government loyalists on protesters on Jan. 25. David Weinberg provides perspectives on U.S. policy in the Middle East.
Watch
Said and Done | April 2011 edition
For more information about the School of Humanities, Arts, and Social Sciences, check out these sites:
Calendar
The daily answer to what's happening
Facebook
Great fans change the world
Twitter
Great ideas in 140 characters
Subscribe
RSS News
Read More... [Source: MIT News - Topic - Economics - Posted by FreeAutoBlogger]
Jay Scheib, associate professor of theater, wins 2011 Guggenheim Fellowship
The prestigious Guggenheim Fellowship is an award for advanced, mid-career professionals, who are chosen from among thousands of distinguished artists, scholars and scientists, for having "demonstrated exceptional capacity for productive scholarship or exceptional creative ability in the arts."
More
Pauline Maier's Ratification is Washington Book prize finalist
The Washington Book Prize, one of the largest book awards in the U.S., is given annually to the best book on America's founding era, especially those that have the potential to advance broad public understanding of American history.
More on Ratification by Pauline Maier
Japan's nuclear crisis and governmental response
Co-sponsored by the Center for International Studies and the MIT Department of Nuclear Science and Engineering, MIT experts discuss Japan's nuclear past, present and future from a political and engineering perspective. The presentation includes an eyewitness account of the crisis and the Japanese government's response.
More + Video
3 Questions: Liquidity lessons
Economist Bengt Holmstrom on the problems of borrowing and lending in a post-crash world, and the role of government in responding to crises.
By Peter Dizikes at MIT News
Research portfolio
Research is the engine for MIT's humanities, arts and social science disciplines to effect positive change around the world. The school's research and creativity helps reduce global poverty, safeguard elections, understand the past and present, improve health policy, articulate human morality, steer economies, plan space policy, assess the impact of new technologies, preserve endangered languages and create new forms at the juncture of art and science.
Learn more
Suzanne Berger leads a team to re-think what it means to be "made in America."
MIT President Susan Hockfield has enlisted political science professor Suzanne Berger to undertake a game-changing study of America�"s industrial economy. Berger and Phil Sharp, Nobel laureate in biology, are chairing a new interdisciplinary team called Production in the Innovation Economy (PIE).
More
Bookshelf
New knowledge and analysis, innovation and insight, guidance for policy, and nourishment for lives
Take a look
Saturday, April 30
MIT Open House | Great Ideas Event at Kresge Auditorium
Discover MIT�"s creativity and research in the humanities, arts and social sciences. All day at Kresge Auditorium and surrounding courtyard, enjoy videos, great live music, interactive panels, and readings � as well as idea stations on anthropology, comparative media, economics, languages, history, international studies, linguistics, literature, music and theater, political science, philosophy, science, technology and society, women�"s studies and writing. Performances by the MIT Festival Jazz Ensemble, Wind Ensemble, Chamber Orchestra and more.
Open House information
Thursday, April 21-Saturday, April 23
Dance Technology and Circulations of the Social, V. 2.0
A dozen dance technology researchers will be at MIT to present media-focused research.
Full information
Lightman on art and science
A video interview with Alan Lightman, best-selling author of Einstein's Dreams, and the first professor at MIT to receive a joint appointment in the sciences and the humanities.
Watch at TechTV
Acemoglu on inequality and the financial crash
This podcast interview with Daron Acemoglu, Charles P. Kindleberger Professor of Economics, examines the role of income inequality in the financial crash.
Listen
Inside Tahrir Square | CIS Starr Forum
Greek journalist Iason Athanasiadis presents an intimate photographic portrait of the Egyptian revolt from its epicenter in Tahrir Square, following the attacks by government loyalists on protesters on Jan. 25. David Weinberg provides perspectives on U.S. policy in the Middle East.
Watch
Said and Done | April 2011 edition
For more information about the School of Humanities, Arts, and Social Sciences, check out these sites:
Calendar
The daily answer to what's happening
Great fans change the world
Great ideas in 140 characters
Subscribe
RSS News
Read More... [Source: MIT News - Topic - Economics - Posted by FreeAutoBlogger]
The visible hand
The recent banking crisis represented a missed opportunity for the U.S. government to put financial markets on a firmer foundation and prevent future meltdowns, former New York governor Eliot Spitzer asserted in a talk at MIT on Tuesday.
�SAt the moment of the economic cataclysm,⬝ Spitzer said � referring to the financial sector freeze-up that began in fall 2008 � �SI thought, ��We will finally have that epiphany that will bring us back, we will embrace rational policy once again.�" And here we are two years later, and I�"m thinking: ��What happened? How can this possibly be? Didn�"t people learn a lesson?�" ⬦ I�"m afraid to say the answer is no, they didn�"t.⬝
Speaking in a full Wong Auditorium, Spitzer suggested that Congress�" efforts at financial reform have not brought about substantive changes to the financial industry. That inertia has left the economy �Son the precipice⬝ and at risk of similar downturns in the future, Spitzer said, while maintaining a dangerous level of income inequality in the United States. The talk, �SGovernment�"s Place in the Market,⬝ was part of a series of �SIdeas Matter⬝ forums, presented by Boston Review and the MIT Department of Political Science.
Three reasons for government to get involved
In his remarks, Spitzer outlined three main reasons why government is necessary to keep markets competitive and fair. First, he offered, �SOnly government can enforce rules of integrity, transparency and fair dealing in the marketplace. Private-sector companies simply can�"t do it.⬝ As an example, Spitzer cited his own experience as New York attorney general, prosecuting investment-bank analysts who promoted dot-com businesses, effectively helping the banks make money by underwriting initial public offerings of those firms�" stocks.
During the more recent collapsing bubble, tied to the collapse of the subprime-mortgage market, Spitzer noted that some investment banks were selling securities based on subprime mortgages to clients while privately betting that those securities would fall.
Second, normal economic actions produce �Snegative externalities,⬝ or costs imposed on those not responsible for the activity, Spitzer observed. For instance, pollution from powerplants can move across state lines, creating health and economic costs for those far away from the source of pollution. �SOnly government can measure these negative externalities and try to impose behavior modification on the economic actors,⬝ Spitzer said.
Finally, Spitzer noted, �SThere are certain core values that pure unbridled market behavior does not respond to,⬝ naming discrimination laws as an example of necessary government interventions.
Spitzer served as New York attorney general from 1998 until 2006, then as governor from January 2007 until resigning a year later.
Moving the debate
In making the case for the active hand of government, Spitzer acknowledged, he was moving against a tide of �Santi-government venom⬝ over the last 30 years. That sentiment, Spitzer said, has successfully created a �Sshifting of the political debate far to the right⬝ that helped undercut momentum for more ambitious reforms following the market meltdown of 2008-09.
Spitzer was introduced by Simon Johnson, the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management, who has also become a vocal critic of the banking industry. Johnson began the question-and-answer session after Spitzer's remarks with his own question: �SWhat should any one individual do? ⬦ As a regular person, what opportunities do they have and what should they prioritize?⬝
In response, Spitzer said, �SThe first thing we should do is demand a greater level of integrity in the substantive answers we�"re getting from our elected officials,⬝ saying that members of both political parties have whitewashed the serious economic problems the country faces. In lieu of strengthening regulatory bodies such as the Securities and Exchange Commission, Spitzer said, �SWe need to reinvigorate shareholder activism.⬝
Spitzer has written a short book, also called Government�"s Place in the Market, appearing this month as part of the Boston Review series published by MIT Press. This was the eighth and final �SIdeas Matter⬝ forum of the 2010-11 academic year. The event was taped for future airing on the cable network C-SPAN.
Read More... [Source: MIT News - Topic - Economics - Posted by FreeAutoBlogger]
�SAt the moment of the economic cataclysm,⬝ Spitzer said � referring to the financial sector freeze-up that began in fall 2008 � �SI thought, ��We will finally have that epiphany that will bring us back, we will embrace rational policy once again.�" And here we are two years later, and I�"m thinking: ��What happened? How can this possibly be? Didn�"t people learn a lesson?�" ⬦ I�"m afraid to say the answer is no, they didn�"t.⬝
Speaking in a full Wong Auditorium, Spitzer suggested that Congress�" efforts at financial reform have not brought about substantive changes to the financial industry. That inertia has left the economy �Son the precipice⬝ and at risk of similar downturns in the future, Spitzer said, while maintaining a dangerous level of income inequality in the United States. The talk, �SGovernment�"s Place in the Market,⬝ was part of a series of �SIdeas Matter⬝ forums, presented by Boston Review and the MIT Department of Political Science.
Three reasons for government to get involved
In his remarks, Spitzer outlined three main reasons why government is necessary to keep markets competitive and fair. First, he offered, �SOnly government can enforce rules of integrity, transparency and fair dealing in the marketplace. Private-sector companies simply can�"t do it.⬝ As an example, Spitzer cited his own experience as New York attorney general, prosecuting investment-bank analysts who promoted dot-com businesses, effectively helping the banks make money by underwriting initial public offerings of those firms�" stocks.
During the more recent collapsing bubble, tied to the collapse of the subprime-mortgage market, Spitzer noted that some investment banks were selling securities based on subprime mortgages to clients while privately betting that those securities would fall.
Second, normal economic actions produce �Snegative externalities,⬝ or costs imposed on those not responsible for the activity, Spitzer observed. For instance, pollution from powerplants can move across state lines, creating health and economic costs for those far away from the source of pollution. �SOnly government can measure these negative externalities and try to impose behavior modification on the economic actors,⬝ Spitzer said.
Finally, Spitzer noted, �SThere are certain core values that pure unbridled market behavior does not respond to,⬝ naming discrimination laws as an example of necessary government interventions.
Spitzer served as New York attorney general from 1998 until 2006, then as governor from January 2007 until resigning a year later.
Moving the debate
In making the case for the active hand of government, Spitzer acknowledged, he was moving against a tide of �Santi-government venom⬝ over the last 30 years. That sentiment, Spitzer said, has successfully created a �Sshifting of the political debate far to the right⬝ that helped undercut momentum for more ambitious reforms following the market meltdown of 2008-09.
Spitzer was introduced by Simon Johnson, the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management, who has also become a vocal critic of the banking industry. Johnson began the question-and-answer session after Spitzer's remarks with his own question: �SWhat should any one individual do? ⬦ As a regular person, what opportunities do they have and what should they prioritize?⬝
In response, Spitzer said, �SThe first thing we should do is demand a greater level of integrity in the substantive answers we�"re getting from our elected officials,⬝ saying that members of both political parties have whitewashed the serious economic problems the country faces. In lieu of strengthening regulatory bodies such as the Securities and Exchange Commission, Spitzer said, �SWe need to reinvigorate shareholder activism.⬝
Spitzer has written a short book, also called Government�"s Place in the Market, appearing this month as part of the Boston Review series published by MIT Press. This was the eighth and final �SIdeas Matter⬝ forum of the 2010-11 academic year. The event was taped for future airing on the cable network C-SPAN.
Read More... [Source: MIT News - Topic - Economics - Posted by FreeAutoBlogger]
BLM wants quick ruling in NV mustang case
Activists who won a temporary injunction blocking a federal roundup of wild horses in Nevada say the emergency order should remain in place until the government proves the mustangs are actually causing any ecological damage...
Read More... [Source: KHQ - Idaho Headlines - Posted by FreeAutoBlogger]
Read More... [Source: KHQ - Idaho Headlines - Posted by FreeAutoBlogger]
Washington man survives Idaho river in his car
The Idaho State Patrol says a Newport, Wash., man was lucky to survive after his car plunged into the Pend Oreille River near the Idaho state line.
Read More... [Source: KHQ - Idaho Headlines - Posted by FreeAutoBlogger]
Read More... [Source: KHQ - Idaho Headlines - Posted by FreeAutoBlogger]
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