Nobel Prize Lecture

I was born during the second World War in Montclair New Jersey. This was more or less an accident (the location that is). My father was based in Ottawa as a member of the War Time Prices and Trades Board, the Canadian version of wartime price controls. That work entailed frequent trips to...

Nobel Prize lecture.

William S. Vickrey was born in Victoria, British Columbia, in 1914. His elementary and secondary education were in Europe and the United States, with graduation from Phillips Andover Academy in 1931. He received a B.S. in mathematics from Yale in 1935, followed by graduate work in economics at...

Interview with Professor James A. Mirrlees at the 1st Meeting of Laureates in Economic Sciences in Lindau, Germany, September 1-4, 2004. Interviewer is freelance journalist Marika Griehsel.

Newton Stewart is a town of two thousand people in the beautiful centre of Galloway, in the southwest of Scotland. My father came there in 1934, newly married, to be a teller in one of the six banks. In 1936 I was born, in a cottage across the river in the neighbouring village of Minnigaff....

Policy towards speculative bubbles is examined in a model of a finite horizon 'greater fool' bubble, with rational agents, asymmetric information and short-sales constraints. This model permits the use of standard tools of comparative dynamics and welfare economics to analyze bubble policies....

We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal consistency of the improvements is...

The current debate on the new Basel Accord gives rise to a natural question about the appropriate form of capital regulation.We construct a simple framework to analyze this issue. In our model the risk carried by a bank as well as managerial risk preference are a bank's private information. We...