Advanced information on the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 2004

For more than two decades, the theory of markets with asymmetric information has been a vital and lively field of economic research. Today, models with imperfect information are indispensable instruments in the researcher's toolbox. Countless applications extend from traditional agricultural...

The advantage of knowing about risks is that we can change our behavior to avoid them. Of course, it is easily observed that to avoid all risks would be impossible; it might entail no flying, no driving, no walking, eating and drinking only healthy foods and never being touched by sunshine. Even...

"Wake up, Robin", a gentle hand shook my shoulder. "Let's go." It was so very early but I loved those mornings when my father would wake me and take me on an adventure. When I was a boy and we were camping, we would leave in the quiet morning hours to enjoy the lake together, and attempt to...

Interview with the 2003 Economics Laureates, Clive W.J. Granger and Robert F. Engle III, December 11, 2003. Interviewers are Professor Karl-Gustaf Loefgren, Umea University, and Assistant Professor Anne-Sophie Crepin, Stockholm University.

This paper provides a review of the theory of the determinants of individual and national thrift that has come to be known as the Life Cycle Hypothesis (LCH) of saving. Applications to some current policy issues are also discussed. Part I deals with the state of the art on the eve of the...

Traditionally, economic theory has by and large been a theory of markets or, more precisely, about market prices. However, there are at least two reasons why economic science should extend beyond price theory. First, markets do not function properly unless suitable contracts can be formulated...

I was born in Rome, Italy, the son of Enrico Modigliani and Olga Flaschel. My father was a leading pediatrician in the city and my mother was a volunteer social worker.

One of the most exciting intellectual moments of my career was my 1984 discovery of Knut Wicksell's unknown and untranslated dissertation, Finanztheoretische Untersuchungen, buried in the dusty stacks of Chicago's old Harper Library. Only the immediate post-dissertation leisure of an academic...

Paul Krugman has at least three jobs: he is professor of economics and international affairs at Princeton University, Centenary Professor at the London School of Economics, and perhaps his best-known job an op-ed columnist for The New York Times. In recognition of his influence, The Washington...