Roy Radner

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Roy Radner
Born (1927-06-29) June 29, 1927 (age 96)
Chicago, Illinois, U.S.
DiedOctober 6, 2022(2022-10-06) (aged 95)
Newtown, Bucks County, Pennsylvania, U.S.
Alma materUniversity of Chicago
Scientific career
FieldsMathematical economics
InstitutionsUniversity of California, Berkeley
Doctoral advisorLeonard Jimmie Savage

Roy Radner (June 29, 1927 – October 6, 2022)

AT&T Bell Laboratories
.

Life and career

Roy Radner received his Ph.B. in the liberal arts from the University of Chicago in 1945. Continuing his education at the University of Chicago, Radner went on to receive a B.S. in mathematics in 1950, an M.S. in mathematics in 1951, and his Ph.D. in mathematical statistics in 1956. [5] He died on October 6, 2022, at Pennswood Village in Newtown, Bucks County, Pennsylvania, aged 95. [6]

Radner equilibrium

Among Radner's various contributions, the one that bears his name,

Pareto-optimality of equilibria generally does not hold.[10] In traditional complete markets any policy would be undone through trading of rational expectation agents. This is no longer the case with incomplete markets as such policy-neutralising trading is no longer necessarily possible. Various policies (tax-related,[11] monetary,[12][13] etc. ) have an effect when introduced when markets are incomplete. Additionally incompleteness opens the door for a theory of financial innovation with real impact.[14]
This was not possible in the traditional complete market general equilibrium model as any contingent claim could be replicated by trading and financial innovation would have no real effect.

Awards and recognition

  • Member of the U.S. National Academy of Sciences and the American Academy of Arts and Sciences
  • Distinguished Fellow of the American Economics Association and the American Association for the Advancement of Science
  • Fellow of the Society for the Advancement of Economic Theory
  • Fellow and Past-President of the Econometric Society

Selected bibliography

Books
Journal articles

References

  1. ^ Roy Radner
  2. ^ Roy Radner's Curriculum Vitae - NYU Stern School of Business
  3. ^ "Prof. Roy Radner".
  4. ^ "NYU Stern - Roy Radner - Leonard N. Stern Professor of Business, Emeritus".
  5. ^ "Roy Radner".
  6. ^ "Roy Radner Obituary".
  7. ^ Radner (Jan. 1968) "Competitive Equilibrium under Uncertainty", Econometrica, pp. 31-58. [1]
  8. ^ Chiaki Hara (2006) "General Equilibrium Theory: Lecture Note," Kyoto University. "Archived copy" (PDF). Archived from the original (PDF) on October 14, 2006. Retrieved October 14, 2006.{{cite web}}: CS1 maint: archived copy as title (link)
  9. ^ Magill and Quinzii (2002) "Theory of incomplete markets. 1," MIT Press.
  10. ^ Geanakoplos and Polemarchakis (1985) "Existence, Regularity, and Constrained Suboptimality of Competitive Allocations When the Asset Market Is Incomplete." [2]
  11. ^ John Geanakoplos and H. M. Polemarchakis (2008) "Pareto improving taxes," [3]
  12. ^ Drèze, J.H. and Polemarchakis, H. (2001). "Monetary equilibria", ch. 5 in Debreu, G., Neuefeind, W. and Trockel, W. (eds.), Economics Essays. A Festschrift for Werner Hildenbrand, Berlin: Springer.
  13. doi:10.1016/0304-4068(92)90012-v
    .
  14. doi:10.1006/jeth.1995.1002
    .

External links
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