Michael Rothschild

Michael Rothschild
Michael Rothschild
Born	August 2, 1942 (age 82); Chicago, Illinois, U.S.
Nationality	American
Education	Reed College (BA); Yale University (MA); Massachusetts Institute of Technology (PhD)
Academic career
Field	Microeconomics, public economics
Institution	Princeton University; University of California, Los Angeles
Doctoral; advisor	Franklin M. Fisher
Doctoral; students	Oliver Hart
	Information at IDEAS / RePEc

Michael Rothschild (born August 2, 1942,) is an American economist. He is a professor at the University of California, Los Angeles (UCLA), and a former dean at Princeton.

Education

Rothschild holds a Bachelor of Arts in anthropology from Reed College (1963), and a Master of Arts in international relations from Yale University (1965). He earned his Doctor of Philosophy in economics from the Massachusetts Institute of Technology (1969).

Honors

Rothschild has achieved widespread recognition through his time in academia and beyond. He is a fellow of the American Academy of Arts and Sciences, the American Association of the Advancement of Science, and the Econometric Society.

Academic career

He was the William Stuart Tod Professor of Economics and Public Affairs, Emeritus at the Woodrow Wilson School of Public and International Affairs. He was dean of the Woodrow Wilson School of Public and International Affairs at Princeton University from 1995 through 2001. Rothschild has written on asymmetric information, decision-making under uncertainty, demography, investment, taxation, finance, and jury-decision processes.

He co-authored one of the most important papers in economics, Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information,^[2] with Joseph Stiglitz. This paper gives the first systematic exposition of the problem of cherry picking when insurance companies compete for customers. In Increasing Risk I: A definition,^[3] Rothschild and Stiglitz introduced the important decision theory concept of the mean-preserving spread, which leads to a partial ordering of probability distributions according to degree of risk.

Not only has he written on insurance, but also asymmetric information, demography, investment, taxation, finance among others. In addition, he coedited Studies of Supply and Demand in Higher Education. It highlights the presence of competition, use of resources, decision-making in education regarding higher education.^[4]

Most notably he wrote about decision-making under uncertainty through, 'Uncertainty in Economics: Readings and Exercises,^[5] with Peter Diamond. This book synthesizes the traditional and modern thought associated with economic uncertainty. It provides understanding into three primary groups: theory of choice under uncertainty, general equilibrium models of financial institutions, and models of the effects of uncertainty on market institutions.^[6]

References

^ Rothschild, Michael (1969). Essays in economic theory (PDF) (Ph.D.). MIT. Retrieved 30 October 2016.
^ Rothschild, Michael; Stiglitz, Joseph E. (November 1976). "Equilibrium in competitive insurance markets: an essay on the economics of imperfect information". The Quarterly Journal of Economics. 90 (4): 629–49. doi:10.2307/1885326. JSTOR 1885326.
^ Rothschild, Michael; Stiglitz, Joseph E. (September 1970). "Increasing risk: I. a definition". Journal of Economic Theory. 2 (3): 225–43. doi:10.1016/0022-0531(70)90038-4.
^ Studies of Supply and Demand in Higher Education. University of Chicago Press. 1993. {{cite book}}: |website= ignored (help)
^ Rothschild, Michael; Diamond, Peter (1978). Uncertainty in Economics: Readings and Exercises.
^ "Uncertainty in economics: Readings and exercises (Economic theory and mathematical economics)". Thrift Books.