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{{short description|American economist (born 1942)}}
{{for|the CEO and author|Michael Rothschild (author)}}
{{Infobox economist
{{Infobox economist
| name = Michael Rothschild
|name = Michael Rothschild
| school_tradition =
|school_tradition =
|image =

| image =
|image_size =
| image_size =
|caption =
|birth_date = {{Birth date and age|1942|8|2}}
| caption =
| birth_date = {{Birth date and age|1942|8|2}}
|birth_place = Chicago, Illinois, U.S.
| birth_place = Chicago, Illinois
|death_date =
| death_date =
|death_place =
| death_place =
|nationality = American
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|institution = [[Princeton University]]<br />[[University of California, Los Angeles]]
| nationality = United States
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|field = [[Microeconomics]], [[public economics]]
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| institution = Department of Economics, [[University of California, Los Angeles]]
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|doctoral_advisor = [[Franklin M. Fisher]]<ref>{{cite thesis |last= Rothschild |first= Michael |date= 1969 |title= Essays in economic theory. |type= Ph.D. |publisher= [[MIT]] |url= https://dspace.mit.edu/bitstream/handle/1721.1/13871/24687199-MIT.pdf?sequence=2 |access-date= 30 October 2016 }}</ref>
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| field = [[Microeconomics]], [[public economics]]
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|academic_advisors =
| alma_mater = [[Massachusetts Institute of Technology|MIT]] <small>(Ph.D., 1969)</small><br />[[Yale University]] <small>(M.A., 1965)</small><br />[[Reed College]] <small>(B.A., 1963)</small>
⚫
|doctoral_students = [[Oliver Hart (economist)|Oliver Hart]]
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| doctoral_advisor = [[Franklin M. Fisher]]<ref>{{cite thesis |last= Rothschild |first= Michael |date= 1969 |title= Essays in economic theory. |type= Ph.D. |chapter= |publisher= [[MIT]] |docket= |oclc= |url= https://dspace.mit.edu/bitstream/handle/1721.1/13871/24687199-MIT.pdf?sequence=2 |access-date= 30 October 2016 }}</ref>
|notable_students =
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| academic_advisors =
|influences =
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| doctoral_students = [[Oliver Hart (economist)|Oliver Hart]]
|influenced =
| notable_students =
| influences =
|contributions =
| influenced =
|awards =
|signature = <!-- file name only -->
| contributions =
| awards =
|repec_prefix = e
| signature = <!-- file name only -->
|repec_id = pro48
|education=[[Reed College]] ([[B. A.|BA]])<br />[[Yale University]] ([[M. A.|MA]])<br />[[Massachusetts Institute of Technology]] ([[PhD]])}}
| repec_prefix = e | repec_id = pro48
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'''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 (education)|dean]] at Princeton.
}}
⚫
'''Michael Rothschild''' (born August 2, 1942 in [[Chicago]], [[Illinois]], United States) is an [[United States|American]] [[economist]]; he is [[Visiting scholar|visiting professor]] at the Department of [[Economics]] of the University of California in Los Angeles (UCLA) and a former [[Dean (education)|dean]] at Princeton.


== Education ==
== 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).
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 ==
== Academic career ==
He was the [[William Stuart Tod]] Professor of Economics and [[Public affairs industry|Public Affairs]] 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 was the [[William Stuart Tod]] Professor of Economics and [[Public affairs industry|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,''<ref>{{Cite journal | last1 = Rothschild | first1 = Michael | last2 = Stiglitz | first2 = Joseph E. | author-link2 = Joseph Stiglitz | title = Equilibrium in competitive insurance markets: an essay on the economics of imperfect information | journal = [[Quarterly Journal of Economics|The Quarterly Journal of Economics]] | volume = 90 | issue = 4 | pages = 629–49 | doi = 10.2307/1885326 | date = November 1976 | jstor = 1885326 }}</ref> 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'',<ref>{{Cite journal | last1 = Rothschild | first1 = Michael | last2 = Stiglitz | first2 = Joseph E. | author-link2 = Joseph Stiglitz | title = Increasing risk: I. a definition | journal = Journal of Economic Theory | volume = 2 | issue = 3 | pages = 225–43 | doi = 10.1016/0022-0531(70)90038-4 | date = September 1970 }}</ref> 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.<ref>{{cite book |title=Studies of Supply and Demand in Higher Education |url=https://www.nber.org/books-and-chapters/studies-supply-and-demand-higher-education |website=National Bureau of Economic Research|year=1993 |publisher=University of Chicago Press }}</ref>


Notably he wrote about decision-making under uncertainty through, 'Uncertainty in Economics: Readings and Exercises,''<ref>{{cite book |last1=Rothschild |first1=Michael | last2 = Diamond | first2 = Peter|title=Uncertainty in Economics: Readings and Exercises | date = 1978}}</ref> 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.<ref>{{cite web |title=Uncertainty in economics: Readings and exercises (Economic theory and mathematical economics) |url=https://www.thriftbooks.com/w/uncertainty-in-economics-economic-theory-and-mathematical-economics_peter-a-diamond/1394997/item/6479461/?gclid=Cj0KCQiA15yNBhDTARIsAGnwe0UxIQWbzKwXcdQ4jcfCFMJ8J26p72m8EbJG9s_rC9P3x26Ev9qTpCoaArBLEALw_wcB#idiq=6479461&edition=5607938 |website=Thrift Books}}</ref>
⚫
He co-authored one of the most important papers in economics, ''Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information,''<ref>{{Cite journal | last1 = Rothschild | first1 = Michael | last2 = Stiglitz | first2 = Joseph E. | author-link2 = Joseph Stiglitz | title = Equilibrium in competitive insurance markets: an essay on the economics of imperfect information | journal = [[Quarterly Journal of Economics|The Quarterly Journal of Economics]] | volume = 90 | issue = 4 | pages = 629–49 | publisher = Oxford Journals | doi = 10.2307/1885326 | date = November 1976 | url = https://dx.doi.org/10.2307/1885326 | ref = harv | postscript = .}}</ref> 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'',<ref>{{Cite journal | last1 = Rothschild | first1 = Michael | last2 = Stiglitz | first2 = Joseph E. | author-link2 = Joseph Stiglitz | title = Increasing risk: I. a definition | journal = Journal of Economic Theory | volume = 2 | issue = 3 | pages = 225–43 | publisher = Elsevier | doi = 10.1016/0022-0531(70)90038-4 | date = September 1970 | url = https://dx.doi.org/10.1016/0022-0531(70)90038-4 | ref = harv | postscript = .}}</ref> 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.<br />
In 2001, the [[List of Nobel laureates in Economics#Laureates|laureates of the Nobel Prize in Economics]] were [[George Akerlof|George A. Akerlof]], [[Michael Spence|A. Michael Spence]] as well as J.&nbsp;E. Stiglitz "for their analyses of markets with [[Information asymmetry|asymmetric information]]". So one could say, Rothschild contributed to this prize.<ref>[http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html Laureates of the Nobel Prize in Economics], ''J.&nbsp;E. Stiglitz,'' 1st paragraph.</ref><ref>''[http://nobelprize.org/nobel_prizes/economics/laureates/2001/ecoadv.pdf Advanced information on the 2001 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the Royal Swedish Academy of Sciences]'' (PDF file; 358&nbsp;kB).</ref>


== References ==
== References ==
{{reflist}}
<references />


== External links ==
== External links ==
* [https://web.archive.org/web/20100709233100/http://www.econ.ucla.edu/people/Faculty/Rothschild.html Official homepage at UCLA], [https://web.archive.org/web/20120320075911/http://www.anderson.ucla.edu/x9919.xml CV]
* [https://web.archive.org/web/20100709233100/http://www.econ.ucla.edu/people/Faculty/Rothschild.html Official homepage at UCLA], [https://web.archive.org/web/20120320075911/http://www.anderson.ucla.edu/x9919.xml CV]
* [https://web.archive.org/web/20120224230744/http://wws.princeton.edu/people/display_person.xml?netid=mrothsch&display=Professors Website at Princeton]
* [https://web.archive.org/web/20120224230744/http://wws.princeton.edu/people/display_person.xml?netid=mrothsch&display=Professors Website at Princeton]
*{{Google Scholar id|63MpOyIAAAAJ}}
*{{cite web|title=Michael Rothschild|url=https://www.jstor.org/action/doBasicSearch?Query=au%3A%22Michael+Rothschild%22+&acc=off&wc=on&fc=off&group=none|publisher=[[JSTOR]]}}
*[https://www.thriftbooks.com/w/uncertainty-in-economics-economic-theory-and-mathematical-economics_peter-a-diamond/1394997/item/6479461/?gclid=Cj0KCQiA15yNBhDTARIsAGnwe0UxIQWbzKwXcdQ4jcfCFMJ8J26p72m8EbJG9s_rC9P3x26Ev9qTpCoaArBLEALw_wcB#idiq=6479461&edition=5607938]


{{Authority control}}
{{Authority control}}
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[[Category:1942 births]]
[[Category:1942 births]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:American economists]]
[[Category:21st-century American economists]]
[[Category:Reed College alumni]]
[[Category:Reed College alumni]]
[[Category:Yale University alumni]]
[[Category:Yale University alumni]]
[[Category:Massachusetts Institute of Technology alumni]]
[[Category:MIT School of Humanities, Arts, and Social Sciences alumni]]
[[Category:Princeton University faculty]]
[[Category:Princeton University faculty]]
[[Category:Guggenheim Fellows]]
[[Category:Fellows of the Econometric Society]]
[[Category:Fellows of the Econometric Society]]
[[Category:Fellows of the American Academy of Arts and Sciences]]
[[Category:Distinguished fellows of the American Economic Association]]

Latest revision as of 21:39, 20 November 2024

Michael Rothschild
Born (1942-08-02) August 2, 1942 (age 82)
Chicago, Illinois, U.S.
NationalityAmerican
EducationReed College (BA)
Yale University (MA)
Massachusetts Institute of Technology (PhD)
Academic career
FieldMicroeconomics, public economics
InstitutionPrinceton University
University of California, Los Angeles
Doctoral
advisor		Franklin M. Fisher[1]
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

[edit]

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

[edit]

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

[edit]

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]

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

[edit]
  1. ^ Rothschild, Michael (1969). Essays in economic theory (PDF) (Ph.D.). MIT. Retrieved 30 October 2016.
  2. ^ 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.
  3. ^ 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.
  4. ^ Studies of Supply and Demand in Higher Education. University of Chicago Press. 1993. {{cite book}}: |website= ignored (help)
  5. ^ Rothschild, Michael; Diamond, Peter (1978). Uncertainty in Economics: Readings and Exercises.
  6. ^ "Uncertainty in economics: Readings and exercises (Economic theory and mathematical economics)". Thrift Books.
[edit]
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