Daniel McFadden
Encyclopedia
Daniel Little McFadden is an econometrician
who shared the 2000 Nobel Memorial Prize in Economic Sciences
with James Heckman
; McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He was the E. Morris Cox Professor of Economics at the University of California, Berkeley
. He is considered one of the most influential economists in the world.
McFadden was born in Raleigh, North Carolina
. He attended the University of Minnesota
, where he received a B.S.
in Physics
at age 19, and a Ph.D.
in Behavioral Science (Economics) five years later (1962). While at the University of Minnesota, his graduate advisor was Leonid Hurwicz
, who was awarded the Economics Nobel Prize in 2007.
In 1964, McFadden joined the faculty of UC Berkeley and focused his research in areas including choice behavior and the problem of linking economic theory and measurement. He won the John Bates Clark Medal
in 1975 and the Erwin Plein Nemmers Prize in Economics
in 2000. He was elected to the National Academy of Sciences
in 1981. In 1977, he moved to the Massachusetts Institute of Technology
, but returned to Berkeley in 1991. After his return, McFadden founded the Econometrics Laboratory, which is devoted to statistical computation for economics applications. He remains its director. He is a trustee of the Economists for Peace and Security.
In January 2011, Dr. McFadden was appointed the Presidential Professor of Health Economics at the University of Southern California
(USC), and the announcement of this appointment was published on January 10, 2011. Professor McFadden will have joint appointments at the USC School of Policy, Planning, and Development and the Department of Economics at USC College to examine fundamental problems facing the health care sector, looking specifically at how consumers make choices about health insurance and medical services.
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
who shared the 2000 Nobel Memorial Prize in Economic Sciences
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
with James Heckman
James Heckman
James Joseph Heckman is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation.Heckman...
; McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He was the E. Morris Cox Professor of Economics at the University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
. He is considered one of the most influential economists in the world.
McFadden was born in Raleigh, North Carolina
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
. He attended the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
, where he received a B.S.
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
in Physics
Physics
Physics is a natural science that involves the study of matter and its motion through spacetime, along with related concepts such as energy and force. More broadly, it is the general analysis of nature, conducted in order to understand how the universe behaves.Physics is one of the oldest academic...
at age 19, and a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in Behavioral Science (Economics) five years later (1962). While at the University of Minnesota, his graduate advisor was Leonid Hurwicz
Leonid Hurwicz
Leonid "Leo" Hurwicz was a Russian-born American economist and mathematician. His nationality of origin was Polish. He was Jewish. He originated incentive compatibility and mechanism design, which show how desired outcomes are achieved in economics, social science and political science...
, who was awarded the Economics Nobel Prize in 2007.
In 1964, McFadden joined the faculty of UC Berkeley and focused his research in areas including choice behavior and the problem of linking economic theory and measurement. He won the John Bates Clark Medal
John Bates Clark Medal
The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge"...
in 1975 and the Erwin Plein Nemmers Prize in Economics
Erwin Plein Nemmers Prize in Economics
The Erwin Plein Nemmers Prize in Economics is awarded biennially from Northwestern University. It was initially endowed along with a companion prize, the Frederic Esser Nemmers Prize in Mathematics. Both are part a $14 million donation from the Nemmers brothers, who envisioned creating an award...
in 2000. He was elected to the National Academy of Sciences
United States National Academy of Sciences
The National Academy of Sciences is a corporation in the United States whose members serve pro bono as "advisers to the nation on science, engineering, and medicine." As a national academy, new members of the organization are elected annually by current members, based on their distinguished and...
in 1981. In 1977, he moved to the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
, but returned to Berkeley in 1991. After his return, McFadden founded the Econometrics Laboratory, which is devoted to statistical computation for economics applications. He remains its director. He is a trustee of the Economists for Peace and Security.
In January 2011, Dr. McFadden was appointed the Presidential Professor of Health Economics at the University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
(USC), and the announcement of this appointment was published on January 10, 2011. Professor McFadden will have joint appointments at the USC School of Policy, Planning, and Development and the Department of Economics at USC College to examine fundamental problems facing the health care sector, looking specifically at how consumers make choices about health insurance and medical services.