David Easley
Encyclopedia
David Alan Easley is an American economist
. Easley is the Henry Scarborough Professor of Social Science and the Donald C. Opatrny'74 Chair of the Department of Economics at Cornell University
.
He was previously an Overseas Fellow
of Churchill College at Cambridge University. His research is in the field of Economics
, Finance
and Decision Theory
. In Economics, he focuses on learning, wealth dynamics and natural selection in markets. In Finance, his work focuses on Market microstructure
and asset pricing. In Decision Theory, he works on modeling decision making in complex environments.
He is a Fellow of the Econometric Society
and is a Chair of the NASDAQ
-OMX Economic Advisory Board.
Several of his scientific papers are listed among the most read in Finance, according to the Social Science Research Network
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. Easley is the Henry Scarborough Professor of Social Science and the Donald C. Opatrny'74 Chair of the Department of Economics at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
.
He was previously an Overseas Fellow
Fellow
A fellow in the broadest sense is someone who is an equal or a comrade. The term fellow is also used to describe a person, particularly by those in the upper social classes. It is most often used in an academic context: a fellow is often part of an elite group of learned people who are awarded...
of Churchill College at Cambridge University. His research is in the field of Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and Decision Theory
Decision theory
Decision theory in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimal decision...
. In Economics, he focuses on learning, wealth dynamics and natural selection in markets. In Finance, his work focuses on Market microstructure
Market microstructure
Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets. While the theory of market microstructure applies to the exchange of real or financial assets, more evidence is available on the microstructure of financial markets due to the availability of...
and asset pricing. In Decision Theory, he works on modeling decision making in complex environments.
He is a Fellow of the Econometric Society
Econometric Society
The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....
and is a Chair of the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
-OMX Economic Advisory Board.
Several of his scientific papers are listed among the most read in Finance, according to the Social Science Research Network
Social Science Research Network
The Social Science Research Network is a website devoted to the rapid dissemination of scholarly research in the social sciences and humanities. SSRN is viewed as particularly strong in the fields of economics, finance, accounting, management, and law. SSRN was founded in 1994 by Michael Jensen ...
Notable publications
- The Postal Savings System in the Depression, with Maureen O'Hara, Journal of Economic History, Vol. 39, No. 3, September, 1979.
- Stochastic Equilibrium and Optimality with Rolling Plans, with Daniel Spulber, International Economic Review, Vol. 22, No. 1, February, 1981.
- Learning to be Rational, with Lawrence Blume, Journal of Economic Theory, Vol. 26, No. 2, April, 1982.
- Introduction to the Stability of Rational Expectations Equilibrium, with Lawrence Blume and Margaret Bray, Journal of Economic Theory, Vol. 26, No. 2, April, 1982.
- Characterization of Optimal Plans for Stochastic Dynamic Programs, with Lawrence Blume and Maureen O'Hara, Journal of Economic Theory, Vol. 28, No. 2, December, 1982.
- Consensus Beliefs Equilibrium and Market Efficiency" with Robert Jarrow, Journal of Finance, Vol. 38, No. 3, June, 1983.
- The Economic Role of the Nonprofit Firm, with Maureen O'Hara, Bell Journal of Economics, Autumn, 1983.
- Rational Expectations Equilibrium: An Alternative Approach, with Lawrence Blume, Journal of Economic Theory, Vol.34, No. 1, October, 1984.
- An Equilibrium Analysis of Optimal Unemployment Insurance and Taxation, with Nicholas M. Kiefer and Uri Possen, Quarterly Journal of Economics, 1985.
- Optimal Non-Profit Firms, with Maureen O'Hara, in The Economics of Nonprofit Institutions, S. Rose Ackerman (editor), Oxford University Press, 1986.
- Preying for Time, with R. T. Masson and R. J. Reynolds, Journal of Industrial Economics, 1985. (Reprinted in Oligopoly, Competition and Welfare, Basil Blackwell Ltd.,1985).
- Contracts and Asymmetric Information in the Theory of the Firm, with Maureen O'Hara, Journal of Economic Behavior and Organization, 9, 1988.
- Price, Trade Size, and Information in Securities Markets, with Maureen O'Hara, Journal of Financial Economics, 19, 1987.
- Controlling a Stochastic Process with Unknown Parameters, with Nicholas M. Kiefer, Econometrica, Vol. 56, No. 5, September, 1988.
- Optimal Learning with Endogenous Data, with Nicholas M. Kiefer, International Economic Review, Vol. 30, No. 4, 1989.
- Implementation of Walrasian Expectations Equilibria, with Lawrence Blume, Journal of Economic Theory, Vol. 51, No. 1, 1990.
- Order Form and Information in Securities Markets, with Maureen O'Hara, Journal of Finance, Vol. 46, No. 3, 1991.
- Adverse Selection and Large Trade Volume: The Implications for Market E�ciency, with Maureen O'Hara, Journal of Financial and Quantitative Analysis, Vol. 27, No. 2, June 1992.
- Time and the Process of Security Price Adjustment, with Maureen O'Hara, Journal of Finance, Vol. XLVII, No. 2, June 1992.
- Evolution and Market Behavior, with Lawrence Blume, Journal of Economic Theory, Vol. 58, No. 1, 1992.
- Theories of Price Formation and Exchange in Double Oral Auctions, with John Ledyard, in The Double Auction Market: Institutions, Theories and Evidence, D. Friedman and J. Rust, eds., Santa Fe Institute Studies in the Sciences of Complexity, Proceedings, Volume XV, Addison Wesley, 1993.
- Economic Natural Selection, with Lawrence Blume, in Symposium on Evolution, Economic Letters, 42, 1993.
- An Equilibrium Analysis of Fiscal Policy with Uncertainty and Incomplete Markets, with Nicholas Kiefer and Uri Possen, International Economic Review, Vol. 34, No. 4, November 1993.
- Market Statistics and Technical Analysis: The Role of Volume, with Lawrence Blume and Maureen O'Hara, Journal of Finance, Vol. XLIX, No. 1, March 1994.
- What Has the Rational Learning Literature Taught Us, with Lawrence Blume, in Essays in Learning and Rationality in Economics, A. Kirman and M. Salmon eds., Basil Blackwell Press, 1995.
- Evolution and Rationality in Competitive Markets, with Lawrence Blume, in Essays in Learning and Rationality in Economics, A. Kirman and M. Salmon eds., Basil Blackwell Press, 1995.
- Market Microstructure, with Maureen O'Hara, in Handbooks in Operations Research and Management Science: Finance, R. Jarrow, V. Maksimovic and W. Ziemba, eds., North Holland, 1995.
- Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order Flow, with Nicholas M. Kiefer and Maureen O'Hara, Journal of Finance, Vol. 51, No. 3, July 1996.
- Liquidity, Information and Infrequently Traded Stocks, with Nicholas Kiefer, Maureen O'Hara, and Joseph Paperman, Journal of Finance, Vol. 51, No. 4, September 1996.
- The Information Content of the Trading Process, with Nicholas Kiefer and Maureen O'Hara, Journal of Empirical Finance, Vol. 4, No. 2-3, June 1997.
- One Day in the Life of a Common Stock, with Nicholas Kiefer and Maureen O'Hara, Review of Financial Studies, Vol. 10, No. 3, Fall 1997.
- Option Volume and Stock Prices: Evidence on where Informed Traders Trade, with Maureen O'Hara and P. S. Srinivas, Journal of Finance, Vol. 53, No. 2, April 1998.
- Rational Expectations and Rational Learning, with Lawrence Blume, in Organizations with Incomplete Information, volume in honor of Roy Radner, ed. M. Majumdar, Cambridge University Press, 1998.
- Financial Analysts and Information-Based Trade, with Maureen O'Hara and Joseph Paperman, Journal of Financial Markets, Vol. 1, 1998.
- Choice Without Beliefs, with Aldo Rustichini, Econometrica. Vol. 67, No. 5, September 1999.
- How Stock Splits Affect Trading: A Microstructure Approach, with Maureen O'Hara and Gideon Saar, Journal of Financial and Quantitative Analysis, Vol. 36, 2001.
- Is Information Risk A Determinant of Asset Prices? with Soeren Hvidjaer and Maureen O'Hara, Journal of Finance, Vol. 57, No. 1, October 2002.
- Optimality and Natural Selection in Markets, with Lawrence Blume, Journal of Economic Theory, Vol. 107, No. 1, November 2002.
- Asset Pricing and Market Microstructure, with Maureen O'Hara, in Handbook of the Economics of Finance, Elsevier Scientific Press, 2003.
- Information and the Cost of Capital, with Maureen O'Hara, Journal of Finance, Vol. 59, No. 4, August, 2004.
- Optimal Guessing in Complex Environments, with Aldo Rustichini, Journal of Economic Theory, Vol. 124, No. 1, September 2005.
- Rationality and Selection in Asset Markets, with Lawrence Blume, Santa Fe Institute Volume in honor of Kenneth Arrow: The Economy as an Evolving Complex System, 2005.
- If You're So Smart, Why Aren't You Rich: Belief Selection in Complete and Incomplete Markets, with Lawrence Blume, Econometrica, Vol. 74, No. 4, July 2006.
- Information, Trade and Incomplete Markets, with Lawrence Blume and Tarek Coury, Economic Theory, Vol. 29, No. 2, October, 2006.
- Redoing the Foundations of Decision Theory, with Lawrence Blume and Joseph Halpern, Tenth International Conference on Principles of Knowledge Representation and Reasoning (KR2006), 2006.
- Trading Networks with Price-Setting Agents, with Lawrence Blume, Jon Kleinberg and Eva Tardos, Eighth ACM Conference on Electronic Commerce (EC2007), 2007.
- A new start: Innovative introductory AI-centered courses at Cornell, with E. Breck, D. Fan, J. Kleinberg, L. Lee, J. Wofford, R. Zabih, Proc. AAAI Spring Symposium, 2008.
- Time Varying Arrival Rates of Informed and Uninformed Traders, with Robert Engle, Maureen O'Hara and Liuren Wu, Journal of Financial Econometrics, 6, 171 - 207, Spring 2008.
- Rationality, with Lawrence Blume, in The New Palgrave Dictionary of Economics 2nd Edition, Palgrave Macmillan, 2008.
- Market Competition and Selection, with Lawrence Blume, in The New Palgrave Dictionary of Economics 2nd Edition, Palgrave Macmillan, 2008.
- Market Selection and Asset Pricing, with Lawrence Blume, in Handbook of Financial Markets: Dynamics and Evolution, Thorsten Hens and Klaus-Schenk Hoppe, eds., Elsevier, January 2009.
- The Market Organism: Long Run Survival in Markets with Heterogeneous Traders, with Lawrence Blume, Journal of Economic Dynamics and Control, Vol 33, Issue 5, 1023-1035, May 2009.
- Ambiguity and Nonparticipation: The Role of Regulation, with Maureen O'Hara, Review of Financial Studies, 22, 1817 - 1843, May 2009.
- Trading Networks with Price-Setting Agents, with Lawrence Blume, Jon Kleinberg and Eva Tardos, Games and Economic Behavior, 67, 36-50, September 2009.
- Liquidity and Valuation in an Uncertain World, with Maureen O'Hara, Journal of Financial Economics, 97, 1-12, July 2010.
- Microstructure and Ambiguity, with Maureen O'Hara, Journal of Finance, 65, 1817-1846, 2010.
- Factoring Information into Returns, with Soeren Hvidkjaer and Maureen O'Hara, Journal of Financial and Quantative Analysis, 45, 293-309, 2010.
- The Microstructure of the “Flash Crash”: Flow Toxicity, Liquidity Crashes, and the Probability of Informed Trading, with Marcos Lopez de Prado and Maureen O'Hara, Journal of Portfolio Management, Winter, 2011.
- The Exchange of Flow Toxicity, with Marcos Lopez de Prado and Maureen O'Hara, Journal of Trading, Spring, 2011.
- Network Formation in the Presence of Contagious Risk, with Lawrence Blume, Jon Kleinberg, Robert Kleinberg and Eva Tardos, forthcoming, ACM Conference on Electronic Commerce (EC2011), 20011.