Jean-Jacques Laffont
Encyclopedia
Jean-Jacques Marcel Laffont (April 13, 1947 – May 1, 2004) was a French
economist
specializing in public economics and information economics
. Educated at the University of Toulouse
and the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE
) in Paris, he was awarded the Ph.D.
in Economics by Harvard University
in 1975.
Laffont taught at the École Polytechnique
(1975–1987), and was Professor of Economics at the University of Toulouse
I (1991–2001). In 1991, he founded Toulouse's Industrial Economics Institute
(Institut D'Economie Industrielle, IDEI) which has become one of the most prominent European research centres in economics. From 2001 until his death, he was the inaugural holder of the University of Southern California
's John Elliott Chair in Economics. Over the course of his career, he wrote 17 books and more than 200 articles.
, in particular, public economics, development economics
, and the theory of imperfect information, incentive
s, and regulation
. His 1993 book A Theory of Incentives in Procurement and Regulation, written with Jean Tirole
, is a fundamental reference in the economics of the public sector and the theory of regulation. In 2002, he published (with David Martimort) The Theory of Incentives: the Principal-Agent Model, a treatise on the economics of information and incentives. His last book, Regulation and Development, discussed policies for improving the economies of less developed countries.
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
specializing in public economics and information economics
Information economics
Information economics or the economics of informationis a branch of microeconomic theory that studies how information affects an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It...
. Educated at the University of Toulouse
University of Toulouse
The Université de Toulouse is a consortium of French universities, grandes écoles and other institutions of higher education and research, named after one of the earliest universities established in Europe in 1229, and including the successor universities to that earlier university...
and the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE
ENSAE
ENSAE may refer to:*École Nationale de la Statistique et de l'Administration Économique, a grande école in France.*École Nationale Supérieure de l'Aéronautique et de l'Espace also known as SUPAERO, a grande école in France....
) in Paris, he was awarded the Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in Economics by Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1975.
Laffont taught at the École Polytechnique
École Polytechnique
The École Polytechnique is a state-run institution of higher education and research in Palaiseau, Essonne, France, near Paris. Polytechnique is renowned for its four year undergraduate/graduate Master's program...
(1975–1987), and was Professor of Economics at the University of Toulouse
University of Toulouse
The Université de Toulouse is a consortium of French universities, grandes écoles and other institutions of higher education and research, named after one of the earliest universities established in Europe in 1229, and including the successor universities to that earlier university...
I (1991–2001). In 1991, he founded Toulouse's Industrial Economics Institute
Industrial Economics Institute
The industrial economics institute is a research center in economics located in Toulouse within the University of Toulouse I. It was founded in 1990 by Jean-Jacques Laffont...
(Institut D'Economie Industrielle, IDEI) which has become one of the most prominent European research centres in economics. From 2001 until his death, he was the inaugural holder of 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...
's John Elliott Chair in Economics. Over the course of his career, he wrote 17 books and more than 200 articles.
Contribution to economics
Laffont made pioneering contributions in microeconomicsMicroeconomics
Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources. Typically, it applies to markets where goods or services are being bought and sold...
, in particular, public economics, development economics
Development economics
Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...
, and the theory of imperfect information, incentive
Incentive
In economics and sociology, an incentive is any factor that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives. It is an expectation that encourages people to behave in a certain way...
s, and regulation
Regulation
Regulation is administrative legislation that constitutes or constrains rights and allocates responsibilities. It can be distinguished from primary legislation on the one hand and judge-made law on the other...
. His 1993 book A Theory of Incentives in Procurement and Regulation, written with Jean Tirole
Jean Tirole
Jean Marcel Tirole is a French professor of economics. He works on industrial organization, game theory, banking and finance, and economics and psychology. Tirole is director of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, and scientific director of the Industrial...
, is a fundamental reference in the economics of the public sector and the theory of regulation. In 2002, he published (with David Martimort) The Theory of Incentives: the Principal-Agent Model, a treatise on the economics of information and incentives. His last book, Regulation and Development, discussed policies for improving the economies of less developed countries.
Awards and honors
- Wells Prize, awarded biannually by Harvard University to the best Ph.D. thesis in economics (1975);
- Silver Medal of the CNRS (1990);
- Scientific Prize of the UAP (1991);
- Honorary Member of the American Economic AssociationAmerican Economic AssociationThe American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
(1991); - Senior member of the Institut Universitaire de France, which honors the best research professors in France in all disciplines (1991–2001);
- Foreign Honorary Member of the American Academy of Arts and SciencesAmerican Academy of Arts and SciencesThe American Academy of Arts and Sciences is an independent policy research center that conducts multidisciplinary studies of complex and emerging problems. The Academy’s elected members are leaders in the academic disciplines, the arts, business, and public affairs.James Bowdoin, John Adams, and...
(1993); - Best economist of the year award from the Nouvel Economiste magazine (1993);
- (with Jean TiroleJean TiroleJean Marcel Tirole is a French professor of economics. He works on industrial organization, game theory, banking and finance, and economics and psychology. Tirole is director of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, and scientific director of the Industrial...
, Scientific Director of IDEI), the Yrjö Jahnsson AwardYrjö Jahnsson AwardThe Yrjö Jahnsson Award is a biennial award given by the Finnish Yrjö Jahnsson Foundation and the European Economic Association to European economists under the age of 45 "who have made a contribution in theoretical and applied research that is significant to the study of economics in Europe." ...
from the Yrjö Jahnsson FoundationYrjö Jahnsson FoundationThe Yrjö Jahnsson Foundation is a charitable foundation whose aims are to not only promote Finnish research in economics and medicine but also to maintain and support educational and research facilities in Finland. It was established in 1954 by the wife of Yrjö Jahnsson, Mrs. Hilma Jahnsson.It...
and the European Economic AssociationEuropean Economic AssociationThe European Economic Association is a professional academic body which links European economists. It was founded in the mid-1980s. Its first annual congress was in 1986 in Vienna, Austria...
, awarded biennially to the best European economist under the age of 45 (1993); - Member of the Economic Advisory Council of the Prime Minister of France (1997);
- Honorary doctorate from the University of LausanneUniversity of LausanneThe University of Lausanne in Lausanne, Switzerland was founded in 1537 as a school of theology, before being made a university in 1890. Today about 12,000 students and 2200 researchers study and work at the university...
(1998); - Officer of the French Legion of Honor.
Selected publications
- J.J. Laffont, [1987] 2008. "externalities," The New Palgrave Dictionary of EconomicsThe New Palgrave Dictionary of EconomicsThe New Palgrave Dictionary of Economics , 2nd Edition, is an eight-volume reference work, edited by Steven N. Durlauf and Lawrence E. Blume. It contains 5.8 million words and spans 7,680 pages with 1,872 articles. Included are 1057 new articles and, from earlier, 80 essays that are designated as...
, 2nd Edition, Abstract. - Jean-Jacques Laffont and Jean TiroleJean TiroleJean Marcel Tirole is a French professor of economics. He works on industrial organization, game theory, banking and finance, and economics and psychology. Tirole is director of the Jean-Jacques Laffont Foundation at the Toulouse School of Economics, and scientific director of the Industrial...
, 1993. A Theory of Incentives in Procurement and Regulation. Description & down for chapter links. - Jean-Jacques Laffont and David Martimort, 2002. The Theory of Incentives: the Principal-Agent Model. Description, "Introduction," & down for chapter links.
- Jean-Jacques Laffont, 2005. Regulation and Development. Description & down for chapter links.