Roy Radner
Encyclopedia
Roy Radner is currently Leonard N. Stern School Professor of Business at New York University
http://pages.stern.nyu.edu/~rradner/. He is a micro-economic
theorist with varied interests. Previously he was a faculty member at the University of California, Berkeley
, and a Distinguished Member of Technical Staff at AT&T Bell Laboratories.
Among his various contributions the one that bears his name (Radner equilibrium
) is a model of financial markets.http://www.kier.kyoto-u.ac.jp/~hara/GET_01.pdf His model is the start of a direction of research : incomplete markets. He constructs consistently a model of rational expectation where trading and uncertainty are made explicit, and value alone cannot decide budget feasibility.
Such a construct have a few consequence : pareto optimality of equilibria generally does not hold http://www.polemarchakis.org/eii-x.pdf. Moreover the model let various policies (tax, monetary etc...http://cowles.econ.yale.edu/P/cd/d16b/d1662.pdf) have an effect when introduced. Additionally incompleteness opens the door for a theory of financial innovation.http://rfs.oxfordjournals.org/cgi/content/abstract/2/3/275
- Distinguished Fellow of the American Economics Association and the American Association for the Advancement of Science
- Fellow and Past-President of the Econometric Society
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
http://pages.stern.nyu.edu/~rradner/. He is a micro-economic
Microeconomics
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...
theorist with varied interests. Previously he was a faculty member 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...
, and a Distinguished Member of Technical Staff at AT&T Bell Laboratories.
Among his various contributions the one that bears his name (Radner equilibrium
Radner equilibrium
Radner equilibrium is an economic concept defined by economist Roy Radner in the context of general equilibrium. The concept is an extension of the Arrow-Debreu equilibrium and the base for the first consistent incomplete markets framework....
) is a model of financial markets.http://www.kier.kyoto-u.ac.jp/~hara/GET_01.pdf His model is the start of a direction of research : incomplete markets. He constructs consistently a model of rational expectation where trading and uncertainty are made explicit, and value alone cannot decide budget feasibility.
Such a construct have a few consequence : pareto optimality of equilibria generally does not hold http://www.polemarchakis.org/eii-x.pdf. Moreover the model let various policies (tax, monetary etc...http://cowles.econ.yale.edu/P/cd/d16b/d1662.pdf) have an effect when introduced. Additionally incompleteness opens the door for a theory of financial innovation.http://rfs.oxfordjournals.org/cgi/content/abstract/2/3/275
Awards and recognition
- Member of the U.S. National Academy of Sciences and the American Academy of Arts and Sciences.- Distinguished Fellow of the American Economics Association and the American Association for the Advancement of Science
- Fellow and Past-President of the Econometric Society