The main theoretical contribution of Christopher Pissarides, winner of the 2010 Nobel Laureate in Ec

Christopher Pissarides, male, born on 20 February 1948 in Nicosia, the capital of Cyprus, is a Greek Cypriot who works at the London School of Economics and Political Science. Due to his outstanding contributions to market search theory and macroeconomics, he is also known as Peter A., a fellow economist with two other economists diamond、 dale t.

Mortensen shared the 2010 Nobel Prize in Economics.

Pissarides is best known for his search and matching theory of the interaction between the labor market and the macroeconomy. He also pioneered the concept of the matching function, which is used to explain the flow from unemployment to employment over a given period of time, and was one of the pioneers in using this function for empirical estimation.

More recently, Pissarides has been working primarily on economic structural adjustment and growth.

In addition to the Nobel Prize in Economics today, Pissarides was awarded the IZA Prize in Labor Economics in 2005 with Mortensen. He is also a Fellow of the British Academy of Social Sciences and a Fellow of the Econometric Society.

His scholarly publications include:

Employment Matching and Random Search by National Employment Agencies, Journal of Economics, No. 89, 1979.

Unemployment and Job Vacancies in the United Kingdom, Economic Policy, 1986, No. 3, No. 3.

Job Creation and Job Loss in Unemployment Theory, Economic Research Review, July 1994, No. 61, co-authored with Dale Mortensen.

The Theory of Equilibrium Unemployment, 2nd Edition, MIT Press, 2000.

Summary. This concept refers to the fact that people will assign different gains to different psychological accounts, and the "benefits" in people's psychological accounts that are objectively of equal value are not the same. For example, for a gift of the same value, people will prefer to receive a well-prepared item rather than cash, which I believe everyone knows.

Thaler also mentioned in his book that many businesses take advantage of this consumer psychology to constantly open up this "rational" limit in the consumer's heart.

The 2017 Nobel Prize in Economic Sciences was awarded to Richard H. Thaler for his dedication to the study of deeds. Richard H. Thaler's main points from the Traveler Award.

and his views on consumer psychoanalysis in marketing.

What about links. Trouble a little faster.

and his views on consumer psychoanalysis in marketing.

His main contribution is to "build a bridge between psychology and economic psychology decision-making".

The marketing method is called "Consumer Psycho Account".

This concept refers to the fact that people will assign different gains to different psychological accounts, and the "benefits" in people's psychological accounts that are objectively of equal value are not the same. For example, if you guess a gift of the same value, people will prefer to receive an item prepared with calmness rather than cash, which I believe everyone knows. Thaler also mentioned in his book that many businesses take advantage of this consumer psychology to constantly open up the limits of this "rationality" in the hearts of consumers.

Causality in macroeconomics.

Sargent showed how structural macroeconometrics can be used to analyze the permanent adjustment of economic policy. This approach can be used to study the macroeconomic relations in which households and firms adjust their expectations and economic development over the same period. For example, Sargent examines the post-World War II economy, when many countries began to tend to pursue high inflation policies, but eventually they made systematic adjustments to their economic policies, which in turn translated into lower inflation rates.

Sims has developed a vector-autoregressive-based approach to analyze how the economy is affected by ad hoc changes in economic policy and other factors. Sims and other researchers have used this approach to study the impact of central bank interest rate hikes on the economy, for example. Usually this takes one to two years for inflation to come down, while economic growth will gradually decline in the short term, and it will take a few years before it returns to normal development.

While both Sargent and Sims made their research independently, their contributions were complementary in several ways. This year's laureate's creative contributions in the 1970s and 1980s have been adopted by researchers and policymakers around the world. Now, the method created by Sargent and Sims has become a fundamental tool for macroeconomic analysis.

The Royal Swedish Academy of Sciences has announced that it has awarded the 2011 Nobel Prize in Economic Sciences to Princeton.

Christopher Sims of the University and Thomas Sargent of New York University.

Although the two economists mainly focus on economic theory, the reason why they won this year's Nobel Prize in Economics is inseparable from the connection between their research and current economic realities. The research methods pioneered by both men are closely related to the fundamental question: why has the world economic situation come to this point?

The research brought to us by these two professors is very classic, and their contribution to macroeconomics is mainly to answer the problems encountered in economic development from a quantitative point of view. We can learn from their research about the impact of national policies on the economy."

Since the global financial turmoil in 2008, the world's major economies have all been involved in economic regulation and control on a large scale, including the Federal Reserve's two "quantitative easing" and one by one "bailout" policies have been introduced, but the world economy is on the verge of recession again, and the market needs to understand how the policy will affect the economy.

Sims's contributions have focused on the research of time series econometrics and applied macroeconomics. His research on the role of short-term economic policies reflects a focus on the effects of macroeconomic policies. As a leader of the rational expectation school, Sargent has made great achievements in the research fields of the role of expectations in macroeconomic models and the relationship between dynamic economic theory and time series analysis.

Some scholars pointed out that the intersection of the two scholars' research lies in the "impact of policy factors on the economy", and the research in this field is closely related to the current international economic situation. "The economic crisis is a policy crisis to some extent, so we need to study what role policy variables play in macroeconomic operation. ”

Dominic Straw.

S. Kahn. Dominique Strauss-Kahn, a French economist, former managing director of the International Monetary Fund (IMF), and known as France's most successful "Minister of Economy", is also France's "Mr. Euro". On May 11, 1998, at the mint in Bordeaux, in the southwest of France, Kahn, then the French Minister of Finance, personally activated the mint to produce the first euro coin, which was undoubtedly the most glorious page of Kahn's personal political career. During his tenure as finance minister from 1997 to 1999, the French economy was one of the fastest-growing economies in the European Union, and he was credited with tightening the budget in France before the euro was introduced.

American economists Ervin Ross and Lloyd Shapley were awarded the 2012 Nobel Prize in Economic Sciences for their "Practical Theory of Stable Allocation and Market Design".

At a press conference on the afternoon of the 15th, the Royal Swedish Academy of Sciences interpreted the award.

Lloyd S. ShapleyShapley uses cooperative game methods to study and compare different matching methods. The key issue is to ensure that a pair is stable; Stability means that neither subject can find a better match than the currently matched subject.

Shapley and his colleagues found a method called the Gale-Shapley algorithm. This approach ensures that the match is stable. At the same time, these methods limit the incentive of market players to manipulate the matching process.

Shapley's approach can systematically benefit one of the two market players.

Alvin E. RossRoth realized that Shapley's theoretical calculations could make it clearer how important markets work in practice. In a series of empirical studies, Ross and his colleagues have demonstrated that the key to understanding why a particular market mechanism is successful is stability.

Ross later succeeded in supporting this conclusion through systematic laboratory experiments. He also helped redesign existing systems to help match doctors and hospitals, students and schools, organ donors and patients. These improvements are all based on the GS algorithm, and various modifications have been made to take into account the special environmental requirements and ethical constraints, such as the exclusion of transfer payment scenarios.

This year's Nobel laureate is a bit of an underdog, except for Shapley, who is still well-known, Ross is basically not well-known in the Chinese economics community, and many economists have not even heard of him, so it is difficult to fully interpret their theories. However, none of their fields of study are new, having been in the field of economics for decades.

Practical theory of stable distribution and market design. Both theories draw on the instrumental ideas of game theory.

The stable allocation theory studies how to achieve the matching between participants under the market system, such as the optimal matching between schools and students, the optimal matching between hospitals and doctors, and the optimal matching between organ donors and patients. A stable pairing of resources can improve efficiency and increase social welfare.

Market design theory, that is, what we call macro control, that is, the study of whether the market structure is reasonable, how to match between industries, in order to make the whole market stable, which has a theoretical origin of the public choice school, through the best behavior, collective decision-making, mechanism design so that the allocation of the entire resource, market efficiency can achieve Pareto optimal. The market design should be goal-oriented, in order to achieve a maximum of social welfare or equilibrium, adjust the internal mechanism of the market, reasonable matching, and harvest a maximum social Shapley value.

The game theory aspect of the frontiers of microeconomics and economic crises like the one now are unlikely to give finance professors a chance.

It's the matching theory, the study of how to improve market efficiency, and it's hard to explain in one or two sentences.

Since the early 1970s, Sargent has been a leading figure in the rational expectation school of macroeconomics and econometrics, and has made outstanding contributions to the establishment and development of the neoclassical macroeconomic system, and has done pioneering work on the role of expectations in macroeconomic models and the relationship between dynamic economic theory and time series analysis.

He also worked with Wallace to develop the proposition of saddle path stability characterization and policy ineffectiveness of rational expectation equilibrium. So far, he has completed "Rational Expectations and Econometric Practice", "Rational Expectations and Inflation", "Dynamic Macroeconomic Theory" and other works.

According to the Nobel Prize Committee, "Thomas has made a very significant contribution to the interpretation of data in macroeconomics, and people can find and learn from his research the impact of national policies, as well as other factors such as sudden changes in product supply and the impact of sudden changes in product supply." The measurement tools he brought with him are of great significance to the study of economics around the world under national policy. ”

Sims Sims is a well-known intellectual leader in the fields of time series econometrics and applied macroeconomics, and among his many accolades is his former president of the Econometric Society and a member of the National Academy of Sciences. He has made important contributions to the theory of time series statistics and empirical macroeconomics, and Simms's work has been very influential because it has been driven by major problems in macroeconomic theory. Sims not only examines the problem of statistical approximations in an abstract environment, but also shows how the tools can be used to deal with a variety of specific problems encountered by applied researchers, including the following:

The summing of seasonality and time series of economic time series forms the approximation of statistical models with special economic implications. In addition, Sims's contributions to the development of time series causality and vector autoregressive methods have led to a large number of important empirical studies. Sims is a strong advocate and commentator on the widely used vector autoregressive statistical method.

Driven by his own and related empirical research, Sims has become one of the leaders in this field by reflecting on how to develop monetary policy models and considering the channels through which monetary policy affects the economy's many aggregates. The interview with Sims provides an opportunity to further explore the context of his many contributions, and Sims has a unique perspective on many economic issues, which is clearly reflected in his work on different issues.

Christopher Sims's major publications: Understanding the Nature of Units of Measurement: An Overview, Scientific Standards and Econometric Models, and The Uncertainty of Models