Roy Radner, 1927-
A student of Jacob Marschak's and the Cowles Commission, currently at New York University, Roy
Radner's contributions to economics have centered around incorporating information and uncertainty into Neo-Walrasian general equilibrium theory (1967, 1968,
1972). He is also renowned for providing one of the first clear "Turnpike
Theorems" (1961) of a von Neumann system for optimal
capital accumulation and more general scenarios
His work on uncertainty and information was groundbreaking. In his 1968 classical
paper, Radner incorporated and studied the impact of different information structures in
an Arrow-Debreu model by defining them as different
partitions in the state space. Radner (1972) integrated uncertainty and financial markets
into a comprehensive Neo-Walrasian model that yielded an "equilibrium of plans,
prices and price expectations" in a sequential economy - also known as a "Radner Equilibrium" - which has since
found many applications in the theory of general equilibrium, finance and incomplete
markets. Radner (1967) formalized the idea of the informational role of prices
and the concept of a "rational expectations equilibrium" in a general
equilibrium setting. His explorations in the field have continued apace since (e.g. 1982).
His long-term work on the economics of "teams" -- notably his work
with Marschak (1972) -- expanded upon the formal
theory of information, private information and the incentives in a market economy, which
set up the building blocks of principal-agent analysis and Neoclassical theories of
organization.
Major works of Roy Radner
- "Note on
Some Proposed Decision Criteria", with J. Marschak,
1954, in Thrall et al., editors, Decision Processes.
- The Linear Team: An Example of Linear Programming Under
Uncertainty", 1955, Proceedings of the 2nd Symposium in Linear
Programming
- "Minimax Estimation for Linear
Regressions" 1958, Annals of Mathematical Statistics
- "Limit Distributions of Failure Time for Series ・Parallel
Systems", 1958, Proceedings of the New York
University蜂ndustry Conference on Reliability Theory
- "The Application of Linear Programming to Team Decision
Problems", 1959, Management Science
- "Paths of Economic Growth that are Optimal with Regard Only to Final States: A
`turnpike' theorem", 1961, RES.
- "Team Decision
Problems", 1962, Annals of Mathematical Statistics
- "Efficiency Prices for Infinite Horizon Production Programs", 1967, RES.
- Optimal Replacement Policy with D.W.Jorgenson and J.J. McCall, 1967.
- "Equilibre de marches a terme et au comptant en cas d'incertitude", 1967, Cahiers
d'econometrie.
- "Competitive Equilibrium Under Uncertainty", 1968, Econometrica.
- "Shadow Prices for Infinite Growth Programs: Functional analysis approach",
with M. Majumdar, 1972, in Balakrishnan, editor, Techniques of Optimization.
- "Allocation of Resources in a Team", with T.F. Groves, 1972, JET.
- Economic Theory of Teams, with J. Marschak, 1972.
- Existence of Equilibrium of Plans, Prices and Price Expectations in a Sequence of
Markets", 1972, Econometrica.
- Decision and Organisation, with C.B. McGuire, 1972.
- "A Note on Unanimaty of Stockholders' Preferences Among Alternative Production
Plans", 1974, Bell JE
- Demand and Supply in US Higher Education, with L.S. Miller, 1975.
- "On the Allocation of Effort", with M.D. Rothschild,
1975, JET
- "Satisficing", 1975, JMathE.
- "Allocation of Resources in Large Teams", with K.J. Arrow,
1979, Econometrica.
- "Stochastic Stability of Market Adjustment in Disequilibrium",
with W. Hildenbrand, 1979, in Green et al,
editors, General Equilibrium, Growth and Trade
- "Rational Expectations Equilibrium: Generic existence and the information revealed
by prices", 1979, Econometrica.
- "Collusive Behavior in Non-Cooperative Epsilon Equilibria of Oligopolies with Long
but Finite Lives", 1980, JET
- "Monitoring Cooperative Agreements in a Repeated Principal- Agent
Relationship", 1981, Econometrica.
- "Equilibrium Under Uncertainty", 1982, in Arrow and Intriligator, editors, Handbook
of Mathematical Economics - intro
- "Approximate Purification of Mixed Strategies", with Aumann,
Katznelson, Rosenthal and Weiss, 1983, Mathematics of Operations Research
- "Rational Expectations in Microeconomic Models: An overview", with J.S.
Jordan, 1982, JET.
- "The Role of Private Information in Markets and Other Organizations", 1982, in
Hildenbrand, editor, Advances in Economic Theory.
- "Repeated Principal Agent Games with Discounting", 1985, Econometrica
- "Repeated Principal Agent Games with Imperfect Monitoring and no Discounting",
1986, RES
- "Can Bounded Rationality Resolve the Prisoners' Dilemma?", 1986, in
Hildenbrand and Mas-Collel, editors, Contributions to Mathematical Economics.
- "An Example of a Repeated Partnership Game with Discounting and with Uniformly
Inefficient Equilibria", with R.B. Myerson and E.S. Maskin, 1986, RES
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