Econometrica is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief is Joel Sobel.
Econometrica was established in 1933. Its first editor was Ragnar Frisch, recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although Econometrica is currently published entirely in English, the first few issues also contained scientific articles written in French.
The Econometric Society aims to attract high-quality applied work in economics for publication in Econometrica through the Frisch Medal. This prize is awarded every two years for an empirical or theoretical applied article published in Econometrica during the past five years.
|Edited by||Joel Sobel|
Even apart from those being awarded with the Frisch medal, numerous Econometrica articles have been highly influential in economics and social sciences, including:
The two-person bargaining problem studies how two agents share a surplus that they can jointly generate. It is in essence a payoff selection problem. In many cases, the surplus created by the two players can be shared in many ways, forcing the players to negotiate which division of payoffs to choose. There are two typical approaches to the bargaining problem. The normative approach studies how the surplus should be shared. It formulates appealing axioms that the solution to a bargaining problem should satisfy. The positive approach answers the question how the surplus will be shared. Under the positive approach, the bargaining procedure is modeled in detail as a non-cooperative game.Clive Granger
Sir Clive William John Granger (; 4 September 1934 – 27 May 2009) was a British econometrician known for his contributions to non-linear time series. He taught in Britain at the University of Nottingham and in the United States at the University of California, San Diego. In 2003, Granger was awarded the Nobel Memorial Prize in Economic Sciences, in recognition that he and his co-winner, Robert F. Engle, had made contributions to the analysis of time series data that had changed fundamentally the way in which economists analyse financial and macroeconomic data.Costas Meghir
Konstantinos "Costas" Meghir (Greek: Κωνσταντίνος (Κώστας) Εκτώρ Δημήτριος Μεγήρ, transcr. Konstantinos Ektor Dimitrios Meghir, born February 13, 1959) is a Greek/British economist. He studied at the University of Manchester where he graduated with a Ph.D. in 1985, following an MA in economics (with Distinction) in 1980 and a BA (with Honors) in Economics and Econometrics in 1979. In 1997 he was awarded the Bodosakis foundation prize and in 2000 he was awarded the “Ragnar Frisch Medal” for his article “Estimating Labour Supply Responses using Tax Reforms” (Econometrica, 1998, Vol. 66, No. 4, with Richard Blundell and Alan Duncan).Following his Ph.D. he was appointed at University College London, where he was promoted to Professor in 1993 and was Head of Department of Economics from 2005-2008. He has been at Yale University since 2010, where he is the “Douglas A. Warner III” Professor of Economics. He is also a Research Associate of the NBER, a Research Fellow of the Institute for Fiscal Studies (IFS) in the UK, a Fellow of the British Academy (FBA), a Fellow of the Econometric Society, and a Fellow of the Society for Labor Economists. He holds affiliations with IZA and the CEPR.
He has been co-editor of Econometrica (2001-2006), joint managing editor of the Economic Journal (1996-2001) and Assistant Editor at the Review of Economics Studies (1990-1994). He is currently editing Economics Letters.
His main research interests are in Labor economics, Human Capital, the Economics of the Household and the design of tax and welfare programs. He has been involved in the evaluation of numerous public policy programs in the UK and developing countries, including Colombia, Chile and Senegal.
Recently he has been working in the field of child development. He has been involved in designing scalable Early Childhood interventions based on both home visiting and village playgroups in deprived communities. These have been implemented in Colombia and India (Odisha), and evaluated by Randomised Control Trials (RCTs).Econometric Society
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. It was founded on December 29, 1930, at the Stalton Hotel in Cleveland, Ohio. As of 2014, there are about 700 Elected Fellows of the Econometric Society, making it one of the most prevalent research affiliations.The sixteen founding members were Ragnar Frisch, Charles F. Roos, Joseph A. Schumpeter, Harold Hotelling, Henry Schultz, Karl Menger, Edwin B. Wilson, Frederick C. Mills, William F. Ogburn, J. Harvey Rogers, Malcolm C. Rorty, Carl Snyder, Walter A. Shewhart, Øystein Ore, Ingvar Wedervang and Norbert Wiener. The first president was Irving Fisher.The Econometric Society sponsors the Economics academic journal Econometrica and publishes the journals Theoretical Economics and Quantitative Economics.Econometrics
Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.A basic tool for econometrics is the multiple linear regression model. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods. Econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency. Applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analysing economic history, and forecasting.Ehud Kalai
Ehud Kalai is a prominent Israeli American game theorist and mathematical economist known for his contributions to the field of game theory and its interface with economics, social choice, computer science and operations research. He was the James J. O’Connor Distinguished Professor of Decision and Game Sciences at Northwestern University, 1975-2017, and currently is a Professor Emeritus of Managerial Economics and Decision Sciences.Fabrizio Zilibotti
Fabrizio Zilibotti (born September 7, 1964) is an Italian economist. He is the Tuntex Professor of International and Development Economics at Yale University. Zilibotti was previously Professor of Economics at University College London, the University of Zürich, and at the Institute for International Economic Studies in Stockholm. He is a co-editor of Econometrica, a former managing editor of the Review of Economic Studies (2002-2006), and the former chief editor of the Journal of the European Economic Association (2009-2014). In addition, he is an Associate Editor of the Journal of Economic Growth and of China Economic Review. He is a fellow of the Econometric Society, of the NBER and of the CEPR, and a member of the Academia Europaea honoris causa. In 2016, Zilibotti was the President of the European Economic Association. He has published articles in several international journals, among them, the American Economic Review, Econometrica, the Journal of Political Economy, the Quarterly Journal of Economics, and the Review of Economic Studies.Frisch Medal
The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.Gérard Debreu
Gérard Debreu (French: [dəbʁø]; 4 July 1921 – 31 December 2004) was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.Harold Hotelling
Harold Hotelling (; September 29, 1895 – December 26, 1973) was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. He also developed and named the principal component analysis method widely used in statistics and computer science.
He was Associate Professor of Mathematics at Stanford University from 1927 until 1931, a member of the faculty of Columbia University from 1931 until 1946, and a Professor of Mathematical Statistics at the University of North Carolina at Chapel Hill from 1946 until his death. A street in Chapel Hill bears his name. In 1972 he received the North Carolina Award for contributions to science.List of Fellows of the Econometric Society
In the scientific discipline of economics, the Econometric Society is a learned society devoted to the advancement of economics by using mathematical and statistical methods. This article is a list of its (current and in memory) Fellows.Marc Melitz
Marc J. Melitz (born January 1, 1968) is an American economist. He is currently a professor of economics at Harvard University.
Melitz has published a number of highly cited articles in the area of international economics and international trade, most notably "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity" in Econometrica which explores the effects of international trade on the competition within domestic industries.In addition to his Harvard position, Melitz is also a research fellow of the Centre for Economic Policy Research and a research associate of the National Bureau of Economic Research since 2000. Before joining Harvard, Melitz was a professor at Princeton University .Melitz holds a BA in Mathematics from Haverford College (1989), an MSBA in Operations Research from the University of Maryland, College Park (1992) a M.A.(1997), and a Ph.D. (2000) in Economics from the University of Michigan.
In 2008, The Economist listed Melitz as one of the top 8 young economists in the world.Mertens-stable equilibrium
Mertens stability is a solution concept used to predict the outcome of a non-cooperative game. A tentative definition of stability was proposed by Elon Kohlberg and Jean-François Mertens for games with finite numbers of players and strategies. Later, Mertens proposed a stronger definition that was elaborated further by Srihari Govindan and Mertens. This solution concept is now called Mertens stability, or just stability.
Like other refinements of Nash equilibrium
used in game theory stability selects subsets of the set of Nash equilibria that have desirable properties. Stability invokes stronger criteria than other refinements, and thereby ensures that more desirable properties are satisfied.Non-convexity (economics)
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer extremes to in-between values) and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood. When convexity assumptions are violated, then many of the good properties of competitive markets need not hold: Thus, non-convexity is associated with market failures, where supply and demand differ or where market equilibria can be inefficient. Non-convex economies are studied with nonsmooth analysis, which is a generalization of convex analysis.Robert F. Engle
Robert Fry Engle III (born November 10, 1942) is an American economist and the winner of the 2003 Nobel Memorial Prize in Economic Sciences, sharing the award with Clive Granger, "for methods of analyzing economic time series with time-varying volatility (ARCH)".Roger Guesnerie
Roger Guesnerie is an economist born in France in 1943. He is currently the Chaired Professor of Economic Theory and Social Organization of the Collège de France, Director of Studies at the École des hautes études en sciences sociales, and the chairman of the board of directors of the Paris School of Economics.Sanford J. Grossman
Sanford "Sandy" Jay Grossman (born July 21, 1953) is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance. His research in macroeconomics, finance, and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management, an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.Susan Athey
Susan Carleton Athey (born November 29, 1970) is an American economist. She is The Economics of Technology Professor at the Stanford Graduate School of Business. Prior to joining Stanford, she was a professor at Harvard University. She is the first female winner of the John Bates Clark Medal. She currently serves as a long-term consultant to Microsoft as well as a consulting researcher to Microsoft Research.Thomas Palfrey
Thomas Rossman Palfrey (born 1953) is the Flintridge Professor of Economics and Political Science at the California Institute of Technology (Caltech) in Pasadena, California, and Fellow of the Econometric Society. He received his Ph.D in Social Science from Caltech in 1981.
He has authored influential papers in the fields of political economy ("Voter Participation and Strategic Uncertainty" with Howard Rosenthal, APSR 1985), game theory ("Quantal Response Equilibria in Normal Form Games" with Richard McKelvey, GEB 1995), implementation ("Nash Implementation Using Undominated Strategies" with S. Srivastava, Econometrica 1991), and experimental economics ("An Experimental Study of the Centipede Game" with R. McKelvey, Econometrica 1992).