Title: Joan Kenney Professor of Economics
| Residence: |
931 Casanueva Place
Stanford, California 94305 |
| Citizenship: | U.S.A. and Israel |
| Marital Status: | Married; two children, wife: Linda C. |
| Telephone Numbers: |
Office (650) 723-2220
Home (650) 857-9085 |
| Fax Numbers: |
Office (650) 725-5702
Home (650) 857-9114 |
| E-mail Address: | [email protected] |
| Web Page: | http://www.stanford.edu/~mordecai |
Education
Elementary
and secondary education in
1952-54: Service
in the Armed Forces of
1954-57: B.A.,
Economics and Political Science,
1958: M.A.,
Economics,
1960: M.S.,
Statistics,
1962: Ph.D.,
Economics,
Academic
Positions
1961-62: Research Associate, Institute for
Mathematical Studies in the Social Sciences,
1962-63: Assistant
Professor of Economics,
1963-64: Lecturer
in Economics,
1964-66: Senior
Lecturer in Economics,
1966-67: Visiting
Associate Professor of Economics,
1967-68: Associate
Professor of Economics,
1971-89: Director
of Economics, the Institute of Mathematical Studies in the Social Sciences
1969- : Professor of Economics,
1997-
: Joan Kenney Professor of
Economics
Professional
Associations and Fellowships
Ford
Management Fellowship - 1958
Ford
Faculty Fellowship - 1973
Guggenheim
Fellow - 1977/1978
Principal
Investigator on National Science Foundation grants since 1969
Fellow
of the Econometric Society
Fellow
of the Institute for Advanced Studies, The
Member
of Society for Economic Dynamics and Control
Member
of the American Economic Association
Member
of the Society for the Promotion of Economic Theory
Associate
Editor of the Journal of Economic Theory, 1974-1991
Research
Associate, National Bureau of Economic Research, 1979-82
Member
of the Program Committee: World Congress of the Econometric Society, 1980
Chairman
of the Program Committee: the Summer Meeting of the Econometric Society, 1984
Lady David Visiting Professor, The
Keynes
Lectures -
Co-Editor
of Economic Theory, 1997- 2008
Charter
Member of the Game Theory Society, 1998
Member
of the board of directors,
Member
- board of Directors,
Member
of the Editorial Board, Annals of Finance, 2004 -
Gabelli
Lectures -
Consulting
Work to the Public Sector (at various dates in the past):
Economic
Consultant to SRI International for public sector work:
Health, Education and Welfare
Labor Department
Economic
Consultant to the World Bank
Special
Economic Consultant to the Government of
Economic
Consultant to the
Special
Economic Advisor, The President's Commission on Pension Policy,
Publications
of Mordecai Kurz
I.
Books and Monographs
1. Components of Economic Growth of
National Output, Long Range Planning Service, Stanford Research Institute,
Menlo Park, California (November, 1967).
2. Public Investment, the Rate of Return,
and Optimal Fiscal Policy (with K. J. Arrow), the Johns
3. Endogenous Economic Fluctuations:
Studies in the Theory of Rational Beliefs, Mordecai Kurz (ed.), Springer
Series in Economic Theory, No. 6, Springer Verlag, August 1997.
II.
Papers
· "Patterns
of Growth and Valuation in a Two-Sector Model," Yale Economic Essays
(1962); 403-73.
· "The
Rate and Direction of Inventive Activity (NBER Conference)," Journal of
the American Statistical Association (December 1962); 36-8 (Book Review).
· "Two
Sector Extension of Swan's Model of Economic Growth: The Case of No Technical
Change," International Economic Review, IV (1963); 1-12.
· "Substitution
Versus Fixed Coefficients of Production: A Comment," Econometrica
(January-April 1963); 209-17
· "Engineering
Estimates of Capital-Labor Substitution in Metal Machining Operations"
(with A. Manne), The American Economic Review (September 1963); 662-81.
· "On
the Dividend Policy of Electric Utilities" (with P. Dhrymes), The
Review of Economics and Statistics (February 1964); 76-82.
· "Technology
and Scale in Electricity Generation" (with P. Dhrymes), Econometrica
(July 1964); 287-315.
· "Optimal
Paths of Capital Accumulation Under the Minimum Time Objective," Econometrica
(January 1965); 42-66.
· "Investment,
Dividend, and External Finance Behavior of Firms" (with P. Dhrymes), in Determinants
of Investment Behavior, Universities-National Bureau Conference Series No.
18 (1967); 427-85.
· "The
General Instability of a Class of Growth Processes," Review of Economic
Studies (April 1967); 155-74.
· "On
the Inverse Optimal Problem," in Mathematical Systems Theory and
Economics, edited by H. W. Kuhn and G. P. Szego, Springer-Verlag (1968);
189-202.
· "Optimal
Growth and Wealth Effects," International Economic Review (October
1968); 348-57.
· "Optimal
Consumer Allocation Over an Infinite Horizon" (with K. J. Arrow), Journal
of Economic Theory (June 1969); 68-91.
· "Optimal
Public Investment Policy and Controllability with Fixed Private Savings
Ratio" (with K. J. Arrow), Journal of Economic Theory (August
1969); 141-77.
· "Tightness
and Substitution in the Theory of Capital," Journal of Economic Theory
(October 1969); 244-72.
· "The
Growing Economy" by J. E. Meade, The Journal of Finance (March
1970); 190-3 (Book Review).
· "Optimal
Growth with Irreversible Investment in a Ramsey Model," (with K. J.
Arrow), Econometrica (April 1970).
· "On
the Efficiency of Competitive Programs in an Infinite-Horizon Model" (with
D. Starrett), Review of Economic Studies (July 1970).
· "The
· "Axiomatic
Choice Models" by H. N. Weddepohl, Journal of Economic Literature
(December 1971); 1184-5 (Book Review).
· "Efficiency
Prices in Infinite Dimensional Spaces: A
Synthesis" (with M. Majumdar), Review of Economic Studies (April
1972); 147-58.
· "The
Assignment Model of the
· "Social
Experimentation: A New Took in Economic
and Social Research," Working Paper No. 36, Institute for Mathematical
Studies in the Social Sciences,
· "The
Experimental Horizon and the Rate of Time Preference for the
· "The Kesten-Stigum Model and the Treatment of Uncertainty in Equilibrium Theory," in Essays on Behavior Under Uncertainty (Chapter 13),
edited by M. Balch, D. McFadden and S. Wu, North Holland Publishing (1974);
389-99.
· "Equilibrium
in Finite Sequence of Markets with Transaction Cost," Econometrica,
Vol. 42, No. 1 (January 1974); 1-20.
· "Equilibrium
with Transaction Cost and Money in a Single Market Exchange Economy," Journal
of Economic Theory, Vol. 17, No. 4 (April 1974); 418-52.
· "Arrow-Debreu
Equilibrium of An Exchange Economy With Transaction Cost," International
Economic Review, Vol. 15, No. 3 (October 1974); 699-717.
· "Experimental
Approach to the Determination of the Demand for Public Goods," Journal
of Public Economics, Vol. 3, No. 4 (November 1974); 329-48.
· "Experimental
Approach to the Determination of the Demand for Public Goods: A Reply," Journal
of Public Economics, Vol. 13, No. 4 (November 1974); 431-32.
· "A
Cross Sectional Estimation of Labor Supply for Families in Denver 1970"
(with P. Robins, R. Spiegelman, R. West and H. Halsey), Research Memorandum No.
24, Stanford Research Institute, Menlo Park, California (November 1974).
· "On
the Structure of Trade," (with R. Wilson), Economic Inquiry, Vol. 12,
No. 4 (December 1974); 493-516.
· "A
Study of the Demand for Child Care by Working Mothers" (with P. Robins and
R. Spiegelman), Research Memorandum No. 27, Stanford Research Institute,
· "The
Impact of Income Maintenance on Labor Supply:
A Tentative Evaluation of 18 Months on the
· "The
Impact of Income Maintenance on Labor Supply:
Report on Experimental Results for 18 Months" (with staff members
of Stanford Research Institute), S.R.I. Report to H.E.W. (January 1976).
· "Quantity
Constraints As Substitutes for Inoperative Markets: The Case of the Credit Markets,"
Technical Report No. 205, Institute for Mathematical Studies in the Social
Sciences,
· "Altruistic
Equilibrium," in Economic Progress, Private Values and Public Policy:
Essays in honor of William Fellner, B. Ballasa and R. Nelson (eds.), North Holland
(1977), Chapter 8; 177-200,
· "The
Manitoba Sample Design," report submitted to
· "Power
and Taxes in a Multi-Commodity economy" (with R. Aumann), Israel
Journal of Mathematics, Vol. 27 (1977); 185-234.
· "Distortion
of Preferences, Income Distribution and the Case for a Linear Income Tax,"
Journal of Economic Theory, Vol. 14, No. 2 (April 1977); 291-8.
· "Power
and Taxes" (with R. Aumann), Econometrica, Vol. 45 (July
1977); 1137-61.
· "Funding
the Social Security System: Evaluation
of the Issues," report submitted to Health and Welfare, Canada
(July 6, 1977).
· "Negative
Income Taxation," in Federal Tax Reform, Michael J. Boskin (ed.)
Institute for Contemporary Studies, San Francisco (1978), Chapter 5; 145-70.
· "Income
Distribution: Theory and Evidence,"
· "Power
and Taxes in a Multi-Commodity Economy (Updated)," (with R. Aumann) Journal
of Public Economics, Vol. 9, No. 2 (April 1978); 139-62.
· "Altruism
As An Outcome of Social Interactions," A.E.R. Papers and proceedings
(May 1978); 216-22.
· "Selected
Economic Writings of Oskar Morgenstern," edited by Andrew Schotter, The
Business History Review, Vol. 52, No. 3 (Autumn 1978); 431-2 (Book
Review).
· "Current
Issues of the U.S. Pension System" (with M. Avrin), paper prepared for the
President's Commission on Pension Policy (1979).
· "The
Size Distribution of Income: How Has It
Changed?" in Economics and Human Welfare: Essays in Honor of Tibor
Scitovsky, Michael Boskin (ed.), Academic Press,
· "Equilibrium
and Disequilibrium in Economic Theory," edited by Gerhard Schwodiauer, Journal
of Economic Literature (March 1979), (Book Review).
· "The
Effects of Pensions on Capital Formation:
A Framework for Sample Analysis,"
A report submitted to the President's Commission on Pension Policy,
SRI International,
· "Income
Distribution and Distortion of Preferences:
The P Commodity Case," Journal of Economic
Theory, Vol. 22, No. 1 (February 1980); 99-106.
· "The
Effects of Social Security and Private Pensions on Family Savings,"
Technical Report No. 335, Institute for Mathematical Studies in the Social
Sciences,
· "Unemployment Equilibrium in an Economy with Linked
Prices," Journal of Economic Theory, Vol. 26, No. 1
(February 1982); 100-123.
· "The
Design of the
· "Pareto
Optimal Nash Equilibria are Competitive in a Repeated Economy" (with S.
Hart), Journal of Economic Theory, Vol. 28, No. 2 (December
1982); 320-46.
· "Optimal
Retirement Age," in Controlling the Cost of Social Security, C.
Campbell, (ed.), The American Enterprise Institute,
· "Entrepreneurial
Activity in a Complex Economy," in Entrepreneurship, J. Ronen
(ed.), The Price Institute for Entrepreneurial Activity, Lexington Books, New
York (1983); 291-300.
· "Measuring
Income Inequality," by Frank Nygard and Arne Sandstrom, Journal of
Economic Literature (March 1983); 38-9 (Book Review).
· "Game
Theory in the Social Sciences," by Martin Shubik, Journal of Economic
Literature (June 1983), (Book Review).
· "Endogenous
Formation of Coalitions" (with S. Hart), Econometrica, Vol. 51,
No. 4 (July 1983); 1047-64.
· "Voting
for Public Goods" (with R. Aumann and A. Neyman), Review of Economic
Studies, Vol. 50, No. 163 (October 1983); 677-94.
· "Stable
Coalition Structures" (with S. Hart, in Coalitions and Collective
Action, M. J. Holler (ed.), Physica-Verlag, Wurzbug-Wien (1984); 235-58.
· "Capital
Accumulation and the Characteristics of Private Intergenerational
Transfers," Economica, Vol. 51 (February 1984); 1-22.
· "Heterogeneity
in Savings Behavior: A Comment," in
Frontiers of Economics, K. J. Arrow and S. Honkapohja (eds.), Basil
Blackwell Publishers, London (1985); 307-27.
· "Reconsideration
of Duopoly Theory: A Cooperative Perspective," in Issues in
Contemporary Microeconomics and Welfare, George R. Feiwel (ed.), Macmillan
(1985); 245-80.
· "Cooperative
Oligopoly Equilibrium," European Economic Review, Vol. 27,
No. 1 (February 1985); 3-24.
· "On
Asymmetric Information, Unemployment and Inflexible Wages," in Essays
in Honor of Kenneth Arrow, Walter P. Heller, Ross M. Starr and David
Starrett (eds.), Cambridge University Press, Cambridge (1986), Chapter 8;
219-49.
· "Game
Theory in the Social Sciences," Vol. I and Vol. II by Martin Shubik, Journal
of Political Economy, Vol. 94, No. 3 (June 1986); 684-9 (Book Review).
· "The
Life Cycle Hypothesis As a Tool of Theory and Policy," in Arrow and the
Foundations of The Theory of Economic Policy, George R. Feiwel (ed.),
Macmillan (1987), Chapter 17; 447-90.
· "Power
and Public Goods" (with R. Aumann and A. Neyman), Journal of Economic
Theory, Vol. 42 (June 1987); 108-27.
· "Coalition
Value," in The Shapley Value:
Essays in Honor of Lloyd Shapley, Alvin E. Roth (ed.), Cambridge
University Press, Cambridge 1988, pp. 155-174.
· "Myopic
Decision Rules," in The New Palgrave, J. Eatwell, M. Milgate and P.
Newman (eds.), Macmillan,
· "Competition,
Linear Pricing and Rationing in Credit Markets," in Economics of
Imperfect Competition and Employment: Joan Robinson and Beyond, George R.
Feiwell, (ed.), MacMillan 1989, pp. 508-531.
· "Understanding
the Past in Order to Assess the Future:
On Learning Price Equilibrium Processes," in Essays in Honor of
Frank Hahn, Dasgupta, P., O. Hart, D. Gale and E. Maskin (ed.), Cambridge
University Press, 1992, pp. 291-315.
· "General
Equilibrium with Endogenous Uncertainty," Department of Economics, Mimeo,
1993.
· "Game
Theory and Public Economics", in Handbook of Game Theory and Economic
Applications, Aumann, R. and S. Hart, H. (ed.), North-Holland, 1994.
· "On the Structure and Diversity of Rational Beliefs," Economic Theory,
Vol. 4, pp. 877-900, 1994 .
· "On Rational Belief Equilibria, Economic Theory, Vol. 4, pp. 859-876,
1994.
· "Rational
Preferences and Rational Beliefs," in The Rational Foundations of
Economic Behavior, International Economic Association, K.J. Arrow, E.
Colombatto, M. Perlman and C. Schmidt (eds.), Macmillan, 1995.
· "Rational Beliefs and Endogenous Uncertainty: an Introduction", Economic Theory, 8
pp. 383 - 397, October 1996.
· "Endogenous Uncertainty in a General Equilibrium Model with Price Contingent Contracts", (with H.M. Wu) , Economic Theory, 8
pp. 461-488, October 1996.
· "Coordination and Correlation in Markov Rational Belief Equilibria", (with Martin
Schneider), Economic Theory, 8
pp. 489-520, October 1996.
· "Endogenous Economic Fluctuations and Rational Beliefs: A General Perspective",
Chapter 1 in Endogenous Economic
Fluctuations: Studies in the Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in
Economic Theory, No.6, August 1997.
· "Asset Prices with Rational Beliefs," Chapter
9 in a monograph entitled Endogenous Economic Fluctuations: Studies in the
Theory of Rational Belief, Mordecai Kurz (ed.) Springer series in Economic
Theory, No.6, August 1997.
· "The Equity Premium is No Puzzle".
(with A. Beltratti). Chapter 11
in a monograph entitled Endogenous Economic Fluctuations: Studies in the
Theory of Rational Belief, Mordecai
Kurz (ed.) Springer series in Economic Theory, No.6, August 1997.
· "On the volatility of Foreign Exchange Rates". Chapter 12 in a monograph
entitled Endogenous Economic Fluctuations: Studies in the Theory of Rational
Belief, Mordecai Kurz (ed.) Springer
series in Economic Theory, No.6, August 1997.
· "Social States of Belief and the Determinants of the Equity Risk Premium in A Rational Belief Equilibrium". In a monograph
entitled Functional Analysis and Economic Theory, Y.A. Abramovich, E.
Avgerinos and N.C. Yannelis (eds.), pp. 171 - 220, Springer Verlag, 1998.
· "Endogenous Uncertainty and Market Volatility", (with Maurizio Motolese). Economic
Theory, 16 pp.497 -
544, 2001 .
· "Endogenous Uncertainty: A Unified View of Market Volatility". Chapter 9 in F. Petri and F. Hahn
(eds.) General Equilibrium: Problems and Prospects, pp. 246 -282,
· "Endogenous Fluctuations and the Role of Monetary Policy”, (with Hehui Jin and Maurizio
Motolese). Chapter 10 in P. Aghion, R. Frydman, J. Stiglitz and M. Woodford,
(ed.) Knowledge, Information and Expectations in Modern Macroeconomics:
Essays In Honor of Edmund S. Phelps, pp. 188 -227,
· "Determinants of Stock Market Volatility and Risk Premia,” (with Hehui Jin and Maurizio
Motolese). Annals of Finance, 1,
109-147, January 2005.
· "The Role of Expectations in Economic Fluctuations and the Efficacy of Monetary Policy,” (with Hehui Jin and Maurizio Motolese). Journal of Economic
Dynamics and Control, 29, 2017 - 2065, 2005.
· "Public Policy Evaluation, Social Risk and Pension Capital.” Rivista Internazionale
di Scienze Sociali, 389-416, 2006.
· "Beauty Contests, Private Information and Diverse Beliefs.” Journal of Mathematical
Economics, (forthcoming), 2008.
· "Rational Diverse Beliefs and Economic Volatility.” Chapter prepared for the Handbook
in Financial Economics,
III. Work in Progress
1. Kurz,
M. (2004): “Measuring the Ex-Ante Social
Cost of Aggregate Volatility.” Working Paper,
2. Kurz,
M. (2005): “Diverse Beliefs, Forecast Errors and Central Bank Policy.” Working
Paper,
3. Kurz,
M. and Motolese, M. (2007): “Diverse Beliefs and Time Variability of Risk Premia.”
Working paper,