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Jacques H.J.M.E. DRÈZE

Jacques H.J.M.E. DRÈZE, economist in the field of General Equilibrium Theory; Economics of Uncertainty and Information; Game Theory and Bargaining Theory; Econometric and Statistical Methods and Models. Fellow, Vice president, President, Econometric Society, 1964,1969,1970; Honorary Member, American Economic Association, 1976; Foreign Honorary Member, American Academy of Arts and Sciences, 1978; Foreign Member, Royal Netherlands Academy Arts and Sciences, 1980.

Background

  • DRÈZE, Jacques H.J.M.E. was born in 1929 in Verviers, Belgium.

  • Education

    • Licence, University de Liège, 1951. Doctor of Philosophy Columbia University, 1958. Honorary Dr Universities Essex, 1980, Paris I-Sorbonne, 1980, Montreal, 1982, Liège, 1983.

    Career

    • Ass Professor, Carnegie Institute, Institution Technology, 1957-1958. Chargé de cours, Professor, University Catholique de Louvain, 1958-1962,1962-1964;Professor, University Chicago, 1964-1968. Professor of Economics, Centre for Operations Research and Econometrics, Belguim, University Catholique de Louvain, Louvainla-Neuve, Belgium, since 1968.

      Co-editor Econometrica, 1967-1969.

    Major achievements

    • Fellow, Vice president, President, Econometric Society, 1964,1969,1970. Honorary Member, American Economic Association, 1976. Foreign Honorary Member, American Academy of Arts and Sciences, 1978.

      Foreign Member, Royal Netherlands Academy Arts and Sciences, 1980.

    Views

    The main topics in which I have held continued interest over a number of years are: (1) the ‘Standard Good Hypothesis’ (small industrial countries have a relative advantage in the production of commodities which are not qualitatively differentiated across countries) initially presented and verified for Belgium in Article No. 1 above, and since tested by others on several other small economies. (2) the foundations of decision theory and in particular the extension of the model of Savage (subjectively probability and expected utility) to situations of moral hazard or games and state-dependent preferences.

    This work, initiated in my Doctor of Philosophy dissertation and published in French periodicals, receives a much simpler and more general treatment in my 1985 book, which also includes an application to the value of life and safety. (3) the economics of uncertainty, in particular consumer decisions (about savings, portfolios and occupations), producer decisions (industry equilibrium, sticky prices, investment), labour contracts and decisions of non-profit organisations. Some 15 papers on these topics are collected in my 1985 book.

    (4) Bayesian analysis of simultaneous equation models - an ongoing project, described in article No. 6 above and more recently in the Handbook of Econometrics. (5) the analysis of the core of economies with syndicates or monopolies — see article No.

    5 and references there. (6) tâtonnement processes for public goods which converge to a Pareto optimum and embody incentives for correct revelation of preferences — see article No. 4; (7) the theory of the second best, first discussed in the work of Boiteux, then applied to discount rates, to non-profit organisations in article No.

    9, and recently to economies experiencing disequilibrium. (8) equilibrium theory under price rigidities and quantity constraints, as introduced in article No. 7 and later extended to public goods, second-best policies and economies with increasing returns.

    (9) the pure theory of labourmanaged economies, especially in a general equilibrium framework and in contexts of uncertainty and disequilibrium — see 1984 book. And (10) employment policies in small open economies — article No.

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    Born 1929