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Issac EHRLICH

Issac EHRLICH, economist in the field of Economics of Uncertainty and Information; Economics of Health; Economics of Crime. Ford Foundation Doctoral Fellow; Senior Research Association, National Bureau of Economie Research, New York, New York, United States of America, 1970-1971.

Background

  • EHRLICH, Issac was born in 1938 in Tel Aviv, Israel.

  • Education

    • Bachelor of Arts (Economics and History Muslim People) Hebrew University, Jerusalem, 1964. Doctor of Philosophy Columbia University, 1970.

    Career

    • Instructor, Assistant Professor, Association Professor Business Economics, University Chicago, 1969-1970, 1971-1974, 1974-1977. Lector Economics, Tel Aviv University, 1971-1972. Visiting Association Professor Law and Economics, University Virginia, 1973.

      Melvin H. Baker Professor American Enterprise and Professor of Economics, State University New York, Buffalo, New York, United States of America, 1977-.

    Major achievements

    • Ford Foundation Doctoral Fellow. Senior Research Association, National Bureau of Economie Research, New York, New York, United States of America, 1970-1971.

    Views

    Applications of general economic theory in the study of diversified human conduct both in the market place and in a variety of nonmarket activities with a particular emphasis on the role of time, information, and uncertainty in influencing that conduct. The most provocative illustration concerns participation in illegitimate activities. Use of optimisation and equilibrium analysis and econometric methodology to explain and measure the rate and direction of all legal infractions, including serious crimes, has challenged received theories in criminology, and opened up a new research frontier: the economics of crime.

    Work on behaviour under uncertainty has provided a framework for studying time allocation into risky endeavours in general and the joint demand for market insurance, and a variety of self-insurance and selfprotection activities that influence risk bearing. Work on asset management, the derived demand for advertising, and the economics of health and longevity, a more current research focus, has had its origins in earlier work through its links to the economics of time, information and uncertainty. Work on asset management represents a deviation from the perfect market hypothesis in finance in that it allows for the role of individual time and acquired special knowledge in the determination of returns on managed assets, the selection of individual portfolios, and consumption and production decisions over the life-cycle. Work on advertising links firms’ use of conventional advertising and all other selling efforts to consumers’ search (hence value of time) and need for specific knowledge concerning the attributes of goods and services for which individual knowledge is incomplete.

    Work on the demand for longevity deals with length of life as a commodity which competes with quality of life over allocation of lifetime resources, and analyses investment in health and longevity as an integral part of both human capital theory and the general theory of self-protection against detrimental risks to life.

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