Background
DRÈZE, Jacques H.J.M.E. was born in 1929 in Verviers, Belgium.
(Professor Dreze is a highly respected mathematical econom...)
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
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DRÈZE, Jacques H.J.M.E. was born in 1929 in Verviers, Belgium.
Licence, University de Liège, 1951. Doctor of Philosophy Columbia University, 1958. Honorary Doctor Universities Essex, 1980, Paris I-Sorbonne, 1980, Montreal, 1982, Liège, 1983.
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.
Company-editor Econometrica, 1967-1969.
(Professor Dreze is a highly respected mathematical econom...)
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 Number. 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 Number. 6 above and more recently in the Handbook of Econometrics. (5) the analysis of the core of economies with syndicates or monopolies — see article Number.
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 Number. 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 Number.
9, and recently to economies experiencing disequilibrium. (8) equilibrium theory under price rigidities and quantity constraints, as introduced in article Number. 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 Number.