Background
Shell, Karl was born on May 10, 1938 in Paterson, New Jersey, United States. Son of Joseph J. and Grace (De Young) Shell.
(This is a book on the theory behind the construction of p...)
This is a book on the theory behind the construction of production index numbers. Well-known examples of such indexes are the Gross Domestic Product, the Producer Price Index, and labor productivity. Fisher and Shell provide the analysis behind this class of index numbers. They treat separately the different production units and different forms of industrial organization. They show the direction of bias in traditionally calculated index numbers and how biases can affect fundamental conclusions about the growth or stagnation of the economy.
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Shell, Karl was born on May 10, 1938 in Paterson, New Jersey, United States. Son of Joseph J. and Grace (De Young) Shell.
Bachelor of Arts in Mathematics with honors, Princeton University, 1960. Doctor of Philosophy in Economics, Stanford University, 1965. Master of Arts (honorary), University Pennsylvania, 1971.
Systems Analyst, Proctor & Gamble, 1959. Economics, United States President's Council Economics Advisers, 1962. Act. Instructor Economics, Stanford University, 1962-1963.
Assistant Professor, Association Professor of Economics, Massachusetts Institute of Technology, Cambridge, Mass., USA,
7, 1967-1968. Association Professor of Economics, University Pennsylvania, 1968-1970. Visiting Professor of Economics, Stanford University, 1972-1973.
Adjunct Research, Centre d’Etudes Prespectives d’Economie Mathematique Appliquee a la Planification, France, Paris, 1977-1978. Adjunct Professor of Economics, University Paris XII, 1979. Adjunct Professor of Economics, University Paris I, 1981.
Professor of Economics, Co-Director, Center Analytic Research Economics and Social Sciences, University Pennsylvania, United States of America, since 1970. Editor Journal of Economic Theory, since 1968. Editor, Monographs Economics Theory, Mathematics Economics, and Econometrics (Academic Press, since 1968.).
(This is a book on the theory behind the construction of p...)
Co-author: Economic Theory of Price Indices, 1972, Economic Analysis of Production Price Indexes, 1998. Editor: Optimal Economic Growth, 1967, Journal Economic Theory, since 1968. Co-editor: Investment and Finance, 1972, Hamiltonians, 1976, Economic Complexity, 1989.
The theory of intertemporal resource allocation: pioneered in inventive activity and capital accumulation. Showed (with Stiglitz) how long-run perfect-foresight excludes errant trajectories in saddlepoint dynamical systems of heterogeneous capital accumulation. Analysed indeterminacy of equilibrium in economies with government debt.
Established (with Phelps) that the debt is not necessarily burdensome: a larger debt can be associated with a higher longrun capital intensity. Established that restrictions on market participation are not essential in the perfect-foresight overlapping-generations economy. The double infinity of consumers and dated commodities is the source of intertemporal inefficiency.
Showed (with Cass) how dynamic stability of the optimal growth model is dependent on the geometry of the Hamiltonian function. Provided (with Balasko) a detailed analysis of equilibrium and welfare in overlapping-generations economies. Inventor (with Cass) of the ‘sunspots model’.
Showed that incomplete market participation plays an essential role in economies facing extrinsic uncertainty.
Other research: extensive work
(with Fisher) on the theory of economic price indices. The theory of taxes denominated in money units. Applied work on financing higher education in the United States.
Fellow Econometric Society. Member American Economic Association, Economic Study Society, Society for Promotion of Economic Theory, Princeton Club (New York City), Sigma Xi.
Married Susan Witherow Schulze, January 27, 1962. Children: Stephanie Shell Read, Jason.