Background
BAUMOL, William Jack was born in 1922 in New York City, United States of America.
(This classic text presents an integrative theory of what ...)
This classic text presents an integrative theory of what determines prices and industrial structure in contestable markets. The exposition extends theory and technique and suggests some unique perspectives from which to view regulatory and deregulatory policy. All analysis is done both graphically and mathematically, and in certain chapters the authors provide nontechnical insights and views about the implications of theory for public policy.
http://www.amazon.com/gp/product/015513910X/?tag=2022091-20
(With his characteristic acuteness and lucidity, William B...)
With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from economic decisions.
http://www.amazon.com/gp/product/0262022346/?tag=2022091-20
(This text offers a systematic, rigorous, and unified pres...)
This text offers a systematic, rigorous, and unified presentation of evolutionary game theory, covering the core developments of the theory from its inception in biology in the 1970s through recent advances. Evolutionary game theory, which studies the behavior of large populations of strategically interacting agents, is used by economists to make predictions in settings where traditional assumptions about agents' rationality and knowledge may not be justified. Recently, computer scientists, transportation scientists, engineers, and control theorists have also turned to evolutionary game theory, seeking tools for modeling dynamics in multiagent systems. Population Games and Evolutionary Dynamics provides a point of entry into the field for researchers and students in all of these disciplines. The text first considers population games, which provide a simple, powerful model for studying strategic interactions among large numbers of anonymous agents. It then studies the dynamics of behavior in these games. By introducing a general model of myopic strategy revision by individual agents, the text provides foundations for two distinct approaches to aggregate behavior dynamics: the deterministic approach, based on differential equations, and the stochastic approach, based on Markov processes. Key results on local stability, global convergence, stochastic stability, and nonconvergence are developed in detail. Ten substantial appendixes present the mathematical tools needed to work in evolutionary game theory, offering a practical introduction to the methods of dynamic modeling. Accompanying the text are more than 200 color illustrations of the mathematics and theoretical results; many were created using the Dynamo software suite, which is freely available on the author's Web site. Readers are encouraged to use Dynamo to run quick numerical experiments and to create publishable figures for their own research.
http://www.amazon.com/gp/product/0262195879/?tag=2022091-20
(In this book, Professors Baumol and Oates provide a rigor...)
In this book, Professors Baumol and Oates provide a rigorous and comprehensive analysis of the economic theory of environmental policy. They present a formal, theoretical treatment of those factors infuencing the quality of life. By covering both the theory of externalities and its application to environmental policy, the authors have retained the basic structure and organization of the first edition, which has become a standard reference in the field. In this edition, however, they have updated their analysis to incorporate recent research in enviromental economics.
http://www.amazon.com/gp/product/0521311128/?tag=2022091-20
BAUMOL, William Jack was born in 1922 in New York City, United States of America.
BSS College City New York, 1942. Doctor of Philosophy University London, 1949. Honorary Doctor of Laws Rider College, 1965.
Honorary Dr. Stockholm School Economics, 1971. Honorary Dr. Humane Letters, Knox College, 1973. Honorary Dr. University Basel, 1973.
He is a professor of economics at New York University and is also affiliated with Princeton University. Baumol has written extensively about labor market and other economic factors that affect the economy. He also made contributions to the history of economic thought. He is among the most influential economists in the world according to IDEAS/RePEc. He was elected a Fellow of the American Academy of Arts and Sciences in 1971.
Among his better-known contributions are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money, Baumol's cost disease, which discusses the rising costs associated with service industries, and Pigou taxes. His research on environmental economics recognized the fundamental role of non-convexities in causing market failures.
His research on the stock market, particularly in regards to the random walk theory and the efficient market hypothesis. There's a terrific interview of Eugene Fama that details his stock market research available on Dimensional's Online Library
(With his characteristic acuteness and lucidity, William B...)
(This text offers a systematic, rigorous, and unified pres...)
(In this book, Professors Baumol and Oates provide a rigor...)
(This classic text presents an integrative theory of what ...)
(Welfare Economics and the Theory of the State (Modern Rev...)
(Buy Nonlinear Dynamics Chaos and Instability: Statistical...)
Most of my work has related to welfare economics and its applications. My first book showed how the theory of externalities could be extended to provide the foundations of a theory of the State. Since then I and W. E. Oates have applied welfare theory to environmental issues showing, for example, how a subsidy to firms which reduce emissions could decrease each firm’s pollution output and yet increase the pollution generated by the industry.
More recently J. Panzar and R. Willig and I worked on the theory of contestable markets which showed circumstances sufficient to elicit socially desirable behaviour from industries with a small number of incumbent firms. The analysis also provided for the special case of perfect ease of entry and exit which may be the first comprehensive theory of the determination of industry structure in particular for cases involving multiproduct firms.
I also have produced a model of unbalanced growth showing how cer-
tain types of service such as education, medicine and the arts have been condemned by lagging productivity to rising relative costs and to absorption of an ever growing share of the economy’s resources if the quantities demanded keep up with the rest of the economy.
Fellow Econometric Society
American Economic Association (distinguished fellow, executive committee, vice president 1966-67, president 1981); National Academy Scis.
1966 - 1967
American Association of University Professors (vice president, chairman committee on economic status of the profession 1968-70, committee on honorary s)
1968 - 1970
American Academy Arts and Scis.
American Philosophical Society
Eastern Economic Association (president 1978-79)
1978 - 1979
Association Environmental and Resource Economists (president 1979)
Atlantic Economic Society (president 1986)
Economic Association Puerto Rico (distinguished )
Academy National Dei Lincei (Italy)
British Academy
Baumol is a trustee of Economists for Peace and Security. Baumol is known for his interests in the economics of art, including the economics of art galleries that rely on private philanthropy.