The Whole Truth and Economic Efficiency: A Lecture By Nobel Prize Winning Economist Kenneth Arrow
Nov 19, 2014
from 12:45 PM to 02:15 PM
|Where||Engelman Recital Hall, Newman Vertical Campus, 55 Lexington Avenue|
|Contact Name||Matthew LePere|
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About the Program
Professor Arrow will address the ethical implications created by differences in information among firms and other stakeholders. For example, retailers have knowledge about their products that consumers lack; financial officers have knowledge about the firm that shareholders do not have. What moral obligations does this impose on the firms and their managers? Can law be a substitute for such obligations?
About the Speaker
Dr. Kenneth Arrow is the Joan Kenney Professor of Economics and Professor of Operations Research. He is an emeritus; Center for Health Policy / Center for Primary Care and Outcomes Research fellow; and a Freeman Spogli Institute senior fellow by courtesy at Stanford University. He is also a Nobel Prize-winning economist whose work has been primarily in economic theory and operations with a focus on areas including social choice theory, risk bearing, medical economics, general equilibrium analysis, inventory theory and the economics of information and innovation. He was one of the first economists to note the existence of a learning curve and he also showed that under certain conditions an economy reaches a general equilibrium. In 1972, along with Sir John Hicks, he won the Nobel Prize in economics, for his pioneering contributions to general equilibrium theory and welfare theory.
Arrow has served on the economics faculties of the University of Chicago, Harvard and Stanford. Prior to that, he served as a weather officer in the U.S. Air Corps (1942-46), and a research associate at the Cowles Commission for Research in Economics (1947-49). In addition to the Nobel Prize, he has received the American Economic Association's John Bates Clark Medal. He is a member of the National Academy of Sciences and the Institute of Medicine. He received a BS from City College, an MA and PhD from Columbia University and holds approximately 20 honorary degrees.
12:45 pm - Presentation