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{{Short description|American economist}}
{{Distinguish|David Laidler}}
{{Use mdy dates|date=August 2019}}
{{Infobox economist
{{Infobox economist
| name = David Laibson
| name = David Laibson
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| image = David laibson 2007.jpg
| image = David laibson 2007.jpg
| image_size =
| image_size =
| caption = David Laibson in 2007.
| caption = David Laibson in 2007
| birth_date = {{Birth date and age|1966|06|26|mf=y}}
| birth_date = {{Birth date and age|1966|06|26|mf=y}}
| birth_place =
| birth_place =
| death_date =
| death_date =
| death_place =
| death_place =
| nationality = [[United States|American]]
| nationality = American
| institution = [[Harvard University]]
| institution = [[Harvard University]]
| field = [[Macroeconomics]]<br>[[Behavioral economics]]
| field = [[Macroeconomics]]<br>[[Behavioral economics]]
| doctoral_advisor = [[Olivier Jean Blanchard]]<ref name="Doctoral advisor">{{cite thesis |last= Laibson |first= David Isaac |date= 1994 |title= Hyperbolic Discounting and Consumption |type= Ph.D. |publisher= [[MIT]] |url= https://dspace.mit.edu/bitstream/handle/1721.1/11966/31053607-MIT.pdf?sequence=2 |access-date= February 1, 2017 }}</ref><br>[[Roland Bénabou]]<ref name="Doctoral advisor" />
| alma_mater = [[Massachusetts Institute of Technology]]<br>[[London School of Economics]]<br>Harvard University
| academic_advisors=
| doctoral_students=
| notable_students =
| influences = [[Benjamin M. Friedman]]<br>[[Matthew Rabin]]
| influences = [[Benjamin M. Friedman]]<br>[[Matthew Rabin]]
| influenced = [[Xavier Gabaix]]
| contributions =
| contributions =
| awards =
| awards =
| signature = <!-- file name only -->
| signature = <!-- file name only -->
| repec_prefix = e | repec_id = pla164
| repec_prefix = e | repec_id = pla164
|education=[[Harvard University]] ([[Bachelor of Arts|BA]])<br>[[London School of Economics]] ([[Master of Science|MSc]])<br>[[Massachusetts Institute of Technology]] ([[Doctor of Philosophy|PhD]])}}
}}


'''David Isaac Laibson''' (born June 26, 1966) is a professor of [[economics]] at [[Harvard University]], where he has taught since 1994. His research focuses on [[macroeconomics]], [[intertemporal choice]], [[behavioral economics]] and [[neuroeconomics]].
'''David Isaac Laibson''' (born June 26, 1966) is an American economist and professor at [[Harvard University]], where he has taught since 1994. His research focuses on [[macroeconomics]], [[intertemporal choice]], [[behavioral economics]], and [[neuroeconomics]]. In 2016, he became chairman of the Harvard economics department.


== Life and career ==
Laibson is the son of Ruth and Peter Laibson, and grew up in [[Haverford, Pennsylvania]]. He received an A.B. (''summa'') from Harvard in 1988, studying under [[Benjamin M. Friedman]], and went on to study at the [[London School of Economics]] (MSc. in Econometrics and Mathematical Economics) where he was a recipient of a [[Marshall Scholarship]]. He received his [[PhD]] from [[Massachusetts Institute of Technology|MIT]] in 1994 and joined the faculty at Harvard once he graduated. He has since gained tenure. He is married to the mathematician Nina Zipser, and they have a son, Max.
Laibson was raised by Ruth and Peter Laibson in [[Haverford, Pennsylvania]]. He received an [[Bachelor of Arts|AB]] (''summa'') from Harvard in 1988, studying under [[Benjamin M. Friedman]], and went on to win a [[Marshall Scholarship]] to study at the [[London School of Economics]] ([[Master of Science|MSc]] in Econometrics and Mathematical Economics). He received his [[PhD]] from [[Massachusetts Institute of Technology|MIT]] in 1994 and joined the faculty at Harvard once he graduated. He has since gained tenure. He is married to the mathematician Nina Zipser, and they have a son, Max.


At Harvard, he teaches Economics 2030: Psychology and Economics. He also co-teaches Economics 10, the year-long introductory economics class at Harvard, together with [[Jason Furman]].<ref>{{cite news |last1=Armenakas |first1=Sophia S. |last2=McCafferty |first2=Molly C. |title=Laibson and Furman to Take Over Ec10, Increase Number of Lectures {{!}} News {{!}} The Harvard Crimson |url=https://www.thecrimson.com/article/2019/4/1/laibson-furman-head-ec10/ |work=The Harvard Crimson |date=April 1, 2019 |language=en}}</ref> His research has been published in prestigious journals such as the ''[[Quarterly Journal of Economics|QJE]]'', ''[[American Economic Review|AER]]'', ''[[Journal of Economic Perspectives|JEP]]'', ''[[Econometrica]]'', and ''[[Science (magazine)|Science]]''.
At Harvard, he teaches a popular undergraduate class on "Psychology and Economics." In addition he teaches graduate courses on [[macroeconomics]], [[behavioral economics]] and [[dynamic programming]]. His research has been published in prestigious journals such as the ''[[QJE]]'', ''[[American Economic Review|AER]]'', ''[[Journal of Economic Perspectives|JEP]]'', ''[[Econometrica]]'', and ''[[Science (magazine)|Science]]''. Laibson is perhaps best known within economics for his work on time inconsistency, especially his model of quasi-[[hyperbolic discounting]]. One of his most prominent early contributions has been the "Golden Eggs and Hyperbolic Discounting" paper in QJE, 1997 where he studied the intertemporal behavior of a [[Time inconsistency|time-inconsistent]] consumer. This work provides a tractable model for self-control problems, in which agents have difficulty sticking to their long-term goals. Agents in Professor Laibson's models generally value "commitment devices," such as 401(k) plans or housing equity, that let them accumulate assets without as much temptation to splurge. These models also explain the "debt puzzle," that American consumers demonstrate both short-run impatience and long-run patience in their lifecycle savings decisions. Laibson has since developed hyperbolic discounting research in many directions, from more advanced theoretical models to computational macroeconomics to conceptual applications.


==References==
His own applications of his models have focused primarily on retirement savings, with considerable empirical work on [[401(k)]] plans. He has acquired access to a proprietary dataset of the 401(k) plan account information for several dozen companies, which has let him look empirically at the effects of various 401(k) plan designs and on the investment strategies of the plan participants. Perhaps the most important result to come from this research is that plan participants tend to follow the "path of least resistance," showing remarkable responsiveness to defaults and other context effects from plan design. For example, a company can dramatically increase participation in its 401(k) plan if it moves to a default of automatically enrolling employees in the 401(k) plan unless they take a minor step to opt out. However, the employees tend to stick at the default contribution rates and investment allocations.
{{Reflist}}

Much of this theoretical and empirical work has been co-authored with [[Brigitte Madrian]], [[James Choi]], [[Andrea Repetto]], and [[Jeremy Tobacman]], among many others. Laibson's quasi-hyperbolic discounting models have also been extended and applied to addiction by [[Matthew Rabin]], [[Ted O'Donoghue]], and [[Jonathan Gruber (economist)|Jonathan Gruber]], among others.

Laibson's second most important line of research, after savings and self-control, is models of bounded rationality in markets, generally co-authoring papers with [[Xavier Gabaix]], among others. He has also worked on neuroeconomics.


==External links==
==External links==
* [http://uc.princeton.edu/main/index.php?option=com_content&task=view&id=2395&Itemid=1 The Psychology of Savings and Investment], a series of three talks by David Laibson at the London School of Economics and Political Science, Nov 19–21, 2007.
* [https://web.archive.org/web/20090814040544/http://uc.princeton.edu/main/index.php?option=com_content&task=view&id=2395&Itemid=1 The Psychology of Savings and Investment], a series of three talks by David Laibson at the London School of Economics and Political Science, Nov 19–21, 2007.


{{Authority control}}
{{Authority control}}

{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]] -->
| NAME =Laibson, David
| ALTERNATIVE NAMES =
| SHORT DESCRIPTION =American economist
| DATE OF BIRTH =June 26, 1966
| PLACE OF BIRTH =
| DATE OF DEATH =
| PLACE OF DEATH =
}}
{{DEFAULTSORT:Laibson, David}}
{{DEFAULTSORT:Laibson, David}}
[[Category:1966 births]]
[[Category:1966 births]]
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[[Category:Harvard University faculty]]
[[Category:Harvard University faculty]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:Marshall Scholars]]
[[Category:Fellows of the Econometric Society]]
[[Category:Fellows of the American Academy of Arts and Sciences]]
[[Category:Members of the United States National Academy of Sciences]]
[[Category:20th-century American economists]]
[[Category:21st-century American economists]]
[[Category:Behavioral economists]]

Latest revision as of 12:49, 24 March 2024

Not to be confused with David Laidler.

David Laibson
David Laibson in 2007
Born (1966-06-26) June 26, 1966 (age 58)
NationalityAmerican
EducationHarvard University (BA)
London School of Economics (MSc)
Massachusetts Institute of Technology (PhD)
Academic career
FieldMacroeconomics
Behavioral economics
InstitutionHarvard University
Doctoral
advisor		Olivier Jean Blanchard[1]
Roland Bénabou[1]
InfluencesBenjamin M. Friedman
Matthew Rabin
Information at IDEAS / RePEc

David Isaac Laibson (born June 26, 1966) is an American economist and professor at Harvard University, where he has taught since 1994. His research focuses on macroeconomics, intertemporal choice, behavioral economics, and neuroeconomics. In 2016, he became chairman of the Harvard economics department.

Life and career

[edit]

Laibson was raised by Ruth and Peter Laibson in Haverford, Pennsylvania. He received an AB (summa) from Harvard in 1988, studying under Benjamin M. Friedman, and went on to win a Marshall Scholarship to study at the London School of Economics (MSc in Econometrics and Mathematical Economics). He received his PhD from MIT in 1994 and joined the faculty at Harvard once he graduated. He has since gained tenure. He is married to the mathematician Nina Zipser, and they have a son, Max.

At Harvard, he teaches Economics 2030: Psychology and Economics. He also co-teaches Economics 10, the year-long introductory economics class at Harvard, together with Jason Furman.[2] His research has been published in prestigious journals such as the QJE, AER, JEP, Econometrica, and Science.

References

[edit]
  1. ^ a b Laibson, David Isaac (1994). Hyperbolic Discounting and Consumption (PDF) (Ph.D.). MIT. Retrieved February 1, 2017.
  2. ^ Armenakas, Sophia S.; McCafferty, Molly C. (April 1, 2019). "Laibson and Furman to Take Over Ec10, Increase Number of Lectures | News | The Harvard Crimson". The Harvard Crimson.
[edit]
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