Jump to content

David Laibson: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
reduce redundancy
Importing Wikidata short description: "American economist"
 
(11 intermediate revisions by 8 users not shown)
Line 1: Line 1:
{{Short description|American economist}}
⚫
{{Use mdy dates|date=August 2019}}
{{Distinguish|David Laidler}}
{{Distinguish|David Laidler}}
⚫
{{Use mdy dates|date=August 2019}}
{{Infobox economist
{{Infobox economist
| name = David Laibson
| name = David Laibson
Line 12: Line 13:
| death_date =
| death_date =
| death_place =
| death_place =
| nationality = United States
| 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 = [[Harvard University]] ([[Bachelor of Arts|AB]])<br>[[London School of Economics]] ([[Master of Science|MSc]])<br>[[Massachusetts Institute of Technology]] ([[Doctor of Philosophy|PhD]])
⚫
| 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. |chapter= |publisher= [[MIT]] |docket= |oclc= |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" />
| academic_advisors=
| academic_advisors=
| doctoral_students=
| doctoral_students=
| notable_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]]. In 2016, he became chairman of the Harvard economics department.
'''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 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.
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 ''[[QJE]]'', ''[[American Economic Review|AER]]'', ''[[Journal of Economic Perspectives|JEP]]'', ''[[Econometrica]]'', and ''[[Science (magazine)|Science]]''.
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]]''.

Laibson is well known 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" 1997 paper in QJE 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," the idea 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.

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) information for several dozen companies, which has allowed him to empirically investigate the effects of various 401(k) plan designs on the investment strategies of the plan participants. One 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. For example, a company can dramatically increase participation in its 401(k) plan if it enrolls its employees in the plan by default unless they take a minor step to opt out. However, employees tend to stick to the default contribution rates and investment allocations.

Much of this theoretical and empirical work has been co-authored with [[Brigitte C. Madrian|Brigitte Madrian]], [[James Choi]], [[John Beshears]], [[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 has written a Principles of Economics textbook with MIT economist [[Daron Acemoglu]] and [[University of Chicago]] economist [[John A. List]].

Another area of research focus for Laibson involves models of bounded rationality in markets; he has co-authored papers in this field with [[Xavier Gabaix]] and other scholars. For his career achievements, he was elected to the [[National Academy of Sciences]] in 2019.


==References==
==References==
Line 62: Line 54:
[[Category:Fellows of the American Academy of Arts and Sciences]]
[[Category:Fellows of the American Academy of Arts and Sciences]]
[[Category:Members of the United States National Academy of Sciences]]
[[Category:Members of the United States National Academy of Sciences]]
[[Category:20th-century economists]]
[[Category:20th-century American economists]]
[[Category:21st-century 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]
Retrieved from "https://en.wikipedia.org/w/index.php?title=David_Laibson&oldid=1215325328"