Older Ely Lectures

  • Ely Lecture 2008-2009

    Professor Colin Camerer, California Institute of Technology

    Colin Camerer is the Robert Kirby Professor of Business Economics at Caltech in Pasadena, CA. Camerer earned a BA (Johns Hopkins, 77) and an MBA and PhD (University of Chicago GSB, 79, 81). Camerer’s research applies psychological principles to economic decisions, an approach called “behavioral economics.” Camerer’s research has spanned many domains. Using field data he has studied labor supply of cab drivers, sports betting markets, prediction markets, and strategic naivete in moviegoer responses to reviews. In laboratory experiments he has studied risky decision making, price bubbles in simple stock markets, game theory, reputations for trustworthiness, deception, and Pavlovian consumption cues. His current research uses measurement of attention (eyetracking), behavior of patients with brain lesions and temporary (TMS) disruption, and brain imaging to study how the brain makes economic decisions. In the 2009 Richard Ely Lectures he will discuss the goals and methods of neuroeconomics, some preliminary findings on valuation circuitry and support for behavioral economics, and research frontiers.

    Lecture 1: Tuesday, April 7, 2009.
    Title: “The goals and methods of neuroeconomics”
    Place: Room 1, Remsen Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 2: Friday, April 10, 2009
    Title: “Learning, valuation and choice”
    Place: Room 110, Maryland Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 3: Monday, April 13, 2009
    Title: “Neural foundations of behavioral economics”
    Place: Room 110, Maryland Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 4: Wednesday, April 15, 2009
    Title: “Frontiers: Neural state-dependence of choice and decoding of valuation”
    Place: Room 100, Shaffer Hall, Homewood
    Time: 2-3:30 p.m.

  • Ely Lecture 2007-2008

    Professor Tim Besley, London School of Economics and Political Science

    Timothy Besley is Kuwait Professor of Economics and Political Science at the London School of Economics and Political Science (LSE) where he is also director of the Suntory Toyota International Centres for Economics and Related Disciplines (STICERD). In September 2006, Professor Besley was appointed to be an external member of the Bank of England Monetary Policy Committee. He also serves as a research fellow at the CEPR and the IFS and is a member of the Institutions, Organizations and Growth Program of the Canadian Institute for Advanced Research. Professor Besley was educated at Aylesbury Grammar School and Oxford University where he became a prize fellow of All Souls College. He taught subsequently at Princeton before being appointed Professor at the LSE in 1995. He is a fellow of the Econometric Society, the British Academy, and the European Economics Association. He is also a foreign honorary member of the American Economic Association and is president-elect of the European Economics Association. Professor Besley is a past co-editor of the American Economic Review, and he is the 2005 winner of the Yrjö Jahnsson Award of the European Economics Association, granted every other year to an economist aged under 45 who has made a significant contribution to economics in Europe. His research, which mostly has a policy focus, is mainly in the areas of development economics, public economics, and political economy.Reading List

    Lecture 1: Monday, April 14, 2008
    Title: “Dynamics of state formation – fiscal and legal capacity”
    Place: Room B-17, Computational Science and Engineering Building, Homewood
    Time: 3:30-5 p.m.

    Lecture 2: Tuesday, April 15, 2008
    Title: “Strong states and weak states”
    Place: Room 210, Hodson, Homewood
    Time: 3:30-5 p.m.

    Lecture 3: Thursday, April 17, 2008
    Title: “Some current issues in U.K. monetary policy”
    Place: Room 101, Remsen, Homewood
    Time: 3:30-5 p.m.

  • Ely Lecture 2006-2007

    Albert “Pete” Kyle, University of Maryland

    Pete Kyle’s research focuses on theoretical market microstructure. His research involves mathematical modeling of informed trading in speculative markets, including topics such as insider trader, market manipulation, price volatility, the information content of market prices, and market liquidity. His current research also deals with concepts from industrial organization to model the valuation dynamics of growth stocks and value stocks by applying techniques used to value real options. His teaching interests include venture capital and private equity, corporate finance, option pricing, market microstructure, and asset pricing. After obtaining an undergraduate degree in mathematics from Davidson College and studying economics at Oxford University as a Rhodes Scholar, Prof. Kyle received his PhD in economics from the University of Chicago. Before joining the faculty at the University of Maryland, he was a professor at Princeton University, the University of California at Berkeley, and Duke University. He is a fellow of the Econometric Society and a board member of the American Finance Association. He served as a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission) after the stock market crash of 1987 and is a currently a member of NASDAQ’s economic advisory board.

    Lecture 1: Tuesday, April 10
    Title: From Rational Expectations to Market Microstructure
    Place: Maryland 109
    Time: 3:30-5 p.m.

    Lecture 2: Thursday, April 12
    Title: Trading in Continuous Time
    Place: Ames 234
    Time: 3:30-5 p.m.

    Lecture 3: Tuesday, April 17
    Title: A Two-Factor Model of Value and Growth with Adjustment Costs
    Place: Mergenthaler 426
    Time: 3:30-5 p.m.

  • Ely Lecture 2005-2006

    David Laibson, Harvard University

    David Laibson is a professor of economics at Harvard University and a research associate at the National Bureau of Economic Research. He has received Harvard’s Phi Beta Kappa Prize for Excellence in Teaching. He has given the Theodore W. Schultz Lecture at the University of Chicago and the Carlos Diaz-Alejandro Lecture at the Latin American Meeting of the Econometric Society. Professor Laibson’s research focuses on the topic of psychology and economics. He is interested in developing models that incorporate market forces, realistic human preferences, and imperfect consumer rationality. He is currently working in the fields of macroeconomics, decision and cognitive sciences, neuroeconomics, behavioral finance, and experimental economics. His most recent work uses MRI to identify the neural foundations of impatience and impulsivity.

    Lecture 1: Monday, April 3
    Title: Neuroeconomics and Instant Gratification
    Place: Mudd 26
    Time: 3:30-5 p.m.Available papers:

    Lecture 2: Wednesday, April 5
    Title: Consumption, Savings and Paternalism
    Place: Mergenthaler 111
    Time: 3:30-5 p.m.
    Available papers:

    Lecture 3: Friday, April 7
    Title: Bounded Rationality and Markets
    Place: Mergenthaler 111
    Time: 3:30-5 p.m.
    Available papers:

  • Ely Lecture 2004-2005

    Professor James Heckman, University of Chicago

    James J. Heckman is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago and a recipient of the 1983 Clark Medal and the 2000 Nobel Prize in Economic Science. Professor Heckman’s work has been devoted to the development of a scientific basis for economic policy evaluation. In the course of this work he has made contributions to economic theory and to econometrics, with special emphasis on models of individuals (or disaggregated groups, such as organizations or firms) and to the problems, and possibilities created by heterogeneity, diversity, and unobserved counterfactual states. His work uses data on individuals and firms to test economic theory, and it uses economic theory to solve problems in microdata analysis. He has developed the economics and econometrics of lifecycle dynamic models to study unemployment, wage growth, and skill formation over the lifecycle. He has developed new tools for analyzing microeconomic data on firms and families. His methods for correcting for biased samples and for constructing policy counterfactuals are widely used in the economic profession.

    Lecture 1: Monday, April 4, 2005
    Title: “Inequality in America: What Role for Human Capital Policies?
    Place: Room 100, Shaffer Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 2: Tuesday, April 5, 2005
    Title: “Separating Uncertainty from Heterogeneity in Life Cycle Earnings
    Place: Room 426, Mergenthaler Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 3: Wednesday, April 6, 2006
    Title: “Match Bias and Economic Returns to the GED (Bias Corrected Measures of GED Returns)
    Place: Room 366, Mergenthaler Hall, Homewood
    Time: noon-1 p.m.

    Lecture 4: Thursday, April 7, 2006
    Title: “Understanding Instrumental Variables in a Model with Essential Heterogeneity
    Place: Room 426, Mergenthaler Hall, Homewood
    Time: 3:30-5 p.m.

    Lecture 5: Friday, April 8, 2006
    Title: “The Importance of Cognitive and Noncognitive Skills in Explaining aVariety of Socioeconomic Outcome Measures”
    Place: Room 366, Mergenthaler Hall, Homewood
    Time: noon-1:30 p.m.

  • Ely Lecture 2003-2004

    Professor Richard Blundell, University College London and Institute for Fiscal Studies

    Richard Blundell is Leverhulme Research Professor at University College London and research director of the Institute for Fiscal Studies. He is a fellow and council member of the Econometric Society, fellow of the British Academy, and foreign honorary member of both the American Academy of Arts and Sciences and the American Economics Association. Professor Blundell has been honored with the Yrjo Jahnsson Prize and the Econometric Society’s Frisch Prize and has been on numerous editorial boards including Econometrica, Journal of Econometrics, and Review of Economic Studies. His contributions have spanned the fields of microeconometrics, savings and consumption, labor supply and taxation, consumer demand, innovation and market structure, household behavior, and public economics.

    Lecture title: “Understanding Consumer Behavior: Microeconometrics and Revealed Preference”

  • Ely Lecture 2002-2003

    Professor Philippe Mongin, Centre National de la Recherche Scientifique in Paris

    Philippe Mongin is director of research at the Centre National de la Recherche Scientifique in Paris and is attached to the Ecole Polytechnique, where he teaches. He has visited numerous foreign universities and research institutions, of which the Université Catholique de Louvain and the London School of Economics are just two examples. Professor Mongin is on several editorial boards including Theory and Decision and Revue Economique and was general editor of Economics and Philosophy during 1995 to 2000. For his distinuished accomplishments, he was awarded the Chevalier de l’Ordre National du Mérite in 1995. His research is concerned with the theories of rational choice and collective decision-making, normative economics, the philosophy of economics, and epistemic logic.

    Lecture title: “Impartiality, Utilitarian Ethics, and Collective Bayesianism”

  • Ely Lecture 2001-2002

    Professor Blake LeBaron, Brandeis University

    Blake LeBaron is professor of finance at the Graduate School of International Economics and Finance at Brandeis University. Previously he was professor of economics at the University of Wisconsin and served as director of the Economics Program at The Santa Fe Institute. He is a faculty research fellow at the National Bureau of Economic Research, a member of the external faculty of The Santa Fe Institute, and was a Sloan Foundation Fellow. Professor LeBaron’s research has concentrated on the issue of nonlinear behavior of financial and macroeconomic time series. He has been influential both in the statistical detection of nonlinearities and in describing their qualitative behavior. His current interests are in understanding the quantitative dynamics of interacting systems of adaptive agents and how these systems replicate observed real world phenomena.

    Lecture title: “Dynamic Analysis in Industrial Organization”

  • Ely Lecture 2000-2001

    Professor Ariel Pakes, Harvard University

    Ariel Pakes is professor of economics at Harvard University. He is a fellow of the American Academy of Arts and Sciences and of the Econometric Society, as well as the recipient of the Society’s Frisch Medal. He has served on several editorial boards including Econometrica, RAND Journal of Economics, and Journal of Econometrics. Professor Pakes has given distinguished lectures at the World Congress of the Econometric Society and the Society for Computational Economics. After performing seminal work on patents, Professor Pakes has been a pioneer in the estimation of demand and cost systems and their use in analyzing the equilibrium response to policy changes and in the development of a framework for conducting numerical analysis of dynamic oligopolies.

    Lecture title: “Dynamic Analysis in Industrial Organization”

  • Ely Lecture 1999-2000

    Professor Adrian Pagan, Australian National University, University of New South Wales

    Adrian Pagan is professor of economics at Australian National University and the University of New South Wales. He is a fellow of the Econometric Society and the Australian Academy of Social Sciences and is a distinguished fellow of the Economic Society of Australia. He has served on numerous editorial boards, including Econometrica, Journal of Econometrics, and Journal of Applied Econometrics. He has been a visiting professor at many institutions, including as the Hinckley Professor at Johns Hopkins University and a professorial fellow at Nuffield College, Oxford University. He also served on the Monetary Policy Board for the Reserve Bank of Australia. Professor Pagan is particularly noteworhty in that he has made important contributions both to econometric methods and to many applied areas including macroeconomics, finance, and international economics.

    Lecture title: “The State of Empirical Work in Macroeconomics”

  • Ely Lecture 1998-1999

    Professor Kenneth Binmore, University College London

    Ken Binmore is recently retired from his post as Leverhulme Professor of Economics at University College London. Formerly he was professor of economics at the University of Pennsylvania and the University of Michigan; prior to that he was professor of mathematics at the London School of Economics. He is the author of 11 books and over 70 published papers on evolutionary game theory, bargaining theory, experimental economics, political philosophy, mathematics, and statistics. Professor Binmore is a fellow of the Econometric Society, a fellow of the British Academy, and an honorary foreign member of the American Academy of Arts and Sciences. He was recently awarded the title Commander of the British Empire in recognition of his role in designing the UK 3G Spectrum Auction.

    Lecture title: “Game Theory and the Social Contract”