This man is the second listed on a 1970 paper that discusses two ways of ordering the riskiness of probability distributions called first-order and second-order stochastic dominance.
This man is the second listed on a 1970 paper that discusses two ways of ordering the riskiness of probability distributions called first-order and second-order stochastic dominance. This non- Indian economist co-wrote a paper on optimum product variety that invented a now widely-used model for monopolistic competition. In lectures delivered during the fall of the Soviet Union, he argued market socialism would have been a viable policy if the assumptions of general equilibrium theory were true. This author of Whither Socialism? argued that sharecropping canbe understood as a way of risk-sharing when labor cannot be perfectly monitored. He made a similar argument in a model that explains equilibrium unemployment as a means of preventing unmonitored workers from shirking, his "efficiency wages" hypothesis developed with Carl Shapiro. For 10 points, name this author of Globalization and its Discontents, an American economist who won the Nobel with Michael Spence and George Akerlof.
This man is the second listed on a 1970 paper that discusses two ways of ordering the riskiness of probability distributions called first-order and second-order stochastic dominance.
Joseph [Eugene]  Stiglitz