Profile Major Works Resources

Roy Radner, 1927-

Portrait of R. Radner

A student of Jacob Marschak's and the Cowles Commission, currently at New York University, Roy Radner's contributions to economics have centered around incorporating information and uncertainty into Neo-Walrasian general equilibrium theory (1967, 1968, 1972). He is also renowned for providing one of the first clear "Turnpike Theorems" (1961) of a von Neumann system for optimal capital accumulation and more general scenarios 

His work on uncertainty and information was groundbreaking. In his 1968 classical paper, Radner incorporated and studied the impact of different information structures in an Arrow-Debreu model by defining them as different partitions in the state space. Radner (1972) integrated uncertainty and financial markets into a comprehensive Neo-Walrasian model that yielded an "equilibrium of plans, prices and price expectations" in a sequential economy - also known as a "Radner Equilibrium" - which has since found many applications in the theory of general equilibrium, finance and incomplete markets.  Radner (1967) formalized the idea of the informational role of  prices and the concept of a "rational expectations equilibrium" in a general equilibrium setting.  His explorations in the field have continued apace since (e.g. 1982). 

His long-term work on the economics of "teams" -- notably his work with Marschak (1972) --  expanded upon the formal theory of information, private information and the incentives in a market economy, which set up the building blocks of principal-agent analysis and Neoclassical theories of organization. 

 

  

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Major works of Roy Radner

  • "Note on Some Proposed Decision Criteria", with J. Marschak, 1954, in Thrall et al., editors, Decision Processes. [cwls]
  • The Linear Team: An Example of Linear Programming Under Uncertainty", 1955,  Proceedings of the 2nd Symposium in Linear Programming [cwls]
  • "Minimax Estimation for Linear Regressions" 1958, Annals of Mathematical Statistics [cwls]
  • "Limit Distributions of Failure Time for Series — Parallel Systems", 1958, Proceedings of the New York University–Industry Conference on Reliability Theory  [cwls]
  • "The Application of Linear Programming to Team Decision Problems", 1959,  Management Science [cwls]
  • "Paths of Economic Growth that are Optimal with Regard Only to Final States: A `turnpike' theorem", 1961, RES.
  • "Team Decision Problems", 1962, Annals of Mathematical Statistics  [cwls]
  • "Efficiency Prices for Infinite Horizon Production Programs", 1967, RES.
  • Optimal Replacement Policy with D.W.Jorgensen and J.J. McCall, 1967.
  • "Equilibre de marches a terme et au comptant en cas d'incertitude", 1967, Cahiers d'econometrie.
  • "Competitive Equilibrium Under Uncertainty", 1968, Econometrica.
  • "Shadow Prices for Infinite Growth Programs: Functional analysis approach", with M. Majumdar, 1972, in Balakrishnan, editor, Techniques of Optimization.
  • "Allocation of Resources in a Team", with T.F. Groves, 1972, JET.
  • Economic Theory of Teams, with J. Marschak, 1972.
  • Existence of Equilibrium of Plans, Prices and Price Expectations in a Sequence of Markets", 1972, Econometrica.
  • Decision and Organisation, with C.B. McGuire, 1972.
  • "A Note on Unanimaty of Stockholders' Preferences Among Alternative Production Plans", 1974, Bell JE
  • Demand and Supply in US Higher Education, with L.S. Miller, 1975.
  • "On the Allocation of Effort", with M.D. Rothschild, 1975, JET
  • "Satisficing", 1975, JMathE.
  • "Allocation of Resources in Large Teams", with K.J. Arrow, 1979, Econometrica.
  • "Stochastic Stability of Market Adjustment in Disequilibrium",  with W. Hildenbrand, 1979, in Green et al, editors,  General Equilibrium, Growth and Trade
  • "Rational Expectations Equilibrium: Generic existence and the information revealed by prices", 1979, Econometrica.
  • "Collusive Behavior in Non-Cooperative Epsilon Equilibria of Oligopolies with Long but Finite Lives", 1980, JET
  • "Monitoring Cooperative Agreements in a Repeated Principal- Agent Relationship", 1981, Econometrica.
  • "Equilibrium Under Uncertainty", 1982, in Arrow and Intriligator, editors, Handbook of Mathematical Economics - intro
  • "Approximate Purification of Mixed Strategies", with Aumann, Katznelson, Rosenthal and Weiss, 1983, Mathematics of Operations Research
  • "Rational Expectations in Microeconomic Models: An overview", with J.S. Jordan, 1982, JET.
  • "The Role of Private Information in Markets and Other Organizations", 1982, in Hildenbrand, editor, Advances in Economic Theory.
  • "Repeated Principal Agent Games with Discounting", 1985, Econometrica
  • "Repeated Principal Agent Games with Imperfect Monitoring and no Discounting", 1986, RES
  • "Can Bounded Rationality Resolve the Prisoners' Dilemma?", 1986, in Hildenbrand and Mas-Collel, editors, Contributions to Mathematical Economics.
  • "An Example of a Repeated Partnership Game with Discounting and with Uniformly Inefficient Equilibria", with R.B. Myerson and E.S. Maskin, 1986, RES

 
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Resources on Roy Radner

 

 
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