American Philosophical Society
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302. Economics[X]
1Name:  Dr. Richard E. Quandt
 Institution:  Princeton University
 Year Elected:  1991
 Class:  3. Social Sciences
 Subdivision:  302. Economics
 Residency:  Resident
 Living? :   Living
 Birth Date:  1930
In his four decades at Princeton University, Richard E. Quandt has ranged over the length and breadth of economics, making fundamental contributions to theory and to measurement method, as well as using first-rate method in a stunning variety of applied studies. As an econometrician, he witnessed and participated in a modelling revolution as well as the computer revolution, and many elements of the econometrician's standard analytical toolkit have their origins in his work. A pioneer in discrete dependent variables, in switching regime models, in tests of the standard regression assumptions, in relaxing assumptions about the distribution of error terms, and in many other now-common areas, he has made numerous contributions of lasting value to econometric analysis. As an economic theorist, Dr. Quandt made important early contributions to the theory of demand and to models of oligopoly supply. His model of demand by consumers with uncertain tastes made an important contribution to demand theory. It also introduced a technology for modelling consumer heterogeneity and its effects that greatly advanced the theory of individual choice. He worked on the impact of uncertainty, on rules of thumb, on capital rationing, on stability and on equilibrium existence. Perhaps more important for the development of economics was Dr. Quandt's view that economic theory should be integrated, along with econometric theory, in applied work. Born in Hungary and a graduate of Harvard University (Ph.D., 1957), Dr. Quandt has edited numerous professional journals and is the author of works such as Microeconomic Theory (3rd edition, 1980) and The Econometrics of Disequilibrium (1988). He is currently Hughes Rogers Professor of Economics Emeritus at Princeton University.
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