American Philosophical Society
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302. Economics[X]
1Name:  Dr. James J. Heckman
 Institution:  University of Chicago
 Year Elected:  2008
 Class:  3. Social Sciences
 Subdivision:  302. Economics
 Residency:  Resident
 Living? :   Living
 Birth Date:  1944
James J. Heckman shared the 2000 Nobel Memorial Prize in Economic Sciences. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, where he has served since 1973. He directs the Economics Research Center and the Center for Social Program Evaluation at the Harris School for Public Policy. In addition, he is the Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation. Dr. Heckman received his B.A. in mathematics from Colorado College in 1965 and his Ph.D. in economics from Princeton University in 1971. His work has been devoted to the development of a scientific basis for economic policy evaluation, with special emphasis on models of individuals and disaggregated groups, and to the problems and possibilities created by heterogeneity, diversity, and unobserved counterfactual states. He developed a body of new econometric tools that address these issues. His research has given policymakers important new insights into areas such as education, job-training, the importance of accounting for general equilibrium in the analysis of labor markets, anti-discrimination law, and civil rights. He demonstrated a strong causal effect of the 1964 Civil Rights Act in promoting African-American economic progress, contrary to views of the "Chicago School" that claimed that market forces alone would erode discrimination. He has recently demonstrated that the high school dropout rate is increasing in the United States. Heckman has studied the economic benefits of sorting in the labor market, the ineffectiveness of active labor market programs, and the economic returns to education. His recent research focuses on inequality, human development and lifecycle skill formation, with a special emphasis on the economics of early childhood. He is currently conducting new social experiments on early childhood interventions and reanalyzing old experiments. He is also studying the emergence of the underclass in the United States and Western Europe. Heckman has published over 250 articles and several books. His most recent books include (with Alan Krueger) Inequality in America: What Role for Human Capital Policy? and (with C. Pages) Evaluating Human Capital Policy, and Law and Employment: Lessons from Latin America and the Caribbean. He is currently finishing a book on the problem of noncognitive skills in America. Heckman has received numerous awards for his work, including the John Bates Clark Award of the American Economic Association in 1983, the 2005 and 2007 Dennis Aigner Award for Applied Econometrics from the Journal of Econometrics, the 2007 Theodore W. Schultz Award from the American Agricultural Economics Association, the 2005 Jacob Mincer Award for Lifetime Achievement in Labor Economics, the 2005 Ulysses Medal from the University College Dublin, and the Spirit of Erikson Institute Award in 2014. He is currently associate editor of the Journal of Labor Economics and the Journal of Applied Econometrics. Heckman was awarded the distinction of fellow of the American Association for the Advancement of Science in 2009. He is also a member of the National Academy of Sciences; the American Academy of Arts & Sciences; the Econometric Society; the Society of Labor Economics; the American Statistical Association; and the International Statistical Institute. James Heckman was elected a member of the American Philosophical Society in 2008. In 2015 he was awarded the Madison Medal of Princeton University.
2Name:  Dr. Menahem E. Yaari
 Institution:  The Israel Academy of Sciences and Humanities; Hebrew University of Jerusalem
 Year Elected:  2008
 Class:  3. Social Sciences
 Subdivision:  302. Economics
 Residency:  International
 Living? :   Living
 Birth Date:  1935
Menahem Yaari is a former President of the Israel Academy of Sciences and Humanities and S.A. Schonbrunn Professor of Mathematical Economics Emeritus at Hebrew University of Jerusalem. He holds a Ph.D. from Stanford University (1962) and taught at Yale University from 1962-67. Yaari's seminal work is his 1965 paper "Uncertain Lifetime, Life Insurance, and the Theory of the Consumer," in which he developed a pioneering model of optimum saving under uncertainty about longevity and the role of competitive annuity markets. The paper became a classic and its central theorem that individuals should invest all their savings in deferred annuities has started a new branch of economic theory with numerous articles and thousands of citations. The paper, "A Model of Fixed Capital without Substitution", written jointly with two Nobel-prize winners, Solow and Tobin, and with Ch. V. Weisazacker, made a major contribution to the theory of technical progress and growth. It formulated the first model of technical progress embodied in capital, leading to a shift in theory and empirical studies towards the need for replacing functioning equipment that has become obsolete. His paper on "Changing Tastes" is recognized as a forerunner of the modern theory of behavioral economics (bounded rationality). Finally, his paper on "The Dual Theory of Choice under Risk" has developed a new widely used game-theoretic approach to decision and measures of risk aversion. Yaari's election as head of the Israel Academy of Sciences and Humanities is a recognition of his standing and contributions to Israeli academia and to intellectual discourse in the country. He is also a member of the International Scientific Committee of the Israeli-Palestinian Science Organization, which works to bring together Israeli and Palestinian scholars, and a member of the American Academy of Arts & Sciences (1988). Menahem Yaari was elected an international member of the American Philosophical Society in 2008.
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