American Philosophical Society
Member History

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302. Economics[X]
1Name:  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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