Lars Peter Hansen
Lars Peter Hansen
Lars Peter Hansenis the David Rockefeller Distinguished Service Professor of economics at the University of Chicago and 2013 recipient of the Nobel Memorial Prize in Economics...
NationalityAmerican
ProfessionEconomist
Date of Birth26 October 1952
CountryUnited States of America
economic-models understanding use
I work on the boundary between economics and statistics in this field called econometrics. Part of my interest is understanding how you use statistics in productive ways to analyze dynamic economic models.
action best course early financial mean people problem requires therefore wait
Early on, in discussions of financial oversight, people would say, 'Well, this is a very complicated problem, therefore it requires a complicated solution.' And at that step, I would say, 'Well, wait a minute. Just because it's a complicated problem doesn't mean the best course of action immediately is one that's complicated.'
related roughly view work
I view the work I've done related to statistics and economics as, roughly speaking, how to do something without having to do everything.
agents alone announce concrete means notion replace simply
If you simply announce that things are irrational, then that alone doesn't get you very far. You have to replace rational agents with some concrete notion of what it means to be irrational.
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There is a big divergence between views on a variety of policy issues from fiscal stimulus to financial regulation. It's my hope and my ambition for the economics profession that as we advance our knowledge, that those discussions will narrow in their focus, and that it will help to have more prudent policy-making down the road.
asset dynamic economic economy funny markets model study time
It's kind of a funny way to put it, but if you want to study a dynamic economic system, what you'd like to be able to do is focus on the linkages, say, between asset markets and the macro economy without having to model everything at the same time.