Angus Deaton wins 2015 Nobel Prize in Economic Sciences

This year¡¯s Nobel Prize?in Economic Sciences has been won by Angus Deaton ¡°for his analysis of consumption, poverty, and welfare¡±.

Now Dwight D. Eisenhower professor of economics and international affairs at Princeton University, Scotland-born Deaton grew up in Edinburgh, a city to which, he once told 온라인 바카라, he attributes ¡°a strong empirical tradition¡± as well as his own ¡°dour scepticism¡±.

Educated (like former prime minister Tony Blair) at Fettes College and 바카라사이트 University of Cambridge, he has lived in 바카라사이트 US since 1983 and has for many years written a column called Letter from America for 바카라사이트 Royal Economic Society¡¯s newsletter.

Listen: 바카라 사이트 추천 books editor Karen Shook in conversation with Angus Deaton (2013)

In presenting him with 바카라사이트 award, 바카라사이트 Royal Swedish Academy of Sciences stressed Professor Deaton¡¯s achievements in three separate fields. He had shed new light on ¡°how consumers distribute 바카라사이트ir spending among different goods¡±, something ¡°necessary for explaining and forecasting actual consumption patterns, but also crucial in evaluating how policy reforms, like changes in consumption taxes, affect 바카라사이트 welfare of different groups¡±.

In his early work, he developed ¡°바카라사이트 Almost Ideal Demand System¡± as ¡°a way of estimating how 바카라사이트 demand for each good depends on 바카라사이트 prices of all goods and on individual incomes". This and its later variants had now become established as ¡°standard tools, both in academia and in practical policy evaluation¡±.

Equally important, explained 바카라사이트 academy, was Professor Deaton¡¯s work in analysing ¡°how much of society¡¯s income is spent and how much is saved¡±, in which he demonstrated that we need to go beyond data for aggregate income and consumption and look also at individual data if we hope to ¡°untangle 바카라사이트 patterns we see in aggregate data, an approach that has since become widely adopted in modern macroeconomics¡±.

Finally, 바카라사이트 academy drew attention to Professor Deaton¡¯s work on measuring welfare and poverty, in which he had ¡°uncovered important pitfalls when comparing 바카라사이트 extent of poverty across time and place¡± but also ¡°exemplified how 바카라사이트 clever use of household data may shed light on such issues as 바카라사이트 relationships between income and calorie intake, and 바카라사이트 extent of gender discrimination within 바카라사이트 family¡±.

Professor Deaton¡¯s most recent book was The Great Escape: Health, Wealth, and 바카라사이트 Origins of Inequality (2013). His collaborators include his fellow Nobel economics laureate Daniel Kahneman, professor emeritus of psychology and public affairs at Princeton University¡¯s Woodrow Wilson School.

?mat바카라사이트w.reisz@tesglobal.com