THE CONSEQUENCES OF UNCERTAINTY FOR ECONOMIC ANALYSIS

Abstract

The Financial University hosted New Standards in the Higher Education System: A Reset of the Programs of Study Annual International Research Conference of the Teaching Methodology Association of the Higher Education Institutions of the Russian Federation on 24 March 2015.Lars Peter Hansen, an American economist and expert in econometrics, holder of the Nobel Memorial Prize in Economics, member of the National Academy of Sciences (USA), spoke at the plenary session of the Conference. Lars Peter Hansen was born on October 26, 1952 in Champaign, Illinois. After obtaining a bachelor degree in Mathematics and Political Science from the Utah State University in 1974, he got his PhD from the University of Minnesota in 1978. After that, he served as assistant and associate professor at Carnegie Mellon University before moving to the University of Chicago in 1981. There he became a member of the National Academy of Sciences. He was the co-winner of the Frisch Medal with Kenneth Singleton in 1984. He was awarded the Erwin Plein Nemmers Prize in Economics in 2006, and the CME Group-MSRI Prize in Innovative Quantitative Applications in 2008. Together with Ravi Jagannathan, chaired professor at the Kellogg School of Management at Northwestern University, he discovered a ratio that later became known as the Hansen - Jagannathan bound. His current research interests include work on the long-run risk-return tradeoff with José Scheinkman. In other works, he dwelled on the representative agent models. Working in collaboration with T. J. Sargent, Lars Peter Hansen wrote Robustness, where the authors explored the integral control theory implications for the macroeconomic modeling. He received the 2010 BBVA Foundation Frontiers of Knowledge Award in the category of Economy,Finance and Management for his fundamental contributions to our understanding of how economic actors cope with risky and changing environments.