Daniel McFadden

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Daniel McFadden in 2014

Daniel Little McFadden (born July 29, 1937 in Raleigh , North Carolina ) is an American econometrician .

In 2000, McFadden and James Heckman received the Swedish Reichsbank's Economics Prize in memory of Alfred Nobel for developing theories and methods for analyzing discrete decisions.

Career

McFadden received a BS in physics and a PhD in behavioral science from the University of Minnesota , where Leonid Hurwicz was one of his teachers. From 1964, McFadden worked at the University of California, Berkeley , where he held a professorship for economics from 1969 to 1979 . From 1977 to 1991 he was a professor at the Massachusetts Institute of Technology in Cambridge (Massachusetts) . Since 1991 he has been a professor at Berkeley with a focus on computational statistics and director of the Econometrics Laboratory , and since 2011 he has also been a professor at the University of Southern California

In 2005, McFadden served as president-elect of the American Economic Association .

research

McFadden did research on econometric methods for discrete decision-making. One example is the logit regression model . Discrete decisions are characterized by a limited number of possibilities that can be modeled in binary . A 1 would stand for “event occurred” and a 0 for “event did not occur”. For example, one could examine whether an individual is working and not, as before, how many hours they are working.

With logit models, however, probabilities or relative frequencies can also be modeled, because these fluctuate numerically between 0 (= 0% relative frequency) and 1 (= 100% relative frequency). Examples are election results or the probability of natural disasters. One of the first great empirical applications of the logit model was therefore McFadden's study on the establishment of the Bay Area Rapid Transit public transport company in San Francisco in the mid-1970s.

Honors

See also

Individual evidence

  1. ^ Past and Present Officers. aeaweb.org ( American Economic Association ), accessed October 21, 2015 .
  2. See section 3.1 from Kenneth Train's book Discrete Choice Methods with Simulation .
  3. Awards. econometricsociety.org , accessed on August 16, 2015 .
  4. ^ Journal of Applied Econometrics - Richard Stone Prize. Retrieved December 29, 2015 .
  5. ^ Member History: Daniel L. McFadden. American Philosophical Society, accessed December 17, 2018 .
  6. D. McFadden: Conditional logit analysis of qualitative choice behavior. In: P. Zarembka (Ed.): Frontiers in Econometrics. Academic Press, New York 1974, pp. 105-142.

Web links

Commons : Daniel McFadden  - Collection of images, videos and audio files