Kenneth L. Judd is the Paul H. Bauer Senior Fellow at the Hoover Institution on War, Revolution and Peace .
Address: Hoover Institution, Stanford, CA 94305
Phone: 650-723-5866. Email address: judd@hoover.stanford.edu
Fax: 650-723-1687
Vita: (pdf)
University of Wisconsin B.A. 1975 (Mathematics)
University of Wisconsin B.A. 1975 (Computer
Sciences)
University of Wisconsin M.A. 1977 (Mathematics)
University of Wisconsin M.A. 1979 (Economics)
University of Wisconsin Ph.D. 1980 (Economics)
| 1988-Present: | Senior Fellow,
Hoover Institution |
| 2000: |
Visiting professor of economics, University of Chicago. |
| Autumn, 1991: | Visiting professor of economics, University of California, Berkeley. |
| 1987-1988: | Visiting Professor of Business Economics at the University of Chicago |
| 1986-1987: | National Fellow, Hoover Institution |
| 1986-1988: |
Professor of Managerial Economics and Decision Sciences at the Kellogg School, Northwestern University |
| 1983-1986: | Associate Professor of Managerial Economics and Decision Sciences at the Kellogg School, Northwestern University |
| 1981-1983: | Assistant Professor of Managerial Economics and Decision Sciences at the Kellogg School, Northwestern University |
| 1980-1981: | Post-Doctoral Teaching Fellow, University of Chicago Department of Economics |
| 2002-present: | Co-Editor, Journal of Economic Dynamics and Control |
| 2001-present: | Associate Editor, Economics Bulletin |
| 1998 - 2001: | Associate Editor, Journal of Economic Dynamics and Control |
| 1998 - present: | Associate Editor,
Computational Economics |
| 1997: | Organizer and Host, Third International Conference on Computing in Economics and Finance |
| 1996: | Program committee, N. American summer meeting, Econometric Society |
| 1992: | Program committee, N. American summer meeting, Econometric Society |
| 1988-1995: | Co-Editor, Rand Journal of Economics |
| 1988: | Program committee, N. American winter meeting, Econometric Society |
| 1985-1988: | Associate Editor, Rand Journal of Economics |
| 1987: | Program committee, N. American summer meeting, Econometric Society |
| 1987-1990: | Board of Editors, American Economic Review |
| 1988-1997: | Associate Editor, Journal of Public Economics |
| 1987-present: | Research Associate, National Bureau of Economic Research |
| 1986-1988: | Member, Economics Panel of the National Science Foundation |
Alfred E. Sloan Fellowship, 1985.
Two-year NSF grant for July, 1986 to June, 1988.
Two-year NSF grant for July, 1988 to June, 1990.
Three-year NSF grant for July, 1990 to June, 1993.
Three-year NSF grant for July, 1993 to June, 1996.
Three-year NSF grant for July, 1997 to June, 2000.
Fellow of the Econometric Society
American Academy of Arts and Sciences, elected 2003.
Click here to go the web site for Numerical Methods in Economics
"Computational suite of models with heterogeneous agents II: Multi-country real business cycle models, (with Wouter J. Den Hann and Michel Juillard) Journal of Economic Dynamics and Control, Volume 35, Issue 2, pp. 175-17 .(pdf)
“Solving the multi-country real business cycle model using ergodic set methods,” (with Serguei Maliar and Lilia Maliar) Journal of Economic Dynamics and Control, Volume 35, Issue 2, pp. 207-228. (pdf)
“Equilibrium open interest,” (with Dietmar P.J. Leisen) Journal of Economic Dynamics and Control, Volume 34, Issue 12, pp. 2578-2600. (pdf)
"Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty (with Wouter J. Den Hann and Michel Juillard) Journal of Economic Dynamics and Control, Volume 34, Issue 1, pp. 1-3. (pdf)
“Comments on Prof. Mirowski's 'Markets Come to Bits: Evolution, Computation and Markomata in Economic Science,” Journal of Economic Behavior & Organization, Volume 63, Issue 2, pp. 262-265. (pdf)
“Reply to 'Asset trading volume in infinite-horizon economies with dynamically complete markets and heterogeneous agents: Comment’,”(with Felix Kubler and Karl Schmedders) Finance Research Letters, Volume 3, Issue 2, pp. 102-105 (pdf)
Preface, (with Leigh Tesfatsion) In: L. Tesfatsion and K.L. Judd, Editor(s), Handbook of Computational Economics, Elsevier, 2006, Volume 2, Pages xi-xv (pdf)
Special issue on Mathematical Programming, (with Michael Ferris and Berc Rustem) Journal of Economic Dynamics and Control, Volume 28, Issue 7, p. 1227 (pdf)
Chapter 17: Computationally Intensive Analyses in Economics, In: L. Tesfatsion and K.L. Judd, Editor(s), Handbook of Computational Economics, Elsevier, 2006, Volume 2, Pages 881-893 (pdf)
“The parametric path method: an alternative to Fair-Taylor and L-B-J for solving perfect foresight models,” Journal of Economic Dynamics and Control, Volume 26, Issues 9-10, pp. 1557-1583
(pdf)
“Computing equilibria in infinite-horizon finance economies: The case of one asset,” (with Felix Kubler and Karl Schmedders) Journal of Economic Dynamics and Control, Volume 24, Issues 5-7, pp. 1047-1078 (pdf)
“Solving a savings allocation problem by numerical dynamic programming with shape-preserving interpolation,” (with Sheng-Pen Wang) Computers & Operations Research, Volume 27, Issue 5, pp. 399-408 (pdf)
Asset market equilibrium with general tastes, returns, and informational asymmetries (with Antonio E. Bernardo) Journal of Financial Markets, Volume 3, Issue 1, pp. 17-43 (pdf)
“Stable and Efficient Computational Methods for Dynamic Programming,” (with Yongyang Cai) Journal of the European Economic Association Volume 8, Number 2-3, pp. 626-634
(pdf)"Mergers and Dynamic Oligopoly," (with Kwang-Soo Cheong) (forthcoming in Journal of Economic Dynamics and Control) (postscript) (pdf)
"Computing Supergame Equilibria," with Sevin Yeltekin and James Conklin, Econometrica 71 (July, 2003), 1239-1254. (postscript) (pdf)
"Asset Trading Volume with Dynamically Complete Markets and Heterogeneous Agents," (with Felix Kubler and Karl Schmedders) (forthcoming in Journal of Finance, October, 2003) (postscript) (pdf)
“Computational Methods for Dynamic Equilibria with Heterogeneous Agents,” with Felix Kubler and Karl Schmedders. In Mathias Dewatripont, Lars Peter Hansen, and Stephen Turnovsky, eds., Advances in Economics and Econometrics (Cambridge University Press, 2003) pp. 243-290. Working paper version: (postscript) (pdf). Here are the slides shown at the World Congress presentation (postscript) (pdf)
"Closed-Loop Equilibrium in a Multi-Stage Innovation Race," Economic Theory, 21 (2003), 673-695. Working paper version was Northwestern Center for Mathematical Studies in Economics and Management Sciences Working Paper 647 (February 1985). Working paper version: (postscript) (pdf)
"Parametric Path Method: An Alternative to Fair-Taylor and L-B-J for Solving Perfect Foresight Models," Journal of Economic Dynamics and Control 26, (August, 2002, Issues 9-10), 1557-1583 (Working paper version: pdf)
“Capital Income Taxation with Imperfect Competition”, American Economic Review 92, (May, 2002) Working paper version: (pdf)
"Asymptotic Methods for Asset Market Equilibrium Analysis," with Sy-Ming Guu, Economic Theory 18 (2001), pp. 127-157. (postscript) (pdf) (Economic Theory version) (.nb file of the Mathematica Notebook) (pdf version of Mathematica Notebook)
"Computation and economic theory: Introduction," Economic Theory 18 (1, 2001), pp 1-6.
"The Impact of Tax Reform in Modern Dynamic Economies" in Kevin A. Hassett and R. Glenn Hubbard (eds.): Transition Costs of Fundamental Tax Reform, Washington, D.C.: AEI Press, 2001, pp. 5-53. (postscript) (pdf)
"Asset Market Equilibrium with General Tastes, Returns, and Informational Asymmetries", with Antonio Bernardo, Journal of Financial Markets, 1 (2000), pp. 17-43 (You may be able to download it from the Journal of Financial Markets website)
"Computing Equilibria in Infinite-Horizon Finance Economies: The Case of One Asset," with Felix Kubler and Karl Schmedders, Journal of Economic Dynamics and Control 24, (5-7, 2000), pp. 1047-1078. (You may be able to download it from the JEDC website)
"Solving a savings allocation problem by numerical dynamic programming with shape-preserving interpolation," with Sheng-Pen Wang, Computers and Operations Research, Apr 2000; v.27, no.5, p.399-408
"Optimal Taxation and Spending in General Competitive Growth Models," Journal of Public Economics 71, (January, 1999). You may be able to download it from the Journal of Public Economics website.
"The Impact of Portfolio Constraints in Infinite-horizon Incomplete-markets Models," with F. Kubler and K. Schmedders. In P.J.J. Herings, A.J.J. Talman and G. van der Laan (eds.): The Theory of Markets, North-Holland, 1999.
Numerical Methods in Economics, MIT Press: Cambridge, MA., 1998.
"Algorithms and Economic Dynamics," Journal of Economic Dynamics and Control 22 (8-9, 1998) pp. 1167-1168.
"Taxes, Uncertainty, and Human Capital," American Economic Review 88, (May, 1998): 289-92. (JSTOR)
"Asymptotic Methods for Aggregate Growth Models," with Sy-ming Guu, in Journal of Economic Dynamics and Control 21 (6) (June 1997): 1025-42. (You may be able to download it from the JEDC website)
"Computational Economics and Economic Theory: Complements or Substitutes?" in Journal of Economic Dynamics and Control (1997). (working paper version - (postscript) (pdf)) (You may be able to download the published version from the JEDC website)
"Solving Large-Scale Rational-Expectations Models," (with Jess Gaspar), Macroeconomic Dynamics 1 (1997), pp. 45-75. (working paper version - (postscript) (pdf)
"Approximation, Perturbation, and Projection Solution Methods in Economics," in Handbook of Computational Economics, North Holland (1996). (working paper version - (postscript) (pdf)
"Price and Quality in a New Product Monopoly," with Michael Riordan, in Review of Economic Studies 61, (No. 4, Oct., 1994), pp. 773-789. (JSTOR)
"Credible Spatial Preemption," in The Economics of Product Differentiation, edited by Jacques-Francois Thisse and George Norman, Aldershot, U.K.: Elgar. (Original version in JSTOR)
"Perturbation Solution Methods for Economic Growth Models," in Economic and Financial Modelling with Mathematica, edited by Hal Varian, pages 80-103. Springer-Verlag Publishers: New York. 1992.
"Projection Methods for Solving Aggregate Growth Models," Journal of Economic Theory 58 (December, 1992): 410-452.
"Cyclical and Chaotic Behavior in a General Equilibrium Model of Innovation," (with Ray Deneckere), in Cycles and Chaos in Economic Equilibrium, Jess Benhabib, editor. (Princeton University Press: Princeton, 1992).
"Observable Contracts: Strategic Delegation and Cooperation," (with Chaim Fershtman and Ehud Kalai), International Economic Review 32 (August, 1991): 551-559. (JSTOR)
"A Review of Recursive Methods in Economic Dynamics," Journal of Economic Literature v. 29(#1) pp. 69-77, March, 1991.
"Taxation and Uncertainty," with D. Bizer, American Economic Review 78 (May, 1989): 331-336. (JSTOR)
"Capital Market Imperfections and Tax Policy Analysis in the Life Cycle Model, with Glenn Hubbard, Annales d’Economie et de Statistique 0(9) (Jan.-Mar., 1988): 111-39.
"Equilibrium Managerial Incentives in Oligopoly," with C. Fershtman, American Economic Review 77 (December, 1987): 927-940. (JSTOR)
"Social Security and Individual Welfare: Precautionary Saving, Liquidity Constraints and the Payroll Tax," with Glenn Hubbard, American Economic Review 77 (September, 1987): 630-646. (JSTOR)
"The Welfare Cost of Factor Taxation in a Perfect Foresight Model," Journal of Political Economy (August 1987). (JSTOR)
"Effects of Capital Gains Taxation on Life-Cycle Investment and Portfolio Management", with Y. Balcer, Journal of Finance 42 (July 1987): 743-757. (JSTOR)
"Debt and Distortionary Taxation in a Simple Perfect Foresight Model," Journal of Monetary Economics, (July 1987).
"A Dynamic Theory of Factor Taxation," American Economic Review 77 (May 1987): 42-48. (JSTOR)
"Liquidity Constraints, Fiscal Policy, and Consumption," with G. Hubbard, Brookings Papers on Economic Activity 1 (No. 1, 1986), 1-50. (JSTOR)
"Dynamic Limit Pricing and Internal Finance: A Reformulation of Gaskins’ Model," with B. Petersen, Journal of Economic Theory (1986).
"Redistributive Taxation in a Perfect Foresight Model," Journal of Public Economics 28 (October 1985), 59-84. Reprinted in "The Distribution of Tax Burdens," by Fullerton, D, and G. E. Metcalf, Edgar Elgar, 2002.
"Credible Spatial Preemption," Rand Journal of Economics 16 (Summer 1985), 153-166. (JSTOR)
"Short-run Analysis of Fiscal Policy in a Simple Perfect Foresight Model," Journal of Political Economy 93 (April 1985): 298-319. (JSTOR)
"On The Performance of Patents," Econometrica 53 (May 1985): 298-319. (JSTOR)
"The Law of Large Numbers with a Continuum of I.I.D. Random Variables," Journal of Economic Theory 35 (February 1985), 19-25.
"Marginal Excess Burden in a Dynamic Economy," Economic Letters 15 (1985).
"Equilibrium Price Dispersion," with K. Burdett, Econometrica 51, No. 4 (July, 1983), 955-969. (JSTOR)
"Tariffs, Technology Transfers, and Welfare," with R. Feenstra, Journal of Political Economy 90, No. 6 (December 1982): 1142-1165. (JSTOR)
"An Alternative to Steady State Analysis in Perfect Foresight Models," Economics Letters 10 (1982): 55-59.
"A Note on the Core of the Overlapping Generations Model," with K. Hendricks and D. Kovenock, Economics Letters 6 (1980): 95-97.
"A Review of Recursive Methods in Economic Dynamics," Journal of Economic Literature v. 29(1) pp. 69-77, March 1991
"Patent Renewal Data: Comments," Brookings Papers on Economic Activity 0 (0, Special Issue, 1989): 402-04.
E-mail me at judd@hoover.stanford.edu for current versions of papers not available below. Also e-mail me if you have problems with the downloaded files. Some papers are listed under two categories.
"Existence, Uniqueness, and Computational Theory for Time Consistent Equilibria: A Hyperbolic Discounting Example" (pdf)
"Solving Continuous-Time, Jump Process Games with Discrete States", (with Uli Doraszelski), (pdf)
"Perturbation Methods with Nonlinear Changes of Variables" (pdf)
"Solving Dynamic Stochastic Competitive General Equilibrium Models" (pdf)
"Perturbation Methods for General Dynamic Stochastic Models" (with Hehui Jin) (pdf)
"The Economic Effects of New Assets: An Asymptotic Approach" (with Sy-Ming Guu) (pdf)
"A solution method for incomplete asset markets with heterogeneous agents," (with Felix Kubler and Karl Schmedders) (pdf)
"Volume and Price Formation in an Asset Trading Model with Asymmetric Information," (with Antonio Bernardo) (paper)
"Numerical Dynamic Programming with Shape-Preserving Splines," with Andrew Solnick (pdf)
"Finite Sample Bias of Generalized Method of Moments Estimation," with Pamela H. Chang, University of Southampton Discussion Paper in Economics and Econometrics: 9213 (May 1992) (Dissertation chapter version)
"Efficiency, Adverse Selection, and Production," Northwestern Center for Mathematical Studies in Economics and Management Sciences Working Paper 606 (June 1984)
"Asset Trading Volume in Infinite-Horizon Economies with Dynamically Complete Markets and Heterogeneous Agents," (with Felix Kubler and Karl Schmedders)
"The Economic Effects of New Assets: An Asymptotic Approach" (with Sy-Ming Guu) (pdf)
“Strategic Incentive Manipulation in Rivalrous Agency”, (with Chaim Fershtman) (pdf)
"Optimal Rules for Patent Races" (with K. Schmedders and S. Yeltekin) (pdf)
"Cournot vs. Bertrand: A Dynamic Resolution" (postscript) (pdf)
"Is Education as Good as Gold? A Portfolio Analysis of Human Capital Investment" (pdf)
"Optimal Taxation in Dynamic Stochastic Economies: Theory and Evidence" (pdf)
"Redistribution and Efficiency Effects of Capital Tax Changes in a Dynamic Model" (postscript) (pdf)
"The Optimal Tax on Capital Income is Negative" (pdf) (also available as an NBER working paper)
"The Dynamic Effects of Taxation and Monetary Policies," with Y. Balcer. (postscript) (pdf)
"Cost-Benefit Analysis in a Dynamic General Equilibrium Model"
"Capital Gains Taxation by Realization in Dynamic General Equilibrium," Hoover Institution Working Paper in Economics E-87-4 (February 1987)
"Optimal Consumption Plans and Portfolio Management with Duration-Dependent Returns," with Yves Balcer, Northwestern Center for Mathematical Studies in Economics and Management Science Working Paper 673 (September 1985)
"Volume and Price Formation in an Asset Trading Model with Asymmetric Information," (with Antonio Bernardo) (paper)
"Equilibrium Open Interest" (with Dietmar Leisen) (pdf)
"The Economic Effects of New Assets: An Asymptotic Approach" (with Sy-Ming Guu) (pdf)
"Computation and economic theory: Introduction", Economic Theory, 18(1, June 2001), 1-6. ET page. See also the main page describing the contents of the Special issue of Economic Theory: Symposium on Computation and Economic Theory
An Agenda for Economic Reform in Korea: International Perspectives, with Young Ki Lee (Co-Editor) (Amazon.com page)
"Preface: Algorithms and economic dynamics" Journal of Economic Dynamics and Control, v. 22 (#8-9) pp. 1167-1168 August, 1998 (You may be able to download it from the JEDC website)
Click here to go the web site for Econ288
Fortran Code for "Projection Methods," JET, 1992.
Ken Judd hosted the Society of Computational Economics Third International Conference on Computing in Economics and Finance, held from June 30 to July 2, 1997 at Stanford University. See the web page for the program, abstracts and some papers.