Aldo Rustichini | |
|---|---|
 | |
| Occupation(s) | Economist, academic and researcher |
| Awards | Fellowship, Econometric Society Fellowship, the Game Theory Society |
| Academic background | |
| Education | B.A., Philosophy M.A., Economics Ph.D., Mathematics |
| Alma mater | University of Florence University of Manchester University of Minnesota |
| Academic work | |
| Institutions | University of Minnesota |
| Website | https://sites.google.com/view/aldorustichini |
Aldo Rustichini is an Italian-born American economist, academic and researcher. He is a professor of economics at University of Minnesota, where is also associated with the Interdisciplinary Center for Cognitive Sciences.[1]
Rustichini has worked on several research areas relating to economics, including decision theory, game theory, general equilibrium theory, neuroscience and economics, experimental economics, and behavioral economics. He has also conducted research on political economy, microeconomic theory, economic dynamics, macroeconomics and models of bounded rationality.[2]
Rustichini is a fellow of the Econometric Society[3] and a Council Member of the Game Theory Society.[4]
YouTube Encyclopedic
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The intersections economics, psychology and education
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Economic models and the environment: Homo Oeconomicus versus Homo Moralis [podcast 4]
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EiP: Economic Mobility in the United States
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Integrating Genetics and Social Science: The Promises of Polygenic Scores - Jeremy Freese
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Inequality and Intergenerational Mobility
Transcription
[music playing] So I went and checked the definition that you can find in the dictionary and economics look like the science of production and distribution of goods and I think this definition is an important fact that these diffusions of producing and distributing are made by millions of people. Economics now is wondering what is the right move in how people take these diffusions and how they interact, so there's always two sides. One is when we decide what is good for us, the choices we make and the other is how we interact with others. I think economics is beginning to wonder whether if the model that has been used so far is the right one. Parenting is an interesting one in terms of the kind of work that I know is pursued in places like Minnesota. So one of our approaches to understanding how people come to be different from one another is twins studies and what we've pioneered here and at other places is the study of twins, particularly a well-known study done here looked at twins apart. So for complicated circumstances, sometimes surrounding events in World War II there have been pairs of twins that were reared apart and didn't know that the other twin existed. So for example identical twins who have the same basic DNA who were in different circumstances were then brought together here at the University of Minnesota and then given standard batteries of psychological tests, IQ tests, personality tests, every kind of test. They spent a week here being studied. The surprising thing is that these twins who were reared apart are considerably more similar than just two random people psychologically speaking, not just in appearance but in terms of things like IQ, things like personality, major individual difference domains that are obviously relevant in economic outcomes and other kinds of outcomes and so it's difficult given that kind of evidence to hold on to a person as an entirely blank slate. That concept, I think , has been, and maybe still is in some ways, central to everyday thinking about parenting and education and endeavors of that sort. I think education is one of the most interesting applications of this and it's going to be the most controversial. First thing I would like to say is that if you look at the debate in education I think the first thing that should strike us is the difference between how well-organized the debate is when we talk about academics and how completely unorganized it is the debate when we talk about the other facts of education which is the character. I think the schools in general, particularly in the United States, have taken up this task and recognized that bringing up a child in school doesn't mean only giving him or some knowledge, but it's shaping his personality.
Education
Rustichini graduated in philosophy from University of Florence in 1977. He then received his master's degree in economics in 1980 from University of Manchester in UK and later received his doctoral degree in mathematics in 1987 from University of Minnesota in the US.[1]
Career
Rustichini taught economics at University of Wisconsin briefly before joining Northwestern University as an assistant professor of economics in 1989. He left Northwestern University and taught at New York University from 1992 till 1993, and later joined Université catholique de Louvain as a professor of economics. From 1996 till 1999, Rustichini taught as a research professor of microeconomics at Tilburg University, before being briefly associated with Boston University’s Department of Economics. In 2000, he joined University of Minnesota as a professor of economics. He held the Professorship of Political Economy at the Faculty of Economics, University of Cambridge, in 2007–2008. In 2009, Rustichini rejoined University of Minnesota as a professor of economics.[1]
Research
Rustichini's work is focused in the areas of decision theory, game theory, general equilibrium theory, economic dynamics, neuroeconomics, experimental economics, behavioral economics, microeconomic theory, models of bounded rationality, and political economy.
Neuroeconomics
Rustichini has conducted research in the area of neuroeconomics.[5] He conducted a study to investigate the neural underpinnings of the effect of social comparison on risky choices. He measured brain activity of participants who conducted private and social decision making, through functional MRI. His study revealed that the influence of social comparison on the decision process was mediated by the interplay between reward and social reasoning networks.[6] He also studied the merit principle and the causes of social reward differences encoded in human brain. He also investigated how individuals respond to the comparison between their outcome and the outcomes of others, and how this comparison is affected by the reason of the difference.[7]
In 2020, Rustichini conducted a study to investigate the contribution of cognitive and non-cognitive skills to intergenerational social mobility and found that genetic factors, along with the cognitive and non-cognitive skills influenced the re-ordering of social standing that takes place across generations.[8]
Intelligence and economic behavior
Rustichini has investigated the relationship between intelligence, and economic and strategic behavior, jointly with the examination of the genetic determinants of intelligence. In the analysis of strategic behavior, his research has established that the probability of cooperation in repeated non-zero-sum games increases with the average intelligence of the group.[9] His works identifies the pathways of the effect in the reduction of errors in the implementation of strategies. According to his research, intelligence operates through the effectiveness of working memory; cooperation in turn is the outcome more of cognitive ability than social preferences. He has also shown that when groups of different intelligence meet cooperation increases in groups of lower intelligence.[10]
Decision theory
Rustichini conducted research on the integration of classical decision theory and personality theory and proposed steps towards a theory of economic decision. His study indicated that the integration of the two theories provided the conceptual structure for understanding the effects of personality traits on economics preferences, and the effects of cognitive and non-cognitive skills on economic behavior and success.[11] He also studied the behavioral foundation of interdependent preferences and focused on establishing an axiomatic foundation that provided a link between observation of choices and a convenient functional representation. His study highlighted the Festinger's view and Veblen's view regarding the nature of interdependent preferences.[12]
Social justice and merit
Rustichini conducted several studies to investigate the effect of wealth level and the degree on inequality on growth and found a direct relation between the level of wealth and growth, given that the incentives to domestic accumulation are weakened by redistributive considerations.[13] He also presented a field study which contradicted the hypothesis according to which, the occurrence of the behavior subject to the fine is reduced with an introduction of a penalty that leaves everything else unchanged.[14]
In the early 2000s, Rustichini authored a paper focusing on gender differences in high-ranking positions and presented experimental evidence to support that women may be less effective than men in competitive environments which accounted for the significant gender gap in performance.[15][16]
Awards and honors
- 2004 - Fellowship, Econometric Society
- 2013 - Editor's Award for Experimental Economics, Economic Science Association[17]
- 2015 - Fellowship, the Game Theory Society[18]
- 2017 - Nominee for Maurice Allais Prize in Economic Science award, Maurice Allais Foundation[19]
Bibliography
- Gneezy, U., & Rustichini, A. (2000). A fine is a price. The Journal of Legal Studies, 29(1), 1-17.
- Gneezy, U., & Rustichini, A. (2000). Pay enough or don't pay at all. The Quarterly journal of economics, 115(3), 791–810.
- Gneezy, U., Niederle, M., & Rustichini, A. (2003). Performance in competitive environments: Gender differences. The quarterly journal of economics, 118(3), 1049–1074.
- Maccheroni, F., Marinacci, M., & Rustichini, A. (2006). Ambiguity aversion, robustness, and the variational representation of preferences. Econometrica, 74(6), 1447–1498.
- Okbay, A., Beauchamp, J. P., Fontana, M. A., Lee, J. J., Pers, T. H., Rietveld, C. A., ... & Oskarsson, S. (2016). Genome-wide association study identifies 74 loci associated with educational attainment. Nature, 533(7604), 539–542.
References
- ^ a b c "Aldo Rustichini".
- ^ "Aldo Rustichini - Google Scholar".
- ^ "Fellows of the Econometric Society 1950 to 2021".
- ^ "Council of the Game Theory Society". 28 September 2017.
- ^ Glimcher, P. W.; Rustichini, Aldo (2004). "Neuroeconomics: The Consilience of Brain and Decision". Science. 306 (5695): 447–452. Bibcode:2004Sci...306..447G. doi:10.1126/science.1102566. PMID 15486291. S2CID 10010680.
- ^ Bault, Nadège; Joffily, Mateus; Rustichini, Aldo; Coricelli, Giorgio (20 September 2011). "Medial prefrontal cortex and striatum mediate the influence of social comparison on the decision process". Proceedings of the National Academy of Sciences. 108 (38): 16044–16049. Bibcode:2011PNAS..10816044B. doi:10.1073/pnas.1100892108. PMC 3179055. PMID 21896760.
- ^ Vostroknutov, Alexander; Tobler, Philippe N.; Rustichini, Aldo (2012). "Causes of social reward differences encoded in human brain". Journal of Neurophysiology. 107 (5): 1403–1412. doi:10.1152/jn.00298.2011. PMID 22157114.
- ^ "THE CONTRIBUTION OF COGNITIVE AND NON-COGNITIVE SKILLS TO INTERGENERATIONAL SOCIAL MOBILITY" (PDF).
- ^ "Higher Intelligence Groups Have Higher Cooperation Rates in the Repeated Prisoner's Dilemma".
- ^ Proto, Eugenio; Rustichini, Aldo; Sofianos, Andis (2019). "Intelligence, Personality, and Gains from Cooperation in Repeated Interactions". Journal of Political Economy. 127 (3): 1351–1390. doi:10.1086/701355. hdl:1983/21e01ddb-5438-495f-8bf2-0ee3f4907952. S2CID 151851589.
- ^ Rustichini, Aldo; Deyoung, Colin G.; Anderson, Jon C.; Burks, Stephen V. (28 July 2012). "Toward the Integration of Personality Theory and Decision Theory in the Explanation of Economic and Health Behavior". SSRN 2119057.
- ^ MacCheroni, F.; Marinacci, M.; Rustichini, A. (2012). "Social Decision Theory: Choosing within and between Groups". The Review of Economic Studies. 79 (4): 1591–1636. doi:10.1093/restud/rds006.
- ^ Benhabib, Jess; Rustichini, Aldo (1996). "Social conflict and growth". Journal of Economic Growth. 1: 125–142. doi:10.1007/BF00163345. S2CID 153500219.
- ^ Gneezy, Uri; Rustichini, Aldo (2000). "A Fine is a Price". The Journal of Legal Studies. 29: 1–17. doi:10.1086/468061. S2CID 15052847.
- ^ Gneezy, U.; Niederle, M.; Rustichini, A. (2003). "Performance in Competitive Environments: Gender Differences". The Quarterly Journal of Economics. 118 (3): 1049–1074. doi:10.1162/00335530360698496.
- ^ Gneezy, Uri; Rustichini, Aldo (2004). "Gender and Competition at a Young Age". American Economic Review. 94 (2): 377–381. doi:10.1257/0002828041301821.
- ^ "Editor's Award for Experimental Economics".
- ^ "Fellows of the Game Theory Society".
- ^ "Prize-winners".
External links
- Aldo Rustichini publications indexed by Google Scholar
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This page was last edited on 5 January 2024, at 08:56