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Edi Karni

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Edi Karni
עדי קרני
Born (1944-03-20) March 20, 1944 (age 80)
Tel Aviv, Israel
CitizenshipIsrael
Alma materThe University of Chicago
Scientific career
FieldsEconomics
Doctoral advisorMilton Friedman
Gary Becker
Stanley Fischer

Edi Karni (born March 20, 1944, in Tel Aviv) is an Israeli born American economist and decision theorist. Karni is the Scott and Barbara Black Professor of Economics at Johns Hopkins University. He is a Fellow of the Econometric Society and an Economic Theory Fellow of the Society for the Advancement of Economic Theory.[1]

He earned his B.A. in Economics and Political Science from The Hebrew University of Jerusalem, in 1965 and his Ph.D. from The University of Chicago, in 1971, under the supervision of Milton Friedman, Gary Becker and Stanley Fischer. Karni began his academic career at Tel Aviv University in 1972, where he attained the rank of full professor. In 1976-77 he was a fellow at the Institute of Advanced Studies at the Hebrew University of Jerusalem. In 1982 he left Tel Aviv University for Johns Hopkins University. In the years 2013-2019 Karni was Distinguished professor at the Warwick Business School.[2]

Karni's main contributions are in the fields of individual decision making under uncertainty, social choice theory and the economics of information.

In the field of decision-making under uncertainty, he has worked on the measurement of risk aversion,[3][4][5][6] the modeling state-dependent preferences[7] and the definition of subjective probability,[8] the modeling of awareness and awareness of unawareness[9] and the introduction of the notion of ‘reverse Bayesianism’. In the field of economics of information, Karni's contribution include the introduction of the notion of credence-quality goods and the explanation of the existence of fraud in competitive market to asymmetric information due to expert knowledge. [10] In the field of social choice theory Karni's contributions include the axiomatization and representation of individual behavior that is motivated, in part, by a sense of fairness and interpersonal comparisons of variations in well-being.

References

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  1. ^ "Economic Theory Fellows – SAET". Retrieved 2019-06-25.
  2. ^ "Distinguished professor at WBS" (PDF). WBS Website. Archived (PDF) from the original on 2017-12-15.
  3. ^ Karni, Edi; Safra, Zvi (1987). ""Preference Reversal" and the Observability of Preferences by Experimental Methods". Econometrica. 55 (3): 675. doi:10.2307/1913606. ISSN 0012-9682. JSTOR 1913606.
  4. ^ Karni, Edi (1979). "On Multivariate Risk Aversion". Econometrica. 47 (6): 1391–1401. doi:10.2307/1914007. ISSN 0012-9682. JSTOR 1914007.
  5. ^ Hong, Chew Soo; Karni, Edi; Safra, Zvi (1987). "Risk aversion in the theory of expected utility with rank dependent probabilities". Journal of Economic Theory. 42 (2): 370–381. doi:10.1016/0022-0531(87)90093-7. ISSN 0022-0531.
  6. ^ "Subjective Expected Utility With Incomplete Preferences". Econometrica. 81 (1): 255–284. 2013. doi:10.3982/ecta9621. ISSN 0012-9682.
  7. ^ Karni, Edi. (1985). Decision making under uncertainty : the case of state-dependent preferences. Cambridge, Mass.: Harvard University Press. ISBN 0674195256. OCLC 11812479.
  8. ^ Karni, Edi (2012-02-02). "Bayesian decision theory with action-dependent probabilities and risk attitudes". Economic Theory. 53 (2): 335–356. CiteSeerX 10.1.1.360.2882. doi:10.1007/s00199-012-0692-4. ISSN 0938-2259. S2CID 28407506.
  9. ^ Karni, Edi Vierø, Marie-Louise (2014). Awareness of Unawareness: A Theory of Decision Making in the Face of Ignorance. Kingston, Ont.: Queen's Economics Dep., Queen's Univ. OCLC 951025796.{{cite book}}: CS1 maint: multiple names: authors list (link)
  10. ^ Darby, Michael R.; Karni, Edi (1973). "Free Competition and the Optimal Amount of Fraud". The Journal of Law and Economics. 16 (1): 67–88. doi:10.1086/466756. ISSN 0022-2186. S2CID 53667439.
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