Malmquist was born in Lund, and his father's work as an astronomer took the family first to Saltsjöbaden and then to Uppsala. After collaborating with Herman Wold on econometric studies of consumer demand, Malmquist got his Ph.D. in statistics from Uppsala University in 1948. Malmquist's work on duality and the metric theory of utility is still used in microeconomic theory. In 1954, he was appointed professor at Stockholm University College, later known as Stockholm University, and remained there until his retirement in 1983.
- Rolf Färe and Anders Klevmarken: Sten Malmquist In memoriam, Journal of Productivity Analysis Volume 23, Number 2 / May, 2005, p. 141-142
- Malmquist, Sten, A statistical analysis of the demand for liquor in Sweden: a study of the demand for a rationed commodity, Uppsala, 1948 - LIBRIS record
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