203.432.6054

Seymour H. Knox Professor Emeritus of Mathematical Institutional Economics

A member of the Yale faculty since 1963, Professor Shubik is a specialist in strategic analysis, the economics of corporate competition, and the study of financial institutions. He has been a consultant to many major corporations, including the RAND Corporation, Ford Motor Company, General Electric Company, and IBM, and to the agencies of several foreign governments. He has also served as an expert witness in financial and economic litigation. The author of over two hundred articles and over a dozen books, Professor Shubik has served on the staff of the T.J. Watson Research Laboratories at IBM, and as a visiting professor at the University of Chile in Santiago, the Institute for Advanced Studies in Vienna, and the University of Melbourne. He has also served as director of the Cowles Foundation for Research in Economics at Yale.

Achievements and Awards
International Simulation and Gaming Association Lifetime Achievement Award, 2005
The International Insurance Society Shin Research Exellence Award, 1999
Science Board, Sante Fe Institute, 1996
Koopman Prize in Military Operations Research, 1995
External Faculty, Sante Fe Institute, 1993
Fellow, Connecticut Academy of Arts and Sciences, 1992
Fellow, American Academy of Arts and Sciences, 1985
The Lanchester Prize, 1984
Medal, College de France, 1978
Honorary Professor, University of Vienna, 1978
Fellow, World Academy of Arts and Sciences, 1975
Fellow, Econometric Society, 1971

Boards
Third Avenue Trust

Selected Books
The Aggressive Conservative Investor (with M.J. Whitman), reprinted with new introduction in the series "Wiley Investment Classics" John Wiley & Sons, 2006.Originally published by Random House, 1979

Political Economy, Oligopoly and Experimental Games: The Selected Essays of Martin Shubik, Vol. 1, Edward Elgar Publishing Limited, 1999

Money and Financial Institutions - A Game Theoretic Approach: The Selected Essays of Martin Shubik, Vol. 2, Edward Elgar Publishing Limited, 1999

The Theory of Money and Financial Institutions, Vols. 1 and 2, Cambridge: MIT Press, 1999

Selected Book Chapters
"Clubs, Near Markets and Market Games" (with M. Wooders), Fields Institute Communications, Vol. 23 of Topics in Mathematical Economics and Game Theory, Essays in Honor of Robert J. Aumann, (M. Wooders, ed.), American Mathematical Society, 1999

"A Behavioral Approach to a Strategic Market Game" (with N.J. Vriend), Computational Techniques for Modelling Learning in Economics (T. Brenner, ed.), Kluwer, 1999

"Game Theory," Encyclopedia of Applied Physics, Vol. 7, 1993

Selected Articles
"The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach" Icfai Journal of Monetary Economics, May, 2007

"Structure, Clearinghouses and Symmetry" (with E. Smith) Economic Theory, Vol. 30, No. 3, 587-597, March, 2007

"A 'Square-Root Rule' for Reinsurance" (with M. Powers), Revista de Contabilidade e Finanças (Review of Accounting and Finance), Vol. 17, No. 5), 101-107, 2006

"Production, Interest, and Saving in Deterministic Economies with Additive Endowments" (with I. Karatzas and W. Sudderth), Economic Theory, Vol. 29, No. 3, 525-548, November, 2006

"The Inflationary Bias of Real Uncertainty and the Harmonic Fisher Equation" (with I. Karatzas, W. Sudderth, J. Geanakoplos) Economic Theory, Vol. 28, No. 3, 481-512, March, 2006

"Strategic Freedom, Constraint, and Symmetry in One-Period Markets with Cash and Credit Payment" (with E. Smith) Economic Theory, Vol. 25, No. 3, 513-551, April, 2005

"A Double Auction Market: Teaching, Experiment and Theory" Simulation and Gaming, Vol. 36, No. 2, 166-182, 2005

"Economics: The Next Physical Science?" (with D. Farmer and D. E. Smith), Physics Today, 37-42, September, 2005

"Gold, Fiat and Credit. An Elementary Discussion of Commodity Money, Fiat Money, and Credit: Part 2" (with T. Quint) The ICFAI Journal of Monetary Economics, Vol. 0, No. 2, 6-50, May, 2005

"Stable Prices, Money and the Cost of Living" American Journal of Economics and Sociology, Vol. 64, No. 1, 117-124, January, 2005 (Special issue in honor of Irving Fisher.)

"Default and Punishment in General Equilibrium" (with P. Dubey and J. Geanakoplos), Econometrica, Vol. 73 , No. 1, 1-37, January, 2005

"A Consumable Money: An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part 1" (with T. Quint), The IFCAI Journal of Monetary Economics, Vol. 3, No. 1, 6-42, February, 2005

Education
PhD Princeton University, 1953
AM Princeton University, 1951
MA University of Toronto, 1949
BA University of Toronto, 1947