Definition
Kenneth Lewis Judd (born March 24, 1953) is an American computational economist and professor at Stanford University, where he holds the Paul H. Bauer Senior Fellowship at the Hoover Institution. He is widely recognized for his contributions to numerical methods in economics and for co‑authoring the Chamley–Judd result on optimal capital‑income taxation.
Overview
Judd earned his Ph.D. in economics from the University of Wisconsin–Madison in 1980 under the supervision of Kenneth Burdett. His academic career has been centered at Stanford University, where he has taught and conducted research in computational economics, macroeconomics, public finance, and the economics of taxation. He is the author of the influential textbook Numerical Methods in Economics (MIT Press, 1998) and has served as an editor for the Handbook of Computational Economics and the Journal of Economic Dynamics and Control. Judd’s research often emphasizes the development and application of algorithms for solving large‑scale dynamic economic models, including rational‑expectations models and general equilibrium problems.
Etymology/Origin
The surname “Judd” is of English origin, derived from the medieval given name “Judd,” a diminutive of “Jordan.” The given name “Kenneth” originates from the Gaelic Coinneach, meaning “handsome” or “born of fire.” Together, “Kenneth Judd” reflects a common Anglo‑Celtic naming tradition.
Characteristics
- Computational Focus: Pioneered algorithms for solving high‑dimensional economic models, integrating techniques from numerical analysis, optimal control, and dynamic programming.
- Policy Application: Applied computational tools to study optimal taxation, antitrust policy, macroeconomic stabilization, and climate‑change economics.
- Academic Influence: His textbook and edited volumes are standard references in graduate programs worldwide, shaping the curriculum of computational economics.
- Chamley–Judd Result: Demonstrated, in collaboration with William Chamley, that the optimal long‑run tax rate on capital income is zero under certain dynamic efficiency conditions—a result that has stimulated extensive theoretical and empirical debate.
- Professional Roles: Holds the Paul H. Bauer Senior Fellow position at the Hoover Institution; elected Fellow of the Econometric Society; active participant in conferences on computational economics.
Related Topics
- Computational economics
- Numerical methods in economics
- Rational‑expectations models
- Optimal taxation theory (Chamley–Judd result)
- Dynamic stochastic general equilibrium (DSGE) modeling
- Hoover Institution research programs
- Economic policy modeling and climate economics