Kenneth Judd
Kenneth L. Judd (1948 – 2023) was a prominent American economist known for his significant contributions to computational economics, particularly in the development and application of numerical methods for solving economic models.
Judd received his Ph.D. in Economics from the University of Wisconsin-Madison in 1974. He held professorships at Northwestern University, the Hoover Institution at Stanford University, and ultimately Stanford University's Department of Economics.
His research focused on a wide range of topics, including dynamic programming, optimal taxation, imperfect competition, and macroeconomic modeling. He was a pioneer in using computational techniques to analyze complex economic problems that were often intractable using traditional analytical methods.
Judd's major contributions included:
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Numerical methods for solving dynamic economic models: He developed and popularized numerical techniques, such as collocation methods and projection methods, for solving dynamic programming problems and other dynamic economic models. These methods allowed economists to analyze more realistic and complex models than were previously possible.
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Optimal taxation: He made significant contributions to the theory of optimal taxation, particularly in the context of dynamic economies.
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Imperfect competition: He studied the effects of imperfect competition in various markets, including the effects of antitrust policies.
Judd was a Fellow of the Econometric Society and a recipient of numerous awards and honors for his research. He authored the influential book "Numerical Methods in Economics," which has become a standard reference for researchers and graduate students in the field. The book provides a comprehensive overview of the numerical methods used in economics, along with practical guidance on their implementation.
Beyond his research, Judd was also known as a dedicated teacher and mentor, shaping the careers of many economists. He passed away in 2023, leaving behind a lasting legacy in the field of economics.