The Institute Blog

IKE Co-founder Michael Goldberg Awarded Todd H. Crockett Professor of Economics

Michael Goldberg was awarded last week the Todd H. Crockett Professor of Economics at the Peter T. Paul College of Business and Economics at the University of New Hampshire.

Goldberg has been on the busines school faculty at UNH since 1991 and is a senior research associate at INET's Imperfect Knowledge Economics center. He is the co-creator, along with Roman Frydman, of Imperfect Knowledge Economics (IKE).

IKE is "a new approach to formal modeling in macroeconomics and finance that recognizes that rational individuals’ decision making and the social context within which they act change in ways that are, in part, open," Goldberg says. "Remarkably, by placing less stringent restrictions on change and asking less of formal theory, we are able to learn more not less. Our IKE research on asset markets shows that partially opening models enables us to resolve long-standing puzzles in the literature and provides a new framework for rethinking financial reform and macro-prudential policy.”

Goldberg has co-authored two path breaking books with Frydman that explore IKE, Imperfect Knowledge Economics: Exchange Rates and Risk and Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State

Imperfect Knowledge Economics was lauded by many prominent economists including Nobel laureate Kenneth J. Arrow, while Nobel Prize-winning economist Edmund S. Phelps called Beyond Mechanical Markets "a milestone" and it was one of the Financial Times non-fiction favorites of 2011, commended by its chief economics commentator, Martin Wolf. It also was a finalist for the 2011 TIAA-CREF Paul A. Samuelson Award.