Daniel McFadden facts for kids
Quick facts for kids
Daniel McFadden
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McFadden in 2014
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| Born | July 29, 1937 Raleigh, North Carolina, U.S.
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| Nationality | American |
| Alma mater | University of Minnesota |
| Known for | Discrete choice |
| Awards | John Bates Clark Medal (1975) Frisch Medal (1986) Erwin Plein Nemmers Prize in Economics (2000) Nobel Memorial Prize in Economic Sciences (2000) |
| Scientific career | |
| Fields | Econometrics |
| Institutions | University of California, Berkeley Massachusetts Institute of Technology University of Southern California University of Chicago |
| Doctoral advisor | Leonid Hurwicz |
| Doctoral students |
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| Scientific career | |
| Thesis | Factor Substitution in the Economic Analysis of Production (1962) |
Daniel Little McFadden, born on July 29, 1937, is an American expert in econometrics. Econometrics is a field that uses math and statistics to study economic data. He won the 2000 Nobel Memorial Prize in Economic Sciences along with James Heckman.
McFadden received his part of the prize for his work on "discrete choice." This means he developed ways to understand how people make decisions when they have a limited number of choices. For example, choosing between different ways to travel, like a car, bus, or train. Today, he is a professor at the University of Southern California and the University of California, Berkeley.
Early Life and Education
Daniel McFadden was born in Raleigh, North Carolina. He went to the University of Minnesota. There, he earned a degree in Physics. Five years later, in 1962, he got his Ph.D. in Behavioral Science (Economics).
His teacher at the University of Minnesota was Leonid Hurwicz. Interestingly, Leonid Hurwicz also won the Nobel Prize in Economics in 2007.
Career Highlights
In 1964, McFadden joined the faculty at the University of California, Berkeley. He focused his research on how people make choices. He also studied how to connect economic ideas with real-world measurements. In 1974, he introduced a new method called conditional logit analysis. This method helps predict choices from a set of options.
McFadden received the John Bates Clark Medal in 1975. This award is given to an American economist under 40. In 1977, he moved to the Massachusetts Institute of Technology (MIT). He was elected to the United States National Academy of Sciences in 1981. This is a very important group of scientists.
He returned to Berkeley in 1991. There, he started the Econometrics Laboratory. This lab uses computers and statistics to solve economic problems. He is also a trustee for Economists for Peace and Security. In 2000, he won the Erwin Plein Nemmers Prize in Economics. He was also chosen to be part of the American Philosophical Society in 2006.
In 2011, McFadden became a professor at the University of Southern California (USC). He teaches about health economics. His work helps us understand how economic choices affect health.
See also
In Spanish: Daniel McFadden para niños
- List of economists
