Daniel McFadden

About Daniel McFadden

Who is it?: Economist
Birth Day: July 29, 1937
Birth Place: Raleigh, North Carolina, U.S., United States
Birth Sign: Leo
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)
Fields: Econometrics
Institutions: University of California, Berkeley, MIT, University of Southern California
Doctoral advisor: Leonid Hurwicz
Doctoral students: Walter Erwin Diewert Hal Varian John Rust Axel Börsch-Supan Vassilis Hajivassiliou Jonathan Feinstein Hidehiko Ichimura (ja)

Daniel McFadden Net Worth

Daniel McFadden was bornon July 29, 1937 in Raleigh, North Carolina, U.S., United States, is Economist. Daniel Little McFadden is an American economist and the co-recipient of the 2000 ‘Nobel Memorial Prize in Economic Sciences’ along with American economist James Heckman. He received the award for developing the theory and methods applied for analyzing behaviour of individuals or household called ‘discrete choice’ in comprehending the way people make choices regarding where to work, where to live, or when to marry. The fields he concentrated for his research work included economic theory, environmental economics, mathematical economics, econometrics, and health economics. He introduced the method of Conditional logit analysis that analyse the way individuals make choices among finite options to get maximum utility. An early transistorized computer and an X-ray telescope were also designed and developed by him. He took the ‘James Killian Chair in Economics’ at ‘Massachusetts Institute of Technology’ (‘MIT’) and also served as director of its ‘Statistics Research Centre’. He founded the Econometrics Laboratory at ‘University of California’, Berkeley in the early 1990s and till date serves as its director. Presently he serves the ‘University of California’, Berkeley as Professor of the Graduate School. McFadden is also associated with the ‘University of Southern California’ as Presidential Professor of Health Economics. He provides his services at the Department of Economics of ‘USC Dana and David Dornsife College of Letters, Arts and Sciences’ and also at ‘USC Price School of Public Policy’ to study basic problems of the health care sector, focussing particularly at the way consumers make choices regarding health insurance and medical services. He received ‘John Bates Clark Medal’ in 1975, ‘Frisch Medal’ from ‘Econometric Society’ in 1986 and ‘Erwin Plein Nemmers Prize in Economics’ from ‘Northwestern University’ in 2000.
Daniel McFadden is a member of Intellectuals & Academics

💰 Net worth: Under Review

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Biography/Timeline

1962

McFadden was born in Raleigh, North Carolina. He attended the University of Minnesota, where he received a B.S. in Physics, and a Ph.D. in Behavioral Science (Economics) five years later (1962). While at the University of Minnesota, his graduate advisor was Leonid Hurwicz, who was awarded the Economics Nobel Prize in 2007.

1964

In 1964 McFadden joined the faculty of UC Berkeley, focusing his research on choice behavior and the Problem of linking economic theory and measurement. In 1974 he introduced Conditional logit analysis.

1975

In 1975 McFadden won the John Bates Clark Medal. In 1977 he moved to the Massachusetts Institute of Technology. In 1981 he was elected to the National Academy of Sciences. He returned to Berkeley in 1991, founding the Econometrics Laboratory, which is devoted to statistical computation for economics applications. He remains its Director. He is a trustee of the Economists for Peace and Security. In 2000 he won the Erwin Plein Nemmers Prize in Economics.

2011

In January 2011 McFadden was appointed the Presidential Professor of Health Economics at the University of Southern California (USC), and the announcement of this appointment was published on January 10, 2011. McFadden will have joint appointments at the USC Price School of Public Policy and the Department of Economics at the USC Dana and David Dornsife College of Letters, Arts and Sciences to examine fundamental problems facing the health care sector, looking specifically at how consumers make choices about health insurance and medical services.