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Submitted by:
Janine Villacorta
10- Aristotle
Submitted to:
Teacher Erwin Manalastas
MAURICE ALLAIS
Maurice Felix Charles Allais was a French economist and a proud recipient of Nobel Memorial Prize in Economics. He was conferred this honor for his commendable contribution to the theory of markets and efficient utilization of resources. He was the first French citizen to receive the Nobel Prize. Allais showed that his insights could be applied efficiently to set prices for state owned monopolies of which France had many. Allais didn't get credit as early as his English contemporaries did as he primarily wrote in English and not French. As said by Paul Samuelson, a noted economist, "Had Allais' work been in English, a generation of economic theory would have taken a different course". Allais also helped resolve issues regarding monetarism, which is the quantity theory of money and the utility theory. Besides his avid interest in economics, Maurice Allais had a great interest for physics and he performed experiments in gravitation, special relativity, and electromagnetism and discovered the Allais effect.
The Economist
As an economist, Maurice Allais contributed heavily to decision theory, monetary policy energy, transport and mining. He made a great mistake by not translating his work into English. Most of his major works including the concepts of ‘overlapping generation model', ‘golden rule of optimal growth' and ‘behavioral economics' were written in French. However, these concepts were discovered and popularized only by the English-speaking economists like Paul Samuelson, Edmund Phelps, Daniel Kahneman, and Amos Tversky much later.
Maurice is particularly associated with the ‘Allais paradox', a decision problem he presented in 1953, which contradicts the ‘expected utility hypotheses'. Maurice took economic studies for both private and nationalized firms and for the European Economic Community. He was very active as a national and
Janine Villacorta
10- Aristotle
Submitted to:
Teacher Erwin Manalastas
MAURICE ALLAIS
Maurice Felix Charles Allais was a French economist and a proud recipient of Nobel Memorial Prize in Economics. He was conferred this honor for his commendable contribution to the theory of markets and efficient utilization of resources. He was the first French citizen to receive the Nobel Prize. Allais showed that his insights could be applied efficiently to set prices for state owned monopolies of which France had many. Allais didn't get credit as early as his English contemporaries did as he primarily wrote in English and not French. As said by Paul Samuelson, a noted economist, "Had Allais' work been in English, a generation of economic theory would have taken a different course". Allais also helped resolve issues regarding monetarism, which is the quantity theory of money and the utility theory. Besides his avid interest in economics, Maurice Allais had a great interest for physics and he performed experiments in gravitation, special relativity, and electromagnetism and discovered the Allais effect.
The Economist
As an economist, Maurice Allais contributed heavily to decision theory, monetary policy energy, transport and mining. He made a great mistake by not translating his work into English. Most of his major works including the concepts of ‘overlapping generation model', ‘golden rule of optimal growth' and ‘behavioral economics' were written in French. However, these concepts were discovered and popularized only by the English-speaking economists like Paul Samuelson, Edmund Phelps, Daniel Kahneman, and Amos Tversky much later.
Maurice is particularly associated with the ‘Allais paradox', a decision problem he presented in 1953, which contradicts the ‘expected utility hypotheses'. Maurice took economic studies for both private and nationalized firms and for the European Economic Community. He was very active as a national and