Hugo F. SonnenscheinSpecial Event
Incentives and Efficiency
October 9, 2015, 3:00 PM-4:00 PM
Conference Hall, The Keio University Library (Old Building), Mita Campus, Keio University
Hugo F. Sonnenschein
President Emeritus and Charles L. Hutchinson Distinguished Service Professor Emeritus
Professor Sonnenschein is a world-famous authority on microeconomic theory. While his scholarly achievements span many areas, his work is particularly well represented by his theory of general equilibrium as the basis of microeconomics. Professor Sonnenschein asked whether there always exists an economic model that generates an arbitrarily given function that satisfies both Walras’ law and the continuity property as the market excess demand function of that model. (It was well known that the converse holds true: If each consumer maximizes a well-behaved utility function, the derived market excess demand function satisfies Walras’ law and the continuity property.) Mantel and Debreu extended Professor Sonnenschein’s affirmative answer in a general setting (with a result known as the Sonnenschein–Mantel–Debreu theorem), and, in a sense, this result completed the framework of general equilibrium theory. Another contribution is in the field of social choice theory: the Mas Colell–Sonnenschein theorem, which proves that, when we want to aggregate individual preferences in to a social preferences, there exists no democratic and rational social decision function even if transitivity is not required for the resultant social preferences. Professor Sonnenschein also made significant contributions to the field of game theory and succeeded in connecting general equilibrium theory with bargaining games. Professor Sonnenschein continues to energetically pursue his studies and publish articles about topics such as bargaining games and incentive problems.
The Yukichi Fukuzawa Memorial Lectureship was established in 2014 in memory of Yukichi Fukuzawa, the founder of Keio University and one of the pioneers of the social sciences in modern Japan. The lecture is open to students and scholars across Keio University and to the public. The lecture assumes that the audience has reasonable knowledge of modern economics.
Working Language : English
Professor Hugo F. Sonnenschein
The hall was filled with enthusiastic audience including emeritus professors of Keio University, economic researchers from both Keio and other universities, graduate and undergraduate students, and guests related to the University of Chicago.
Chair: Professor Takako Fujiwara-Greve
IES [Yukichi Fukuzawa Memorial Lectures in Economics] Incentives and Efficiency