It was not until I got my first job, at the University of Washington in Seattle, and began playing chess with Don Gordon, a brilliant young theorist, that I learned economic theory.

I learned to fly an airplane, and had my own airplane during the 1960s.

While I was there I became deeply interested in photography, and indeed the most noteworthy event in my early life was winning first, third, fourth and seventh prizes in an international competition for college and high school students.

My brother and sister are both older than I am and were born before my father went off to World War I.

Our family life was certainly not intellectual.

My early work and publications centered around expanding on the analysis of life insurance in my dissertation and its relationship to investment banking.

Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.