To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

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

I had hoped to go to law school, but the war started, and because of the strong feeling that I did not want to kill anybody, I joined the Merchant Marine when I graduated from Berkeley.

What the war did was give me the opportunity of three years of continuous reading, and it was in the course of reading that I became convinced that I should become an economist.

In 1972 I married again, to Elisabeth Case; she continues to be wife, companion, critic and editor: a partner in the projects and programs that we undertake.

To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

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.