Today's conference line-up:
THURSDAY, AUGUST 25TH
09:00 - 09:30 Prof. Dr. Myron S. Scholes Economic Sciences Quantitative Finance and the Intermediation Process
09:30 - 10:00 Prof. Dr. William F. Sharpe Economic Sciences Post-Retirement Economics
10:00 - 10:30 Prof. Dr. Sir James A. Mirrlees Economic Sciences Poverty, Inequality, and Food
10:30 - 11:00 Coffee Break
11:00 - 11:30 Dr. John F. Nash Jr. Economic Sciences Ideal Money and the Motivation of Savings and Thrift
11:30 - 12:00 Prof. Dr. Edward C. Prescott Economic Sciences The Current State of Aggregate Economics
12:00 - 12:30 Prof. Dr. Robert J. Aumann Economic Sciences Challenging Nash Equilibrium: Rational Expectation in Games
12:30 - 13:00 Prof. Dr. Robert A. Mundell Economic Sciences Currency Wars, Euro-Mania and the Price of Gold
13:00 - 15:00 Lunch Break
15:00 - 16:30 Panel "Behavioural Economics": George A. Akerlof, Robert J. Aumann, Eric S. Maskin, Daniel L. McFadden, Edmund S. Phelps, Reinhard Selten (Chair: Martin Wolf, Financial Times)
17:00 - 18:30 Afternoon Discussions with Laureates Aumann, Mirrlees, Mundell, Nash Jr., Prescott, Scholes and Sharpe (for Laureates and Young Economists only)
20:00 - 22:00 Dinner at various restaurants
Update: So far, today has been a series of lectures (see above). The first two were about finance – math and all – but no talk at all about the financial crisis. It’s as though no questions at all were raised about these models by recent events in financial markets. From the perspective of the students who are here, I think it would have been much more valuable for Scholes and Sharpe to explain where the research agenda in this area ought to be headed. What are the major questions that need to be answered?
The talk I'm waiting for is Prescott's discussion of the current state of macro models. I'm guessing it will be mostly a love fest, but he does say that "I will discuss deviations from theories that need resolution as well as the successes," so perhaps I'll be pleasantly surprised.