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Summary
Robert Pindyck is the Bank of Tokyo-Mitsubishi Ltd. Professor in Finance and Economics and a Professor of Applied Economicsat the MIT Sloan School of Management.
Pindyck’s most recent research focuses on economic policies related to rare disasters, such as those that would severely affect the entire U.S. or world economies. Examples include possible but low-probability catastrophic outcomes from global warming or nuclear terrorism. At issue is how such low-probability but extreme outcomes should affect current policy, for example, in reducing greenhouse gas (GHG) emissions. He also has continued to work on irreversible investment decisions, the role of network effects in market structure, and the behavior of commodity prices.
Pindyck is the co-author of Investment Under Uncertainty (Princeton University Press, 1994), which demonstrates that the traditional “net present value” rule for capital investment decisions can lead to wrong answers since it ignores the irreversibility of most investment decisions and the option of delaying an investment. Recently, Pindyck has extended these ideas to the timing and design of environmental policy, as well as to research and development decisions and patent valuation. His work on network effects focuses on market structure in the pharmaceutical and computer industries, while his research on commodity markets examines the random structure of long-term and short-term price evolution and the implications for hedging and investment.
Pindyck holds an SB in electrical engineering and physics, an SM in electrical engineering, and a PhD from MIT.
| Current Institution | Massachusetts Institute of Technology |
| Current School | MIT Sloan School of Management |
| Department | Applied Economics |
| Disciplines | |
| Address | 77 Massachusetts Avenue, E62-522 Cambridge Massachusetts United States Phone: (617) 253-6641 |
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Education
Massachusetts Institute of Technology
Ph.D,
Economics
(1971)
Massachusetts Institute of Technology
S.M,
Electrical Engineering
(1967)
Work Experience
Bank of Tokyo-Mitsubishi Professor
MIT Sloan School of Management
(2000 - Present)
Professor
MIT Sloan School of Management
(1979 - 1988)
Achievements
General
Publication Summary
Microeconomics, Regulation, and Antitrust
- Sunk Costs and Risk-Based Barriers to Entry, NBER Working Paper, February 2009.
- Governance, Issuance Restrictions, And Competition In Payment Card Networks, NBER Working Paper, June 2007, and Chap. 19 of The Antitrust Revolution, 5th Ed., Kwoka and White, eds., Oxford Univ. Press, 2009
- Sunk Costs and Real Options in Antitrust Analysis , in Issues in Competition Law and Policy , W. D. Collins, ed., ABA Press, 2008.
- Mandatory Unbundling and Irreversible Investment in Telecom Networks, Review of Network Economics, November, 2007.
- Pricing Capital under Mandatory Unbundling and Facilities Sharing , NBER Working Paper No. 11225, March 2005
- Consumption Externalities and Diffusion in Pharmaceutical Markets: Antiulcer Drugs, (with E.R. Berndt and P. Azoulay), Journal of Industrial Economics, June 2003.
Environmental Economics and Public Policy
- The Economic and Policy Consequences of Catastrophes, (with Neng Wang), NBER Working Paper, March 2012.
- Uncertain Outcomes and Climate Change Policy, Journal of Environmental Economics and Management, February 2012.
- Fat Tails, Thin Tails, and Climate Change Policy, Review of Environmental Economics and Policy, Summer 2011.
- Solving Optimal Timing Problems in Environmental Economics, (with Metin Balikcioglu and Paul L. Fackler), Resource and Energy Economics, March 2011.
- Modeling the Impact of Warming in Climate Change Economics, Chapter 2 in The Economics of Climate Change, University of Chicago Press, 2011.
- Uncertainty in Environmental Economics, Review of Environmental Economics and Policy, Winter 2007.
- Optimal Timing Problems in Environmental Economics, Journal of Economic Dynamics and Control, July 2002.
- Irreversibilities and the Timing of Environmental Policy, Resource and Energy Economics, July 2000.
Energy and Commodity Markets
- Volatility in Natural Gas and Oil Markets, Journal of Energy and Development, November 2004.
- Volatility and Commodity Price Dynamics, The Journal of Futures Markets, November 2004.
- The Dynamics of Commodity Spot and Futures Markets: A Primer, The Energy Journal, August 2001.
- The Long-Run Evolution of Energy Prices, The Energy Journal, April 1999.
Investment Under Uncertainty
- A Makeup Interpretation of Optimal Investment Rules, (with A. Dixit and S. Sødal ), The Economic Journal, April 1999.
- Expandability, Reversibility, and Optimal Capacity Choice, (with A.K. Dixit), in Project Flexibility, Agency, and Competition, M.J. Brennan and L. Trigeorgis (Eds.), Oxford University Press, 1999.
- Uncertainty, Investment, and Industry Evolution, (with R. Caballero), International Economic Review, August 1996.
- Options, The Value of Capital, and Investment, (with A. Abel, A. Dixit and J. Eberly ), Quarterly Journal of Economics, August 1996.
- The Options Approach to Capital Investment, (with A.K. Dixit), Harvard Business Review, May/June 1995.
Books
Investment under uncertaintyHow should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment... |
Other Publications
