International Affairs Building, 420 W. 118 St., New York, NY 10027
The 13th Annual Kenneth J. Arrow Lecture features David M. Kreps, Professor Emeritus, Economics and The Adams Distinguished Professor of Management, Emeritus, at Stanford University. Professor Kreps will present "Not Every Couple Should Have a Prenup: How the Context and History of Exchange Affects Personal Preferences, and Why This Matters Both to Economic Theory and to Practical Human Resource Management."
Introductory remarks by: José Scheinkman, Charles and Lynn Zhang Professor of Economics, Columbia University
Discussants: Alessandra Casella(Chair), Professor of Economics and Political Science, Columbia University
Suresh Naidu, Professor of Economics and International and Public Affairs, Columbia University
Joseph E. Stiglitz, 2001 Nobel Laureate in Economic Sciences and University Professor, Columbia University
Gary Becker once wrote that economic reasoning implied that "Every couple should have a contract." In this lecture, David M. Kreps will offer a counter-argument, suggesting that: (1) in social exchange, both the context and the history of the exchange changes personal preferences in systematic ways; (2) these effects are of significance in particular in human resource management; and (3) they present challenges to the economic concept of efficiency that economists must confront.