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{{AFC submission|t||ts=20190623151948|u=Oak9500|ns=2|demo=}}<!-- Important, do not remove this line before article has been created. -->


{{Infobox scientist
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'''Edi Karni''' (born March 20, 1944 in [[Tel Aviv]]) is an [[Israelis|Israeli]] [[economist]] and [[Decision theory|decision theorist]]. He is a Fellow of the [[Econometric Society]]<ref>{{Cite web|url=https://www.econometricsociety.org/society/organization-and-governance/fellows|title=Fellows of the Econometric Society 1950 to 2018 {{!}} The Econometric Society|website=www.econometricsociety.org|access-date=2019-06-25}}</ref> and a Economic Theory Fellow of the [[Society for the Advancement of Economic Theory]]<ref>{{Cite web|url=https://saet.uiowa.edu/economic-theory-fellows/|title=Economic Theory Fellows – SAET|language=en-US|access-date=2019-06-25}}</ref>.
'''Edi Karni''' (born March 20, 1944, in [[Tel Aviv]]) is an [[Israelis|Israeli]] born American [[economist]] and [[Decision theory|decision theorist]]. Karni is the Scott and Barbara Black Professor of Economics at [[Johns Hopkins University]]. He is a Fellow of the [[Econometric Society]] and an Economic Theory Fellow of the [[Society for the Advancement of Economic Theory]].<ref>{{Cite web|url=https://saet.uiowa.edu/economic-theory-fellows/|title=Economic Theory Fellows – SAET|language=en-US|access-date=2019-06-25}}</ref>


After obtaining his B.A. in [[Economics]] and Political Science in 1965 from [[Hebrew University of Jerusalem|The Hebrew University of Jerusalem]], he earned his Ph.D in 1971 from [[University of Chicago|The University of Chicago]] under the supervision of [[Milton Friedman]], [[Gary Becker]] and [[Stanley Fischer]]. Edi is currently a Scott and Barbara Black Professor of Economics at [[Johns Hopkins University]].
He earned his B.A. in [[Economics]] and [[Political science|Political Science]] from [[Hebrew University of Jerusalem|The Hebrew University of Jerusalem]], in 1965 and his Ph.D. from [[University of Chicago|The University of Chicago]], in 1971, under the supervision of [[Milton Friedman]], [[Gary Becker]] and [[Stanley Fischer]].
Karni began his academic career at Tel Aviv University in 1972, where he attained the rank of full professor. In 1976-77 he was a fellow at the Institute of Advanced Studies at the Hebrew University of Jerusalem. In 1982 he left Tel Aviv University for Johns Hopkins University. In the years 2013-2019 Karni was [[Distinguished professor]] at the [[Warwick Business School]].<ref>{{Cite web|url=https://www.wbs.ac.uk/wbs2012/assets/PDF/downloads/research/distinguished-professors-of-research-environment.pdf|title=Distinguished professor at WBS|last=|first=|date=|website=WBS Website|url-status=live|archive-url=https://web.archive.org/web/20171215034028/http://www.wbs.ac.uk:80/wbs2012/assets/PDF/downloads/research/distinguished-professors-of-research-environment.pdf |archive-date=2017-12-15 |access-date=}}</ref>


Karni's main contributions are in the fields of individual decision making under uncertainty, social choice theory and the economics of information.
⚫
His most influential works are at the fields of decision-making under uncertainty and risk<ref>{{Cite journal|last=Karni|first=Edi|last2=Safra|first2=Zvi|date=1987-05|title="Preference Reversal" and the Observability of Preferences by Experimental Methods|url=http://dx.doi.org/10.2307/1913606|journal=Econometrica|volume=55|issue=3|pages=675|doi=10.2307/1913606|issn=0012-9682}}</ref>,which includes modeling state-dependent preferences<ref>{{Cite book|url=https://www.worldcat.org/oclc/11812479|title=Decision making under uncertainty : the case of state-dependent preferences|last=Karni, Edi.|date=1985|publisher=Harvard University Press|isbn=0674195256|location=Cambridge, Mass.|oclc=11812479}}</ref> and the definition of [[Bayesian probability|subjective probability]]<ref>{{Cite journal|last=Karni|first=Edi|date=2012-02-02|title=Bayesian decision theory with action-dependent probabilities and risk attitudes|url=http://dx.doi.org/10.1007/s00199-012-0692-4|journal=Economic Theory|volume=53|issue=2|pages=335–356|doi=10.1007/s00199-012-0692-4|issn=0938-2259}}</ref>, the modeling of awareness and awareness of unawareness<ref>{{Cite book|url=http://worldcat.org/oclc/951025796|title=Awareness of Unawareness: A Theory of Decision Making in the Face of Ignorance|last=Karni, Edi Vierø, Marie-Louise|date=2014|publisher=Kingston, Ont.: Queen's Economics Dep., Queen's Univ|oclc=951025796}}</ref> and the introduction of the notion of ‘reverse Bayesianism’. He also influenced the field of [[Information economics|economics of information]]<ref>{{Cite journal|last=Darby|first=Michael R.|last2=Karni|first2=Edi|date=1973-04|title=Free Competition and the Optimal Amount of Fraud|url=http://dx.doi.org/10.1086/466756|journal=The Journal of Law and Economics|volume=16|issue=1|pages=67–88|doi=10.1086/466756|issn=0022-2186}}</ref>, Specifically, the introduction to economics of the notion of credence-quality goods and the explanation of the existence of [[fraud]] in competitive market to [[Information asymmetry|asymmetric information]] due to expert knowledge.

⚫
In the field of decision-making under uncertainty, he has worked on the measurement of risk aversion,<ref>{{Cite journal|last1=Karni|first1=Edi|last2=Safra|first2=Zvi|date=1987|title="Preference Reversal" and the Observability of Preferences by Experimental Methods|journal=Econometrica|volume=55|issue=3|pages=675|doi=10.2307/1913606|issn=0012-9682|jstor=1913606}}</ref><ref>{{Cite journal|last=Karni|first=Edi|date=1979|title=On Multivariate Risk Aversion|journal=Econometrica|volume=47|issue=6|pages=1391–1401|doi=10.2307/1914007|issn=0012-9682|jstor=1914007}}</ref><ref>{{Cite journal|last1=Hong|first1=Chew Soo|last2=Karni|first2=Edi|last3=Safra|first3=Zvi|date=1987|title=Risk aversion in the theory of expected utility with rank dependent probabilities|journal=Journal of Economic Theory|volume=42|issue=2|pages=370–381|doi=10.1016/0022-0531(87)90093-7|issn=0022-0531|doi-access=free}}</ref><ref>{{Cite journal|date=2013|title=Subjective Expected Utility With Incomplete Preferences|journal=Econometrica|volume=81|issue=1|pages=255–284|doi=10.3982/ecta9621|issn=0012-9682|doi-access=free}}</ref> the modeling state-dependent preferences<ref>{{Cite book|title=Decision making under uncertainty : the case of state-dependent preferences|last=Karni, Edi.|date=1985|publisher=Harvard University Press|isbn=0674195256|location=Cambridge, Mass.|oclc=11812479}}</ref> and the definition of [[Bayesian probability|subjective probability]],<ref>{{Cite journal|last=Karni|first=Edi|date=2012-02-02|title=Bayesian decision theory with action-dependent probabilities and risk attitudes|journal=Economic Theory|volume=53|issue=2|pages=335–356|doi=10.1007/s00199-012-0692-4|s2cid=28407506|issn=0938-2259|citeseerx=10.1.1.360.2882}}</ref> the modeling of awareness and awareness of unawareness<ref>{{Cite book|title=Awareness of Unawareness: A Theory of Decision Making in the Face of Ignorance|last=Karni, Edi Vierø, Marie-Louise|date=2014|publisher=Kingston, Ont.: Queen's Economics Dep., Queen's Univ|oclc=951025796}}</ref> and the introduction of the notion of ‘reverse [[Bayesian probability|Bayesianism]]’.
In the field of [[Information economics|economics of information]], Karni's contribution include the introduction of the notion of credence-quality goods and the explanation of the existence of [[fraud]] in competitive market to [[Information asymmetry|asymmetric information]] due to expert knowledge. <ref>{{Cite journal|last1=Darby|first1=Michael R.|last2=Karni|first2=Edi|date=1973|title=Free Competition and the Optimal Amount of Fraud|journal=The Journal of Law and Economics|volume=16|issue=1|pages=67–88|doi=10.1086/466756|s2cid=53667439|issn=0022-2186}}</ref>
In the field of social choice theory Karni's contributions include the axiomatization and representation of individual behavior that is motivated, in part, by a sense of fairness and interpersonal comparisons of variations in well-being.


== References ==
== References ==
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* [https://econ.jhu.edu/directory/edi-karni/ Personal website]
* [https://econ.jhu.edu/directory/edi-karni/ Personal website]
* [https://www.genealogy.math.ndsu.nodak.edu/id.php?id=222013 Edi Karni] at the [[Mathematics Genealogy Project]]
* [https://www.genealogy.math.ndsu.nodak.edu/id.php?id=222013 Edi Karni] at the [[Mathematics Genealogy Project]]
*[https://ideas.repec.org/f/pka445.html Edi Karni] at the [[Research Papers in Economics|IDEAS]] database of economic literature.
*[https://www.econometricsociety.org/society/organization-and-governance/fellows List of Fellows of the Econometric Society]

{{authority control}}

{{DEFAULTSORT:Karni, Edi}}
[[Category:1944 births]]
[[Category:Israeli economists]]
[[Category:Living people]]
[[Category:Fellows of the Econometric Society]]
[[Category:Hebrew University of Jerusalem Faculty of Social Sciences alumni]]
[[Category:University of Chicago alumni]]
[[Category:Johns Hopkins University faculty]]
[[Category:Academics from Tel Aviv]]

Latest revision as of 09:40, 25 July 2024

Edi Karni
עדי קרני
Born (1944-03-20) March 20, 1944 (age 80)
Tel Aviv, Israel
CitizenshipIsrael
Alma materThe University of Chicago
Scientific career
FieldsEconomics
Doctoral advisorMilton Friedman
Gary Becker
Stanley Fischer

Edi Karni (born March 20, 1944, in Tel Aviv) is an Israeli born American economist and decision theorist. Karni is the Scott and Barbara Black Professor of Economics at Johns Hopkins University. He is a Fellow of the Econometric Society and an Economic Theory Fellow of the Society for the Advancement of Economic Theory.[1]

He earned his B.A. in Economics and Political Science from The Hebrew University of Jerusalem, in 1965 and his Ph.D. from The University of Chicago, in 1971, under the supervision of Milton Friedman, Gary Becker and Stanley Fischer. Karni began his academic career at Tel Aviv University in 1972, where he attained the rank of full professor. In 1976-77 he was a fellow at the Institute of Advanced Studies at the Hebrew University of Jerusalem. In 1982 he left Tel Aviv University for Johns Hopkins University. In the years 2013-2019 Karni was Distinguished professor at the Warwick Business School.[2]

Karni's main contributions are in the fields of individual decision making under uncertainty, social choice theory and the economics of information.

In the field of decision-making under uncertainty, he has worked on the measurement of risk aversion,[3][4][5][6] the modeling state-dependent preferences[7] and the definition of subjective probability,[8] the modeling of awareness and awareness of unawareness[9] and the introduction of the notion of ‘reverse Bayesianism’. In the field of economics of information, Karni's contribution include the introduction of the notion of credence-quality goods and the explanation of the existence of fraud in competitive market to asymmetric information due to expert knowledge. [10] In the field of social choice theory Karni's contributions include the axiomatization and representation of individual behavior that is motivated, in part, by a sense of fairness and interpersonal comparisons of variations in well-being.

References

[edit]
  1. ^ "Economic Theory Fellows – SAET". Retrieved 2019-06-25.
  2. ^ "Distinguished professor at WBS" (PDF). WBS Website. Archived (PDF) from the original on 2017-12-15.
  3. ^ Karni, Edi; Safra, Zvi (1987). ""Preference Reversal" and the Observability of Preferences by Experimental Methods". Econometrica. 55 (3): 675. doi:10.2307/1913606. ISSN 0012-9682. JSTOR 1913606.
  4. ^ Karni, Edi (1979). "On Multivariate Risk Aversion". Econometrica. 47 (6): 1391–1401. doi:10.2307/1914007. ISSN 0012-9682. JSTOR 1914007.
  5. ^ Hong, Chew Soo; Karni, Edi; Safra, Zvi (1987). "Risk aversion in the theory of expected utility with rank dependent probabilities". Journal of Economic Theory. 42 (2): 370–381. doi:10.1016/0022-0531(87)90093-7. ISSN 0022-0531.
  6. ^ "Subjective Expected Utility With Incomplete Preferences". Econometrica. 81 (1): 255–284. 2013. doi:10.3982/ecta9621. ISSN 0012-9682.
  7. ^ Karni, Edi. (1985). Decision making under uncertainty : the case of state-dependent preferences. Cambridge, Mass.: Harvard University Press. ISBN 0674195256. OCLC 11812479.
  8. ^ Karni, Edi (2012-02-02). "Bayesian decision theory with action-dependent probabilities and risk attitudes". Economic Theory. 53 (2): 335–356. CiteSeerX 10.1.1.360.2882. doi:10.1007/s00199-012-0692-4. ISSN 0938-2259. S2CID 28407506.
  9. ^ Karni, Edi Vierø, Marie-Louise (2014). Awareness of Unawareness: A Theory of Decision Making in the Face of Ignorance. Kingston, Ont.: Queen's Economics Dep., Queen's Univ. OCLC 951025796.{{cite book}}: CS1 maint: multiple names: authors list (link)
  10. ^ Darby, Michael R.; Karni, Edi (1973). "Free Competition and the Optimal Amount of Fraud". The Journal of Law and Economics. 16 (1): 67–88. doi:10.1086/466756. ISSN 0022-2186. S2CID 53667439.
[edit]
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