Beth Hayes (May 27, 1955 – June 3, 1984) was an American economist specializing in theoretical microeconomics. She has been memorialized by an award established by the

University of Pennsylvania The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...

Educational background

Hayes graduated from the honors program at the

University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...

in 1977 and received her Ph.D. in

Economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

in 1982 from the

, studying under

David Cass David Cass (January 19, 1937 – April 15, 2008) was a professor of economics at the University of Pennsylvania, mostly known for his contributions to general equilibrium theory. His most famous work was on the Ramsey–Cass–Koopmans model of ...

. Her dissertation, ''Three Essays in Microeconomic Theory'', formed the basis for her foundational work in research on two-part tariffs and asymmetrical information, and insurance contracts.

Academic life and legacy

Hayes Asymmetric Information Model of Strike Behavior

Beth Hayes was a professor of managerial economics in the J.L. Kellogg Graduate School of Management at

Northwestern University Northwestern University is a private research university in Evanston, Illinois. Founded in 1851, Northwestern is the oldest chartered university in Illinois and is ranked among the most prestigious academic institutions in the world. Charte ...

until her death in a traffic fatality in 1984. Hayes produced foundational research on two-part tariffs, the economics of

information asymmetry In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which ca ...

, insurance contracts, and public regulation. The model of strike behavior has been referenced widely and empirically tested. "The Hayes asymmetric information model of strike activity predicts a negative relationship between actual firm profits and strike frequency, and a positive relationship between the trade union's expectations of firm profitability and the duration of strikes." Other references to the Hayes model appear in articles by Joseph S. Tracy,

David Card David Edward Card (born 1956) is a Canadian-American labour economist and professor of economics at the University of California, Berkeley. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contribution ...

, Other references to the model appear in studies examining trade union behavior in Papua New Guinea, and Japan. The model continues to be cited in studies on union strike behavior.

The Beth Hayes/David Cass Prize

In 1994,

was instrumental in establishing the Beth Hayes Prize for Graduate Research Accomplishment at the

. The prize was created in honor and memory of Dr. Hayes, one of his former graduate students whom he describes in his essay "On Women." In its original form, the prize was awarded biennially to the woman in the economics graduate program who had produced the most significant piece of original research in the preceding two years. The award was later modified with Cass's approval to include eligibility for male students. Following his death, the University renamed the award as The Beth Hayes/David Cass Prize for Graduate Research Accomplishment in Economics.

Notes

External links

The Beth Hayes/David Cass Prize
at the

* * * {{DEFAULTSORT:Hayes, Beth A. 1955 births 1984 deaths American women academics American women economists Northwestern University faculty Road incident deaths in Illinois University of Michigan alumni 20th-century American economists 20th-century American women scientists 20th-century American scientists