Charles Raymond Plott (born July 8, 1938) is an American economist. He currently is Edward S. Harkness Professor of Economics and Political Science at the
California Institute of Technology
The California Institute of Technology (branded as Caltech or CIT)The university itself only spells its short form as "Caltech"; the institution considers other spellings such a"Cal Tech" and "CalTech" incorrect. The institute is also occasional ...
,
Director, Laboratory for Experimental Economics and Political Science, and a pioneer in the field of
experimental economics
Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic expe ...
. His research is focused on the basic principles of process performance and the use of those principles in the design of new, decentralized processes to solve complex problems. Applications are found in mechanisms for allocating complex items such as the markets for pollution permits in Southern California, the FCC auction of licenses for Personal Communication Systems, the auctions for electric power in California, the allocation of landing rights at the major U.S. airports, access of private trains to public railway tracks, access to natural gas pipelines, the allocation of licenses for offshore aquaculture sites, the combinatorial sale of fleets of vehicles, and the application of complex procurements. Plott has contributed extensively to the development and application of a laboratory experimental methodology in the fields of economics and political science.
Awards and memberships
Memberships include National Academy of Sciences, 2007; American Academy of Arts and Sciences, 1985; Distinguished Fellow of American Economic Association; Centre for Market Design, Victoria, Board Member; Fellow of the Econometric Society; Public Choice Society, President 1976-1978; Southern Economic Association, Executive Committee 1977-1978, vice president 1985-1987, president 1989-90; Economic Science Association, president 1987-1988; Western Economic Association International, vice president, 1996, president 1999.
Recent awards include GAIM Research Paper of the Year 2006 Award; Economic Inquiry 2006 Best Article; GSAM Quant Best Paper Prize, Review of Finance; Journal of Financial Markets 2003 Best Paper Award; Journal of Finance Markets Award, and others.
Charles Plott has held the positions of president of the
Society for the Advancement of Economic Theory
The Society for the Advancement of Economic Theory abbreviated as SAET is a non-profit membership society founded to "advance knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theor ...
, president of the Western Economic Association International, and others.
Professional appointments
Plott's professional appointments include: National Research Council's Committee on Proposed Revisions to the Common Rule in Relation to Behavioral and Social Sciences; Economic Theory - Member, Editorial Board; Chairman, California Institute of Technology Institutional Review Board, National Research Council's Commission on Behavioral and Social Sciences and Education – Board on Behavioral, cognitive, and Sensory Sciences; The Lee Center for Advanced Networking, as well as others.
2002 Nobel Laureate
Vernon L. Smith lauded Plott in his speech of thanks at the Nobel Banquet, December 10, 2002 with a toast to "The pioneering influence of
Sidney Siegel
Sidney Siegel (4 January 1916 in New York City – 29 November 1961) was an American psychologist who became especially well known for his work in popularising non-parametric statistics for use in the behavioural sciences. He was a co-developer o ...
,
Amos Tversky,
Martin Shubik
Martin Shubik (1926-2018) was an American mathematical economist who specialized in game theory, defense analysis, and the theory of money and financial institutions. The latter was his main research interest and he coined the term "mathematical ...
, and Charles Plott on the intellectual movement that culminated in the economics award for 2002." In addition, the prize committee recognized Plott's contribution to the field.
Education
Plott received his education from the University of Virginia, PhD; Oklahoma State University, M.S., B.S.
[Home page biography at Caltech](_blank)
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Books
Plott is the author of numerous scholarly books and publications. A selection is:
* The Allocation of Scarce Resources: Experimental Economics and the Problem of Allocating Airport Slots, D. M. Grether, R. Mark Isaac, and C.R. Plott,. Volume in series Underground Classics in Economics, K. Arrow, J. Heckman, P. Pechman, T. Sargent, and R. Solow, editors. Boulder, CO: Westview Press, 1989.
* Designer Markets: Laboratory Experimental Methods in Economics, Volume 4, Number 1, 1994, Economic Theory. Charles R. Plott, guest editor.
* Public Economics, Political Processes and Policy Applications. Collected Papers on the Experimental Foundations of Economics and Political Science, Volume One. Cheltenham, UK: Edward Elgar Publishing (2001).
* Market Institutions and Price Discovery. Collected Papers on the Experimental Foundations of Economics and Political Science, Volume Two. Cheltenham, UK: Edward Elgar Publishing (2001).
* Information, Finance and General Equilibrium. Collected Papers on the Experimental Foundations of Economics and Political Science, Volume Three. Cheltenham, UK: Edward Elgar Publishing (2001).
* Handbook of Experimental Economic Results, Volume 1. Edited by C. R. Plott and V.L. Smith, Elsevier North-Holland Publishing (2008).
Patents
# Amusement devices and games including means for processing electronic data where ultimate outcome of the game is dependent on relative odds of a card combination and/or where chance is a factor: expected biases such as long shot and favorite bias, (2011).
Notes
External links
Laboratory for Experimental Economics and Political Science
Economics as an Experimental Science
- Lecture from Melbourne University
The University of Melbourne is a public research university located in Melbourne, Australia. Founded in 1853, it is Australia's second oldest university and the oldest in Victoria. Its main campus is located in Parkville, an inner suburb no ...
* - University of Canterbury, Christchurch, New Zealand, John Bell Condliffe Lecture in Economics
*
{{DEFAULTSORT:Plott, Charles
1938 births
Living people
American economists
California Institute of Technology faculty
Fellows of the American Academy of Arts and Sciences
Members of the United States National Academy of Sciences
Fellows of the Econometric Society
Distinguished Fellows of the American Economic Association
Member of the Mont Pelerin Society