Daniel McFadden

Daniel Little McFadden was born on July 29, 1937, in Raleigh, North Carolina, USA. He grew up to become an influential American economist, known for his work in econometrics, especially in the fields of discrete choice and the development of methods for analyzing qualitative response variables. This would eventually earn him the Nobel Prize in Economic Sciences.

Daniel McFadden received his Ph.D. in Economics from the University of Minnesota in 1962. His dissertation laid the foundation for his future work in econometrics and discrete choice theory, which would greatly influence the field of economic science and policy-making over the years.

In 1975, Daniel McFadden introduced the conditional logit model, a fundamental contribution to econometrics that allowed for the analysis of discrete choice behavior. This model became an important tool in various fields where discrete choice is studied, including transportation, marketing, and public policy. McFadden's model has been used to analyze consumer preferences and decision making.

Daniel McFadden was awarded the John Bates Clark Medal in 1981, one of the most prestigious honors for economists under the age of 40. The medal is awarded biennially by the American Economic Association and is considered a strong predictor for future Nobel Prize winners in economic sciences. This award recognized McFadden's significant contributions to the field of econometrics.

Daniel McFadden founded the Econometrics Laboratory at the University of California, Berkeley in 1995. This facility aims to advance the study and application of econometrics. Under McFadden's leadership, the lab became a center of cutting-edge research and a training ground for future leaders in the field, contributing significantly to the advancement of econometric theory and practice.

Daniel McFadden was awarded the Nobel Prize in Economic Sciences in 2000, sharing the honor with James Heckman. McFadden was recognized for his development of theory and methods for analyzing discrete choice, which are used to understand and predict individual decision-making. His work on conditional logit models and qualitative response models provided valuable insights into consumer behavior and economics.

Daniel McFadden retired from his full-time position at the University of California, Berkeley in 2007 but continued to contribute to the academic community as an emeritus professor. During his tenure at Berkeley, McFadden significantly influenced the field of econometrics, mentoring numerous students who went on to make their own contributions to economic science.

In 2011, Daniel McFadden joined the faculty at the University of Southern California (USC) and the California Institute of Technology (Caltech) as a Presidential Professor of Health Economics. His work at these institutions focused on the intersection of health and economic behavior, where he applied his expertise in econometrics to address critical issues in health economics.

Daniel McFadden was recognized in 2014 as a Highly Cited Researcher, an honor reflecting his influence and significant contributions to the field of economics. This recognition is based on the number of citations from his published papers, which indicates the valuable impact of his research on economic theory, decision making, and policy analysis globally.

In 2018, Daniel McFadden published an influential article in the Journal of Economic Perspectives, discussing the future of behavioral economics and its potential impacts on economic theory and policymaking. His insights on behavioral economics highlighted the evolving nature of economic practice and the relevance of integrating behavioral insights in economic models.