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Biography

Lars Peter Hansen is a leading expert in economic dynamics who works at the forefront of economic thinking and modeling, drawing approaches from macroeconomics, finance, and statistics. He is a听recipient of the听

Hansen has made fundamental advances in our understanding of how economic agents cope with changing and risky environments. He has contributed to the development of statistical methods designed to explore the interconnections between macroeconomic indicators and assets in financial markets. These methods are widely used in empirical research in financial economics today.

The Nobel Prize recognizes this work, which has been used to test theories and models that have shaped our modern understanding of asset pricing. 听His recent research explores how to quantify intertemporal risk-return tradeoffs and ways to model economic behavior when consumers and investors struggle with uncertainty about the future. Improving models that measure risk and uncertainty have important implications for financial markets, fiscal policy, and the macroeconomy.

Lars Peter Hansen receives support from the Alfred P. Sloan Foundation in his capacity as the director of the听听under the auspices of the Becker Friedman Institute.听He is also a member of the Luohan Academy, the听Hong Kong Institute for Monetary and Financial Research听Council听of听Advisers听for听Applied听Research,听and the CME Group Competitive Markets Advisory Council. In addition, he advises the SparkLabs Group.

His听early research in econometrics听was aimed at developing time series statistical methods to investigate one part of an economic model without having to fully specify and estimate all of the model ingredients. The applications he explored with several coauthors,听such as Kenneth J. Singleton, Scott F. Richard, Robert Hodrick, and Ravi Jagannathan,听included systems that are rich enough to support models of asset valuation and to identify and clarify empirical puzzles, where real-world financial and economic data were at odds with prevailing academic models.

Hansen鈥檚 recent work focuses on uncertainty and its relationship to long run risks in the macroeconomy. He explores how models that incorporate ambiguities, beliefs, and skepticism of consumers and investors can explain economic and financial data and reveal the long-term consequences of policy options. Hansen, Thomas J. Sargent, and their coauthors have recently developed methods for modeling economic decision-making in environments in which uncertainty is hard to quantify. 听They explore the consequences for models with financial markets and characterize environments in which the beliefs of economic actors are fragile.

Hansen joined the faculty of the听听听in 1981 and has served as department chairman and director of graduate studies. He is now David Rockefeller Distinguished Service Professor of Economics, Statistics, Booth School of Business and the College. He was the inaugural director of the Becker Friedman Institute until July of 2017.听. He currently directs the听听housed under the Becker Friedman Institute.听

Hansen also serves as co-principal investigator, along with Andrew Lo of MIT, on the听. This research group works to develop macroeconomic models with enhanced linkages to financial markets, with the aim of providing better policy tools for monitoring so-called systemic risks to the economy.

In addition to the Nobel prize,听Hansen has also received many other awards and honors. Hansen won the 2010听听鈥渇or making fundamental contributions to our understanding of how economic actors cope with risky and changing environments.鈥� He also received the听听in 2008 and the听听from Northwestern University in 2006. In 1984, he and Kenneth J. Singleton were awarded the Frisch Medal from the Econometric Society for their paper, 鈥淕eneralized Instrumental Variables Estimation of Nonlinear Rational Expectations Models.鈥�

Hansen is a fellow of the听听and the听. He also is a member of the听听and past president of the听.

He has delivered numerous lectures around the world. In 2016, he presented the CORE Nobel Talk at the Universit茅 catholique de Louvain, and in 2015 he presented the LAUNCH Distinguished Lecture at the University of Illinois and the W.P. Carey Lecture at Colorado College. He was the 2014 lecturer at the IGIER Seminar Series at 听Universit脿 Bocconi and lectured at the 1st Macro Finance Workshop of the Macro Finance Society at Ohio State University. Hansen gave the Princeton Lectures in Finance at the Bendheim Center for Finance in December 2010, the Tjalling C. Koopmans Memorial Lectures at Yale in September 2008, and the Third Toulouse Lectures in Economics at the Universit茅 de Toulouse in May 2005.

Hansen holds a bachelor's degree in mathematics and political science from听听and a doctorate in economics from the听. 听Hansen has also received numerous honorary degrees, including an honorary doctorate from Utah State University in 2012.

Academic Areas

• Finance
• Macroeconomics