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<html> <head> <title>Peter Diamond</title> <meta name="googlebot" content="noodp"> <meta name="robots" content="noodp"> <link rel="apple-touch-icon-precomposed" href="/silly-nndb-icon.png" /><style type="text/css">  </style></head> <body bgcolor=#ffffff> <center> <table cellpadding=0 cellspacing=0 border=0><tr><td valign=top><table width=550 cellpadding=0 cellspacing=0><tr><td bgcolor=white><table width="100%" cellpadding="4" cellspacing="0" background="/nndb.gif"> <tr> <td rowspan="2" align="left" valign="top"><a href="http://www.nndb.com/"><img src="/title.gif" width="260" height="50" border=0 alt="NNDB"></a></td> <td><table width="100%" cellspacing="0" cellpadding="6"> <tr align="center"> <td width="25%" nowrap>This is a beta version of NNDB</td> </tr> </table></td> </tr> <tr> <td align="right" valign="middle"> <form action="http://search.nndb.com/search/nndb.cgi" method="get"> <input type="hidden" name="nndb" value="1"></input> Search: <select name="omenu"> <option value="unspecified" selected>All Names</option> <option value="living">Living people</option> <option value="dead">Dead people</option> <option value="bands">Band Names</option> <option value="books">Book Titles</option> <option value="movies">Movie Titles</option> <option value="fulltext">Full Text</option> </select> for <input name="query" value="" size=24 maxlength=96> <input type=submit value="Search"> </form></td> </tr> </table>        </td></tr><tr><td bgcolor=red height=2></td></tr><map name=fool><area coords="102,0,240,14" href="/people/581/000254816/bibliography/" alt="bibliography"></map><tr bgcolor=F0F0F0><td bgcolor=F0F0F0 style="padding: 0px 15px 15px 15px;"><img src="/red-profile-2.gif" align="right" height=15 width=240 border=0 usemap=#fool> <table cellpadding=0 cellspacing=0 width=100%><tr><td bgcolor=F0F0F0>Peter DiamondAKA Peter Arthur DiamondBorn: <a href="/lists/637/000106319/" class=proflink>29-Apr</a>-<a href="/lists/939/000105624/" class=proflink>1940</a> Birthplace: <a href="/geo/631/000069424/" class=proflink>New York City</a> Gender: Male Religion: <a href="/lists/875/000071662/" class=proflink>Jewish</a> Race or Ethnicity: White Sexual orientation: Straight Occupation: <a href="/lists/181/000068974/" class=proflink>Economist</a>Nationality: United States Executive summary: Diamond paradox in economicsPeter Diamond is an economist at MIT, who shared the 2010 Nobel Prize for Economics with <a href="/people/582/000254817/">Dale Mortensen</a> and <a href="/people/583/000254818/">Christopher Pissarides</a>, "for their analysis of markets with search frictions". His areas of expertise include the economics of uncertainty, growth, optimal taxation, pension issues, public finance, the relationship between job vacancies and unemployment rates, and Social Security. On the latter issue, he is generally dismissive of the media consensus that the Social Security program is in crisis, and has instead argued that any fiscal shortcoming in the program can be resolved with modest tax increases and benefit cuts. Before coming to prominence as a Nobel laureate he was best known in economic circles for the Diamond paradox, which notes that if customers are required to pay a search cost in order to observe a seller's price, sellers can get away with small price increases without losing sales because, provided the search cost is not too significant, customers are unlikely to pay for a second search and thus will not learn of the price increase, a factor which gives sellers a unilateral incentive to raise prices. Diamond has said that he went into economics because he found the long equations of advanced math "too hairy", and that "going to graduate school was a no-brainer because the alternative was the draft". Several months prior to the Nobel announcement, he was nominated to the Federal Reserve Board of Governors by President <a href="/people/208/000055043/">Barack Obama</a>, and rejected for confirmation after Senator <a href="/people/296/000032200/">Richard Shelby</a> (R-Alabama) deemed him "unqualified" to make decisions on monetary policy. The President has since renominated Diamond, whose past students include Fed Chair <a href="/people/447/000094165/">Ben Bernanke</a>.Wife: Kate (two sons) Son: Matthew Son: Andrew ("Andy")     University: <a href="/edu/480/000068276/">BS Mathematics, Yale University (1960)</a>     University: <a href="/edu/487/000068283/">PhD Economics, Massachusetts Institute of Technology (1963)</a>     Teacher: <a href="/edu/470/000068266/">Ass't Prof. of Economics, University of California at Berkeley (1963-65)</a>     Teacher: <a href="/edu/470/000068266/">Assoc. Prof. of Economics, University of California at Berkeley (1965-66)</a>     Teacher: <a href="/edu/487/000068283/">Assoc. Prof. of Economics, Massachusetts Institute of Technology (1966-70)</a>     Professor: <a href="/edu/487/000068283/">Economics, Massachusetts Institute of Technology (1970-89)</a>     Professor: <a href="/edu/487/000068283/">John and Jennie S. MacDonald Professor of Economics, MIT (1989-91)</a>     Professor: <a href="/edu/487/000068283/">Paul A. Samuelson Professor of Economics, MIT (1991-97)</a>     Professor: <a href="/edu/487/000068283/">Institute Professor, Massachusetts Institute of Technology (1997-)</a>     <a href="/honors/485/000032389/">Guggenheim Fellowship</a> 1966, 1982-83     IES Mahalanobis Memorial Award 1980     Erwin Plein Nemmers Prize in Economics 1994     MIT James R. Killian Award 2003     TIAA-CREF Paul A. Samuelson Award 2003     Jean-Jacques Laffont Prize 2005     NASI Robert M. Ball Award 2008     <a href="/honors/183/000067979/">Nobel Prize for Economics</a> 2010 (with <a href="/people/582/000254817/">Dale Mortensen</a> and <a href="/people/583/000254818/">Christopher Pissarides</a>)     <a href="/media/357/000107036/">American Economic Review</a> Editorial Board (1979-81)     <a href="/media/342/000116991/">Journal of Economic Theory</a> Editorial Board (1969-71)     Journal of Public Economics Editorial Board (1971-)     <a href="/org/811/000055646/">American Academy of Arts and Sciences</a>     <a href="/org/766/000051613/">American Association for the Advancement of Science</a> 1978     <a href="/org/059/000103747/">American Economic Association</a> 1970     <a href="/org/059/000103747/">American Economic Association</a> Vice President, 1986     <a href="/org/059/000103747/">American Economic Association</a> President, 2003     <a href="/org/791/000107470/">Econometric Society</a> 1968     <a href="/org/791/000107470/">Econometric Society</a> President, 1991     <a href="/org/692/000054530/">National Academy of Sciences</a> 1984     <a href="/org/672/000127291/">National Academy of Social Insurance</a> 1988     <a href="/org/672/000127291/">National Academy of Social Insurance</a> President, 1994-97     <a href="/org/672/000127291/">National Academy of Social Insurance</a> Board of Directors, 1996-2001 (as Chair, 1996-98)     <a href="/org/446/000094164/">National Bureau of Economic Research</a> 1991     <a href="/org/592/000071379/">National Science Foundation</a> Numerous research grants     <a href="/org/393/000051240/">RAND Corporation</a>     <a href="/org/903/000161420/">Russell Sage Foundation</a>     <a href="/lists/481/000045346/">Jewish Ancestry</a> Official Website: <a href="http://econ-www.mit.edu/faculty/pdiamond/index.htm" target=_blank>http://econ-www.mit.edu/faculty/pdiamond/index.htm</a> Author of books: Uncertainty in Economics (<tt>1978</tt>, with Michael Rothschild) A Search Equilibrium Approach to the Micro Foundations of Macro-Economics (<tt>1982</tt>) Growth, Productivity, Unemployment (<tt>1990</tt>) On Time: Lectures on Models of Equilibrium (<tt>1994</tt>) Social Security: What Role for the Future? (<tt>1996</tt>, with David Lindeman, Howard Young) Issues in Privatizing Social Security (<tt>1999</tt>) Saving Social Security: A Balanced Approach (<tt>2004</tt>, with <a href="/people/402/000178865/">Peter R. Orszag</a>) The Economics of Pensions (<tt>2006</tt>, with Nicholas A. Barr) Behavioral Economics and Its Applications (<tt>2007</tt>, with Hannu Vartiainen) Reforming Pensions (<tt>2008</tt>, with Nicholas A. Barr) Taxes and Pensions (<tt>2009</tt>) <table> <tr> <td align=right valign=middle style="padding-right: 5px;">New! <a href="http://mapper.nndb.com/" class="fotmlink" style="font-family: Tahoma, sans-serif; font-size: 10px; font-weight: bold; text-decoration: none; color: #dd0000;">NNDB MAPPER</a></td> <td valign=middle align=right style="border-left: 1px solid #bbb; padding-left: 5px;">Create a map starting with</td> <td valign=middle align=right><a href="http://mapper.nndb.com/start/?id=254816"><img src="/man.gif" border=0 style="padding: 2px;"></a></td> <td align=left valign=middle> <a href="http://mapper.nndb.com/start/?id=254816">Peter Diamond</a></td> </tr> </table> Requires Flash 7+ and Javascript. 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