Beth Hayes
Encyclopedia
Beth Hayes was an American economist specializing in theoretical microeconomics. She has been memorialized by an award established by the University of Pennsylvania
.
in 1977 and received her Ph.D. in Economics
in 1982 from the University of Pennsylvania
, studying under David Cass
. Her dissertation, Three Essays in Microeconomic Theory, formed the basis for her foundational work in research on two-part tariffs and asymmetical information, and insurance contracts.
until her death in a traffic fatality in 1984. Hayes produced foundational research on two-part tariff
s, the economics of information asymmetry
, 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, Other references to the model appear in studies examining trad union behavior in Paua New Guinea, and Japan. The model continues to be cited in studies on union strike behavior.
was instrumental in establishing the Beth Hayes Prize for Graduate Research Accomplishment at the University of Pennsylvania
. 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 The Beth Hayes/David Cass Prize for Graduate Research Accomplishment in Economics.
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
.
Educational Background
Hayes graduated from the honors program at the University of MichiganUniversity of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
in 1977 and received her Ph.D. in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1982 from the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, studying under David Cass
David Cass
David Cass 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 growth model, which is also known as the Ramsey-Cass-Koopmans model.-Biography:David Cass was born in 1937 in...
. Her dissertation, Three Essays in Microeconomic Theory, formed the basis for her foundational work in research on two-part tariffs and asymmetical information, and insurance contracts.
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 UniversityNorthwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
until her death in a traffic fatality in 1984. Hayes produced foundational research on two-part tariff
Two-part tariff
A two-part tariff is a price discrimination technique in which the price of a product or service is composed of two parts - a lump-sum fee as well as a per-unit charge. In general, price discrimination techniques only occur in partially or fully monopolistic markets...
s, the economics of information asymmetry
Information asymmetry
In economics and contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This creates an imbalance of power in transactions which can sometimes cause the transactions to go awry, a kind of market failure...
, 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, Other references to the model appear in studies examining trad union behavior in Paua New Guinea, and Japan. The model continues to be cited in studies on union strike behavior.
The Beth Hayes/David Cass Prize
In 1994, David CassDavid Cass
David Cass 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 growth model, which is also known as the Ramsey-Cass-Koopmans model.-Biography:David Cass was born in 1937 in...
was instrumental in establishing the Beth Hayes Prize for Graduate Research Accomplishment at the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
. 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 The Beth Hayes/David Cass Prize for Graduate Research Accomplishment in Economics.
External links
- The Beth Hayes/David Cass Prize at the University of PennsylvaniaUniversity of PennsylvaniaThe University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...