The Fifth Annual Kenneth J. Arrow Lecture: Moral Hazard in Health Insurance: Developments Since Arrow (1963)

April 10, 2012 - 2:00pm - 3:30pm
Faculty Room, Low Library
2960 Broadway
New York, NY 10027
United States
See video

the Fifth Annual Kenneth J. Arrow Lecture


"Moral Hazard in Health Insurance: Developments Since Arrow (1963)"


Amy Finkelstein, Professor of Economics, Massachusetts Institute of Technology


with discussion by

Jonathan Gruber, Professor of Economics, Massachusetts Institute of Technology

Joseph E. Stiglitz, University Professor, Columbia University

Kenneth J. Arrow, Professor Emeritus, Stanford University


Co-sponsored by The Committee on Global Thought


About Amy Finkelstein:

Amy Finkelstein is a Professor of Economics at the Massachusetts Institute of Technology and the co-director of the Public Economics Program at the National Bureau of Economic Research.  Dr. Finkelstein received her AB summa cum laude in Government from Harvard University in 1995, and an M.Phil. in Economics from Oxford University in 1997, where she was a Marshall Scholar. She received her PhD in Economics from the Massachusetts Institute of Technology in 2001. Prior to joining the Massachusetts Institute of Technology faculty in 2005, she was a Junior Fellow at the Harvard Society of Fellows.  In 2008, she won the TIAA-CREF Paul A. Samuelson Award as well as the Elaine Bennett Research Prize, given every other year to the most outstanding young female economist by the American Economic Association.

Professor Finkelstein's primary research interests are market failures and government intervention in insurance markets, and the impact of public policy on the health care sector.


About Jonathan Gruber: 

Jonathan Gruber is a Professor of Economics at the Massachusetts Institute of Technology and the director of the Health Care Program at the National Bureau of Economic Research. Professor Gruber is a former Deputy Assistant Secretary for Economic Policy at the Treasury Department. He was a key architect of Massachusetts’ ambitious health reform effort, and in 2006 became an inaugural member of the Health Connector Board, the main implementing body for that effort.  He received his BS in Economics from the Massachusetts Institute of Technology  and his PhD from Harvard University. 

Professor Gruber's research focuses on the areas of public finance and health economics.


About Joseph Stiglitz:

A graduate of Amherst College, he received his PhD from MIT in 1967, became a full professor at Yale in 1970, and in 1979 was awarded the John Bates Clark Award, given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now University Professor at Columbia University in New York and Chair of Columbia University's Committee on Global Thought. He is also the co-founder and Executive Director of the Initiative for Policy Dialogue at Columbia. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.

Stiglitz was a member of the Council of Economic Advisers from 1993-95, during the Clinton administration, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000. In 2008 he was asked by the French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress, which released its final report in September 2009. In 2009 he was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System, which also released its report in September 2009.

About Kenneth J. Arrow:

Professor Arrow is Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus at Stanford University. He earned his M.A. and Ph.D. in economics from Columbia University, where his dissertation explored his famous "impossibility theorem" and became the foundation for his seminal book, Social Choice and Individual Values. Professor Arrow was awarded the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972 for their pioneering contributions to general economic equilibrium theory and welfare theory. He remains the youngest person to have received the Nobel Prize in Economics, and many of Professor Arrow's students have gone on to win the Nobel Prize themselves. Professor Arrow has made major contributions to equilibrium theory, endogenous growth theory and information economics, and is considered one of the most influential practicing economists.

For more information about Professor Arrow, please visit and