Daniel L. McFadden
Hutchinson, Kansas,United States
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Daniel L. McFadden is a highly distinguished American econometrician and economist. He was awarded the Nobel Memorial Prize in Economic Sciences in 2000, jointly with James Heckman, for his groundbreaking development of theory and methods for analyzing discrete choice. These models, often referred to as McFadden's Choice Model or conditional logit, have revolutionized the study of individual decision-making in situations where choices are made from a finite set of alternatives. His work has found extensive applications in diverse fields such as transportation planning (e.g., predicting mode of transport choices), urban economics, environmental valuation, marketing, and health economics. McFadden is known for his rigorous mathematical approach and his ability to bridge economic theory with empirical application. He has held prominent academic positions, including at the University of California, Berkeley, where he is currently Professor of the Graduate School, and at the University of Southern California as Presidential Professor of Health Economics. His contributions continue to influence research and policy-making worldwide.
Professional Summary
Daniel L. McFadden's work history includes a series of influential roles in various companies. Here is a detailed list of his professional journey:
Notable Achievements
Nobel Memorial Prize in Economic Sciences
Awarded in 2000 (shared with James Heckman) for his development of theory and methods for analyzing discrete choice, which are fundamental for understanding individual and household choices among a finite set of alternatives.
John Bates Clark Medal
Awarded in 1975 by the American Economic Association to the American economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge.
Erwin Plein Nemmers Prize in Economics
Awarded by Northwestern University in 1998 for major contributions to new knowledge or the development of significant new modes of analysis.
Frisch Medal
Awarded in 1986 by the Econometric Society (with Daniel Hausman) for the best applied paper published in Econometrica in the previous five years, for their paper 'Specification Tests for the Multinomial Logit Model'.
Development of Discrete Choice Models
Pioneered the theory and econometrics of discrete choice models, which are widely used to analyze choices such as mode of transportation, brand of product, or residential location. His conditional logit model is a cornerstone in this field.
Educational Background
Bachelor's degree, Business Administration and Management, General
Wichita State University - Year 1992
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Company Overview
Commerce BankCommerce Bank, a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), is a U.S. bank headquartered in Kansas City, Missouri. It offers a diversified line of financial services, including business and personal banking, wealth management, and payment solutions. With a history spanning over 150 years, Commerce Bank focuses on building long-term relationships and providing comprehensive financial solutions to individuals and businesses across its footprint, primarily in the Midwest. They emphasize community involvement and customer service as core values.
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