We are extremely proud that one of our most distinguished alumni, Prof. Philip Dybvig of the Economics Department at Washington University in St. Louis, has been named as one of this year’s winners of the Sveriges Riksbank Prize in Economic Sciences in the Memory of Alfred Nobel (commonly known as the Nobel prize in Economics). This tremendous achievement by one of our alums provides a great example of the scope of the opportunities that a Physics degree provides. As physicists, we seek to build models that contain enough aspects of a phenomenon to describe it reasonably accurate but are yet simple enough to provide useful insights into that phenomenon in order to help explain or control it. This is what we train our students to do, and that is just what the Diamond-Dybvig model has done for banking systems for almost 4 decades. It’s extraordinarily gratifying to see one of our graduates applying these lessons so beautifully and successfully to such an important problem.
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