Paul L. Joskow

Paul L. Joskow
Name	Paul L. Joskow
Birth date	19 June 1947
Birth place	New York City, New York, U.S.
Nationality	American
Field	Industrial organization, Regulatory economics, Energy economics
Institution	Massachusetts Institute of Technology, Alfred P. Sloan Foundation
Alma mater	Cornell University (B.A.), Yale University (Ph.D.)
Doctoral advisor	Richard R. Nelson
Contributions	Electricity market design, deregulation, regulation of monopoly
Awards	Distinguished Fellow of the American Economic Association, Member of the American Academy of Arts and Sciences

Paul L. Joskow is an eminent American economist renowned for his pioneering research on industrial organization, regulatory policy, and energy markets. A longtime professor at the Massachusetts Institute of Technology and former president of the Alfred P. Sloan Foundation, his work has profoundly shaped the economic analysis of electricity market restructuring and the regulation of network industries. His scholarship combines rigorous theoretical modeling with deep empirical analysis, influencing both academic discourse and real-world policy in the United States and internationally.

Early life and education

He was born in New York City and pursued his undergraduate studies at Cornell University, where he earned a Bachelor of Arts degree. He subsequently entered the doctoral program in economics at Yale University, completing his Ph.D. in 1972 under the supervision of noted economist Richard R. Nelson. His doctoral dissertation focused on the behavior of firms and the dynamics of technological change, laying an early foundation for his career at the intersection of economics, law, and industrial policy.

Academic career

Following the completion of his doctorate, he joined the faculty of the Massachusetts Institute of Technology in 1972, where he would spend the majority of his academic career. He held appointments in the MIT Department of Economics and was a key figure at the MIT Center for Energy and Environmental Policy Research. He served as the head of the MIT Department of Economics from 1994 to 1998. In 2008, he transitioned from his full-time professorship to become the President of the Alfred P. Sloan Foundation, a prominent philanthropic organization dedicated to supporting scientific research, though he maintained an affiliation with Massachusetts Institute of Technology as a Professor Emeritus.

Research and contributions

His research is foundational in the fields of regulatory economics and industrial organization, particularly concerning network industries like electricity and telecommunications. His seminal work, often co-authored with colleagues like Richard Schmalensee, analyzed the performance of regulated industries and the potential for introducing competition, most notably in his influential studies of the electric power industry. He authored the acclaimed textbook "Markets for Power" and has extensively published in top journals including the American Economic Review and the Rand Journal of Economics. His analyses of vertical integration, contract theory, and market design have provided critical frameworks for the deregulation of electricity markets globally.

Policy and advisory roles

His expertise has been sought by numerous government agencies and regulatory bodies. He has served as a consultant to the United States Department of Justice, the Federal Energy Regulatory Commission, and the California Public Utilities Commission, among others. He was a member of the United States Environmental Protection Agency's Acid Rain Advisory Committee and has advised international organizations like the World Bank on infrastructure reform. His testimony and analyses have directly informed major policy debates surrounding the Clean Air Act, the Public Utility Regulatory Policies Act, and the restructuring of wholesale power markets following the California electricity crisis.

Awards and honors

In recognition of his scholarly impact, he has been elected a Fellow of the American Academy of Arts and Sciences and a Distinguished Fellow of the American Economic Association. He is also a Fellow of the Econometric Society and has received an honorary doctorate from the University of Paris-Dauphine. His research has been honored with prizes such as the Association of Environmental and Resource Economists' Publication of Enduring Quality Award.

Personal life

He is married to fellow economist Marlene K. Joskow. Details regarding his family and personal interests remain private, consistent with his professional focus on academic and policy contributions within the fields of economics and energy.

Category:American economists Category:Massachusetts Institute of Technology faculty Category:Alfred P. Sloan Foundation