David Laibson

David Laibson
Name	David Laibson
Birth date	1969
Nationality	American
Alma mater	Harvard University (A.B., Ph.D.)
Institutions	Harvard University; National Bureau of Economic Research; Harvard Society of Fellows
Field	Behavioral economics; Macroeconomics; Behavioral finance
Doctoral advisor	Gregory Mankiw; Martin Feldstein

David Laibson is an American economist known for influential work in behavioral economics, intertemporal choice, and behavioral finance. He is a professor associated with Harvard University and a research associate at the National Bureau of Economic Research, whose research integrates psychological realism into models of consumer behavior and savings patterns. Laibson's work on hyperbolic discounting, commitment mechanisms, and neural correlates of economic decision-making has shaped academic and policy debates across economics and public policy.

Early life and education

Laibson was born in 1969 and completed undergraduate and doctoral studies at Harvard University, where he studied under advisors including Gregory Mankiw and Martin Feldstein. During his graduate training he engaged with literature from behavioral economics pioneers such as George Akerlof, Daniel Kahneman, Richard Thaler, and Amos Tversky, situating his doctoral research in the lineage of intertemporal choice and prospect theory. He participated in seminars and collaborations with scholars at institutions such as the National Bureau of Economic Research and the Institute for Advanced Study.

Academic career and positions

Laibson has held faculty appointments at Harvard University and affiliations with the National Bureau of Economic Research and the Harvard Society of Fellows. He has served on editorial boards of journals tied to American Economic Association publications and collaborated with researchers at the Massachusetts Institute of Technology, Stanford University, Yale University, and University of Chicago. Laibson has been involved with policy-oriented organizations and think tanks including the Brookings Institution and testified before legislative bodies and agencies engaged with retirement and Social Security policy. He has supervised doctoral students who have joined faculties at institutions such as Princeton University, Columbia University, Northwestern University, and London School of Economics.

Research and contributions

Laibson's research advanced models of time-inconsistent preferences, notably formalizing quasi-hyperbolic discounting (β–δ preferences) to explain anomalous savings and consumption behavior observed in data from surveys like the Health and Retirement Study and experiments in laboratories at Harvard University and MIT. He developed theoretical frameworks for commitment devices and self-control, building on earlier work by Friedman, Strotz, and Becker. Empirical collaborations produced evidence on retirement saving behavior in employer-sponsored plans such as 401(k) programs, linking plan design elements like automatic enrollment and default options to participation patterns observed in datasets from Employee Benefits Research Institute and administrative records from large firms.

Laibson integrated neuroscientific techniques into economic research, working with teams that used functional magnetic resonance imaging to study neural responses to intertemporal tradeoffs, connecting findings to literature by Antonio Damasio, Read Montague, and Paul Glimcher. His work influenced policy reforms advocating for behavioral interventions, aligning with applied research at Consumer Financial Protection Bureau, Department of Labor, and international organizations such as the Organisation for Economic Co-operation and Development and the World Bank. Collaborators include prominent scholars like John Campbell, Brigitte Madrian, Richard Thaler, Shlomo Benartzi, Ulrich Dominitz, and Matthew Rabin.

Selected publications

- "Golden Eggs and Hyperbolic Discounting" — theoretical papers expanding quasi-hyperbolic models and commitment devices, cited alongside works by Martin Feldstein and Gregory Mankiw in macroeconomic contexts. - Empirical studies on 401(k) participation and default effects with Brigitte Madrian and Shlomo Benartzi, cited in policy discussions at the Department of Labor and Consumer Financial Protection Bureau. - Neuroeconomic articles linking fMRI evidence to intertemporal choice, building on research by Read Montague and Paul Glimcher. - Papers on household finance, consumption, and portfolio choice that interact with literature from Harry Markowitz, Eugene Fama, and Robert Shiller.

Awards and honors

Laibson has received recognition from professional societies including fellowships and awards associated with the American Academy of Arts and Sciences, the National Bureau of Economic Research, and honors from economics departments at institutions such as Harvard University and Princeton University. His papers have been widely cited in citation indices and have earned prizes in behavioral and experimental economics circles, alongside laureates like Daniel Kahneman, Richard Thaler, and Robert Shiller.

Personal life and media appearances

Laibson appears in public forums, panel discussions, and media outlets including The New York Times, The Economist, Financial Times, NPR, and academic conferences hosted by American Economic Association and ASSA. He has contributed to public-facing reports for organizations such as the World Bank and Organisation for Economic Co-operation and Development, and participates in university seminars at Harvard Kennedy School and public lectures at venues like the American Academy of Arts and Sciences.

Category:American economists Category:Behavioral economists Category:Harvard University faculty