Ec Dept. Expands Theory Faculty

The Economics Department is taking steps to expand its core of theory experts, with the recent retention of one senior professor and the courtship of two others.

Professor of Economics Eric S. Maskin, a leading game theorist, recently turned down a tenure offer from MIT, Maskin said yesterday.

And two MIT economic theorists, Drew Fudenberg and Oliver Hart, are considering tenure offers from Harvard. Both should announce their decisions soon, officials said.

"Our economics department is thrilled that Eric Maskin has decided to stay and to keep our economic theory group strong," said Dean of the Faculty Jeremy R. Knowles. "Eric adds great power to our economic theory group."

Maskin said that if Fudenberg and Hart move upriver, Harvard's economics department will move one step closer to its goals.

"Harvard has been trying for some time to expand its theory offerings to some extent, and these two would make an enormous contribution in that direction," he said.

The two MIT professors complement other department members, Maskin said: they "work in areas which nicely fit together with people we already have."

"I think they will add a lot," agreed BerkmanProfessor of Economics Andreu Mas-Colell, one ofHarvard's current theory experts.

Fudenberg's recent research has focused on gametheory, Mas-Colell said. Fudenberg co-authored aleading game theory textbook.

Hart's work, Mas-Colell said, "goes in a moreapplied direction. He interacts with a lot oflawyers."

Lately, Hart has studied ideas for bankruptcylaw reform, Mas-Colell said.

Hart is in Europe for the year, so his decisionmay be delayed, Mas-Colell said.

Harvard's current theorists on the seniorfaculty include Maskin, Mas-Colell and Professorof Economics Michael D. Whinston.

Junior faculty who focus in economic theoryinclude Assistant Professor of Economics AbhijitV. Banerjee, Assistant Professor of EconomicsGlenn Ellison, Assistant Professor of Economicsand of Social Studies Michael Mandler andAssistant Professor of Economics Katherine E.Spier

"I think they will add a lot," agreed BerkmanProfessor of Economics Andreu Mas-Colell, one ofHarvard's current theory experts.

Fudenberg's recent research has focused on gametheory, Mas-Colell said. Fudenberg co-authored aleading game theory textbook.

Hart's work, Mas-Colell said, "goes in a moreapplied direction. He interacts with a lot oflawyers."

Lately, Hart has studied ideas for bankruptcylaw reform, Mas-Colell said.

Hart is in Europe for the year, so his decisionmay be delayed, Mas-Colell said.

Harvard's current theorists on the seniorfaculty include Maskin, Mas-Colell and Professorof Economics Michael D. Whinston.

Junior faculty who focus in economic theoryinclude Assistant Professor of Economics AbhijitV. Banerjee, Assistant Professor of EconomicsGlenn Ellison, Assistant Professor of Economicsand of Social Studies Michael Mandler andAssistant Professor of Economics Katherine E.Spier