Larry G. Epstein, professor of economics at the University of Rochester, has been appointed Elmer B. Milliman Professor of Economics. The professorship was established in 1977 by friends of Milliman, former chairman of the board of Central Trust Company, University alumnus and trustee, and longtime Rochester civic leader.
Epstein, who began teaching at the University in 1998, specializes in mathematical economics, utility theory, and economic theory. He received his bachelor of science degree in mathematics at the University of Manitoba, a master's degree in mathematics from Hebrew University in Jerusalem, and a doctorate in economics from the University of British Columbia. From 1977 to 1998, he was on the faculty at the University of Toronto.
The author of more than 40 articles and papers in academic and professional journals, Epstein also is an associate editor for five journals of economics. His current research centers on the meaning of "ambiguity," its distinction from "risk" and on the role of ambiguity in asset markets.
Epstein is a fellow of the Econometric Society and a fellow of the Royal Society of Canada. He was awarded the Econometric Society's Frisch Medal in 1994, as well as the John Rae Award for outstanding research that same year from the Canadian Economics Association.