Andrei Shleifer

Andrei Shleifer is one of the most cited economists in the world and a John L. Loeb Professor of Economics at Harvard. His research has spanned behavioral finance, law and finance, corporate governance, and emerging market economics. His paper with Lawrence Summers and Bradford De Long on "noise traders" provided an influential model for why irrational investors can affect prices even when rational arbitrageurs exist — because arbitrage is costly and risky. His work with Robert Vishny on the "limits of arbitrage" formalized why mispricings can persist. His book "The Grabbing Hand" analyzed government-business corruption. He also co-authored "A Survey of Corporate Governance." Despite controversy about consulting activities in Russia during the 1990s, his research contributions remain among the most influential in modern economics.