Maurice Allais

Definition of 'Maurice Allais'


A French economist who won the 1988 Nobel Prize in Economics for his research on market equilibrium and efficiency. He also won a prestigious French award, the Gold Medal of the National Center for Scientific Research; developed methods that state-owned monopolies, common in France, could use to set prices; and discovered and resolved the Allais paradox, which explains people's risk management behavior.

Investopedia explains 'Maurice Allais'


Allais was born in 1911 in Paris and has been a professor of economics at the École Nationale Supérieure des Mines de Paris for many years. His areas of economic research have included decision theory, monetary policy, growth theory, economic management, income and taxation, energy, transportation and mining. He also maintains serious interests in history and physics. Allais's work has been influenced by Leon Walras, Irving Fisher, Vilfredo Pareto, Alexis de Tocqueville and John Maynard Keynes.



comments powered by Disqus
Hot Definitions
  1. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  2. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  3. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  4. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  5. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
  6. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
Trading Center