The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hirshleifer, Jack (1926–2005)

  • Elizabeth Landaw
  • David K. Levine
Reference work entry


Jack Hirshleifer was one of the leaders of the ‘information and uncertainty’ revolution in economics. His work on the role of time and uncertainty in asset markets and the value of information plays a fundamental role in modern economic thought. Hirshleifer was also a leader in the ‘imperial’ school of economics, taking the lead in expanding economic thought to areas such as evolution and conflict, which traditionally were studied by other social science disciplines.


Altruism Arms races Best-shot game Conflict resolution Cost–benefit analysis Evolutionary economics Free-rider problem Hirshleifer, J Indeterminacy of equilibrium Information economics Intellectual property Intertemporal choice Modigliani–Miller theorem Patent races Public investment Risk Speculation Status and economics Term structure of interest rates Uncertainty Value of information 

JEL Classifications

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Elizabeth Landaw
    • 1
  • David K. Levine
    • 1
  1. 1.