Quote

My first undertaking in the way of scientific experiment was in the field of economics and psychology.

About 1960, it became clear that it was best for me to bring the experimental part of my research program to a close - there was too much to do on the theoretical aspects - and I began the process of winding down the experiments.

This time at Birmingham turned me into a general biologist, and ever since then I have always tried to take a biological approach to any research project that I have undertaken.

We had to depend on other institutions to do research on our behalf. We had to use the information that already existed to craft the best practices to distribute throughout the country. And we had to do all of that in ten months.

My assignment was exclusively in the research field, and my first published paper, On the Optimal Use of Winds for Flight Planning, was the outgrowth of that work.

In the early days, I promoted the idea of spending time in libraries to gain facts that other investors didn't have. Not many people did that kind of research, so it worked.

Basic research is very useful, but it should be more geared toward application than it was before.

Some of the most interesting research that I did was about risk assessment and how ordinary citizens like me handle risk assessment and how irregular our risk assessments are.

My research, even before 1972, moved in directions beyond those cited for the Nobel Memorial Prize. Most of it, in one way or another, deals with information as an economic variable, both as to its production and as to its use.

It came as a surprise to find that a professional society and journal (Econometrica) were flourishing, and I entered this area of study with great enthusiasm.