Philip H. Dybvig

Philip Dybvig
Philip Dybvig
	Dybvig in 2022
Born	May 22, 1955 (age 69); Gainesville, Florida, U.S.
Awards	Nobel Memorial Prize in Economic Sciences (2022)
Academic background
Education	Indiana University, Bloomington (BA); University of Pennsylvania; Yale University (MA, MPhil, PhD)
Academic work
Institutions	Yale University ; Princeton University; Olin Business School
Academic background
Thesis	Recovering Additive Utility Functions (1979)
Doctoral advisor	Stephen Ross

Philip Hallen Dybvig (born May 22, 1955) is an American economist. He is the Boatmen's Bancshares Professor of Banking and Finance at the Olin Business School of Washington University in St. Louis.^[1]^[2]

Career

Dybvig attended Indiana University and received in 1976 a BA in mathematics and physics. He then attended the economics PhD program at University of Pennsylvania for one year before transferring to Yale University, where he received the MA (1978), MPhil (1978), and PhD (1979) degrees in economics.^[3] His thesis, titled "Recovering additive utility functions", was supervised by Stephen A. Ross.^[4]

Dybvig specializes in asset pricing, banking, investments, and corporate governance.^[5] He was formerly a professor at Yale University, and assistant professor at Princeton University.

Dybvig was president of the Western Finance Association from 2002 to 2003, and was director of the Institute of Financial Studies at Southwestern University of Finance and Economics (Chengdu, PRC) from 2010 to 2021. He has been editor or associate editor of multiple journals, including the Journal of Economic Theory, Finance and Stochastics, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, and Review of Financial Studies.^[3]

Dybvig is known for his work with Douglas Diamond on the Diamond–Dybvig model of bank runs.^[6]

Dybvig was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Diamond and Ben Bernanke, "for research on banks and financial crises".^[7]^[8] Dybvig and Diamond wrote “Bank Runs, Deposit Insurance, and Liquidity” in 1983, in which they first introduced their mathematical model describing the vulnerability of banks during financial crises.

Alleged sexual misconduct

In October 2022, Dybvig was accused of sexual harassment by several Chinese women attending Washington University’s Olin School of Business, where Dybvig works as a professor.^[9]^[10] He is on absentee leave until July 2023. Dybvig's lawyer has denied the allegations. Bloomberg News reported that he was said to have called one of the students "tián mèizi" (甜妹子), meaning "sweet young girl" and gave her gifts of chocolate.^[11] The encounters allegedly led the Chinese female students to warn each other about him.^[11]