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Media Release

July 4 2011

Nobel Prize winner to give keynote address at UniSA

Nobel Prize winner in Economic Sciences, Sir James Mirrlees, will deliver a keynote address at a symposium at UniSA this weekNobel Prize winner in Economic Sciences Sir James Mirrlees will deliver a keynote address discussing the problem of moral hazard at a two-day symposium being held at UniSA this week.
 
The symposium, titled ‘Growth and Integration in Asia: Monetary, Financial and Trade Issues and Challenges’, is being jointly presented by UniSA’s Centre for Asian Business and the Asian Development Bank Institute (ADBI).
 
Centre for Asian Business Director Professor Ying Zhu says UniSA is proud to be hosting the symposium, which includes speakers from Australia and around the world.
 
He says the centre is delighted to have secured Prof Mirrlees from Cambridge University, co-winner of the 1996 Nobel Prize in Economics, as keynote speaker. The Nobel Prize was awarded to Prof Mirrlees, along with William Vickery, for work on information asymmetry as it relates to taxation and moral hazard problems.
 
“Moral hazard will be the focus of Prof Mirrlees' keynote address,” Prof Zhu says.
 
“Trade in contracts, as in the marketing of securitized assets, creates a moral hazard problem. Lenders may, as a result, lack incentives to control risk adequately. High leverage and limited liability may also establish inappropriate incentives. Bank regulation is presumably intended to reduce the problem. Does it? Will it?
 
“Professor Mirrlees will investigate this complex issue during his address, which is open to the general public.”
 
Prof Mirrlees will give his keynote address this Friday 8 July at 4.15pm (until 5.30pm). The symposium, including the keynote address, will be held at UniSA’s City West Campus, in the Bradley Forum, Level 5, Hawke Building, 55 North Terrace, Adelaide. The symposium runs from 9am on Friday 8 July to 12.45pm on Saturday 9 July.
 
The symposium is being held to enable delegates to gain a better understanding of regional cooperation and integration in Asia after the global financial crisis.
 
Prof Zhu says it is hoped this will lead to concrete policy recommendations for moving forward the regional cooperation agenda.

 




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