Philip H. Dybvig

Boatmens Bancshares Professor of Banking and Finance
Washington University in Saint Louis
Curriculum vitae: January, 2024

Olin School of Business
Campus Box 1133
One Brookings Drive
Saint Louis, MO 63130-4899 --


2348 S 9TH ST
St Louis, MO 63104-4238

314-398-3196 (voice)

United States citizen, born 5/22/55


Washington University: Boatmen's Bancshares Professor of Banking and Finance, Olin School of Business, September 1990-present, John E. Simon Professor of Finance, Olin School of Business, January 1989-September 1990, Visiting Professor July 1988-December 1988

Southwest University of Finance and Economics, Chengdu, Sichuan, China: 2010-2021, Director of the Institute of Financial Studies, 2008-2009 visitor to the School of Finance one month per year

Yale University: Professor of Finance and Economics, School of Management and Department of Economics, and a Member of the Cowles Foundation, July 1986-December 1988, Associate Professor of Finance, School of Management, July 1984-June 1986, Assistant Professor of Finance, School of Management, July 1981-June 1984

Princeton University: Assistant Professor of Economics, January 1980-June 1981

Yale University: Postdoctoral Fellow and Part-time Lecturer, Cowles Foundation, Fall 1979

Bell Laboratories (Murray Hill): Consultant, Summer 1977

Various: computer programmer, Summers 1975 (Air Force Avionics Laboratory, WPAFB), 1976 (Systems Research Laboratories, Dayton, Ohio)

Indiana University: Instructor, Honors Physics Labs, 1974-1976


Yale University: PhD in Economics, December 1979, chairman: Stephen A. Ross

Yale University: MA and MPhil in Economics, December 1978

University of Pennsylvania: student in the Economics PhD program, 1976-1977

Indiana University: BA, double major in Math and Physics, May 1976


Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022

Chinese Central Government Friendship Award, 2014

Fellow of the Financial Theory Group, 2014-

Sichuan Golden Peak Award, 2013

China Thousand-person program, 2012-2021

Economic Theory Fellow, 2011-

Chengdu Jinsha Friendship Award, 2011

Changjiang Scholar, 2011-2021

Midwest Finance Association Distinguished Scholar, 2003

Common Fund Prize, 1996

Graham and Dodd Scroll for excellence in financial writing awarded by the AIMR, 1996

Batterymarch Research Fellowship, 1982-1983

Sloan Research Fellowship, 1986-1988

Professional Service and Activities

Organizing committee of the China International Conference in Finance, 2014

Program chair of the Summer Institute of finance sponsored by SAIF and CKGSB, 2011, 2012 and 2013

President of the Western Finance Association 2002-2003, Program Chair 2001-2002, Vice President 2000-2001

Past Editor of the Review of Financial Studies

Past Associate Editor of Finance and Stochastics, the Journal of Economic Theory, the Journal of Finance, the Journal of Financial Intermediation, the Journal of Financial and Quantitative Analysis, the Review of Financial Studies, and the Journal of Applied Finance (formerly Financial Practice and Education)

Referee for many journals, the NSF, and program committee member for many association meetings

Financial consultant


Personal Computing for Managers, Redwood City, CA: Scientific Press, 1986.

The Lotus Tutorial, Redwood City, CA: Scientific Press, 1987.

Published Articles and Other Short Pieces

"Multiple Equilibrium," The Nobel Prizes 2022 (Singapore: World Scientific Publishing, in press), forthcoming 2024, also available at (written version of the Nobel Lecture for a general audience).

"Nobel Lecture: Multiple Equilibria," Journal of Political Economy 131, 2023, 2623-2644.

"The Contributions of Stephen A. Ross to Financial Economics," with Stephen Brown, William Goetzmann, and Jonathan Ingersoll, Annual Review of Financial Economics 13, 2021, 1-14.

"What Steve Ross Taught Me about Contracting," Journal of Portfolio Management 44, 2018, 35-41.

"On Investor Preferences and Mutual Fund Separation," with Fang Liu, Journal of Economic Theory 174, 2018, 224-260.

"Screening of Possibly Incompetent Agents," with Nina Baranchuk, Economics Letters 135, 2015, 15-18.

"The New Risk Management: the Good, the Bad, and the Ugly," (updated version) with Pierre Jinghong Liang and William J. Marshall, Review of the Federal Reserve Bank of Saint Louis 95, 2013, 273-291.

"Verification Theorems for Investments Problems with and without Endogenous Retirement," with Hong Liu, Mathematics of Operations Research, 36, 2011, 620-635.

"Increases in Risk Aversion and the Distribution of Portfolio Payoffs," with Yajun Wang, Journal of Economic Theory 147, 2012, 1222-46.

"Renegotiation-proof Contracting, Disclosure, and Incentives for Efficient Investment," with Nina Baranchuk and Jun Yang, Journal of Economic Theory 145, 2010, 1805-1836.

"Lifetime Consumption and Investment: Retirement and Constrained Borrowing," with Hong Liu, Journal of Economic Theory 145, 2010, 885-907.

"Portfolio Performance and Agency," with Heber Farnsworth and Jennifer Carpenter, Review of Financial Studies 23, 2010, 1-23.

"Consensus in Diverse Corporate Boards," with Nina Baranchuk, Review of Financial Studies 22, 2009, 715-747.

"The Fallacy of Large Numbers, and a Defense of Diversified Active Managers," Journal of Applied Finance 15, 2005.

"Arbitrage, State Prices, and Portfolio Theory," with Stephen A. Ross, in George Constantinides and René Stulz, ed., Handbook of the Economics of Finance, volume 1B: Financial Markets and Asset Pricing, Amsterdam: Elsevier North Holland, 2003, 605-637.

"Employee Reload Options: Pricing, Hedging, and Optimal Exercise," with Mark Loewenstein, Review of Financial Studies 16, 2003, 145-171.

"The Cost and Duration of Cash-Balance Pension Plans," with David T. Brown and William J. Marshall, Financial Analysts Journal, November-December 2001, 50-62.

"Bias of Damage Awards and Free Options in Securities Litigation," with Ning Gong and Rachel Schwartz, Journal of Financial Intermediation 8, 2000, 149-68.

"Empty Promises and Arbitrage," with Greg Willard, Review of Financial Studies 12, 1999, 807-834.

"Portfolio Turnpikes," with Chris Rogers and Kerry Back, Review of Financial Studies 12, 1999, 165-195.

"Using Asset Allocation to Protect Spending," Financial Analysts Journal, January-February 1999, 49-62.

"Going to Extremes: Correcting Simulation Bias in Exotic Option Valuation," with David Beaglehole and Guofu Zhou, Financial Analysts Journal, January-February 1997, 62-68.

"Recovery of Preferences from Observed Wealth in a Single Realization," with Chris Rogers, Review of Financial Studies 10, 1997, 151-174.

"The New Risk Management: the Good, the Bad, and the Ugly," with Bill Marshall, Review of the Federal Reserve Bank of Saint Louis, November/December 1997, 9-21.

"Bond and Bond Option Pricing Based on the Current Term Structure," 1997, Mathematics of Derivative Securities, Michael A. H. Dempster and Stanley Pliska, eds., Cambridge University Press.

"Pricing Long Bonds: Pitfalls and Opportunities," with Bill Marshall, Financial Analysts Journal, January-February 1996, 32-39.

"Long Forward and Zero-Coupon Rates Can Never Fall," with Jonathan Ingersoll and Stephen Ross, Journal of Business 69, 1996, 1-25.

"Duesenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living" Review of Economic Studies 62, 1995, 287-313.

"Discussion of `Improving Bankruptcy Procedure' by Philippe Aghion, Oliver Hart, and John Moore," Washington University Law Quarterly 72, 1994, 873-877.

"What is the Fed's Decision Problem?" Review of the Federal Reserve Bank of Saint Louis 76:2 , 1994, 213-215.

"Warranties, Durability, and Maintenance: Two-sided Moral Hazard in a Continuous-Time Model," with Nancy Lutz, Review of Economic Studies 60, 1993, 575-597.

"Remarks on Banking and Deposit Insurance," Review of the Federal Reserve Bank of Saint Louis 75:1, 1993, 21-24.

"Riskless Asset," a contribution to The New Palgrave Dictionary of Money and Finance 3, New York: Stockton Press, 1992, 372-373.

"Bank Runs," a contribution to The New Palgrave Dictionary of Money and Finance 1, New York: Stockton Press, 1992, 171-173.

"Hedging Nontraded Wealth: When is there Separation of Hedging and Investment?" in Hodges, S. D. (Ed) Options: Recent Advances in Theory and Practice 2, 1992, Manchester University Press.

"Capital Structure and Dividend Irrelevance with Asymmetric Information," with Jaime Zender, Review of Financial Studies 4, 1991, 201-219.

"Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Streams," with Chi-fu Huang, Review of Financial Studies 1, 1988, 377-401.

"Book Review of Security Markets: Stochastic Models by Darrell Duffie," Review of Financial Studies 1, 1988, 329-330.

"Distributional Analysis of Portfolio Choice," Journal of Business 61, 1988, 369-393.

"Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market," Review of Financial Studies 1, 1988, 67-88.

"Arbitrage," with Stephen Ross, a contribution to The New Palgrave: a Dictionary of Economics 1, New York: Stockton Press, 1987, 100-106.

"Tax Clienteles and Asset Pricing," with Stephen Ross, Journal of Finance 41, 1986, 751-762.

"The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates," with Stephen Brown, Journal of Finance 41, 1986, 617-630.

"Banking Theory, Deposit Insurance, and Bank Regulation," with Douglas Diamond, Journal of Business 59, 1986, 55-68.

"Yes, the APT is Testable," with Stephen Ross, Journal of Finance 40, 1985, 1173-1188.

"The Analytics of Performance Measurement Using a Security Market Line," with Stephen Ross, Journal of Finance 40, 1985, 401-416.

"Differential Information and Performance Measurement Using a Security Market Line," with Stephen Ross, Journal of Finance 40, 1985, 383-399.

"Acknowledgement: Kinks on the Mean-Variance Frontier," Journal of Finance 40, 1985, 345.

"Short Sales Restrictions and Kinks on the Mean Variance Frontier," Journal of Finance 39, 1984, 239-244.

"An Explicit Bound on Individual Assets' Deviations from APT Pricing in a Finite Economy," Journal of Financial Economics 12, 1983, 483-496.

"Bank Runs, Deposit Insurance, and Liquidity," with Douglas W. Diamond, Journal of Political Economy 91, 1983, 401-419.

"Recovering Additive Utility Functions," International Economic Review 24, 1983, 379-396.

"An Alternative Characterization of Decreasing Absolute Risk Aversion," with Stephen Lippman, Econometrica 51, 1983, 223-224.

"Recovering Preferences from Preferences over Nominal Gambles," Journal of Economic Theory 28, 1982, 354-360.

"Duality, Interest Rates, and the Theory of Present Value," Journal of Economic Theory 30, 1983, 98-114.

"Adoption Externalities as Public Goods," with Chester Spatt, Journal of Public Economics 20, 1983, 231-247.

"Portfolio Efficient Sets," with Stephen Ross, Econometrica 50, 1982, 1525-1546.

"Mean-variance Theory in Complete Markets," with Jonathan Ingersoll, Journal of Business 55, 1982, 233-251.

"Recovering Cardinal Utility," with Heraklis Polemarchakis, Review of Economics Studies 48, 1981, 159-166.

"Present Values and Internal Rates of Return," with Stephen Ross and Chester Spatt, Journal of Economic Theory 23, 1980, 66-81.

Active Working Papers

"Approximate Utility" (note), with Shu Li

"Does it pay to go outside your comfort zone?" with Bong-Gyu Jang and Hyeng-Keun Koo

"Gambling for Redemption or Ripoff, and the Impact of Superpriority," with Xinyu Hou

"Hedging in Isolation: Tricks and Traps," with Shu Li, working paper

"High Hopes and Disappointments," with Chris Rogers

"How to Squander Your Endowment," with Zhenjiang Qin

"Incentives for traders: Ideal and Heuristic Contracts," with Xuecan Cui

"Liquidity Portfolios," with Swaminathan Balasubramaniam

"Mean-Variance Portfolio Rebalancing with Transaction Costs," with Luca Pezzo

"That is not my dog: Why doesn't the log dividend-price ratio seem to predict future log returns or log dividend growth?," with Huacheng Zhang

"Tigers and Flies: Conflicts of Interest, Discretion, and Expertise in a Hierarchy," with Yishu Fu

"Turning the World Upside Down: Option Pricing when Interest Rates can be Negative," with Ke Du.

Inactive Working Papers

"Optimal Casualty Insurance, Repair, and Regulation in the Presence of a Securities Market," with An Chen

"Money Grab in China," with Cao Yingxue and Joseph Qiu

"Financial Contracting and Concentration of Operational Control," with Yu Wang

"Endogenous Liquidity," with Anjolein Schmeits

"Exploration of Interest Rate Data" (preliminary notes)

"Correlated Nontrading" (preliminary notes)

"On the Existence of Optimal Portfolios in Complete Markets," with Kerry Back.

"Revealed Preference for Uncertain Consumption."

"Change of Measure and Asset Pricing: Theory and Applications."

"Agency and the Market for Portfolio Managers: The Principle of Preference Similarity," with Chester Spatt.

"Multiperiod Recoverability: an Application of a Result of Cox and Leland."

"Some New Tools for Testing Market Efficiency and Measuring Mutual Fund Performance."

"A Positive Wealth Constraint Precludes Arbitrage Profits (e.g. from Doubling) in the Black-Scholes Model."

"Recovering von Neumann-Morgenstern Utility Functions from the Acceptance Frontier," with William Thomson.

"Private Information and Security Prices: a non-Walrasian Rational Expectations Model," with Gordon Sick.

"A Practical Framework for Capital Budgeting of Projects Having Uncertain Returns."

"Tobin's Q Does not Measure Performance: Theory, Empirics, and Alternative Measures," with Mitch Waretchka

"Wasteful `Competition.' "

"Does it Pay to Maintain a Reputation?" with Chester Spatt.

"Output Supply, Employment, and Intra-Industry Wage Dispersion," with Gerald Jaynes.

"Microfoundations of Wage Rigidity and Unemployment," with Gerald Jaynes.