John Duffy (economist)

John Duffy
Born (1964-01-02) January 2, 1964
Academic background
Alma materUniversity of California, Berkeley (A.B.)
University of California, Los Angeles (Ph.D.)
Academic work
DisciplineExperimental economics, Behavioral economics, Macroeconomics, Game theory
InstitutionsUniversity of California, Irvine
University of Pittsburgh
Osaka University
Website

John Duffy (born January 2, 1964) is an American economist specializing in experimental economics. He is a professor of economics at the University of California, Irvine and co-director of its Experimental Social Sciences Laboratory.

Career

Duffy received his A.B. in economics from the University of California, Berkeley and completed his Ph.D. at the University of California, Los Angeles in 1992.[1] He taught at the University of Pittsburgh from 1992 to 2014 before joining UC Irvine.[2] He holds a specially appointed professorship at the University of Osaka's Institute of Social and Economic Research.[3]

Duffy served as editor of Experimental economics from 2018 to 2024 and has been on the editorial boards of the European Economic Review and Games and Economic Behavior.[1]

Research

Duffy's work applies experimental methods to test macroeconomic and game-theoretic models. His early research demonstrated the laboratory emergence of money as a medium of exchange,[4] and documented sunspot equilibria in controlled settings.[5]

His 2006 chapter in the Handbook of Computational Economics surveyed agent-based computational methods in economics.[6] A 2016 handbook chapter reviewed experimental macroeconomics.[7]

More recent work has tested central bank commitment mechanisms,[8] the Lucas asset pricing model,[9] and the Friedman rule for optimal monetary policy.[10]

Selected publications

  • Duffy, John; Crockett, Sean; Izhakian, Yehuda (2019). "An Experimental Test of the Lucas Asset Pricing Model". Review of Economic Studies. 86: 627–667.
  • Duffy, John; Puzzello, Daniela (2014). "Gift Exchange versus Monetary Exchange: Theory and Evidence". American Economic Review. 104: 1735–1776.
  • Duffy, John; Fisher, Eric O'N. (2005). "Sunspots in the Laboratory". American Economic Review. 95: 510–529.
  • Duffy, John; Ochs, Jack (1999). "Emergence of Money as a Medium of Exchange: An Experimental Study". American Economic Review. 89: 847–877.

References

  1. ^ a b "John Duffy - UC Irvine Faculty Profile". University of California, Irvine. Retrieved October 24, 2025.
  2. ^ "Pittsburgh Experimental Economics Laboratory". University of Pittsburgh. Retrieved October 24, 2025.
  3. ^ "ISER Faculty Directory". Osaka University. Retrieved October 24, 2025.
  4. ^ Duffy, John; Ochs, Jack (1999). "Emergence of Money as a Medium of Exchange: An Experimental Study". American Economic Review. 89 (4): 847–877. doi:10.1257/aer.89.4.847.
  5. ^ Duffy, John; Fisher, Eric O'N. (2005). "Sunspots in the Laboratory". American Economic Review. 95 (3): 510–529. doi:10.1257/0002828054201443.
  6. ^ Duffy, John (2006). "Agent-Based Models and Human Subject Experiments". In Tesfatsion, Leigh; Judd, Kenneth L. (eds.). Handbook of Computational Economics. Vol. 2. North-Holland. pp. 949–1011. ISBN 978-0444512536.
  7. ^ Duffy, John (2016). "Macroeconomics: A Survey of Laboratory Research". In Kagel, John; Roth, Alvin (eds.). Handbook of Experimental Economics. Vol. 2. Princeton University Press. pp. 1–90. ISBN 9780691139999.
  8. ^ Duffy, John; Heinemann, Frank (2021). "Central Bank Reputation, Cheap Talk and Transparency as Substitutes for Commitment: Experimental Evidence". Journal of Monetary Economics. 117: 887–903. doi:10.1016/j.jmoneco.2020.07.002.
  9. ^ Duffy, John; Crockett, Sean; Izhakian, Yehuda (2019). "An Experimental Test of the Lucas Asset Pricing Model". Review of Economic Studies. 86 (2): 627–667. doi:10.1093/restud/rdy011.
  10. ^ Duffy, John; Puzzello, Daniela (2022). "The Friedman Rule: Experimental Evidence". International Economic Review. 63 (2): 671–698. doi:10.1111/iere.12551.
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