Jean-Francois Richard received his PhD in economics from the University of Louvian, Belgium, in 1973. He joined the University of Pittsburgh as Professor of Economics in 1991 and was appointed as Distinguished University Professor of Economics in 1998. He was awarded the Prix des Alumni de la Fondation Universitaire in 1979, given every five years to a Belgian economist under age 36. He was also elected as Fellow of the Econometric Society in 1980 and Fellow of the Journal of Econometrics in 2007. His research interests include econometric modeling, Bayesian methods, time series, empirical game theoretic models (auctions, collusion) and, over the last ten years of his career, computational methods relying on Monte Carlo simulations.
Richard contributed to the to the development of important modeling concepts such as exogeneity and encompassing. Together with David Hendry, Richard also developed a set of internally consistent criteria for the validation of econometric time series models. He also contributed to the analysis of collusive behavior in auctions and procurements, the development of estimation techniques for empirical game theoretic models and of numerical techniques for approximating equilibrium solutions to analytically intractable games such as asymmetric first price auctions. His research also included empirical applications in a variety of areas such as money demand, Allais paradox, procurements (DOD, US Forest Service, school milk programs), stochastic volatility, winner’s curse, legal systems and economic development, local taxation, GDP forecasting and urban crimes.