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About Philip
Philip H. Dybvig is the Boatmen's Bancshares Professor of Banking and Finance and Economic Sciences Laureate in the Business & Economics faculty at Olin Business School, Washington University in St. Louis. He earned a BA in mathematics and physics from Indiana University in 1976, followed by MA and MPhil degrees in 1978 and a PhD in economics from Yale University in 1979. After completing his doctorate, Dybvig taught in the Economics Department at Princeton University and became a tenured full professor at Yale University before joining Washington University. He has served as President of the Western Finance Association, Director of the Institute of Financial Studies at Southwest University of Finance and Economics in China from 2010 to 2021, and held editorial positions at leading journals such as Review of Financial Studies, Journal of Economic Theory, and Finance and Stochastics. Dybvig has also contributed to university committees, including Washington University's Investments Committee and Retirement Plan Advisory Committee.
Dybvig's research focuses on banking, corporate finance, financial markets, asset pricing, fixed-income securities, industrial organization, and portfolio management. He is best known for developing the Diamond-Dybvig model with Douglas Diamond in the seminal 1983 paper 'Bank Runs, Deposit Insurance, and Liquidity,' published in the Journal of Political Economy, which demonstrates how banks provide liquidity to the economy while remaining susceptible to runs absent deposit insurance. This foundational work, along with research on financial crises, earned him the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, shared with Diamond and Ben Bernanke. Other key publications include 'Pricing Long Bonds: Pitfalls & Opportunities' (Financial Analysts Journal, 1996), 'Duesenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living' (Review of Economic Studies, 1995), 'Consensus on Diverse Corporate Boards' (Review of Financial Studies, 2009), and 'Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market' (Review of Financial Studies, 1988). Dybvig has published over 35 articles in top journals and two textbooks, influencing academic thought and policy on banking stability and risk management. His honors also include the Sloan Research Fellowship (1986), Common Fund Prize (1996), and Graham & Dodd Scroll for Excellence in Financial Writing (1996).