Robert M. TownsendRobert M. Townsend is the Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology. He previously was the Charles E. Merriam Distinguished Service Professor in the Department of Ecnomics at the University of Chicago, where he remains a Research Professor. His contributions to economic theory include the revelation principle, costly state verification, optimal multiperiod contracts, decentralization with private information, money with spatially separated agents, financial structure and growth, and forecasting the forecasts of others. His contributions to econometrics include the study of risk and insurance in developing countries. His work on village India was awarded the Frisch Medal in 1998. Read More Read Less