Robert Pindyck

Much of Professor Pindyck's work in environmental economics has focused on the economics of climate change. He has shown how uncertainty over future damages from climate change can affect policy decisions, such as the design of a carbon tax. Related to this, he has argued that large "Integrated Assessment Models" are of limited usefulness when applied to climate forecasting and the design of climate policy. In 2021, he completed a book on climate change, titled Climate Future: Averting and Adapting to Climate Change (Oxford University Press). The book explains what we know and don't know about climate change, argues that despite our best intentions and efforts temperatures are likely to rise substantially over the coming decades, and shows how forms of adaptation can be used to reduce the impact of warming.

At the M.I.T. Sloan School of Management, Professor Pindyck has taught courses in microeconomics, market structure and corporate strategy, and econometrics. He has won numerous teaching awards at M.I.T, including the Jamieson Prize for Excellence in Teaching (2018).

Professor Pindyck is also the co-author of three textbooks. With Avinash Dixit, he wrote Investment Under Uncertainty (Princeton University Press, 1994; .mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free a{background:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription a,.mw-parser-output .citation .cs1-lock-subscription a{background:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:linear-gradient(transparent,transparent),url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}ISBN 0691034109), the first textbook exclusively about the real options approach to investments, and described as “a born-classic” in view of its importance to the theory. With Daniel L. Rubinfeld he is the author of two widely used textbooks, Microeconomics (9th Edition, Pearson, 2018; ISBN 9780134184241), and Econometric Models and Economic Forecasts (4th Edition, McGraw-Hill, 1998; ISBN 0079132928).

After finishing his PhD, Professor Pindyck joined the faculty at the M.I.T. Sloan School of Management, where he has taught since 1971.

During the 1970s, Professor Pindyck's research interests turned to microeconomics. His early work focused on empirical studies of oil and natural gas markets and the effects of price regulation, and he wrote a book and several articles on world energy demand. He also studied the behavior and impact of cartels, especially in natural resource markets. He published several theoretical studies of resource exploration and depletion, including the role of uncertainty. Later, Professor Pindyck studied futures markets and the behavior of commodity futures and spot prices. This included a recent study that showed how inventories link futures and spot prices, so that futures price speculation can have very limited (if any) impact on spot prices.

He went on to do his graduate work at M.I.T., where he completed a Master's degree in electrical engineering in 1967 and a PhD in economics in 1971. His PhD dissertation dealt with the application of optimal control theory to the design of monetary and fiscal policy for macroeconomic stabilization.

Professor Pindyck grew up in Mamaroneck, New York, and in 1962 graduated from Mamaroneck High School. He then went to M.I.T. where he did his undergraduate work, majoring in physics and electrical engineering, and received his bachelor's degree in 1966.

Robert Stephen Pindyck (/ˈpɪndaɪk/ PIN-dyke; born January 5, 1945) is an American economist, Bank of Tokyo-Mitsubishi Professor of Economics and Finance at Sloan School of Management at Massachusetts Institute of Technology. He is also a research associate with the National Bureau of Economic Research and a Fellow of the Econometric Society. He has also been a Visiting Professor at Tel-Aviv University, Harvard University, and Columbia University.