Academic Appointments

Contact

  • Academic
    judd@stanford.edu
    University - Academic staff Department: HOOVER RESEARCH Position: Hoover Senior Fellow
    • HHMB ROOM 334
    • Stanford,  California  94305-6010 

Additional Info

  • Mail Code: 6010

2023-24 Courses

All Publications

  • The timing and location of entry in growing markets: subgame perfection at work RAND JOURNAL OF ECONOMICS Bollinger, B., Doraszelski, U., Judd, K. L., McDevitt, R. C. 2024

    View details for DOI 10.1111/1756-2171.12462

    View details for Web of Science ID 001222984600001

  • A simple but powerful simulated certainty equivalent approximation method for dynamic stochastic problems QUANTITATIVE ECONOMICS Cai, Y., Judd, K. L. 2023; 14 (2): 651-687

    View details for DOI 10.3982/QE1835

    View details for Web of Science ID 000988108800007

  • Statistical approximation of high-dimensional climate models JOURNAL OF ECONOMETRICS Miftakhova, A., Judd, K. L., Lontzek, T. S., Schmedders, K. 2020; 214 (1): 67–80

    View details for DOI 10.1016/j.jeconom.2019.05.005

    View details for Web of Science ID 000503084600005

  • Dynamic stochastic games with random moves QME-QUANTITATIVE MARKETING AND ECONOMICS Doraszelski, U., Judd, K. L. 2019; 17 (1): 59–79

    View details for DOI 10.1007/s11129-018-9200-x

    View details for Web of Science ID 000459823100002

  • Solving an incomplete markets model with a large cross-section of agents JOURNAL OF ECONOMIC DYNAMICS & CONTROL Mertens, T. M., Judd, K. L. 2018; 91: 349–68

    View details for DOI 10.1016/j.jedc.2018.01.025

    View details for Web of Science ID 000439401900018

  • Stabilized Optimization Via an NCL Algorithm Ma, D., Judd, K. L., Orban, D., Saunders, M. A., AlBaali, M., Grandinetti, L., Purnama, A. SPRINGER. 2018: 173–91

    View details for DOI 10.1007/978-3-319-90026-1_8

    View details for Web of Science ID 000448498900008

  • How to solve dynamic stochastic models computing expectations just once QUANTITATIVE ECONOMICS Judd, K. L., Maliar, L., Maliar, S., Tsener, I. 2017; 8 (3): 851–93

    View details for DOI 10.3982/QE329

    View details for Web of Science ID 000418421700007

  • A NONLINEAR PROGRAMMING METHOD FOR DYNAMIC PROGRAMMING MACROECONOMIC DYNAMICS Cai, Y., Judd, K. L., Lontzek, T. S., Michelangeli, V., Su, C. 2017; 21 (2): 336-361

    View details for DOI 10.1017/S1365100515000528

    View details for Web of Science ID 000395657800003

  • Computing Equilibria of Dynamic Games OPERATIONS RESEARCH Yeltekin, S., Cai, Y., Judd, K. L. 2017; 65 (2): 337-356

    View details for DOI 10.1287/opre.2016.1572

    View details for Web of Science ID 000401729900003

  • A nonlinear certainty equivalent approximation method for dynamic stochastic problems QUANTITATIVE ECONOMICS Cai, Y., Judd, K., Steinbuks, J. 2017; 8 (1): 117-147

    View details for DOI 10.3982/QE533

    View details for Web of Science ID 000399323900004

  • A NOTE ON DETERMINING VIABLE ECONOMIC STATES IN A DYNAMIC MODEL OF TAXATION MACROECONOMIC DYNAMICS Krawczyk, J. B., Judd, K. L. 2016; 20 (5): 1395-1412

    View details for DOI 10.1017/S1365100514000868

    View details for Web of Science ID 000379948200013

  • Dynamic programming with Hermite approximation MATHEMATICAL METHODS OF OPERATIONS RESEARCH Cai, Y., Judd, K. L. 2015; 81 (3): 245-267

    View details for DOI 10.1007/s00186-015-0495-z

    View details for Web of Science ID 000356049400001

  • Stochastic integrated assessment of climate tipping points indicates the need for strict climate policy NATURE CLIMATE CHANGE Lontzek, T. S., Cai, Y., Judd, K. L., Lenton, T. M. 2015; 5 (5): 441-444

    View details for DOI 10.1038/NCLIMATE2570

    View details for Web of Science ID 000354891900020

  • Environmental tipping points significantly affect the cost-benefit assessment of climate policies PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA Cai, Y., Judd, K. L., Lenton, T. M., Lontzek, T. S., Narita, D. 2015; 112 (15): 4606-4611

    Abstract

    Most current cost-benefit analyses of climate change policies suggest an optimal global climate policy that is significantly less stringent than the level required to meet the internationally agreed 2 °C target. This is partly because the sum of estimated economic damage of climate change across various sectors, such as energy use and changes in agricultural production, results in only a small economic loss or even a small economic gain in the gross world product under predicted levels of climate change. However, those cost-benefit analyses rarely take account of environmental tipping points leading to abrupt and irreversible impacts on market and nonmarket goods and services, including those provided by the climate and by ecosystems. Here we show that including environmental tipping point impacts in a stochastic dynamic integrated assessment model profoundly alters cost-benefit assessment of global climate policy. The risk of a tipping point, even if it only has nonmarket impacts, could substantially increase the present optimal carbon tax. For example, a risk of only 5% loss in nonmarket goods that occurs with a 5% annual probability at 4 °C increase of the global surface temperature causes an immediate two-thirds increase in optimal carbon tax. If the tipping point also has a 5% impact on market goods, the optimal carbon tax increases by more than a factor of 3. Hence existing cost-benefit assessments of global climate policy may be significantly underestimating the needs for controlling climate change.

    View details for DOI 10.1073/pnas.1503890112

    View details for Web of Science ID 000352856800041

    View details for PubMedID 25825719

    View details for PubMedCentralID PMC4403162

  • Solving Dynamic Programming Problems on a Computational Grid COMPUTATIONAL ECONOMICS Cai, Y., Judd, K. L., Thain, G., Wright, S. J. 2015; 45 (2): 261-284

    View details for DOI 10.1007/s10614-014-9419-x

    View details for Web of Science ID 000348416500005

  • Smolyak method for solving dynamic economic models: Lagrange interpolation, anisotropic grid and adaptive domain JOURNAL OF ECONOMIC DYNAMICS & CONTROL Judd, K. L., Maliar, L., Maliar, S., Valero, R. 2014; 44: 92-123

    View details for DOI 10.1016/j.jedc.2014.03.003

    View details for Web of Science ID 000338614400006

  • Shape-preserving dynamic programming MATHEMATICAL METHODS OF OPERATIONS RESEARCH Cai, Y., Judd, K. L. 2013; 77 (3): 407-421

    View details for DOI 10.1007/s00186-012-0406-5

    View details for Web of Science ID 000321392700010

  • Dynamic programming with shape-preserving rational spline Hermite interpolation ECONOMICS LETTERS Cai, Y., Judd, K. L. 2012; 117 (1): 161-164

    View details for DOI 10.1016/j.econlet.2012.05.004

    View details for Web of Science ID 000309434600043

  • Constrained Optimization Approaches to Estimation of Structural Models ECONOMETRICA Su, C., Judd, K. L. 2012; 80 (5): 2213-2230

    View details for DOI 10.3982/ECTA7925

    View details for Web of Science ID 000309181900011

  • Finding all pure-strategy equilibria in games with continuous strategies QUANTITATIVE ECONOMICS Judd, K. L., Renner, P., Schmedders, K. 2012; 3 (2): 289-331

    View details for DOI 10.3982/QE165

    View details for Web of Science ID 000316853300004

  • Avoiding the curse of dimensionality in dynamic stochastic games QUANTITATIVE ECONOMICS Doraszelski, U., Judd, K. L. 2012; 3 (1): 53-93

    View details for DOI 10.3982/QE153

    View details for Web of Science ID 000316852700003

  • OPTIMAL RULES FOR PATENT RACES INTERNATIONAL ECONOMIC REVIEW Judd, K. L., Schmedders, K., Yeltekin, S. 2012; 53 (1): 23-52

    View details for DOI 10.1111/j.1468-2354.2011.00670.x

    View details for Web of Science ID 000300693800002

  • Bond Ladders and Optimal Portfolios REVIEW OF FINANCIAL STUDIES Judd, K. L., Kubler, F., Schmedders, K. 2011; 24 (12): 4123-4166

    View details for DOI 10.1093/rfs/hhr074

    View details for Web of Science ID 000297041100007

  • The Importance of Asymmetric Tax Policy and Dangers of Aggregation JOURNAL OF MONEY CREDIT AND BANKING Judd, K. L. 2011; 43: 175-205

    View details for DOI 10.1111/j.1538-4616.2011.00414.x

    View details for Web of Science ID 000292935700008

  • Numerically stable and accurate stochastic simulation approaches for solving dynamic economic models QUANTITATIVE ECONOMICS Judd, K. L., Maliar, L., Maliar, S. 2011; 2 (2): 173-210

    View details for DOI 10.3982/QE14

    View details for Web of Science ID 000208681700002

  • Solving the multi-country real business cycle model using ergodic set methods JOURNAL OF ECONOMIC DYNAMICS & CONTROL Maliar, S., Maliar, L., Judd, K. 2011; 35 (2): 207-228

    View details for DOI 10.1016/j.jedc.2010.09.014

    View details for Web of Science ID 000286539100005

  • Computational suite of models with heterogeneous agents II: Multi-country real business cycle models JOURNAL OF ECONOMIC DYNAMICS & CONTROL Den Haan, W. J., Judd, K. L., Juillard, M. 2011; 35 (2): 175-177

    View details for DOI 10.1016/j.jedc.2010.09.010

    View details for Web of Science ID 000286539100001

  • Equilibrium open interest JOURNAL OF ECONOMIC DYNAMICS & CONTROL Judd, K. L., Leisen, D. P. 2010; 34 (12): 2578-2600

    View details for DOI 10.1016/j.jedc.2010.07.006

    View details for Web of Science ID 000284386800012

  • Harnessing parallelism in multicore clusters with the All-Pairs, Wavefront, and Makeflow abstractions CLUSTER COMPUTING-THE JOURNAL OF NETWORKS SOFTWARE TOOLS AND APPLICATIONS Yu, L., Moretti, C., Thrasher, A., Emrich, S., Judd, K., Thain, D. 2010; 13 (3): 243-256

    View details for DOI 10.1007/s10586-010-0134-7

    View details for Web of Science ID 000280552800002

  • STABLE AND EFFICIENT COMPUTATIONAL METHODS FOR DYNAMIC PROGRAMMING 24th Annual Congress of the European-Economic-Association Cai, Y., Judd, K. L. WILEY-BLACKWELL. 2010: 626–34

    View details for Web of Science ID 000276460500029

  • Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty JOURNAL OF ECONOMIC DYNAMICS & CONTROL Den Haan, W. J., Judd, K. L., Juillard, M. 2010; 34 (1): 1-3

    View details for DOI 10.1016/j.jedc.2009.07.001

    View details for Web of Science ID 000272635200001

  • CIM-EARTH: Framework and Case Study B E JOURNAL OF ECONOMIC ANALYSIS & POLICY Elliott, J., Foster, I., Judd, K., Moyer, E., Munson, T. 2010; 10 (2)

    View details for Web of Science ID 000285831900001

  • Asset trading volume with dynamically complete markets and heterogeneous agents JOURNAL OF FINANCE Judd, K. L., Kubler, F., Schmedders, K. 2003; 58 (5): 2203-2217

    View details for Web of Science ID 000185599400016

  • Computing supergame equilibria ECONOMETRICA Judd, K. L., Yeltekin, S., Conklin, J. 2003; 71 (4): 1239-1254

    View details for Web of Science ID 000184863300009

  • Closed-loop equilibrium in a multi-stage innovation race Symposium held in Honor of Mordecai Kurz on Economic Theory Judd, K. L. SPRINGER. 2003: 673–95

    View details for Web of Science ID 000181426200024

  • The parametric path method: an alternative to Fair-Taylor and L-B-J for solving perfect foresight models JOURNAL OF ECONOMIC DYNAMICS & CONTROL Judd, K. L. 2002; 26 (9-10): 1557-1583

    View details for Web of Science ID 000175641800012

  • Capital-income taxation with imperfect competition 114th Annual Meeting of the American-Economic-Association Judd, K. L. AMER ECONOMIC ASSOC. 2002: 417–21

    View details for Web of Science ID 000176395100078

  • Asymptotic methods for asset market equilibrium analysis ECONOMIC THEORY Judd, K. L., Guu, S. M. 2001; 18 (1): 127-157

    View details for Web of Science ID 000169297500006

  • Computing equilibria in infinite-horizon finance economies: The case of one asset JOURNAL OF ECONOMIC DYNAMICS & CONTROL Judd, K. L., Kubler, F., Schmedders, K. 2000; 24 (5-7): 1047-1078

    View details for Web of Science ID 000086000600017

  • Solving a savings allocation problem by numerical dynamic programming with shape-preserving interpolation COMPUTERS & OPERATIONS RESEARCH Wang, S. P., Judd, K. L. 2000; 27 (5): 399-408

    View details for Web of Science ID 000085784600001

  • Optimal taxation and spending in general competitive growth models JOURNAL OF PUBLIC ECONOMICS Judd, K. L. 1999; 71 (1): 1-26

    View details for Web of Science ID 000077882800001

  • Taxes, uncertainty, and human capital 110th Annual Meeting of the American-Economic-Association Judd, K. L. AMER ECONOMIC ASSOC. 1998: 289–92

    View details for Web of Science ID 000073658200054

  • Asymptotic methods for aggregate growth models 1st Meeting of the Society-of-Computational-Economics Judd, K. L., Guu, S. M. ELSEVIER SCIENCE BV. 1997: 1025–42

    View details for Web of Science ID A1997XE28000007

  • Computational economics and economic theory: Substitutes or complements? 1st Meeting of the Society-of-Computational-Economics Judd, K. L. ELSEVIER SCIENCE BV. 1997: 907–42

    View details for Web of Science ID A1997XE28000002

  • PRICE AND QUALITY IN A NEW PRODUCT MONOPOLY REVIEW OF ECONOMIC STUDIES Judd, K. L., RIORDAN, M. H. 1994; 61 (4): 773-789

    View details for Web of Science ID A1994PK69800008

  • PROJECTION METHODS FOR SOLVING AGGREGATE GROWTH-MODELS JOURNAL OF ECONOMIC THEORY Judd, K. L. 1992; 58 (2): 410-452

    View details for Web of Science ID A1992KG38500012

  • OBSERVABLE CONTRACTS - STRATEGIC DELEGATION AND COOPERATION INTERNATIONAL ECONOMIC REVIEW FERSHTMAN, C., Judd, K. L., Kalai, E. 1991; 32 (3): 551-559

    View details for Web of Science ID A1991FZ02600002

  • A REVIEW OF RECURSIVE METHODS IN ECONOMIC-DYNAMICS JOURNAL OF ECONOMIC LITERATURE Judd, K. L. 1991; 29 (1): 69-77

    View details for Web of Science ID A1991FF69600004

  • TAXATION AND UNCERTAINTY AMERICAN ECONOMIC REVIEW BIZER, D. S., Judd, K. L. 1989; 79 (2): 331-336

    View details for Web of Science ID A1989U464400061

  • SOCIAL-SECURITY AND INDIVIDUAL WELFARE - PRECAUTIONARY SAVING, BORROWING CONSTRAINTS, AND THE PAYROLL TAX AMERICAN ECONOMIC REVIEW Hubbard, R. G., Judd, K. L. 1987; 77 (4): 630-646

    View details for Web of Science ID A1987K111600009

  • EFFECTS OF CAPITAL GAINS TAXATION ON LIFE-CYCLE INVESTMENT AND PORTFOLIO MANAGEMENT JOURNAL OF FINANCE BALCER, Y., Judd, K. L. 1987; 42 (3): 743-758

    View details for Web of Science ID A1987H924400019