Robert H. Frank American professor of management and economics Date of Birth: . Country: USA

1. Academic and Professional Career
2. Contributions to Economic Thought
3. Research on Rationality and Emotions
4. The Prisoner's Dilemma Experiment
5. Later Work and Legacy

Academic and Professional Career

Frank is the Henrietta Johnson Louis Professor Emeritus at Cornell University's S.C. Johnson Graduate School of Management. Prior to his tenure at Cornell, he held the Goldwin Smith Professorship of Economics, Ethics, and Public Policy at Cornell's College of Arts and Sciences (CAS). Frank has also served as a Fellow at the Center for Advanced Study in the Behavioral Sciences, a Professor at the École des hautes études en sciences sociales in Paris, and a Chief Economist for the Civil Aeronautics Board.

Contributions to Economic Thought

Frank is widely known for his groundbreaking work on status and social stratification. His 1985 book "Choosing the Right Pond" examines the importance of peer groups and social status in shaping individual behavior and well-being. Frank argues that while status competition can be motivating, it ultimately has negative consequences for society as a whole because it creates a zero-sum game where one individual's gain comes at the expense of another.

In his 1995 book "The Winner-Take-All Society," Frank discusses how the increasing concentration of wealth and power in the hands of a few winners is undermining the well-being of the middle class and society at large. He advocates for policy changes that promote equality and reduce the negative effects of status competition.

Research on Rationality and Emotions

Frank's research also explores the role of emotions in economic decision-making and personal relationships. In his 1988 book "Passion within Reason," he argues that emotions, while often perceived as irrational, can play a crucial role in our motivations and choices. For example, the emotion of love enhances the value of long-term romantic commitments, while envy can promote fairness and equity in social interactions.

The Prisoner's Dilemma Experiment

Frank's 1993 study with Tom Gilovich and Donald Regan investigated the "prisoner's dilemma," a fundamental problem in game theory where individuals often fail to cooperate even when it is in their best interests. Using a series of experiments involving undergraduate students, Frank found that students with training in economics were more likely to defect in the prisoner's dilemma game than students from other disciplines. This finding suggests that economic education may promote a narrower, self-interested perspective that prioritizes individual gain over social welfare.

Later Work and Legacy

Frank's more recent research has focused on the growing inequality in the middle class and its impact on society. His 2007 book "Falling Behind: How Rising Inequality Harms the Middle Class" explores the causes and consequences of income disparities and proposes policy solutions to address them.

Throughout his career, Frank has made significant contributions to the fields of economics, psychology, and sociology. His work has helped to advance our understanding of human motivation, decision-making, and social dynamics, and has informed policy debates on a wide range of issues.