Stanley Fischer Plagiarism Proof with citations short cut and paste version

March 19, 2014

This is a short summary of the evidence of plagiarism by Stanley Fischer. This is for cut and paste in emails or text files.

Stanley Fischer likely plagiarized Nils Hakansson in Fischer’s 1969 MIT Ph.D. thesis.

Fischer’s thesis was partly a copy of Hakansson’s 1966 thesis at UCLA and partly from a working paper of Hakansson at Yale in 1967.

The Hakanssons have set up a website with their papers.

http://www.hakansson.com/

http://www.hakansson.com/nils/Dissertation.pdf

http://www.hakansson.com/nils/papers/optimal69.pdf

The latter one became chapter 5 of Fischer’s thesis.

Fischer not only plagiarized Hakansson but he has prevented Hakansson getting recognition in textbooks for Hakansson’s work.

At least 4 people replicated Hakansson’s work between 1966 when Hakansson’s thesis was sent by UCLA to a working paper distribution list and 1970 when Hakansson’s paper was published late by Econometrica. This includes Paul Samuelson, David Levhari, TN Srinivasan, Stanley Fischer and depending on interpretation, Robert C. Merton.

Franklin Fisher was chairman of the Stanley Fischer thesis and at the same time editor of Econometrica. I have a letter from Econometrica in June 1969 accepting the final version of Fischer’s thesis.

In August 1969, Harvard and MIT published two papers, one by Samuelson and the other by Merton which contained versions of Hakansson’s work without
citation.

Karl Shell of MIT had the Hakansson thesis in 1966 because he chaired a session at which it was presented and that information was published in a journal.

John Shoven of SIEPR got his Ph.D. at Yale in 1973 and was likely a student in 1969 when several papers copying Hakansson’s work were published. That includes
one by David Levhari and TN Srinivasan that was done at Stanford. Hakansson was a professor at Yale up to 1969.

Fischer’s role in plagiarizing Hakansson was known then in economics and there were two economics conferences in Poland in the 1970s. At those conferences, Russia likely pressured professors from MIT and the US to help get nominations from Paul Samuelson and Kenneth Arrow for Kantorovich to get the Nobel Prize in economics in 1975.

In 1997, in his Nobel Prize autobiography, Robert C. Merton falsely stated that Hakansson was a graduate student after 1966. This is important, because chapter 5 of Fischer’s MIT thesis is a copy of a working paper of Hakansson at Yale in 1967.

http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1997/merton-bio.html

“. Ignorant of the important work underway by Nils Hakansson and Hayne Leland, then graduate students elsewhere, I attacked the problem of dynamic portfolio theory in a continuous-time framework without having the benefit of their discrete-time formulations. ”

This is false. Hakansson graduated in 1966 and was a professor at Yale at the time.

Merton and Fischer were suitemates at MIT at the time.

Franklin Fisher and Karl Shell were also suitemates as professors at the time. Shell got the Hakansson thesis in 1966 at MIT from public records.

http://www.aeaweb.org/Annual_Meeting/assa_programs/ASSA_1966.pdf

Page 114 Growth Session chaired by Karl Shell.

http://www.karlshell.com/pdfs/md.pdf

Karl Shell
“my suitemate, coauthor, and friend, Frank
Fisher.”

Stanley Fischer handled loans to Russia for the IMF.

Long Term Capital Management was a company Robert C. Merton was part of and they heavily purchased Russian government bonds as if they expected Fischer to be forced to keep helping them.

The Russian government has been publishing comments on plagiarism since the 1930s. This is a letter from Fock to the physics journal Physical Review that was published by the journal.

http://journals.aps.org/pr/abstract/10.1103/PhysRev.72.737

Edward Corson the plagiarist of Fock was later investigated by the FBI for atomic spying.

Edward Corson site:fbi.gov

Edward Corson Fock site:fbi.gov

Your search – Edward Corson Fock site:fbi.gov – did not match any documents.

Edward Corson Oppenheimer site:fbi.gov

4 results (0.34 seconds)

Thus Oppenheimer didn’t tell the FBI about the Fock Letter or plagiarism by Corson. This is despite Corson
doing this at Princeton Institute for Advanced Study just as Oppenheimer became Institute Director in 1947.

The universities did not tell the FBI about this letter from Fock during the investigation. There are other cases of Russia using these tactics.

Some of my research on this is cited in the book Nuclear Express by Thomas C. Reed a former Secretary of the Air Force and who also worked on developing nuclear weapons with Edward Teller.

http://www.af.mil/AboutUs/Biographies/Display/tabid/225/Article/104983/thomas-c-reed.aspx

https://oldatlanticlighthouse.wordpress.com/category/klaus-fuchs/

http://scitation.aip.org/content/aip/magazine/physicstoday/article/61/9/10.1063/1.2982122

Stanley Fischer has never cited his own papers out of his thesis published in the early 1970s. By 2004, his coauthor Olivier Blanchard didn’t even know what Fischer’s thesis was on.

http://dspace.mit.edu/handle/1721.1/63728 Interview of Stanley Fischer by Olivier Blanchard 2004/2005

http://archive.org/stream/interviewofstanl00blan/interviewofstanl00blan_djvu.txt

O: Your thesis was on macro. Why?

F: My thesis was actually on lifetime portfolio choice.

also

F: Bob (Robert C.) Merton arrived a year after me, and we shared an office for a year.

Blanchard and Fischer wrote a book and in that book they had a section on that same work but they cited Samuelson. So Fischer didn’t tell his own coauthor about his thesis.

Page 281 of their book Lectures on Macroeconomics starts some of this discussion in equations.

http://books.google.com/books?id=j_zs7htz9moC&pg=PA275&source=gbs_toc_r&cad=3#v=onepage&q&f=false

Fischer’s Ph.D. thesis can be downloaded from MIT.

http://dspace.mit.edu/handle/1721.1/13873
Essays on assets and contingent commodities.
Author: Fischer, Stanley
Citable URI: http://hdl.handle.net/1721.1/13873
Department: Massachusetts Institute of Technology. Dept. of Economics
Publisher: Massachusetts Institute of Technology
Date Issued: 1969

The SIEPR day is managed by John Shoven.

http://siepr.stanford.edu/SIEPR.Economic.Summit.2014.Agenda

In 2003, Samuelson claimed it wasn’t plagiarism in his 1969 paper.

http://press.princeton.edu/chapters/i1_7521.html

“Thus, my much-cited 1969 paper on optimal intertemporal portfolio programming opportunistically used the Bellman-Beckman-Phelps recursive techniques to analyze what defines the best qualitative asset-portfolio mix of the Phelps 1962 aggregate saving. It was not plagiarism but it was horning in on a created public good there for the taking. ”

In January 1969, in a working paper Joe Stiglitz thanks Samuelson for comments on Stiglitz’s paper and also cites the Hakansson 1966 thesis in a footnote on page 7a.

http://cowles.econ.yale.edu/P/cd/d02b/d0262.pdf

University of Chicago hired Stanley Fischer in fall 1969. They had already cited the Hakansson Working Paper 101 most likely in a paper by Fama.

China has posted a copy of this Fama paper.

Fama multiperiod consumption investment decisions site:.cn

Multiperiod Consumption-Investment Decisions. Eugene F. Fama. The American Economic Review, Volume 60, Issue 1 (1970), 163-174.

Note Fama cites the UCLA working paper 101 version of Hakansson that was mimeographed and sent to a distribution list of top universities and institutes.

Fama multiperiod consumption investment decisions site:.ru

In Iran

Fama multiperiod consumption investment decisions site:.ir

There are Iranians in academia and Wall Street and London who know this. Also University of Paris to check out.

Pakistan

Fama multi period consumption investment decisions site:.pk

[DOC]
naqvi.doc – Lahore School of Economics
http://www.lahoreschoolofeconomics.edu.pk/…/vol5-1%5CNAQVI.DOC‎
by H Naqvi – ‎Related articles
Moreover the CAPM is essentially a single period model. It is clear …… Fama, 1970, Multi-period consumption-investment decision, American Economic Review.

Fama “multi period consumption investment decisions” site:.pk

Untitled
lhrgateway.nu.edu.pk/articles/3540779256.pdf‎
Fama, E. F., Multi-period consumption-investment decisions, American. Economic Review, 1970, Vol. 60, 163–174. 45. Fang, Y., Lai, K. K. and Wang, S. Y., …

Malaysia

Fama multiperiod consumption investment decisions site:.my

Download (233Kb) – Universiti Utara Malaysia
etd.uum.edu.my/2918/2/1.Syed_Mohd_Na’im_Syed_Salim.pdf‎
2.1.3 Description of Investment Portfolio, Portfolio Optimization and Asset. Allocation . …… Fama, E. F. (1970) Multiperiod Consumption-Investment Decisions,.

India

Fama multiperiod consumption investment decisions site:.in

Fama “multi period consumption investment decisions” site:ac.in

BIBLIOGRAPHY (JOURNALS) – Shodhganga
shodhganga.inflibnet.ac.in/bitstream/10603/12549/…/10_bibliography.p…‎
by RW Rebello – ‎2013 – ‎Related articles
pp. 363 – 384. 28. Davis, J. L., Fama E. F. and French K. R. (2000), “Characteristics, Co- … Fama, E. F. (1970), “Multi-period Consumption-Investment Decisions”,.
[PDF]
View/Open – Goa University Library
library.unigoa.ac.in:8081/xmlui/bitstream/handle/…/120/T-449.pdf?…‎
Eugene Fama (1991)4 in his paper discusses the various hypotheses on efficient …… Fama, E. F. (1970), “Multi-period Consumption-Investment Decisions”,.

Indonesia

fama 1970 “Multiperiod Consumption-Investment Decisions” site:.id

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Volume 60 Thn 1970 No 01 – Periodical – Bank Sentral Republik …
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Volume 60 Thn 1970 No 01. A Geometric Treatment of … Multiperiod Consumption-Investment Decisions. Eugene F. Fama. On the Economic Welfare of Victims …
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