Richard Brady, Ph.D. is an Economist at Intensity with expertise in microeconomics, applied statistics, financial analysis, choice theory, and mechanism design.
Dr. Brady’s research has contributed to various choice-theoretic topics in microeconomic theory. From a social choice perspective, Dr. Brady focused on fair, and unbiased aggregation of individual preferences, in a spatial setting, in order to achieve a socially desirable outcome. The result was a social choice rule that can be implemented to properly incentivize agents to truthfully reveal their preferences, and that satisfies intuitive notions of equality. In another work, he modeled individual consumer choice behavior using randomness in the set of alternatives, that were available at the time of choice. Dr. Brady demonstrated that this model generalizes several prominent choice-theoretic models, while maintaining empirical content, and allows for deviations from classic rational choice theory. Dr. Brady also investigated the testable implications, identification, and estimation of a large class of ranking models commonly used in the computer science and statistics literature. One primary focus of this work was to bridge the gap between purely theoretical results, which rely on an infinite number of observations, and application to data, which are inherently finite. Thus, Dr. Brady developed new statistical procedures allowing for model falsifiability, and finite sample confidence sets of model parameters. Additionally, Dr. Brady analyzed preferences over repeated lotteries, noting survey participant preferences on whether or not past awardees should be allowed to participate again. Surprisingly, the majority thought past award recipients should be excluded from future participation challenging the notion of fairness. The results have implications for any setting in which scarce resources may be allocated to equally deserving claimants via a lottery type mechanism.
Prior to Intensity, Dr. Brady was an analyst at a multi-family housing real-estate investment trust, where he created predictive models used for forecasting the risk of exposure to lease-breaks. Dr. Brady also performed cost/benefit analysis assessing relaxation of company lease acceptance/safety deposit standards. He was instrumental in the creation and maintenance of (Risk Adjusted Return on Capital) RAROC profitability model, along with analyzing consumer loan prepayment behavior to assist in gauging profitability and securitization viability, at a regional bank.
Dr. Brady earned his Ph.D. in Economics from the University of California, San Diego, where he specialized in microeconomic theory and econometrics. Dr. Brady is award winning both as a Microeconomic course instructor, and in research with recognition including: Associate-In Teaching Award, Teaching Assistant Excellence Award, Clive Granger Research Fellowship, Advancement to Candidacy Research Fellowship, and the Graduate Student Research Fellowship (2012 and 2013). Dr. Brady also served as a research assistant in the department of economics. He has published economic research in several academic journals—including Econometrica, Social Choice and Welfare, Games and Economic Behavior, and Judgement and Decision Making.
Dr. Brady earned dual Master’s degrees. The first one is a Master of Arts, at Duke University, majoring in Economics. The second one is a Master of Science, at the University of Memphis, majoring in Finance.
Dr. Brady earned his Bachelor of Science degree at Christian Brothers University, majoring in Finance and Management, with a minor in Psychology.