…Stephan will be missed inconsolably by his wife Christine, four children, Lukas, Nicolas, Sophia, and Jeremias, and by innumerable friends, students and colleagues, the world over. But the greatest loss is for the better world that he sought unrelentingly. – Sanjay G. Reddy        …

…ge. All these endeavours would probably not have happened without the path-breaking 1951 monograph. There are many other areas for which academic economists were and are in Professor Arrow’s intellectual debt. Just to name a few, his work on uncertainty, incomplete information and moral hazard became the basis for modern theories of insurance, financial investment and asset pricing. The moral hazard problem is also central in Arrow’s contributions…