His dissertation titled “Stationary Equilibrium in a Market for Durable Assets” under the supervision of Daniel McFadden was published as an Econometrica article in 1985.

[7] John Rust had been affiliated with a number of governmental bodies, including Board of Governors, Federal Reserve System (research consultant, 1995), Panel of Expert Reviewers of Social Security Administration’s MINT Model (member, 1998-1999), Technical Panel of Social Security Advisory Board (member, 1998-1999), Long Term Modeling Advisory Group U.S. Congressional Budget Office (member, 2001-2004), Social Security Administration (advisor for demonstration project resulting from the 1999 Work Incentives Improvement Act, 2000-2003).

He has also been a member of the Steering Committee of the Health and Retirement Study at the University of Michigan (2000-2002), senior advisor at The Brattle Group (since 2004) and a fellow of TIAA-CREF Institute, New York (since 2005).

[9] This paper is one of the first dynamic stochastic models of discrete choice estimated using real data, and continues to serve as classical example of the problems of this type.

John Rust holds a stronger position on the issue of disconnect between theoretical economics and econometrics from the real world (empirical) problems.

Some of the features of this system include paperless operation, built-in scheduling module, easy setup, high security, electronic applications and reference letters.

EconJobMarket.org (EJM) is a nonprofit organization that facilitates the flow of information in the economics job market by providing a secure central repository for the files of job-market candidates (including papers, reference letters, and other materials) accessed on line.

EJM was founded in 2007 by Martin Osborne, John Rust, and Joel Watson, and is run by a group of academic economists who volunteer their time and effort.

[23] EJM does not attempt to fundamentally alter the decentralized “endogenous search and matching” process by which the economics job market currently operates.

Contrary to conventional wisdom in industrial organization theory, we show that unrestricted entry and competition of intermediaries can result in suboptimal outcomes.