in computer science from Rice University (1974), and a BTech in electrical engineering from the Indian Institute of Technology, Kanpur (1972).
[4] He has been a consultant to the Fixed Income Group at Salomon Smith Barney and an advisor to Vega Asset Management.
He is probably best known for his contributions to recursive competitive theory, an equilibrium concept widely used in modern dynamic macroeconomics,[5][6] which he developed jointly with Edward C.
In 1979 he and Edward C. Prescott observed that the real equity premium over the past 90 years in the US was 6.18%, an order of magnitude larger than that could be rationalized by neo-classical economic theory.
[9] Attempts to resolve the puzzle have become a major research impetus in both finance and macroeconomics over the past thirty years.