Philip Dybvig
Dybvig in 2022
Philip Hallen Dybvig

(1955-05-22) May 22, 1955 (age 68)
AwardsNobel Memorial Prize in Economic Sciences (2022)
Academic background
EducationIndiana University, Bloomington (BA)
University of Pennsylvania
Yale University (MA, MPhil, PhD)
Academic work
InstitutionsYale University
Princeton University
Olin Business School
Academic background
ThesisRecovering Additive Utility Functions (1979)
Doctoral advisorStephen Ross

Philip Hallen Dybvig (born May 22, 1955) is an American economist. He is the Boatmen's Bancshares Professor of Banking and Finance at the Olin Business School of Washington University in St. Louis.[1][2]


Dybvig attended Indiana University and received in 1976 a BA in mathematics and physics. He then attended the economics PhD program at University of Pennsylvania for one year before transferring to Yale University, where he received the MA (1978), MPhil (1978), and PhD (1979) degrees in economics.[3] His thesis, titled "Recovering additive utility functions", was supervised by Stephen A. Ross.[4]

Dybvig specializes in asset pricing, banking, investments, and corporate governance.[5] He was formerly a professor at Yale University, and assistant professor at Princeton University.

Dybvig was president of the Western Finance Association from 2002 to 2003, and was director of the Institute of Financial Studies at Southwestern University of Finance and Economics (Chengdu, PRC) from 2010 to 2021. He has been editor or associate editor of multiple journals, including the Journal of Economic Theory, Finance and Stochastics, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, and Review of Financial Studies.[3]

Dybvig is known for his work with Douglas Diamond on the Diamond–Dybvig model of bank runs.[6]

Dybvig was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Diamond and Ben Bernanke, "for research on banks and financial crises".[7][8] Dybvig and Diamond wrote “Bank Runs, Deposit Insurance, and Liquidity” in 1983, in which they first introduced their mathematical model describing the vulnerability of banks during financial crises.

Alleged sexual misconduct

In October 2022, Dybvig was accused of sexual harassment by several Chinese women attending Washington University’s Olin School of Business, where Dybvig works as a professor.[9][10] He is on absentee leave until July 2023. Dybvig's lawyer has denied the allegations. Bloomberg News reported that he was said to have called one of the students "tián mèizi" (甜妹子), meaning "sweet young girl" and gave her gifts of chocolate.[11] The encounters allegedly led the Chinese female students to warn each other about him.[11]


  1. ^ "2022 Nobel Prize Celebrates Banking Research". Cambridge, MA: National Bureau of Economic Research. December 2022. Retrieved 22 January 2023.
  2. ^ "Philip H. Dybvig Home Page". Retrieved 2022-10-11.
  3. ^ a b Philip H. Dybvig: Curriculum vitae
  4. ^ "Philip Dybvig". The Mathematics Genealogy Project. Retrieved 7 November 2023.
  5. ^ "Olin Faculty: Philip H. Dybvig". Olin Business School. Washington University in St. Louis. Retrieved 12 June 2016.
  6. ^ Kashyup, Anil K (15 June 2015). "Bank Runs Aren't Madness: This Model Explained Why". The University of Chicago Booth School of Business. Retrieved 22 January 2023.
  7. ^ Reid, Jenni (10 October 2022). "Nobel economics prize awarded to Ben Bernanke and 2 others for work on financial crises". CNBC. Retrieved 2022-10-10.
  8. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". 10 October 2022. Retrieved 22 January 2023.
  9. ^ Early, Rosalind. "Wash U Nobel Laureate Phillip Dybvig Accused of Misconduct". Riverfront Times. Retrieved 2022-12-19.
  10. ^ "Philip Dybvig, Professor and Nobel Prize winner, accused of inappropriate conduct". Student Life - The independent newspaper of Washington University in St. Louis. 2022-11-17. Retrieved 2022-12-19.
  11. ^ a b "Nobel Prize-Winning Economics Professor Faces Harassment Inquiry". 2022-12-16. Retrieved 2022-12-19.