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The Japanese economy has been stagnating for almost two decades. During this event, Takeo Hoshi will describe the findings of a report that he co-authored with Anil Kashyap of the Booth School of Business at the University of Chicago, the National Bureau of Economic Research (NBER), and the Federal Reserve Bank of Chicago. In the report, Hoshi and Kashyap utilized the neoclassical growth model in order to try to explain the causes of this stagnation and to identify policy choices that might help restore growth. Their focus was intentionally on longer-term issues, rather than the immediate challenges that are associated with the fallout from the global recession.

Looking at financial globalization and the collapse of the fixed exchange rate regime they found that by the end of the 1970s Japan could not rely on an undervalued currency to boost its exports. It had to rearrange its production system and other economic institutions to cope with globalization to reduce its reliance on external demand.

Japan's population structure was shifting and becoming increasingly elderly. Aging meant slower growth of the labor force. Declining fertility combined with aging eventually reduced the domestic saving that supported economic expansion during the rapid economic growth period.

Finally, monetary and fiscal policy performed poorly. The Bank of Japan consistently undershot its inflation objective. The government pursued massive fiscal stimulus during the 1990s and 2000s, so much so that Japan went from having the best debt position amongst advanced economies to the worst.

Hoshi is a Pacific Economic Cooperation Professor in international economic relations at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He is also a research associate at the Tokyo Center for Economic Research, and is on the board of directors for Union Bank. His major research area is the study of the financial aspects of the Japanese economy, especially corporate finance and governance.

He is a recipient of the 2011 Reischauer International Education award, the 2006 Enjoji Jiro Memorial Prize, and the 2005 JEA-Nakahara Prize. Among his many publications is Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), which received the Nikkei Award for the Best Economics Books in 2002.

Philippines Conference Room

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Former Henri H. and Tomoye Takahashi Senior Fellow in Japanese Studies at the Freeman Spogli Institute for International Studies
Former Professor, by courtesy, of Finance at the Graduate School of Business
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Takeo Hoshi was Henri and Tomoye Takahashi Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), Professor of Finance (by courtesy) at the Graduate School of Business, and Director of the Japan Program at the Shorenstein Asia-Pacific Research Center (APARC), all at Stanford University. He served in these roles until August 2019.

Before he joined Stanford in 2012, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at University of California, San Diego (UCSD), where he conducted research and taught since 1988.

Hoshi is also Visiting Scholar at Federal Reserve Bank of San Francisco, Research Associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER), and Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). His main research interest includes corporate finance, banking, monetary policy and the Japanese economy.

He received 2015 Japanese Bankers Academic Research Promotion Foundation Award, 2011 Reischauer International Education Award of Japan Society of San Diego and Tijuana, 2006 Enjoji Jiro Memorial Prize of Nihon Keizai Shimbun-sha, and 2005 Japan Economic Association-Nakahara Prize.  His book titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001) co-authored with Anil Kashyap (Booth School of Business, University of Chicago) received the Nikkei Award for the Best Economics Books in 2002.  Other publications include “Will the U.S. and Europe Avoid a Lost Decade?  Lessons from Japan’s Post Crisis Experience” (Joint with Anil K Kashyap), IMF Economic Review, 2015, “Japan’s Financial Regulatory Responses to the Global Financial Crisis” (Joint with Kimie Harada, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda), Journal of Financial Economic Policy, 2015, “Defying Gravity: Can Japanese sovereign debt continue to increase without a crisis?” (Joint with Takatoshi Ito) Economic Policy, 2014, “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (with Anil Kashyap), Journal of Financial Economics, 2010, and “Zombie Lending and Depressed Restructuring in Japan” (Joint with Ricardo Caballero and Anil Kashyap), American Economic Review, December 2008.

Hoshi received his B.A. in Social Sciences from the University of Tokyo in 1983, and a Ph.D. in Economics from the Massachusetts Institute of Technology in 1988.

Former Director of the Japan Program at the Shorenstein Asia-Pacific Research Center
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Takeo Hoshi Pacific Economic Cooperation Professor in International Economic Relations Speaker Graduate School of International Relations and Pacific Studies, University of California, San Diego
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Except for specialists working on the period, the Korean Empire's (1897–1910) project to develop Pyongyang as the "Western Capital" (Sŏgyŏng) is not all that well known even among Korea historians. From the perspective of international relations, there can be no doubt that the Russo-Japanese War sealed independent Korea’s fate. All the same, in the last two decades or so, Korea’s own effort toward modernization has received more attention among historians who no longer dismiss the history of the Korean Empire as the tail end of the Chosŏn Dynasty. For sure, the official rhetoric that empires old and new have had two capitals conceals imperial Korea’s self-perceptions about its place in the civilized world of the past, the present, and the future. Moreover, scrutiny of the circumstances in which the government undertook the project before it came to a halt allows insight into the Korean Empire’s understanding of geopolitical realities at the time.

Eugene Y. Park is the Korea Foundation Associate Professor in History in the School of Arts and Sciences at the University of Pennsylvania. He is also the director of Penn's Korean Studies Program. Dr. Park completed his doctorate in East Asian languages and civilizations at Harvard in 1999 and has received numerous research grants and fellowships, including: a 2007–08 Seoul National University Kyujanggak Institute for Korean Studies Fellowship; a 2003–04 Korea Foundation Advanced Research Grant; a 1999–2000 Yale University Council on East Asian Studies Postdoctoral Fellowship; a 1996–97 Foreign Language and Area Studies Fellowship; and a 1995–96 Fulbright Fellowship. His research interests focus on the sociopolitical history of early modern Korea, and his current work examines the chungin ("middle people") to address questions of modernity, identities, and agency. His book, Between Dreams and Reality: The Military Examination in Late Chosŏn Korea, 1600–1894, was published by the Harvard University Asia Center in 2007. He has published chapters and articles in venues such as Journal of Social History and Yŏksa wa hyŏnsil.

Philippines Conference Room

Eugene Y. Park Korea Foundation Associate Professor Speaker University of Pennsylvania
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About the event

On Tuesday, March 1, SPRIE and Alibaba.com hosted “Entrepreneurship in the Global Marketplace,” a seminar featuring noted venture capitalists, entrepreneurs and executives. The seminar was the first in a series being conducted at several California universities under the auspices of the Schwarzenegger Emerging Entrepreneur Initiative.

Famed venture capitalist Tim Draper kicked off the event, sharing his insight on trends and strategies relevant to global business.  Multiple facets of China’s role in supporting and enabling entrepreneurial ventures were spotlighted, including the presentation of new research on the rise and global impact of Chinese e-commerce, a talk by an executive from Chinese e-commerce giant Alibaba.com, and lessons from a diverse set of entrepreneurs whose businesses depend on international trade. Additional perspectives were shared by China- and U.S.-based VCs.

This event was one of many being held at Stanford University during Entrepreneurship Week 2011, including compelling lectures, workshops, mentoring sessions, a job fair, and more. See full details at the Stanford Entrepreneurship Week website.


About the hosts

The Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) is dedicated to advancing the understanding and practice of innovation and entrepreneurship in leading high technology regions in the global economy. Through and international and interdisciplinary research, publications, executive education, and conferences, SPRIE impacts the arenas of academia, policy, and business.

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Alibaba.com is a publicly-traded company (HK:1688) focused on facilitating global trade and entrepreneurship through e-commerce for small businesses with more than 56 million users across 240 countries.

The Schwarzenegger Emerging Entrepreneur Initiative is a program to spur entrepreneurship and stimulate job growth in California, created by Alibaba.com in partnership with former Governor Arnold Schwarzenegger. Through a series of interactive events, the initiative aims to provide 3,000 California university students with guidance, skills and entrepreneurial know-how to start their own businesses and participate successfully in the knowledge-based networked economy.

Bechtel Conference Center

Timothy C. Draper Founder Speaker Draper Fisher Jurvetson
Tami Zhu Head of International Business Development and Marketing Speaker Alibaba.com Americas

BDA China Ltd
#2908 North Tower, Kerry Centre
1 Guanghua Road
Beijing 100020, China

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Senior Advisor for China 2.0 Project
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Duncan Clark is Chairman of BDA China, a consultancy he founded in Beijing in 1994 after four years as an investment banker with Morgan Stanley in London and Hong Kong. Over the past 19 years, Duncan has guided BDA to become the leading investment advisory firm in China specialized in China's technology, internet and e-commerce sectors.

An angel investor in mobile game app developer Happy Latte and digital content metrics company App Annie Duncan has also served on the Advisory Board of Chinese internet company Netease.com (Nasdaq: NTES) and serves on the Advisory Board of the Digital Communication Fund of Geneva-based bank Pictet & Cie.

A UK citizen, Duncan was raised in England, the United States and France. A graduate of the London School of Economics & Political Science, Duncan is a Senior Advisor to the ‘China 2.0' initiative at the Stanford Graduate School of Business’s Stanford Program on Regions of Innovation and Entrepreneurship, where he was invited as a Visiting Scholar in 2010 and 2011.

Duncan is partner in a Beijing-based film production company CIB Productions, and Executive Producer of two China-themed television documentaries including ‘My Beijing Birthday’.

Duncan was appointed Officer of the Order of the British Empire (OBE) in the 2013 New Year Honours for services to British commercial interests in China.

Duncan Clark Visiting Scholar Speaker SPRIE
Mike Effle CEO Speaker Vendio
Marguerite Gong Hancock Associate Director Speaker SPRIE
William F. Miller Co-director Speaker SPRIE
Jonathan Ross Shriftman Co-founder Speaker Solé Bicycle Co
Ryder Fyrwald Vice President of Global Operations Speaker Kairos Society
Sanjay Subhedar Managing Director Speaker Storm Ventures
Hans Tung Partner Speaker Qiming Ventures
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On January 1, 2010, China and the ten-member Association of Southeast Asian Nations (ASEAN) finally, formally launched a China-ASEAN Free Trade Agreement (CAFTA) that encompasses nearly two billion people engaged in trade worth some $200 billion. For China the agreement is a way of securing supplies of raw materials, while the ASEAN countries hope the agreement will open opportunities in China's huge domestic market. When CAFTA  was first signed in November 2002, Beijing promised that Southeast Asia would reap an “early harvest” of its benefits. Yet the Southeast Asian response to CAFTA in the agreement’s first year has been less than enthusiastic, especially in the Philippines and Indonesia. Is CAFTA a bonanza? A blunder? Something in between? Prof. Mendoza will assess the agreement, its implementation, and the implications for China’s role and image in Southeast Asia going forward.

Amado M. Mendoza, Jr. is a leading policy scholar in the Philippines, where he also serves as the treasurer of Economic, Social, and Cultural Rights (ESCR) Asia, Inc., an NGO dedicated to the promotion of socio-economic and cultural rights. He is the Philippines’ lead contributor to the soon-to-be-released 2010 Global Integrity Report on governance and corruption. Other subjects of his current research include Asian regional integration; Asian summitry and economic crisis management; Philippine economic diplomacy; and China-Taiwan relations within a regional context. In addition to his academic career, he has a background in journalism, banking, and development.

Daniel and Nancy Okimoto Conference Room

Amado M. Mendoza, Jr. Professor of Political Science and International Studies Speaker University of the Philippines, Diliman, Quezon City
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China is on the move. An ascendant middle class with increasing amounts of disposable income and lesiure time is creating a massive consumer market. Tourism is one of the fastest growing segments, fueled by travel within China and by the tens of millions of Chinese travelling overseas.

Most of these consumers are online, and travel search sites like Qunar.com are a popular resource for them to get the best deals.

SPRIE is pleased to welcome Fritz Demopoulos, CEO of Qunar, to share his insights into China's travel market, and his frontline experience as an online entrepreneur in China.

Fritz Demopoulos has been involved in the Chinese internet and media industries for over a decade. As Founder and CEO of Qunar, Fritz had grown the company from a start-up to an industry leader with over 35 million monthly unique visitors. Qunar--which means "where are you going?" in Mandarin--is venture-backed by Tenaya Capital, Mayfield, GSR and Granite Global Ventures.

Prior to Qunar, Fritz was the SVP of Business Development at Netease.com (Nasdaq: NTES), one of China's leading internet portals and online game companies. Fritz was also the CEO and Cofounder of sports portal Shawei.com, venture backed by Intel, IDG and Softbank. Shawei was acquired by Tom.com in 2000.

Fritz began his career in China with The News Corporation Limited where he was involved with a range of News Corp companies including ChinaByte, a joint venture between News Corp and People's Daily. Based in Beijing, Fritz is a native of Los Angeles and was educated at UCLA.

Philippines Conference Room

Fritz Demopoulos CEO Speaker Qunar.com
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Antonio Purón was a senior partner of McKinsey & Company in the Mexico Office until January 2008.  His 27 year practice concentrated on serving clients in the energy, chemicals and petrochemicals sectors in Mexico, the United States, Argentina, Brazil, Chile and Venezuela.  In addition, he led work for clients in the financial institutions, consumer goods, retail, water, construction, transportation, manufacturing and telecommunications industries. 

In Mexico he served government and contributed to the modernization and deregulation of the national electric system and the E & P division of the national oil company, and has collaborated in the evolution of the country's basic infrastructure, such as gas distribution, municipal water utilities, ports, toll roads, and solid waste disposal.  His practice comprises both working for authorities and state-owned companies as well as with private investors interested in participating in sectors recently deregulated.

In the industrial and financial sectors he led projects for major national groups and global corporations, focused on strategic planning and growth, operations improvement, organization and process redesign, optimization and diversification of their product and market portfolios in light of the new competitive environment.  In the consumer goods industry he served the leading national companies and global corporations in projects aimed at designing their growth strategy through mergers and acquisitions, partnerships, entry to new markets as well as into other businesses and categories, and e-commerce, valuation of companies, and organizational restructuring.  In retail he collaborated with the major building materials and supermarket chains in Mexico helping to design their growth strategy, improve the performance of their process management, direct sales force management and develop and implement marketing and pricing strategies.

He has authored contributions on productivity and International competitiveness, and collaborated with several higher-education, cultural, arts, non-for-profit and social service institutions.  He is a founding member of Metropoli 2025 and of the board of Universidad Iberoamericana, Promujer, the National Arts Museum and of Instituto de Fomento e Investigación Educativa. He has authored several articles on urban productivity.

Prior to joining McKinsey, Mr. Purón worked at the Department of Special Studies of Ingeniería Panamericana, at the Instituto Mexicano del Petróleo, and at Polioles, S. A., where he had experience in planning, technological evaluation, systems development and project control.

He holds a B.S. in Chemical Engineering (Summa Cum Laude) from the Universidad Iberoamericana, and was a candidate for the master's degree in Chemistry.  He also earned an M.B.A. from Stanford University.

Since retirement Antonio is devoting the bulk of his time to three projects he is passionate about:  1) Giving a high-quality alternative to children currently dependent an poor-quality public basic education so that they can become competitive in a global society, 2) Influencing public policy to revert the current vicious circle of agricultural policies-extreme poverty-migration and 3) Changing the monopolistic control that political parties' leaderships exert on the political process in Mexico.

He is currently an associate fellow of CIDAC (independent think-tank) and participates in the boards of Banco Santander, Nadro, S.A. (JV of McKesson in Mexico), Munal (National Arts Museum), Progresemos (agricultural microfinance) and Centro de Colaboración Cívica (chapter of Partners for Democratic Change).

 

CO-SPONSORED BY COMPARATIVE POLITICS

CISAC Conference Room

Antonio Puron Associate Fellow CIDAC Mexico & Director Emeritus, McKinsey & Company Speaker
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Narratives of emancipatory struggle have occupied a privileged position in modern Korean nationalist discourse since the start of the twentieth century. Historians have not yet delved fully into the production and impact of emancipation narratives in modern Korea. This talk examines the transposition of this venerable anti-colonial narrative frame to South Korean political and public discourse during and after the student protests of April 19, 1960. The postcolonializing of emancipatory stories at this critical juncture has profoundly shaped the nation’s politics and culture in subsequent decades.

Charles Kim is an assistant professor of modern Korean history at the University of Wisconsin-Madison. His research interests include nationalism, narrative, popular culture, and historical memory. At present, he is at work on a project that explores the post-colonial reconfiguration of Korean nationalist discourse in and through the seminal event of April 19th.  He holds a PhD from Columbia University, an MA from UCLA, and a BA from Pomona College.

Philippines Conference Room

Charles Kim Assistant Professor, Modern Korean History, University of Wisconsin, Madison Speaker
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This lecture will discuss the re-creation of public spaces in contemporary Seoul, analyzed as a long-term and contested process of decolonization in the wake of 35 years of Japanese rule (1910–45). Through an opening discussion of Namsan (South Mountain), Dr. Henry will show that the recreation of the city’s colonial spaces began quickly after liberation with the erasure of Chōsen Shrine, perhaps the most violent symbol of wartime "imperialization" (1937–1945), and its subsequent replacement with various nationalist monuments, including a memorial to the turn-of-the-century martyr Ahn Chung-gŭn (1879–1910).  "Chosŏn renaissance" is the term that he has coined to capture the most recent manifestations of a decolonizing project that re-imagines Korea's last dynasty as national glory. Dr. Henry’s discussion of the ongoing restoration of Kyŏngbok Palace, once the site of the Government-General building and various colonial period expositions, will demonstrate how this monument has come to serve as Seoul's showpiece for promoting South Korean patriotism and "tradition," albeit without directly referencing the country’s tumultuous modern history. Like the newly restored Chŏnggye Stream and the recent installation of a plaza and statue memorializing King Sejong (r. 1418–50), the restoration of Kyŏngbok Palace, a project that will not be completed until 2030, aims to remind South Korean citizens and international visitors of the illustrious and independent history of the peninsula before the onset of Japanese rule and four decades of post-colonial authoritarianism.

Dr. Henry (Ph.D., UCLA, 2006) is a specialist on modern Korea with a focus on the period of Japanese rule (1910–1945). He works on the comparative and transnational study of imperialism/colonialism, gender/sexuality, and critical urban studies. He is currently completing a book manuscript which examines the intersection of space and power in the city of colonial Seoul. 

Philippines Conference Room

Todd A. Henry Assistant Professor in Residence, Department of History, University of California, San Diego Speaker
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Today is the last day of the Year of the Tiger in Vietnam. Tomorrow is the Year of the Cat (while in China it is Year of the Rabbit).

There was so much talk about Vietnam being an Asian Tiger in the past. Now, there is a growing concern about the country getting into the "middle-income trap." There is a real risk that the country might turn out to be just a cat and not a tiger.

The Party is aware of that threat and is struggling to find the right path to accelerated prosperity for the people while maintaining political monopoly.

This talk will be from the perspective of a man on the ground and will try to separate the smoke from the fire and find the heat.

Mr. Kien Duk Trung Pham is currently the Chairman of Red Bricks Group, a private investment firm. He is the founder of the Vietnam Foundation and the Vice Chairman of the VietNamNet Media Group, the leading multi-channel media company in Vietnam. Prior to VietNamNet he was the founding executive director of the Vietnam Education Foundation.

In business, Mr. Pham was a market development executive in Fortune 500 companies as well as an entrepreneur in technology and consulting startups. In government, he served in the executive branch under Presidents Reagan and Bush, as well as in the U.S. Senate. He has established nonprofit foundations to assist college students, orphans, and the handicapped in Vietnam. Mr. Pham is publicly recognized for his leadership and management abilities.

Mr. Pham is active in international affairs. In 1986, he was chosen a Young Leader by the American Council on Germany, and in 1992 a U.S.-Japan Leadership Fellow by the Japan Society. In 1993, he was elected as a term-member of the Council on Foreign Relations and a participant in the American Assembly. Mr. Pham was the founder and chairman of the Vietnam Forum Foundation, a U.S. nonprofit organization that provides college scholarships, schools, and orphanage support in Vietnam. He was also a Board member of the Vietnam Assistance for the Handicapped, a leading humanitarian program to help war victims. In 1996, Mr. Pham was a recipient of the "Never Fear, Never Quit" Award.

Mr. Pham grew up in Saigon, Vietnam. In 1977, at the age of 19, he led his family on a high sea escape and came to the United States where they settled in Colorado. Mr. Pham became a factory worker, learned English, and later attended college on scholarship. He received a BS in marketing and international business from the University of Colorado at Boulder, and won a scholarship to study in England. His graduate degrees, earned concurrently at Stanford University, include an MBA in international and organizational management, an MA in international economics, and a special diploma in public policy management. In 1990, Stanford University named Mr. Pham among of the "Most Outstanding Alumni" in the school's 100 years of history. Mr. Pham is former White House Fellow and a recipient an honorary JD degree from Pfeiffer University.

Daniel and Nancy Okimoto Conference Room

Pham Duc Trung Kien Executive Chairman Speaker Red Bricks Group (RBG)
Seminars

FSE Fellow David Lobell presented his work on climate impacts on crop production at the Donald Bren School of Environmental Science and Management, UC Santa Barbara, CA.

Donald Bren School of Environmental Science and Management, UC Santa Barbara, CA

Energy and Environment Building
473 Via Ortega
Stanford CA 94305

(650) 721-6207
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Professor, Earth System Science
Senior Fellow at the Freeman Spogli Institute for International Studies
Senior Fellow at the Stanford Woods Institute for the Environment
Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR)
Affiliate, Precourt Institute of Energy
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David Lobell is the Benjamin M. Page Professor at Stanford University in the Department of Earth System Science and the Gloria and Richard Kushel Director of the Center on Food Security and the Environment. He is also the William Wrigley Senior Fellow at the Stanford Woods Institute for the Environment, and a senior fellow at the Freeman Spogli Institute for International Studies (FSI) and the Stanford Institute for Economic Policy and Research (SIEPR).

Lobell's research focuses on agriculture and food security, specifically on generating and using unique datasets to study rural areas throughout the world. His early research focused on climate change risks and adaptations in cropping systems, and he served on the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report as lead author for the food chapter and core writing team member for the Summary for Policymakers. More recent work has developed new techniques to measure progress on sustainable development goals and study the impacts of climate-smart practices in agriculture. His work has been recognized with various awards, including the Macelwane Medal from the American Geophysical Union (2010), a Macarthur Fellowship (2013), the National Academy of Sciences Prize in Food and Agriculture Sciences (2022) and election to the National Academy of Sciences (2023).

Prior to his Stanford appointment, Lobell was a Lawrence Post-doctoral Fellow at Lawrence Livermore National Laboratory. He holds a PhD in Geological and Environmental Sciences from Stanford University and a Sc.B. in Applied Mathematics from Brown University.

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David Lobell Speaker
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