Truman Bewley

In general equilibrium theory, Bewley (1972) established key existence results for models with infinitely many goods.

Due to Bewley (1977), Bewley is the namesake of Bewley models, the class of incomplete markets general equilibrium models in which agents face idiosyncratic income shocks and achieve partial insurance via, for example, a risk-free bond or capital. Aiyagari (1994), Huggett (1993), and Krusell and Smith (1998) are examples of Bewley models, each with many hundreds of citations according to Google Scholar.

Bewley was elected a fellow of the American Academy of Arts and Sciences in 2005. In 2012 he was elected a distinguished fellow of the American Economic Association.