Albert Madansky is the H.G.B. Alexander Professor of Business Administration Emeritus in the University of Chicago Booth School of Business. He has been a faculty member at Chicago Booth since 1974, and in addition to teaching a variety of courses in statistics and econometrics, he has taught courses in business economics, information science, marketing, business policy, as well as a course entitled “Great Books in Business.”

He also served as director of the Center for Management of Public and Nonprofit Enterprise, director of the Center for International Business and Education Research, associate dean for PhD studies, and deputy dean for Faculty. In addition, he was editor-in-chief of its Journal of Business.

He is the author of many scholarly articles and books, including “Foundations of Econometrics” and “Prescriptions for Working Statisticians.” He is also the coauthor of the Gastineau-Madansky model for stock option pricing and of the Edmundson-Madansky inequality used in stochastic linear programming. For his research in statistics, Madansky has been named a fellow of the Center for Advanced Study in the Behavioral Sciences, a fellow of the American Statistical Association, a fellow of the Institute of Mathematical Statistics, and a fellow of the Econometric Society. He was also a 2005 recipient of the American Statistical Association Founders Award.

His long career includes being a researcher at the RAND Corporation; senior vice president at the Interpublic Group of Companies; president of Dataplan, Inc.; and cofounder and vice president of The Analytical Group, Inc., a software development and data processing firm for the marketing research industry. His prior academic positions include terms as professor of mathematics and econometrics at UCLA, professor of marketing and econometrics at Yale, and chairman of the department of computer sciences at City College of New York.

He has been a member of the board of trustees of Analytical Services, Inc., a not-for-profit firm providing consulting services primarily to the Department of Homeland Security and to the Department of Defense, as well as a consultant to the National Academy of Science and the RAND Corporation. He is president of Madansky and Associates, Inc., a consulting firm that specializes in statistical analysis in support of marketing research for Sears, Schlitz, Pillsbury, Quaker, and numerous advertising agencies and marketing research firms and of litigation research for numerous law firms.

All of his education was at the University of Chicago, with an undergraduate degree from the College, and advanced degrees from the department of statistics. His graduate studies included a substantial number of courses at Chicago Booth.



Foundations of Econometrics Amsterdam: North-Holland (1976).

Financial Reporting by State and Local Government Units Chicago: University of Chicago Press (1977) (with Sidney Davidson, David O. Green, Walter Hellerstein, and Roman L. Weil).

Prescriptions for Working Statisticians New York: Springer-Verlag (1988).

Elementary Bayesian Statistics United Kingdom: Edward Elgar (1997) (by Gordon Antelman, edited with Robert McCulloch).

Selected Publications