Biography: Kiyosi Itô and his influence on the study of agricultural finance and economics

Abstract

Purpose

The purpose of this paper is to review the life of the famous mathematician Kiyosi Itô and discuss his influence on the study of agricultural finance and agricultural economics.

Design/methodology/approach

This paper is a qualitative historical review.

Findings

The paper provides a biographical stretch of Itô's life. It is shown that his influence started to infiltrate the agricultural economics profession at around 1985 and is currently a major influence of a range of economic issues from farm policy to agricultural investments.

Research limitations/implications

The biography is limited to a review of Itô's academic life and influence.

Practical implications

The paper offers a historical perspective on how probability emerged as a critical piece of the economic puzzle. For scholars and practitioners of agricultural finance, the paper provides an in depth review of how Itô processes have, and can, be used.

Originality/value

This paper provides a historical perspective on Itô that is of use to students and scholars of rural credit. This is the first “biography” of Itô to discuss his influence on agricultural finance and agricultural economics.

Citation

Turvey, C.G. (2010), "Biography: Kiyosi Itô and his influence on the study of agricultural finance and economics", Agricultural Finance Review, Vol. 70 No. 1, pp. 5-20. https://doi.org/10.1108/00021461011042602