Robert James Waldmann

1960 - 2025

Prof. Robert James Waldmann was a distinguished economist and beloved father, brother, uncle, friend, and husband. Born on November 9 1960, he was the second of three children of Thomas and Katharine Waldmann. He died unexpectedly on June 24, 2025, at Frederick Health Hospital due to intestinal obstruction and sepsis, following a courageous and successful battle against colon cancer.
He graduated from Harvard University in 1982 with a major in biology and earned a Master's in biology from MIT. Renowned among peers for his intellect and curiosity, he completed a Ph.D. in Economics at Harvard advised by Larry Summers Ph.D and Larry Katz Ph.D. In Boston, he met his Italian wife, economist Prof.Elisabetta Addis Ph.D, to whom he was married for 33 years until her passing in 2020.
He became the youngest lecturer at the European University Institute in Florence (1989–1997), later held posts at IGIER (Bocconi) and the University of Chieti-Pescara, before joining the University of Rome "Tor Vergata" as Professore Associato and later Professore Ordinario in the Department of Economics and Institutions.
His research appeared in top journals, including the Quarterly Journal of Economics, Journal of Political Economy, Journal of Finance, and Journal of Econometrics. A pioneer in behavioral finance, his widely cited 1990 paper "Noise Trader Risk in Financial Markets" (with DeLong, Shleifer, and Summers) helped launch the field of behavioral finance challenging the efficient markets hypothesis. He also explored inequality's impact on health, critiqued international student assessments, and argued that even inefficient government spending via capital taxation could support growth.
Robert dedicated his life to thinking "stochastically" and supervising generously, while never seeking status for its own sake. A wide-ranging researcher, he bridged macroeconomics, public finance, and econometrics with creativity and rigor. He was a deeply appreciated mentor known for his supportive altruism, and integrity. He inspired generations of students and championed unconventional ideas.
Beyond academia, he was a public intellectual, blogging for Angry Bear on everything from politics to microbiology. Guided by a strong moral compass, he'll be remembered for his sense of humour, keen intellect, and vast knowledge.
Many saw in him a curious, principled, and generous soul. He believed in wealth redistribution, democracy, and the joy of exchanging ideas, from the Roman Empire to T-cell autophagy. His unique perspective and thirst for knowledge will be deeply missed.
But, for Robert, family came first. As a father, he was always available, ready to explain everything from the Big Bang to mitochondria. He was the best biology teacher ever. He stayed home with Marina and Thomas while Elisabetta traveled for work. He adored his children and had a lot of trouble saying no. His way of participating in improbable activities, like eating invisible meals at the table in the woods of Fiesole, or singing the same songs over and over in the garage dressed like space astronauts in Frascati, was uniquely his.
When they were children he told stories to his sister Carol for innumerable hours, some of his own or never leaving out any details of the Labors of Hercules or the Lord of the Rings. He had a child-like enthusiasm for so many things leading to his role as the "fun uncle" whether it was flying drones, playing basketball, poker or Exploding Kittens, exploring nature or sailing on the wooden sailboat the Caterina Madre in Stintino on Sardinia, he was all in.
Robert put others before himself. He loved his wife profoundly and cared for her during her illness with a silent but unbearable pain. He stayed many nights in the hospital with Thomas after his accident, and called his parents weekly while abroad. He discussed science with his father, who then put some of his theories into action. He was deeply affected by the deaths of his parents.
He supported his siblings deeply and was always generous with his time. He had an amazing memory which at times was a curse more than a blessing. It allowed him to share remembrances with his family and friends and contributed to his encyclopedic knowledge.
He is survived by his cherished children, Marina Addis Waldmann and Thomas Waldmann; his brother Richard Waldmann and wife Janet; his sister Carol Waldmann and husband Johnny Carrera, who cared for him to the end; and three nephews and two nieces.
A celebration of his life will be held on Saturday, July 5, 2025, at Pumphrey Funeral Home, 7557 Wisconsin Ave, Bethesda, MD. Viewing will begin at 11 a.m., service at 12 p.m. The service will be livestreamed on www.pumphreyfuneralhome.com
Robert supported the "Top Charities Fund" of GiveWell which backs evidence-based programs worldwide. To donate in his honor: www.givewell.org