Abraham Wald was a mathematician. He was born in Rumania and moved to Vienna in the late 1920's, where he worked with the mathematician, Karl Menger, the son of the economist. Wald is best known for his work in statistical decision theory and sequenti al analysis of sampling and quality control. He focused his attention on the mathematics of economic equilibria at the same time the economist von Neumann was doing the same. Wald studied the Walrasian equations for an equilibrium system and arrived at the conclusion that the equality of the number of unknowns and equations offered in itself no guarantee of meaningful results.
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