CME Group Partners with MSRI to Recognize Significant Contributions in Mathematics, Statistics and Computing
CHICAGO, Sept. 30 /PRNewswire-FirstCall/ -- CME Group and the Mathematical
Sciences Research Institute (MSRI) announced today that Dr. Lars Peter Hansen,
Homer J. Livingston Distinguished Service Professor in the Departments of
Economics and Statistics at the University of Chicago, is the 2008 recipient
of the CME Group-MSRI Prize in Innovative Quantitative Applications.
CME Group, the world's largest and most diverse financial exchange,
through its Center for Innovation has partnered with MSRI, based in Berkeley,
CA, to award the third annual CME Group-MSRI Prize. This award is designed to
recognize individuals or groups who contribute original concepts and
innovation in the use of mathematical, statistical or computational methods
for the study of the behavior of markets, and more broadly of economics.
Professor Hansen will be honored and presented with the CME Group-MSRI
Prize medal at a recognition ceremony to be held on Friday, October 24, at CME
Group World Headquarters. In addition to the medal, a $25,000 cash award is
also bestowed upon the CME Group-MSRI Prize winner.
In conjunction with the award ceremony, a seminar entitled, 'The Fed, the
Treasury 'blueprint,' and the future of financial institutions,' will be held
with moderator Darrell Duffie, James I. Miller Professor of Finance, Graduate
School of Business, Stanford University, and panelists Raghuram Rajan, Eric J.
Gleacher Distinguished Service Professor of Finance, University of Chicago
Graduate School of Business; Anthony Santomero, former President of the
Federal Reserve Bank of Philadelphia and currently Richard King Mellon
Professor Emeritus of Finance at the Wharton School, University of
Pennsylvania; and Chester Spatt, Kenneth B. and Pamela R. Dunn Professor of
Finance and Director, Center for Financial Markets, Tepper School of Business
at Carnegie Mellon.
In the 1980s Professor Lars Peter Hansen became established as the leading
contributor to the development and application of rigorous estimation and
testing methods for financial data. His 1982 paper on Generalized Methods of
Moments fundamentally altered the way that empirical research is done in
finance and macroeconomics. This new methodology led him, with Ken Singleton,
to make one of the pioneering contributions to what became known as the
'equity premium puzzle.' Hansen continues to be a prolific researcher. He is
part of a team investigating how long-run risk tradeoffs are encoded in asset
prices. Hansen has also collaborated with others to develop models in which
investors guard their investments against possible model misspecification,
which they have shown are reflected in security market values and contribute
to price dynamics.
Professor Hansen is a member of the National Academy of Sciences and
American Academy of Arts and Sciences, and fellow of the Econometric Society
and a fellow of the American Finance Association. Hansen is a former John
Simon Guggenheim Memorial Foundation Fellow and Sloan Foundation Fellow. Since
1981 Hansen has served on the faculty of the University of Chicago's
Department of Economics, where he was the former director of graduate studies
and chairman.
