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|Esther Duflo awarded 2015 Princess of Asturias Social Sciences prize
Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics Esther Duflo has been awarded the 2015 Princess of Asturias Social Sciences Prize for her studies in development economics and pioneering work in adapting and applying the randomized methods that scientific research uses to test drugs and vaccines - control and treatment groups - to the field of economic studies. The Princess of Asturias Awards are aimed at rewarding "the scientific, technical, cultural, social and humanitarian work carried out at an international level by individuals, institutions or groups of individuals or institutions." The Princess of Asturias Award for Social Sciences are conferred on those "whose creative work or research represents an outstanding contribution to the benefit of humanity in the fields of History, Law, Linguistics, Teaching, Political Science, Psychology, Sociology, Ethics, Philosophy, Geography, Economics, Demography or Anthropology, including the disciplines corresponding to each of these fields."
|James Poterba elected to National Academy of Sciences
Mitsui Professor of Economics Jim Poterba is one of the 84 new members and 21 foreign associates from 15 countries elected to the National Academy of Sciences in recognition of their distinguished and continuing achievements in original research. Poterba joins MIT colleagues Samuel A. Bowring (Earth and Planetary Science), Tomasz Mrowka (Mathematics), and Sara Seager (Earth, Atmospheric and Planetary Sciences) as new members in 2015.
|Ivan Werning elected to the American Academy of Arts and Sciences
Robert M. Solow Professor Ivan Werning is among the 197 new members of the American Academy of Arts and Sciences elected for 2015. They include some of the world's most accomplished scholars, scientists, writers, artists, and civic, business, and philanthropic leaders. One of the nation's most prestigious honorary societies, the American Academy is also a leading center for independent policy research. Members contribute to Academy publications and studies of science and technology policy, global security and international affairs, social policy and American institutions, and the humanities, arts, and education.
|Parag Pathak awarded 2016 Social Choice and Welfare Prize
Professor Parag Pathak has received the 2016 Social Choice and Welfare Prize jointly with Fuhito Kojima from the Society for Social Choice and Welfare. The purpose of this Prize is to honor young scholars of excellent accomplishment in the area of Social Choice Theory and Welfare Economics and to award them the Social Choice and Welfare Medal. The laureates should be 40 years or less as of January of the year when the International Meeting of the Society for Social Choice and Welfare is scheduled to take place.
|Featured Research: The Economics of Retirement
The retirement landscape is changing. And Professor James Poterba's research shows that you probably arenít saving enough. Americans are living longer, are more likely to be unemployed, and are working later in life when they can; many of those who had pension guarantees are losing them. Poterba and two colleagues found that roughly half of Americans die with less than $10,000 in assets beyond their annual retirement incomes. Some retirees are one health problem or market slump away from having almost no savings.
|Stephen Ross awarded 2015 Deutsche Bank Prize in Financial Economics
Franco Modigliani Professor of Finance and Economics Stephen A. Ross has received the 2015 Deutsche Bank Prize in Financial Economics for his groundwork and fundamental contributions to the analytical development of financial economics. Jury Chairman and CFS Director Jan Pieter Krahnen explained the decision of the international Jury: "The Jury has chosen Professor Stephen A. Ross for his groundwork and fundamental contributions to the analytical development of financial economics. For more than 25 years major models developed by him have marked the economic world. His models relate to the theory of asset pricing, the analysis of the term structure of interest rates, understanding option prices, and the basic structure of the principal-agent problem. The work of Stephen A. Ross has shaped today's thinking in financial innovation, practice, and policy."
|3 Questions: Amy Finkelstein on testing health care systems
About 80 percent of studies of U.S. medical interventions use randomized controlled trials (RCTs), the gold standard of laboratory research. But only about 18 percent of studies of U.S. health care delivery use RCTs. That can and should change, suggests Amy Finkelstein, the Ford Professor of Economics at MIT, in a Science piece co-written with MIT researcher Sarah Taubman. If so, they assert, researchers who find new ways of applying RCTs to our medical system will be able to produce compelling answers to pressing questions.
|Featured Research: Is the medical match fair?
Study by Assistant Professor Nikhil Agarwal finds the demand for positions strongly influences medical residents' salaries. His study indicates that demand for a limited number of desirable residency positions can keep salaries low ó and introduces a new way of assessing that demand despite incomplete data that has previously restricted analysis of the issue.
|Heidi Williams selected as an Alfred P. Sloan Research Fellow
Class of 1957 Career Development Assistant Professor Heidi Williams has been awarded a 2015 Sloan Research Fellowship. The Sloan Research Fellowships seek to stimulate fundamental research by early-career scientists and scholars of outstanding promise. These two-year fellowships are awarded yearly in recognition of distinguished performance and a unique potential to make substantial contributions to their field.
|Featured Research: Quantifying Confidence
Recessions are often described are periods of "weak aggregate demand" and "low confidence". Yet, it is debatable what these notions mean, or what their quantitative importance is. A paper authored by Professors George-Marios Angeletos, Fabrice Collard (University of Bern), and Harris Dellas (University of Bern) provides evidence that appears to contradict existing formalizations of the business cycle and argue that the incorporation of strategic uncertainty, and of a certain type of belief waves, helps provide a quantitatively potent account of the aforementioned notions, and the business cycle at large, without the usual reliance on nominal rigidities.
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