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		Robert Townsend wins the Frisch Medal Professor Robert Townsend wins the Frisch Medal of the Econometric Society, with Joseph Kaboski for their article, "A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative�, Econometrica, 2011. He is the only person who has won this award twice. The Frisch Medal is given every two years for an applied article (empirical or theoretical) published in Econometrica during the past five years. It was established to encourage the creation of good applied work and its submission to Econometrica.

		Featured Research: Strategic Entry Deterrence and the Behavior of Pharmaceutical Incumbents Professors Glenn Ellison and Sara Fisher Ellison win the American Economic Journal: Microeconomics prize for Best Paper for their study titled, "Strategic Entry Deterrence and the Behavior of Pharmaceutical Incumbents Prior to Patent Expiration." This paper develops a new approach to testing for strategic entry deterrence and applies it to the behavior of pharmaceutical incumbents before patent expiration. It examines a cross section of markets, determining whether behavior is nonmonotonic in market size.

		Robert Townsend elected to National Academy of Sciences Professor Rob Townsend is among the 84 new members of the National Academy of Sciences elected in recognition of their distinguished and continuing achievements in original research. Other new members include MIT Institute Professor Barbara Liskov, Susan Athey of Harvard, and Jagdis Bhagwati of Columbia.

		Amy Finkelstein awarded John Bates Clark Medal Professor Amy Finkelstein MIT PhD '01, a leading scholar in Health Economics, was named winner of the John Bates Clark Medal. Finkelstein is the third woman to be given the award, which ranks below only the Nobel Prize in prestige within the economics profession and is considered a strong predictor of future Nobel consideration. MIT faculty members who have won the Clark Medal include: Esther Duflo (2010), Daron Acemoglu (2005), Jerry A. Hausman (1985), Franklin M. Fisher (1973), Robert M. Solow (1961), and Paul A. Samuelson (1947).

		Heidi Williams receives National Science Foundation CAREER Award Professor Heidi Williams was awarded a NSF CAREER Award for her work on Innovation in Health Care Markets. This is a Foundation-wide activity that offers the National Science Foundation's most prestigious awards in support of junior faculty who exemplify the role of teacher-scholars through outstanding research, excellent education and the integration of education and research within the context of the mission of their organizations.

		Daron Acemoglu wins the 2012 Erwin Plein Nemmers Prize in Economics Professor Daron Acemoglu is recognized for answering big questions, such as why nations fail, and taking on issues of global poverty. The Nemmers prizes are given in recognition of major contributions to new knowledge or the development of significant new modes of analysis.

		Amy Finkelstein inducted into American Academy of Arts and Sciences Professor Amy Finkelstein is among the 220 new members of the American Academy of Arts and Sciences elected for 2012. Fellow inductees include colleague, David Autor and MIT Ph.D. Luigi Zingales.

		David Autor inducted into American Academy of Arts and Sciences Professor David Autor is among the 220 new members of the American Academy of Arts and Sciences elected for 2012. Fellow inductees include colleague, Amy Finkelstein and MIT Ph.D. Luigi Zingales.

		Featured Research: Why Nations Fail In his new book, Daron Acemoglu asserts that above all else, political institutions, not culture or natural resources, determine the wealth of nations. Nations fail when institutions are "extractive," protecting the political and economic power of only a small elite that takes income from everyone else.

		Featured Research: One Size Does Not Fit All for Microfinance Programs A new study co-authored by Robert Townsend reveals a wide variance in results from Thai Million Baht Village Fund. The study suggests that large-scale microfinance programs can have varying results for participants and may be the most cost-effective use of funds only in limited situations. This paper was also co-authored by Joseph P. Kaboski of the University of Notre Dame.

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