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		Featured Research: The economic cost of increased temperatures Even temporary rises in local temperatures significantly damage long-term economic growth in the world�s developing nations, according to a new study co-authored by Professor Ben Olken, Melissa Dell (Ph.D. '12) and Ben Jones. "Higher temperatures lead to substantially lower economic growth in poor countries," says Olken. And while it's relatively straightforward to see how droughts and hot weather might hurt agriculture, the study indicates that hot spells have much wider economic effects. "What we're suggesting is that it's much broader than [agriculture]," Olken adds. "It affects investment, political stability and industrial output."

		Featured Research: Evidence found for famous hypothesis of comparative advantage A recent paper by MIT economists Arnaud Costinot and Dave Donaldson uses a novel approach to suggest that David Ricardo's concept of "comparative advantage" is buttressed by real-world evidence. Ricardo's hypothesis is one of the most famous and venerable ideas in economics. Dating to 1817, Ricardo's proposal is that countries will specialize in making the goods they can produce most efficiently - their areas of comparative advantage - and trade for goods they make less well, rather than making all kinds of products for themselves.

		Featured Research: Many Americans die with virtually no financial assets It is a central worry of many Americans: not having enough money to live comfortably in old age. Now an innovative paper co-authored by Professor James Poterba shows that a large portion of America's older population has very little savings in bank accounts, stocks and bonds, and dies "with virtually no financial assets" to their names.

		Parag Pathak named as recipient of Presidential Early Career Awards for Scientists and Engineers President Barack Obama named Associate Professor Parag Pathak as recipient of a Presidential Early Career Award for Scientists and Engineers (PECASE), the highest honor bestowed by the U.S. government on science and engineering professionals in the early stages of their independent research careers. Professor Pathak was one of five MIT researchers named out of the 96 recipients. Nominated by the National Science Foundation, Professor Pathak was honored for innovative and challenging research in market design, education, and housing and for work with local school administrators throughout the United States that has resulted in more fair and efficient ways to assign children to magnet schools.

		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.

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