- Social Science Research Fellow, 6/65-12/65
- Guggenheim Fellow, 1/66-9/66, 9/82-6/83
- National Science Foundation Research Grants, 1965 to 2011
- Fellow, Econometric Society, elected 1968
- Fellow, American Academy of Arts and Sciences, elected 1978
- Mahalanobis Memorial Award, 1980
- Member, National Academy of Sciences, elected 1984
- Founding Member, National Academy of Social Insurance, 1988
- Nemmers Prize, 1994
- Fulbright Fellow, University of Siena, 2000
- Distinguished CES Fellow, 2000
- Killian Award, MIT, 2003-4
- Samuelson Award from TIAA-CREF, 2003
- Jean-Jacques Laffont Prize, 2005
- Robert M. Ball Award, 2008
- Doctor Honoris Causa, Hebrew University, Jerusalem, 2010
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2010
- Honorary Member, Bilim Akademisi – The Science Academy, Istanbul, Turkey, elected 2013
- Honorary Doctor of Business Administration, Macau University of Science and Technology, 2019