American Enterprise Institute (AEI) President Arthur Brooks has issued the following statement:
"We are proud and honored to congratulate Eugene F. Fama on winning — along with Robert J. Shiller and Lars Peter Hansen — the 2013 Nobel Prize in Economic Sciences for his research on what determines the price of an asset, whether a stock, bond or house."
Fama is a member of AEI's Council of Academic Advisers and as such, advises AEI's president on the institute's research agenda, appointments, and publications. In addition, each year the council selects the recipient of the Irving Kristol Award, AEI's highest honor.
Said Yale Law School Professor George L. Priest, who chairs AEI's Council of Academic Advisers: "Gene Fama is a unique and outstanding economist. No one could be more deserving of this award."
Widely recognized as the "father of modern finance," Fama is the Robert R. McCormick Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. His decades-long research demonstrates that price movements are extremely difficult to predict in the short run, a finding that fueled the rise of stock index funds.
AEI trustee Cliff Asness, a former doctoral student of Fama's at the University of Chicago, summarized the thoughts of the AEI community: "With Gene we know there's still more to come."