American Enterprise Institute (AEI) president Arthur C. Brooks announced that the recipient of the 2014 Irving Kristol Award is Dr. Eugene F. Fama, a winner of the 2013 Nobel Prize in Economic Sciences. The annual Kristol Award is AEI’s highest honor and is given to individuals selected by AEI's Council of Academic Advisers who have made exceptional intellectual and practical contributions to improve government policy, social welfare, or political understanding. The award will be given at the 2014 AEI Annual Dinner to be held on May 6, 2014, in Washington DC, where Dr. Fama will deliver remarks entitled “Freedom is not a Random Walk.”
Dr. Fama — widely recognized as the “father of modern finance” — 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. He is also a member of AEI’s Council of Academic Advisers, and received the 2013 Nobel Prize in Economics, along with Robert J. Shiller and Lars Peter Hansen, for his research on what determines the price of an asset, whether a stock, bond, or house.
“Gene is a unique and outstanding economist,” said Arthur Brooks. “We are delighted that he received recognition from the Nobel Committee for his research, which has provided us all greater understanding into how financial markets and prices work. Our nation and world need more scholars like Gene.”
“I want to thank AEI for this honor,” said Dr. Fama. “AEI is a special place, where quality research promotes economic freedom and human opportunity. To receive the Kristol Award, to join its fellowship of scholars, is a singular honor, and I am grateful.”
The Irving Kristol Award was established in 2002 in honor of AEI senior fellow Irving Kristol, replacing the Institute's Francis Boyer Award, which had been awarded annually for the previous twenty-five years. Previous recipients of AEI’s highest honor include Arthur F. Burns, Richard Cheney, Christopher DeMuth, Martin Feldstein, Gerald Ford, Alan Greenspan, Leon Kass, Henry Kissinger, Charles Krauthammer, David Petraeus, Ronald Reagan, Paul Ryan, Antonin Scalia, Clarence Thomas, and George Will.
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