Lars Peter Hansen . . . Award Winner

For information about Lars’s Nobel Prize click here.  Below is an article about an earlier award.

My youngest brother, by seven years, has just won a prestigious international economic’s award:

The BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category goes to Professor Lars Peter Hansen of the University of Chicago “for making fundamental contributions to our understanding of how economic actors cope with risky and changing environments”, according to the jury’s citation.

My other brother, his wife, and I are lucky enough to be able to attend the award ceremony in Madrid, Spain next week (June 15th).

His (Lars’s) innovation was to design a statistical framework based on economic science itself, resulting in a universally applicable methodological tool with such diverse uses as the testing of asset pricing theories, analysis of macroeconomic models or the study of market power in economic sectors. Hansen, in the words of citation, “has used this approach to explore the interconnections between macroeconomic indicators and asset prices in financial markets, showing in particular how to formulate robust policies in periods of high uncertainty.  His work forms the basis for much contemporary empirical research in financial market.”

For additional information see:  www.fbbva.es/TLFU/tlfu/ing/microsites/premios/fronteras/galardonados/2010/economia.jsp.  And don’t miss the video clips on the right side of the page.

Lars Peter Hansen, Prof. of Economics, University of Chicago

Lars relates the following story about his formative years:

When I graduated from Logan (UT) High School, I was told by a counselor that, based on my recent academic performance, I could expect to be a C+ student and, if I studied very, very hard, a B+ student. I would bring home report cards with double check marks by ‘Does not respect authority.’  I was not a very inspired high school student.

I guess the counselor was wrong about Lars’ academic potential.

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3 Responses to Lars Peter Hansen . . . Award Winner

  1. rogerdhansen says:

    The program for the award ceremony read:

    “Lars Peter Hansen (United States, 1952) is author of the Generalized Method of Moments, which serves to estimate and test dynamic economic models without having to exhaustively incorporate macroeconomic variables. Hansen came up with his formula by abstracting out from the analysis of statistical time series. The influence of what is commonly called the Hansen Method stretches from economics faculties to the software programs employed by financial analysts and the monetary policy decision-makers who use it in their projections.”

    Of the eight recipients (each in a separate field), Lars was the second youngest.

  2. Pingback: And the Winner of the Nobel Prize for Economics is . . . . | Tired Road Warrior

  3. Pingback: Lars Peter Hansen, My Brother, Earns the Nobel Prize | Tired Road Warrior

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