2006 Erwin Plein Nemmers Economics Prize Recipient
Congratulations to the 2006 Nemmers Economics Prize winner
Lars Peter Hansen, University of Chicago
2006 Nemmers Prize in Economics Recipient
Lars Peter Hansen
For rigorously relating economic theory to observed macroeconomic and asset market behavior and for innovations in modeling optimal policy under uncertainty
Lars Peter Hansen is the Homer J. Livingston Distinguished Service Professor at the University of Chicago. The selection committee for the economics prize recognized Hansen "for rigorously relating economic theory to observed macroeconomic and asset market behavior and for innovations in modeling optimal policy under uncertainty."
Widely recognized as one of the most important empirical economists of our day, Hansen's "studies of macroeconomic and asset market behavior are notable for their methodological innovations, combining economic theory and frontier econometric methods," said Robert Porter, professor and chair of economics at Northwestern. "He also has made important contributions in modeling optimal policy under uncertainty."
In essence, Hansen has studied dynamic properties of financial markets and how they reflect the uncertainties of the macroeconomic environment by developing and applying rigorous statistical methods.
Among Hansen's honors, he is the recipient of the Frisch Prize, awarded every other year for the best empirical paper in the journal "Econometrica." He holds fellowships at the Econometric Society, American Academy of Arts and Sciences and the National Academy of Sciences, and he was a fellow at the John Simon Guggenheim Memorial Foundation.
Hansen also is a former co-editor of "Econometrica" and of the "Journal of Political Economy." He is the author or co-author of numerous articles and books including "Robust Control and Economic Model Uncertainty" with Thomas J. Sargent, which is in press.