The Onassis Foundation announced this year’s International Prizes in trade, finance and shipping this past Tuesday at the Mansion House of London. The five winners will each give a lecture at the Cass Business School, UK, on September 12, 2012.
Harvard’s Elhanan Helpman received the prize for international trade. Helpman was commended for his role in developing the new trade and new growth theories, which emphasize the roles of economies of scale and imperfect competition, and for his work on special-interest politics.
In finance, the winner was Stephen Ross of MIT’s Sloan School of Management. Ross is best known for having invented arbitrage pricing theory and the theory of agency. He is also credited as the co-founder of risk-neutral pricing and of the binomial model for pricing derivatives.
Three academics – Ernst Frankel, Richard Goss and Arnljot Stromme Svendesn – will share the prize for shipping. Frankel is a professor at MIT who, in his 70-year career, has published 23 books, hundreds of academic papers and served as president of the International Association of Maritime Economists. Cardiff University’s Goss has conducted extensive research in the field of shipping competition and port governance, much of which is still widely influential today. Svendsen has been with the Norwegian School of Economics and Business Administration since he began his career there in 1948.
The prizes will be announced by London Mayor Lord Alderman David Wootton and the five academics will receive $200,000 prizes (the third price will be shared to the three winners) during a special ceremony at London’s Guildhall. The prizes are awarded every three years by the Cass Business School of London in collaboration with the Onassis Foundation.
Anthony Papadimitriou, president of the Onassis Public Benefit Foundation and chairman of the panel of prize judges, said, “The Onassis Foundation is proud to associate once more the name of its founder [Aristotle Onassis] with the Corporation of the City of London and the Costas Grammenos Center for Shipping Trade and Finance, which respectively are world centers of the practice and academic study of these three entrepreneurship areas. This second edition of the Prizes is on an unparalleled level.”
The first Onassis International Prize in Finance was given in April 2009 to Eugene Fama, Professor of Finance at the University of Chicago, who is recognized as the father of empirical finance.