The Nobel laureate and economist, Harry Markowitz, has been named the inaugural winner of a new award formed by The Wharton School, University of Pennsylvania and the Jacobs Levy Center.
The Wharton-Jacobs Prize is to be a biennial award for excellence in the field of quantitative financial innovation. Markowitz, a winner of the 1990 Nobel Memorial Prize in Economic Sciences, is being recognized for his groundbreaking work related to an individual's retirement planning.
“We are pleased to recognize the contributions that Harry Markowitz has made to the field of quantitative finance. In particular, his insights and dedication have served to advance knowledge in the investment industry, an important driver of economies around the world”, said Wharton School Dean Thomas S. Robertson in a press release.
The award pays particular retrospective attention to Markowitz’s article ‘Individual Versus Institutional Investing’, published in Financial Services Review in 1991. In it, he proposed a ‘Game of Life’ computer simulation which considers an individual's retirement plans and goals in light of their health, prospects and economic circumstances.
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