"It is a great honor to receive this prize: the past winners are a group that any economist would be proud to join. Moreover, the focus of the prize on mathematical and quantitative methods makes it particularly meaningful. The rigor that mathematical models demand has been a critical component of the development of economics. Without models and frameworks that are common across applications and questions, economics would not be a science."
Professor Nancy Stokey
Nancy Stokey
Nancy L. Stokey is the Frederick Henry Prince Distinguished Service Professor of Economics, University of Chicago. Stokey is a member of the National Academy of Sciences and of the American Academy of Arts and Sciences, a Fellow of the Econometric Society, a Distinguished Fellow of the American Economic Association, and the 2021 President of the Society for the Advancement of Economic Theory.
She has served as co-editor of Econometrica and of The Journal of Political Economy, and as vice-President of the American Economic Association. Stokey is co-author of the influential monograph Recursive Methods in Economic Dynamics (1989), which has provided the mathematical basis for much of modern macroeconomics. She is also co-developer of a model of dynamic taxation and debt policy that has served as the foundation for much subsequent work in that area, and she is author of The Economics of Inaction (2009), which treats models that involve fixed costs of adjustment.
Stokey has also contributed to various areas of microeconomics, with the first rigorous proof of the famous Coase conjecture, and as co-developer of the No-Trade theorem, a result that presents a fundamental puzzle about information, stock market prices, and the volume of trading.
Stokey’s recent work has focused on economic growth and development, especially on the role of trade and technology transfers in accelerating growth in middle-income countries.
Professor Nancy Stokey: Recent Publications
The CME Group-MSRI Prize in Innovative Quantitative Applications was founded in 2006 by CME Group’s Chairman Emeritus, Leo Melamed. CME Group, in partnership with the esteemed Mathematical Sciences Research Institute, awards this prize annually to a recipient with exemplary work in the field of mathematical sciences and who recognizes the vital impact quantitative research and application play in shaping global financial markets. It recognizes an individual or group who has contributed and applied original and significant ideas and concepts to quantitative fields such as mathematics, statistics, and computing for the study of market’s behavior and global economics.
The 2021 CME Group-MSRI Prize will be presented to Nancy Stokey at a seminar event and luncheon in Chicago on Monday, May 16, 2022. Please contact events@cmegroup.com for more information.
The Mathematical Sciences Research Institute (MSRI) is one of the world’s preeminent centers for collaborative research in mathematics. Since 1982, MSRI’s topic-focused programs have brought together emerging and leading minds in mathematics, in an environment that promotes creativity and the interchange of ideas. Over 1,700 mathematical scientists spend time at MSRI’s Berkeley, California-based headquarters each year. MSRI is known around the world for the quality and reach of its programs and its leadership in basic research, mathematics education, and programs for the public understanding of mathematics.
Past recipients of the CME Group-MSRI Prize have included distinguished luminaries in economics and mathematics. Seven out of the previous fifteen recipients have gone on to receive the Nobel Prize in Economic Sciences, including in 2020 when Paul Milgrom and Robert Wilson won for improvements to auction theory and inventions of new auction formats.
2020 | Daron Acemoglu
Institute Professor at the Massachusetts Institute of Technology
2019 | Susan Athey
The Economics of Technology Professor at Stanford Graduate School of Business
2018 | Kyle Albert
Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business
2017 | Paul Milgrom
Nobel Laureate in Economic Sciences (2020),Shirley and Leonard Ely professor of Humanities and Sciences in the Department of Economics and professor, by courtesy, at both the Department of Management Science and Engineering and the Graduate School of Business at Stanford University
2016 | Robert Wilson
Nobel Laureate in Economic Sciences (2020). Adams Distinguished Professor of Management, Emeritus, Stanford Graduate School of Business
2015 | Douglas Diamond
Fischer Black Visiting Professor of Financial Economics, MIT Sloan School of Management, 2015-2016 and Merton H. Miller Distinguished Service Professor of Finance, University of Chicago
2014 | José A. Scheinkman
Charles and Lynn Zhang Professor of Economics at Columbia University and Theodore A. Wells ‘29 Professor of Economics Emeritus at Princeton University
2013 | Bengt Holmstrom
Nobel Laureate in Economic Sciences (2016), Paul A. Samuelson Professor of Economics, Massachusetts Institute of Technology
2012 | Robert J. Shiller
Nobel Laureate in Economic Sciences (2013), Sterling Professor of Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management
2011 | Thomas J. Sargent
Nobel Laureate in Economic Sciences (2011), William R. Berkley Professor of Economics and Business, Stern School of Business, New York University, and Senior Fellow at the Hoover Institution
2010 | Jean Tirole
Nobel Laureate in Economic Sciences (2014), Scientific Director of the Industrial Economics Institute at the University of Toulouse Capitole, Member of the Toulouse School of Economics
2009 | Sanford J. Grossman
Chairman and CEO, Quantitative Financial Strategies, Inc.
2008 | Lars Peter Hansen
Nobel Laureate in Economic Sciences (2013), David Rockefeller Distinguished Service Professor in Economics and Statistics, University of Chicago
2007 | David M. Kreps
Adams Distinguished Professor of Management, Stanford University Graduate School of Business
2006 | Stephen A. Ross
Franco Modigliani Professor of Financial Economics, MIT Sloan School of Management
Throughout history, CME Group has continually embraced change and fostered an entrepreneurial spirit that has enabled the futures industry to grow and prosper. To a greater extent, the power of innovation has proven its ability to transform business, influence the direction of civilization, and alter its reality for the better. CME Group’s Center for Innovation (CFI) creates and sponsors thought-provoking original programming that identifies, showcases, and fosters examples of significant innovation and creative thinking across multiple industries in both the public and private sectors. Each program explores and communicates the principles behind innovation, and more importantly, showcases their application to a broad and diverse audience.
The CME Group-MSRI Prize in Innovative Quantitative Applications is a signature program of the CFI. Read more about CME Group Center for Innovation Read more here.
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