CHICAGO, Feb. 1, 2017 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, and the
Mathematical Sciences Research Institute (MSRI) announced Robert
Wilson, Adams Distinguished Professor of Management, Emeritus at
the Stanford University Graduate School
of Business, as the 2016 recipient of the CME Group-MSRI Prize in
Innovative Quantitative Applications. A ceremony honoring Wilson
will take place at CME Group headquarters on Thursday, Feb. 2, at 9:00
a.m. CT and will feature a dynamic discussion on the topic
of the frontiers of game-theoretic applications in economics.
Past CME Group-MSRI Prize winners have included distinguished
luminaries in economics and mathematics. Five out of 10 of these
past recipients have gone on to receive the Nobel Prize in Economic
Sciences. A complete list of past recipients is available at
cmegroup.com.
The CME Group-MSRI Prize recognizes individuals who contribute
original concepts in mathematical, statistical or computational
methods for the study of the markets' behavior and global
economics. Wilson has done extensive research on this year's panel
topic. His work focuses on game theory and its applications in
economics, such as design of auctions and related markets. He has
co-authored some of the foundational studies of reputational
effects in predatory pricing, price wars, and other competitive
battles, and has contributed to auction designs and competitive
bidding strategies for a variety of industries.
"I'm glad to receive this award for my work applying game theory
to economics," said Wilson. "It's a powerful tool for detailed
studies of dynamic interactions affected by informational
differences."
Wilson has been at the Stanford Business School since 1964. He
is a member of the National Academy of Sciences, a distinguished
fellow of the American Economic Association, former president of
the Econometric Society, recipient of honorary degrees from the
Norwegian School of Economics and the University of Chicago, and winner of the Foundation
BBVA Frontiers of Knowledge prize in finance and economics. His
book on nonlinear pricing won the University
of Chicago's Melamed prize in 1995.
"Mathematical science is at the heart of CME's existence," said
Leo Melamed, Chairman Emeritus of
CME Group and founder of the CME Group-MSRI Prize in Innovative
Quantitative Applications. "Professor Robert Wilson's brilliant work in game theory as
it relates to business and economics has significant applications
to our business. We applaud his selection for this coveted
prize."
"Eugene Wigner speaks of the
'unreasonable effectiveness' of mathematics in the physical
sciences, and to this, one should certainly add economics and
finance. The interaction goes both ways: the problems from these
fields have immensely enriched mathematical ideas," said
David Eisenbud, Director of MSRI and
prize selection committee chair. "The collaboration of the
Mathematical Sciences Research Institute with the CME Group
celebrates this close relationship."
The panel discussion, which will focus on topics related to the
frontiers of game-theoretic applications in economics, will precede
the award ceremony. Several distinguished economists and academics
will be participating in the panel, including:
- Drew Fudenberg, Professor
of Economics, Massachusetts Institute of
Technology
- Srihari Govindan,
Professor, Department of Economics, University
of Rochester
- Bengt Holmstrom, Paul A.
Samuelson Professor of Economics, Massachusetts Institute of Technology; 2016 Nobel
Prize in Economic Sciences Recipient; 2013 Recipient of the CME
Group-MSRI Prize in Innovative Quantitative Applications
- Paul Milgrom, Shirley R.
and Leonard W. Ely Jr. Professor of
Humanities and Sciences, Economics Department, Stanford University
- Roger Myerson, Glen A.
Lloyd Distinguished Service Professor of Economics, University of Chicago; 2007 Nobel Memorial Prize in
Economic Sciences Recipient
- Alvin Roth, Craig and
Susan McCaw Professor of Economics, Department of Economics,
Stanford University; 2012 Nobel
Memorial Prize in Economic Sciences Recipient
Members of the media can attend the award ceremony where CME
Group will present Wilson with the CME Group-MSRI Prize medal and
$50,000 cash award. Email
Liz Mannebach at
liz.mannebach@cmegroup.com to register.
The CME Center for Innovation's mission is to identify, foster
and showcase examples of significant innovation and creative
thinking pertaining to markets, commerce or trade in the public and
private sectors. For more information on the CME Center for
Innovation, visit
http://www.cmegroup.com/company/center-for-innovation/.
About MSRI
The Mathematical Sciences Research Institute (MSRI) in
Berkeley, California, is one of
the world's preeminent centers for collaborative research in the
mathematical sciences. MSRI advances mathematical research through
workshops and conferences since its founding in 1982, and over
1,700 mathematicians are hosted by MSRI each year. A rotating
committee of renowned mathematical scientists governs the
Institute's scientific program with a vision of the field that is
perpetually renewed. A Board of Trustees, composed of accomplished
business and academic leaders, oversees the Institute's strategy,
and assures its operational and financial welfare. The Institute
has been funded primarily by the National Science Foundation with
additional support from other government agencies, private
foundations, corporations, individual donors, and nearly 100
academic institutions.
MSRI also serves a wider community through the development of
human scientific capital, providing postdoctoral training to
extraordinary young scientists and increasing the diversity of the
research workforce. The Institute advances the education of young
people with conferences on critical issues in mathematics
education. MSRI has created a national "math circles" movement of
small organizations teaching and engaging children in math as a
hobby, beyond the standard curricula. MSRI strives to make
mathematics accessible and exciting to those outside the field
through film production and public programs, including the National
Math Festival in Washington, D.C.
and the Mathical: Books for Kids from Tots to Teens youth book
prize. For more information, visit www.msri.org.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural products and metals.
Around the world, CME Group brings buyers and sellers together
through its CME Globex® electronic trading platform and its
exchanges based in Chicago, New York and
London. CME Group also operates one of the world's leading
central counterparty clearing providers through CME Clearing and
CME Clearing Europe, which offer clearing and settlement services
across asset classes for exchange-traded and over-the-counter
derivatives. CME Group's products and services ensure that
businesses around the world can effectively manage risk and achieve
growth.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board
of Trade are trademarks of the Board of Trade of the City of
Chicago, Inc. NYMEX, New
York Mercantile Exchange and ClearPort are registered trademarks of
New York Mercantile Exchange, Inc. COMEX is a trademark of
Commodity Exchange, Inc. All other trademarks are the
property of their respective owners. Further information about CME
Group (NASDAQ: CME) and its products can be found
at www.cmegroup.com.
CME-G
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SOURCE CME Group