American Enterprise Institute's Irving Kristol Award Presented to Nobel Winner Eugene F. Fama

FOR IMMEDIATE RELEASE
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WASHINGTON, DC
– American Enterprise Institute (AEI) president Arthur C. Brooks presented the 2014 Irving Kristol Award this evening to Eugene F. Fama, a recipient of the 2013 Nobel Prize in Economic Sciences.  The annual Kristol Award is AEI’s highest honor and is given to individuals selected by AEI's Council of Academic Advisers who have made exceptional intellectual and practical contributions to improve government policy, social welfare, or political understanding.  Eugene Fama received the award and addressed those gathered at AEI’s annual dinner held tonight at the National Building Museum in Washington, DC.

Eugene Fama — widely recognized as the “father of modern finance” — is the Robert R. McCormick Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago.  His decades-long research demonstrates that price movements are extremely difficult to predict in the short run, a finding that fueled the rise of stock index funds.  He is also a member of AEI’s Council of Academic Advisers, and was a co-recipient of the 2013 Nobel Prize in Economics for his research on what determines the price of an asset, whether a stock, bond, or house.

“Gene is a unique and outstanding economist,” said Arthur Brooks. “We are delighted that he received recognition from the Nobel Committee for his research into how financial markets and prices work. We have all learned from him, and our nation and world need more scholars like Gene.”

“I want to thank AEI for this honor,” said Eugene Fama. “AEI is a special place, where quality research promotes economic freedom and human opportunity.  To receive the Kristol Award, to join its fellowship of scholars, is a singular honor, and I am grateful.”

Among the many guests joining Arthur Brooks and Eugene Fama at the National Building Museum tonight were Sen. Kelly Ayotte; Rep. Eric Cantor; former vice president Dick Cheney; Rep. Tom Cotton; Rep. Steven Horsford; Sen. Rob Portman; and Rep. Paul Ryan.

The Irving Kristol Award was established in 2002 in honor of AEI senior fellow Irving Kristol, replacing the Institute's Francis Boyer Award, which had been awarded annually for the previous twenty-five years.  Previous recipients of AEI’s highest honor include Arthur F. Burns, Dick Cheney, Christopher DeMuth, Martin Feldstein, Gerald Ford, Alan Greenspan, Leon Kass, Henry Kissinger, Charles Krauthammer, David Petraeus, Ronald Reagan, Paul Ryan, Antonin Scalia, Clarence Thomas, and George Will.

For additional information regarding the Irving Kristol Award, AEI annual dinner, or other media inquiries please contact AEI Media Services at [email protected] or 202-862-5829.

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