2001 TIAA-CREF Paul A. Samuelson Award Winners 

January 2001

Economists from U.S. and France Share Paul A Samuelson Award from the TIAA-CREF Institute

The sixth annual Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security was shared by authors John Cochrane for "Asset Pricing," and Christian Gollier for "The Economics of Risk and Time," both published in 2001. It is the first time the TIAA-CREF Institute’s award has been shared by two people.

John Cochrane is the Theodore O. Yntema Professor of Finance in the Graduate School of Business at the University of Chicago. Christian Gollier is a Professor of Economics at the University of Toulouse in France. Professor Gollier also holds an appointment as a Professor of Economics at the Ecole Polytechnique in France. He is the first Samuelson Award winner from outside of the United States.

Every day, financial market decision-makers price trillions of dollars worth of securities such as stocks, bonds, options futures, and derivatives. Asset pricing -- the systematic determination of the value of these securities - has developed dramatically due to advances in financial theory and econometric science. Professor Cochrane unifies and brings this science up to date for the benefit of advanced students and investment professionals. Instead of using a separate set of models for each asset class, "Asset Pricing" presents a unified treatment using an integrated approach based on the stochastic discount factor.

Professor Gollier’s "The Economics of Risk and Time" updates and expands the theory of expected utility as applied to risk analysis and financial decision-making in macroeconomics, finance and environmental economics. The book focuses on the interaction between risk and time used in financial management. It clarifies the concept of time diversification, and the links between saving, portfolio choice, and retirement. It also discusses the importance of financial markets for an efficient allocation of risks in the economy.

To read Professor Samuelson's prepared remarks at the award ceremony, click here.

To view the complete text of Professor Cochrane's acceptance speech upon receiving the 2001 Paul A. Samuelson Award, click here.

To view the complete text of Professor Gollier's acceptance speech upon receiving the 2001 Paul A. Samuelson Award, click here.

2001 Panel of Distinguished Judges

John Y. Campbell
Otto Eckstein Professor of Applied Economics
Department of Economics
Harvard University

Alan L. Gustman
Loren M. Berry Professor of Economics
Department of Economics
Dartmouth College

Marjorie B. McElroy
Professor of Economics and Chair
Department of Economics
Duke University

Mark V. Pauly
Bendheim Professor of Health Care Systems
The Wharton School
University of Pennsylvania

Joseph F. Quinn
Professor of Economics and Dean
College of Arts and Sciences
Boston College

Robert W. Vishny
Eric J. Gleacher Distinguished Service Professor of Finance
Graduate School of Business
University of Chicago

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017