The Frisch Medal has been established by the Econometric Society to encourage the creation of good applied work and its submission to Econometrica. It is given every two years for an applied article (empirical or theoretical) published in Econometrica during the past five years.
The selection committee for 2014 (John Rust, Chair; Steven Durlauf; Petra Todd) awarded the Frisch Medal of the Econometric Society to Flavio Cunha, James J. Heckman, and Susanne M. Schennach for their article, "Estimating the Technology of Cognitive and Noncognitive Skill Formation", Econometrica, 78(3), May 2010, 883-931.
"Estimating the Technology of Cognitive and Noncognitive Skill Formation” provides a comprehensive framework for analyzing the evolution of cognitive skills and personality traits across the different stages of childhood. Nonparametric identification is shown to hold for a general class of production technologies in which endogeneity of inputs is allowed. A parameterized version of the production function model uses the NLSY79 Children data to estimate the various parameters that govern the trade-offs between early and late investments in producing adult skills. The paper identifies the presence of critical and sensitive periods in the life cycle, indicating that some skills are more easily acquired during certain stages, which in turn matters for optimal timing of investment over the life cycle. It is a powerful demonstration of the value of formal methods in elucidating policy questions of the highest importance.
Past winners of the Frisch Medal and their selection committees are as follows:
The 2012 Medal was awarded to Joseph P. Kaboski and Robert M. Townsend for their article, “A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative”, Econometrica, 79(5), September 2011, 1357-1406. (Selection Committee: Steven Durlauf, Chair; Douglas Bernheim; Nicholas Bloom; Michael Keane)
The 2010 Medal was awarded to Nicholas Bloom for his article, "The Impact of Uncertainty Shocks", Econometrica, 77(3), May 2009, 623-685. (Selection Committee: Richard Blundell, Chair; David Card; Lars Peter Hansen)
The 2008 Medal was awarded to David Card and Dean R. Hyslop for their article, "Estimating the Effects of a Time-Limited Earnings Subsidy for Welfare-Leavers," Econometrica, 73(6), November 2005, 1723-1770. (Selection Committee: Gary Chamberlain, Chair; John Cochrane; Jean-Marc Robin)
The 2006 Medal was awarded to Fabien Postel-Vinay and Jean-Marc Robin for their article, "Equilibrium Wage Dispersion with Worker and Employer Heterogeneity," Econometrica, 70(6), November 2002, 2295-2350. (Selection Committee: Stanley Zin, Chair; Jonathan Eaton; Michael Woodford.)
The 2004 Medal was awarded to Jonathan Eaton and Samuel Kortum for their article, “Technology, Geography, and Trade,” Econometrica, 70(5), September 2002, 1741–1779. (Selection Committee: Orley Ashenfelter, Chair; Steven Berry; Richard Caballero.)
The 2002 Medal was awarded to Ricardo J. Caballero and Eduardo M.R.A. Engel for their paper "Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach", Econometrica, 67, July, 1999, pp. 783-826. (Selection Committee: Ariel Pakes, Chair; Douglas Bernheim; Richard Blundell.)
The 2000 Medal was awarded to Richard Blundell, Alan Duncan, and Costas Meghir for their paper "Estimating Labor Supply Responses Using Tax Reforms", Econometrica, 66, July, 1998, pp. 827-861. (Selection Committee: David Newbery, Chair; George Akerlof; Robert Townsend.)
The 1998 Medal was awarded to Robert Townsend for his paper "Risk and Insurance in Village India", Econometrica, 62, May, 1994, pp. 539-591. (Selection Committee: Kenneth D. West, Chair; Guillermo Calvo; Pierre-André Chiappori.)
The 1996 Medal was awarded to Steven T. Berry for his paper "Estimation of a Model of Entry in the Airline Industry", Econometrica, 60, July, 1992, pp. 889-917. (Selection Committee: Mark Rosensweig, Chair; Adrian Pagan; Stanley E. Zin.)
The 1994 Medal was awarded to Larry G. Epstein and Stanley E. Zin for their paper "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework", Econometrica, 57, July, 1989, pp. 937-969. (Selection Committee: Elhanan Helpman, Chair; Lars Hansen; John Rust.)
The 1992 Medal was awarded to John Rust for his paper "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher", Econometrica, 55, September, 1987, pp. 999-1033. (Selection Committee: Christian Gourieroux, Chair; Timothy F. Bresnahan; Robert J. Shiller.)
The 1990 Medal was awarded to David M. G. Newbery for his paper "Road Damage Externalities and Road User Charges," Econometrica, 56, March, 1988, pp. 295-316. (Selection Committee: Marc Nerlove, Chair; Anthony Atkinson; Ariel Pakes.)
The 1988 Medal was awarded to Ariel Pakes for his paper "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks", Econometrica, 54, July, 1986, pp. 755-784. (Selection Committee: Daniel McFadden, Chair; Agnar Sandmo; Kenneth J. Singleton.)
The 1986 Medal was awarded to Jeffrey A. Dubin and Daniel L. McFadden for their paper "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption", Econometrica, 52, March, 1984, pp. 345-362. (Selection Committee: David Wise, Chair; Gary Chamberlain; Lars Hansen.)
The 1984 Medal was awarded to Lars Peter Hansen and Kenneth J. Singleton for their paper "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models", Econometrica, 50, September, 1982, pp. 1269-1286. (Selection Committee: Jerry Hausman, Chair; Anthony B.Atkinson; Christopher Sims.)
The 1982 Medal was awarded to Orley Ashenfelter for his paper "Unemployment as Disequilibrium in a Model of Aggregate Labor Supply", Econometrica, 48, April, 1980, pp. 547-564. (Selection Committee: Robert M. Solow, Chair; Michael Bruno; Angus Deaton.)
The 1980 Medal was awarded to Jerry A. Hausman and David A. Wise for their paper "Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment", Econometrica, 47, March, 1979, pp. 455-473. (Selection Committee: Zvi Griliches, Chair; T.N. Srinivasan; Jean Waelbroeck.)
The 1978 Medal was awarded to Angus S. Deaton for his paper "The Analysis of Consumer Demand in the United Kingdom, 1900-1970", Econometrica, 42, March, 1974, pp. 341-367. (Selection Committee: Franklin Fisher, Chair; Leif Johansen; B.S. Minhas.)