Awards

The Frisch Medal Award

The Econometric Society is pleased to announce that the 2020 Frisch Medal selection committee of Steven Berry (Chair), Marianne Bertrand, and Stephen Redding has awarded this year’s Frisch Medal of the Econometric Society to Kate Ho and Robin Lee for their paper, "Insurer Competition in Health Care Markets”, (Econometrica, Vol. 85, No. 2, March 2017, 379-417).

First awarded in 1978, the Frisch Medal is presented biennially for the best applied (empirical or theoretical) paper published in Econometrica during the previous five years.The award was presented by Econometric Society President, Orazio Attanasio, on August 17, 2020 at the Econometric Society and Bocconi University Virtual World Congress.

The committee wrote the following citation:

“In their paper, “Insurer Competition in Health Care Markets,” Kate Ho and Robin Lee tackle important questions of countervailing power in regulated markets. Ho and Lee masterfully combine rich data, appropriate theory and sophisticated econometrics to examine the complicated price negotiations over payments from insurers to hospitals, on one side, and to insurers from an employer, on the other side. Their methodology is a culmination of long progress in the study of health care market equilibrium, allowing them to consider rich empirical patterns of response to a counterfactual decrease in insurer competition. They show the importance of modeling bargaining power on both sides, which can result in surprisingly complex changes in premiums and payments to hospitals. In a setting where theory cannot a priori predict the welfare effects of changes in insurer competition, they find that reduced competition typically does reduce overall consumer welfare, in part by restricting consumer choice. These results are important for health care merger policy and they will guide further research on important markets with countervailing power."

Past winners of the Frisch Medal and their selection committees are as follows:

The 2018 Medal was awarded to Gabriel Ahlfeldt, Stephen Redding, Daniel Sturm, and Nikolaus Wolf for their paper, "The Economics of Density: Evidence from the Berlin Wall”, (Econometrica, Vol. 83, No. 6, November 2015, 2127–2189. (Selection Committee: Torsten Persson, Chair; Dave Donaldson and Igal Hendel)

The 2016 Medal was awarded to Benjamin Handel, Igal Hendel and Michael Whinston for their article, "Equilibria in Health Exchanges: Adverse Selection versus Reclassification Risk", Econometrica, 83(4), July 2015, 1261-1313.  (Selection Committee: Costas Meghir, Chair; Elhanan Helpman, and Alessandro Lizzeri) 

The 2014 Medal was awarded 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. (Selection Committee: John Rust, Chair; Steven Durlauf; Petra Todd)

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.)


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