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The MIT professor and popular textbook author has developed
concepts widely applied in the economics of uncertainty,
corporate finance and decision theory.
"Ross’s models have changed and advanced economic practice
profoundly," said the Frankfurt-based Center for Financial
Studies that awards the $50,000 prize once every two years.
"His theories provide standards for pricing in major securities
trading firms, useful for retirement accounts and for new
financial products that may allow households to insure a wider
range of risks," research institute CFS said.
The prize honors researchers whose work has influenced financial
economics and macroeconomics. The prize was awarded for the
first time in 2005 to University of Chicago professor Eugene
Fama, who went on to share the Nobel Prize for economics in
2013.
The last recipient, in 2013, was Raghuram Rajan, governor of the
Reserve Bank of India and former chief economist at the
International Monetary Fund.
(Reporting by Thomas Atkins; Editing by Robin Pomeroy)
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