Monday, April 23, 2007

Some facts about Clark Medal and Nobel Prize

Just carrying on with the Clark Medal, I thought I would share some trivia and facts. As Clark Medal is supposed to be for economists under 40, one of the things to see is how many get Nobel finally. Here is a factfile:

  • There are 58 nobel winners so far
  • There are 29 clark medal winners
  • Out of 29 clark medal winners only 11 have got a nobel so far...(38% conversion rate... pretty impressive)
  • Clark started in 1947 and Nobel in a gap of 22 years... the fact is that till 1969 Clarkies had already produced 7 future nobel winners!!!
  • Infact in that gap of 22 years, there were 10 clarkies (none was awarded in 1953) and seven went on to win a nobel !!! 70% success ratio
  • Post 1967, the number of clarkies winnining a nobel has been just 4 out of a total of 19 winners a ratio of just 21%
  • Out of 58 winners so far, 42 were associated with US Univs at the time Nobel was awarded....72.4%!!So to say Nobel is panglobal is not really working.. well what can nobel committee do... all top guys and thinkers seem to be in US...
  • It shows nothing but their productive Univs 9 from Uchicago, 4 from UCB, 4 Harvard, 4 columbia, 3 Cambridge (last in 1995)
  • Average & mode age -67, median age-66
  • It takes roughly 22 years of waiting between clark and nobel
    Arrow took the least time between clark and nobel (15) and Tobin and Solow 26...
    Arrow is the youngest (but obvious) to have won a nobel (just 51) .. he still holds the recors... and nobel committee is widely cricticised for giving him a nobel alongwith Hicks... he deserved it all alone...!!!!
  • Merton 2nd youngest at 53, His mentor Samuelson at 55, Scholes at 55...One can imagine the impact Black Scholes Merton model had on fin markets....
  • 3 guys in 80's gto the Nobel- Schelling (game theory) , Wickfrey (famous for his work on auctions), and Coase (never calls himself an economist.. but what impact...)
  • all fin eco guys were either 66 or below (Both Modgillani and Miller were 67...the oldest of the lot.. funny the guys who contributed the most recognised at last)
  • And plotting the ages gives a somewhat normal disitribution.....!!!!

Here is the full list of Clark Medal Winners who got the nobel as well. The year ahead of name is Year when Clark is given. If the nobel is given, the year is followed after the name..

1947 Paul A. Samuelson 1970
1949 Kenneth E. Boulding
1951 Milton Friedman 1976
1955 James Tobin 1981
1957 Kenneth J. Arrow 1972
1959 Lawrence R. Klein 1980
1961 Robert M. Solow 1987
1963 Hendrik S. Houthakker
1965 Zvi Griliches
1967 Gary S. Becker 1992
1969 Marc Leon Nerlove
1971 Dale W. Jorgenson
1973 Franklin M. Fisher
1975 Daniel McFadden 2000
1977 Martin S. Feldstein
1979 Joseph E. Stiglitz 2001
1981 A. Michael Spence 2001
1983 James J. Heckman 2000
1985 Jerry A. Hausman
1987 Sanford J. Grossman
1989 David M. Kreps
1991 Paul R. Krugman
1993 Lawrence H. Summers
1995 David Card
1997 Kevin M. Murphy
1999 Andrei Shleifer
2001 Matthew Rabin
2003 Steven Levitt
2005 Daron Acemoglu
2007 Susan Athey

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