Farmer awarded economic science prize for new research

UCLA distinguished professor of economics Roger Farmer has received prize-winning recognition for new research.
Farmer, along with co-authors Carine Nourry and Alain Venditti of the University of Aix Marseilles, was presented with the inaugural 2013 Maurice Allais Prize in Economic Sciences during a ceremony in Paris, France on May 31. They received a cash prize of more than $26,000 for their new working paper, "The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World," (December 2012, NBER working paper #18647; CEPR discussion paper #9283).
The paper is recognized as being an outstanding piece of research written during the past 10 years. It makes an original contribution that can help stabilize the volatility of financial markets and prevent future financial crises. The award was founded and given in memory of France's first and only Nobel Prize-winning economist, Maurice Allais. Professor Farmer is currently the Senior Houblon Norman Fellow at the Bank of England.
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