Four scholars will share the 10th annual Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, splitting its $10,000 prize.
Shlomo Benartzi, associate professor of accounting at the University of California, Los Angeles, and Richard H. Thaler, professor of behavioral science, economics and finance at the University of Chicago were recognized for their research on the effectiveness of their "save more tomorrow," or SMarT, plan, using behavioral economics to increase employee saving. Their paper, published in the February 2004 issue of the Journal of Political Economy, describes their straightforward program by which employees "commit in advance to allocating a portion of their future salary increases toward retirement savings," according to a TIAA-CREF statement.
Jonathan B. Berk, associate professor of management philosophy and values at the University of California, Berkeley, and Richard C. Green, professor of economics and management at Carnegie Mellon University, Pittsburgh, were recognized for their research on mutual fund flows and performance. Their paper, published in the December 2004 issue of the same journal, develops an "economic model to explain why money always chases returns despite the fact that professional money managers often fail to outperform passive portfolios and mutual fund performance often lacks persistence," according to the statement.
The award is administered by the TIAA-CREF Institute, the educational arm of TIAA-CREF, New York, which finances the prize. It is named for the 1970 winner of the Nobel prize in economics and CREF trustee from 1974-'85.