William F. Sharpe received the 2008 Graham and Dodd Award for his article Expected Utility Asset Allocation, the CFA Institute announced today. The award recognizes the most outstanding article published in the previous year in the Financial Analysts Journal and is awarded by the FAJs advisory council and editorial board. Mr. Sharpes article appeared in the September/October 2007 issue. Mr. Sharpe, who received the 1990 Nobel Memorial Prize in economics, is STANCO 25 professor of finance emeritus at Stanford University and founder of Financial Engines. He also received the Graham and Dodd Award in 1973 and 1998. In his article, Mr. Sharpe takes asset allocation beyond a typical approach of using a mean-variance approach for analyzing the trade-off between risk and expected return, a CFA statement said. The CFA Institute, an association of investment professionals, publishes the FAJ.