Past Awards
Kenneth J. Arrow, Professor of Economics and Operations Research at Stanford University, and recipient of the 1972 Nobel Prize in Economics, was awarded the 1986 John von Neumann Theory Prize. The citation reads as follows:
The 1986 von Neumann Theory Prize for contributions to the theory of operations research and management science is awarded by the Operations Research Society of America and The Institute of Management Sciences to Kenneth J. Arrow for landmark contributions to the theory of social choice and economic equilibria, and for fundamental and prodigious contributions to an astonishing array of fields in the decision sciences. These include decision theory, the theory of risk-bearing, the economics of information and organization, dynamic programming, inventory and production theory, linear and nonlinear programming, advertising policy, economics of medical care, theory of job discrimination, economic growth theory, finance, price theory, maintenance policy, economics of education, natural resource policy, and technological innovation. His work exhibits extraordinary theoretical power and often provides stunning insights on the fundamental issues of the day.
Kenneth Arrow, one of the great economists of this century, is a renaissance man. His lightning-quick mind, his awesome wealth of knowledge, his extraordinary breadth of interests, his elegant prose and language, and his great personal warmth have inspired and charmed countless students, colleagues and associates.
Kenneth Arrow's legendary mastery of broad issues and his thoughtful advice have led many organizations, including the U.S. Council of Economic Advisers, to seek his counsel. He has generously answered calls to provide leadership of many professional societies including serving as President of The Institute of Management Science, the American Economic Association, the Econometric Society and the International Society for Inventory Research, and Advisory Editor of Mathematics of Operations Research.
For his powerful theoretical contributions that have illuminated vast areas of management science and operations research, we award the John von Neumann Theory Prize to Kenneth J. Arrow.