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On Nov. 2, 1998 Nobel Laureate William F. Sharpe was awarded the
UCLA Medal.
Chancellor Albert Carnesale bestowed UCLA's highest
honor on Sharpe, an alumnus of UCLA, "for his meticulous scholarship
and diligent work in unraveling fundamental truths about the dynamics
of financial economics," at a ceremony at the Bradley Hall
International Room.
"It's wonderful to be honored by an organization that basically
made me, in large part, what I am today," said Sharpe, who
is best known for developing the Capital Asset Pricing Model, considered
the backbone of modern price theory for financial markets. For his
pioneering work, he shared the Nobel Prize in Economic Sciences
in 1990 with Harry Markowitz and Merton Miller.
At the ceremony, Sharpe praised Professor Emeritus Aren Alchian,
his thesis adviser and role model "who taught me how to think
like an economist."
"In his classes we were able to watch an absolutely brilliant
mind grappling with problems," recalled Sharpe of the professor
who is known as the founder of the "UCLA tradition" in
economics. "I have, ever since, attempted to emulate his approach
to research."
Sharpe earned his B.A. in 1955, M.A. in 1956 and Ph.D. in 1961
in economics from UCLA.
— adapted from a story in UCLA Today.
Photo © the Nobel Foundation, used by permission.
William Sharpe was born June 16, 1934.
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