Economists Andreu Mas-Colell (Barcelona, 1944) and Hugo Sonnenschein (New York, 1940) share the BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management for extending the reach and applicability of general equilibrium analysis and for establishing the modern theory of aggregate demand. According to the jury’s citation, their work has helped achieve better models for the overall behavior of the economy, and particularly to interpret and empirically measure consumer behavior.
The BBVA Foundation Frontiers of Knowledge Award in the Development Cooperation category goes in this second edition to the Development Research Institute, DRI, at New York University, for its contribution to the analysis of foreign aid provision, and its challenge to the conventional wisdom in development assistance.This U.S. institute, founded in 2003, is devoted to research on the economic development and growth of poor countries and to advising aid agencies how to improve their performance.
