Arnold Zellner Doctoral Prize, sponsored by the BEST Foundation
at The University of Chicago Graduate School of Business



Goals: In honor of the career and many accomplishments of Arnold Zellner, the ARNOLD ZELLNER DOCTORAL PRIZE, sponsored by the BEST Foundation, will recognize an outstanding student in the University of Chicago Graduate School of Business doctoral program whose research contributes to the application of Bayesian statistical ideas and methods to problems in any area of time series of relevance to financial applications, and other areas of Bayesian statistics in finance.

The Arnold Zellner Doctoral Prize: The BEST Foundation will provide an annual monetary gift to Chicago GSB (renewable annually for an undetermined period) to be administered by Chicago GSB as the Arnold Zellner Doctoral Prize, sponsored by The BEST Foundation. The gift for academic year 2007-2008 will be $5,000. The intent of the Foundation is to maintain the annual gift at or above that level, though the level may vary from year to year. The funds will be used for the annual financial prize and the expenses associated with advertising the award and its presentation.

The fund for the Arnold Zellner Doctoral Prize may receive additional funds from other contributors.

Award frequency: Annually in those years in which outstanding candidates for the Arnold Zellner Doctoral Prize are identified. If no outstanding candidates are identified, no award will be given in that year. In any year that the Director of the Doctoral Program decides to make no award, the funding made available for that year's award will remain in the prize fund and will be used to either increase the award amount in a future year and/or to make two awards in a year in which two highly qualified potential recipients are identified.

Award level: The annual award typically will be a monetary prize of $4,000.

Administration: The Arnold Zellner Doctoral Prize will be administered by the Chicago GSB Director of the Doctoral Program. Notification and a report regarding the prize recipients will be submitted to representatives of the BEST Foundation.

The Arnold Zellner Doctoral Prize will be publicized through the Chicago GSB website, the annual student handbook, and other materials directed to students in the doctoral program.

Review and Selection of Awardees: Director of the Doctoral Program will review candidates and select recipients each year.

The Arnold Zellner Doctoral Prize, sponsored by the BEST Foundation, will be promoted and publicized through the Chicago GSB website, in the annual student handbook, and other materials directed to students in the doctoral program.

Eligibility: Students in the doctoral program at the University of Chicago Graduate School of Business whose research furthers the application of Bayesian methodology.

Students that are family members of the officers of the BEST Foundation, or of a member of the Chicago GSB faculty, are ineligible.

Criteria: Evidence of outstanding research that uses Bayesian statistical ideas and methods for applications in finance and investments; evaluation will include faculty comments, course work, grades, and review of research.

Award Presentation: The Arnold Zellner Doctoral Prize will be formally awarded at the new PhD student orientation during the autumn quarter. Professor Arnold Zellner will be invited to present the award at this event.

Conditions of award: The prize recipient(s) may use the award for any purpose.