Lars Peter Hansen was born on October 26, 1952, in Champaign, Illinois, United States. He is an economist that was the recipient of the 2013 Nobel Prize of Economics by The Royal Swedish Academy of Sciences. Hansen received the award on October 14, 2013, together with co-recipients Robert J. Shiller and Eugene F. Fama. The award came as a result of the economist’s extensive work on the subject, which has had a significant and meaningful impact in different subfields of economics including finance, econometrics, labor economics and macroeconomics over many years (Campbell, 2014). The Royal Swedish Academy of Sciences also observed the efforts of Hansen as deserving based on analysis of the contribution of his work in the econometric modeling that was considerably applied in studies of the behavior of macroeconomic fluctuations and asset markets; especially during times of the 2007- 2008 global financial crisis. He later gave a Nobel lecture titled “Uncertainty Inside and Outside Economic Models” on December 8, 2013 (Hansen, 2014).
A review of the background of Hansen reveals that his lineage has ties to areas of Denmark and Sweden. His first name is from his great-great-grandfather from Sweden, Lars Toolson. His middle name, on the other hand, comes from his great-grandfather from Denmark, Peter Hansen. His ancestors immigrated to areas of the United States and settled in Utah, in the regions of Cache Valley. It is worth mentioning that most people in his lineage were well educated in technical fields and the sciences. Hansen is married to Grace Tsiang, a daughter of the famous Chinese economist Sho-Chieh Tsiang. The couple is blessed with a son named Peter. Hansen has two brothers, Roger Hansen, an engineering expert, and Howard Hansen , an immunologist.
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A look into the educational background of the scholar shows that Hansen earned a B.Sc. degree in mathematics and political science from the Utah State University in 1974. His father, Roger Gaurth Hansen, was a biochemistry professor at the institution earlier. He went on and gained a Ph.D. in economics in 1978 at the University of Minnesota. Soon after, he was employed to serve as an assistant professor at the Carnegie Mellon University. In 1981, the distinguished scholar moved to the University of Chicago, where he was offered the revered position of the David Rockefeller Distinguished Service Professor in Economics, Statistics and the College.
In professional and occupational spheres, the economist is respected as an expert in economic dynamics and is also a recipient of a good number of other awards. Hanssen was offered the BBVA Foundation Frontiers of Knowledge Award in 2010. He is a co-winner of the Frisch Medal award of 1984, a winner of the CME Group-MSRI Prize In Innovative Quantitative Applications 2008, and the 2006 Erwin Plein Nemmers Prize in Economics. Analysis of his works shows that he has gone to great lengths to facilitate comprehension of the linkages between macroeconomics and the financial sector. He is also well known for his contributions on the subject of Generalized Method of Moments. He continues to engage in unrelenting efforts of collaborative research practices with many other scholars in the fields of economics, management, and finance. Particular focus for the researcher lies in macroeconomic shocks and methods of pricing in the market along the lines of long-term uncertainty. Additional information about Hansesn’s professional practice shows that he is a principal investigator working with a team of other economists and researchers in developing macroeconomic models for purposes of monitoring system risks for financial markets and economies.
Reference
Campbell, J. Y. (2014). Empirical asset pricing: Eugene Fama , Lars Peter Hansen , and Robert Shiller . The Scandinavian Journal of Economics , 116 (3), 593-634.
Hansen, L. P. (2014). Nobel lecture: Uncertainty outside and inside economic models. Journal of Political Economy , 122 (5), 945-987.
