The University of Chicago Alumni Association recognized Gary Becker, AM ‘53, PhD ‘55, and Myron Scholes, MBA ‘64, PhD ‘70, with 2010 Alumni Awards. Both were honored along with their fellow recipients during Alumni Weekend in Chicago in June.
Becker, University Professor of Economics and of Sociology, was honored with the Alumni Medal, the highest award given by the Alumni Association. Created in 1941, the Alumni Medal pays tribute to an alumnus for his career contributions to a field and service to society.
A Nobel laureate, recipient of the Presidential Medal of Freedom, and a Chicago faculty member for more than 50 years, Becker expanded the field of economics to study human behavior. The approach was controversial in 1957 when his book on prejudice against minorities, The Economics of Discrimination, was published.
Scholes was acknowledged with the Professional Achievement Award for his significant contributions to economics, including coauthoring the Black–Scholes equation. He was awarded the Nobel Prize in Economics in 1997 for this model, which provides the fundamental conceptual framework for valuing options and has become the standard in financial markets globally. Scholes also has worked closely with the university’s Center for Research in Security Prices to help to develop and analyze the center’s important database of high frequency stock market data. He taught at Chicago Booth from 1973 to 1983.