Tjalling Koopmans' Nobel Prize Medal gifted to Cowles

May 29, 2019 - 9:34am by Matthew ReganMarch 13, 2020 - 8:25am by Matthew Regan
Changes to Title
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Tjalling Koopmans' Nobel Prize medal gifted to Cowles
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Tjalling Koopmans' Nobel Prize Medal gifted to Cowles
Changes to Publication Date
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Tuesday, May 28, 2019
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Wednesday, May 29, 2019
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Image: nobel_medal.jpg
  
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Caption (Plain text):
  
 
 
Changes to Body
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The Cowles Foundation was honored to receive Tjalling Koopmans' Nobel
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The Cowles Foundation was honored to receive Tjalling Koopmans [1]' Nobel
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Prize medal by the Frankel family durning an intimate ceremony held at 28
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Prize Medal by the Frankel family during an intimate ceremony held at 28
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Hillhouse Ave. on May 24. The donation of Koopmans' Nobel medal is
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Hillhouse Avenue on May 24th. The donation of Koopmans' Nobel Medal is
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especially meaningful, as he was instrumental in moving the Cowles Foundation
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especially meaningful, as he was a life-long staff member of Cowles
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(then the Cowles Commission) from the University of Chicago to Yale in 1954.
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Foundation who served two terms as director in the 1960s, and more
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He was a life-long staff member and served two terms as Director of Cowles in
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importantly, was instrumental in moving the Foundation (then the Cowles
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the 1960s.
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Commission) from the University of Chicago to Yale in 1955.
 
 
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During the ceremony, Ann Frankel (Tjalling's daughter) spoke of her father,
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During the ceremony, Anne Frankel (Koopmans' daughter) spoke of her father,
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her father's work, and the medal before handing it over to former Cowles
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his work, and details of the Nobel Prize Medal before handing it over to
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Director, Al Klevorick, who accepted the medal on behalf of the Cowles
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former Cowles Director, Al Klevorick, who accepted the gift on behalf of the
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Foundtion.
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Cowles Foundation.
 
 
 
"In my view, Tjalling Koopmans embodied, in person and in his work, the
 
"In my view, Tjalling Koopmans embodied, in person and in his work, the
 
the field of economics.  Shiller went on to explain how the Cowles
 
the field of economics.  Shiller went on to explain how the Cowles
 
Foundation seal and its motto changed when the foundation moved to Yale, and
 
Foundation seal and its motto changed when the foundation moved to Yale, and
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how the motto was influced by Koopmans, as well as the Foundation's move to
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how the new motto was influenced by Koopmans after the Foundation's
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Yale.  "The motto is, 'Theory and Measurement,' which is exactly a
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move.  "The motto is, 'Theory and Measurement,' which is exactly a
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transposition of [Koopmans'] 1947 paper," said Shiller. 
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transposition of [Koopmans'] 1947 paper," noted Shiller. 
 
 
 
"I think the spirit of [Koopmans'] research lives on at Cowles," said
 
"I think the spirit of [Koopmans'] research lives on at Cowles," said
 
Professor William Nordhaus spoke of meeting Tjalling Koopmans for the first
 
Professor William Nordhaus spoke of meeting Tjalling Koopmans for the first
 
time during a job interview, and how he was impressed with Koopmans' wide
 
time during a job interview, and how he was impressed with Koopmans' wide
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range of interests. He said it was Koopmans' influce of mathematical
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range of interests. He said it was Koopmans' influence of mathematical
 
programming that put him on the environmental-economics track. Koopmans
 
programming that put him on the environmental-economics track. Koopmans
 
suggested that Nordhaus use programming models to better understand the way
 
suggested that Nordhaus use programming models to better understand the way
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systems work rather than econometrics for estrucural analysis to ultimately
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systems work rather than econometrics for e-structural analysis to ultimately
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see the impacts of ecomomics on climate change.
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see the impacts of economics on climate change.
 
 
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During his remarks, Nordhaus quoted a toast given by Koopmans during the 1975
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In his remarks, Nordhaus quoted the speech [2] given by Koopmans during the
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Economics Nobel banquet to show Koopmans’ foresight on environmental
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1975 Economics Nobel banquet. In the speech, Koopmans referenced one of
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issues. "We need to seek a balance between enegy production, food production,
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Nordhaus' early studies on environmental issues which was an honor to
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and anticipated other global effects and interregional inequities to be
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Nordhaus, but more to the point, it showed Koopmans’ foresight. One line
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compensated for," read one line from Koopmans toast.  "I thought that was
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from the speech read, "[Nordhaus'] study is an open invitation to
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really extrordinary; so far ahead of everyone else. So far ahead of his
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climatologists and agronomists to trace the probable effects of the
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time," said Nordhaus.
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CO2 standard on climate variables and hence on polar icecaps, on ocean
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levels and on agricultural yields – thus enabling economists to seek a
  +
balance between energy production, food production, and anticipated other
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global effects and interregional inequities to be compensated for." Nordhaus
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went on to say, "I thought that was really extraordinary; so far ahead of
  +
his time."
 
 
 
"That was what was so special about working with Tjalling," said Nordhaus.
 
"That was what was so special about working with Tjalling," said Nordhaus.
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"He had fundemental and deep insights into so many areas. It lives with me
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"He had fundamental and deep insights into so many areas. It lives with me
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and my spirt in a way I think about economics, and a way I think about
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and my spirit in a way I think about economics, and a way I think about
 
society and social issues."
 
society and social issues."
 
 
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Ann Frankel was joined by her husband Joseph Frankel, her son Martin
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Anne Frankel was joined by her husband Joseph Frankel, her son Martin
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Ünsel-Frankel, and Martin's wife, Gün Ünsal-Frankel. Joseph Frankel
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Ünsal-Frankel, and Martin's wife, Gün Ünsal-Frankel. Joseph Frankel
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reminesed of Koopmans from a "different perspective" with an anctedote as a
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reminisced of Koopmans from a "different perspective" with an anecdote as a
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"young suitor" when courting Ann. Joseph Frankel said he was given a problem
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"young suitor" when courting Anne. Joseph Frankel said he was given a problem
 
by Koopmans to solve to see if he was capable of a shift in perspective.
 
by Koopmans to solve to see if he was capable of a shift in perspective.
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"Foruntatley, I passed that one," quipped Frankel. 
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"Fortunately, I passed that one," quipped Frankel. 
 
 
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Tjalling Koopmans [1] (jointly with Leonid Kantorovich) was awarded the
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Tjalling Koopmans (jointly with Leonid Kantorovich) was awarded the Nobel
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Nobel Memorial Prize in Economic Sciences in 1975 for his contributions to
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Memorial Prize in Economic Sciences in 1975 for his contributions to the
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the field of resource allocation, specifically the theory of optimal use of
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field of resource allocation, specifically the theory of optimal use of
 
resources.  "I think [the medal] is and will be an inspiration for faculty
 
resources.  "I think [the medal] is and will be an inspiration for faculty
 
and students who come here to see it," said Nordhaus.
 
and students who come here to see it," said Nordhaus.
 
 
 
The medal is planned to be permanently displayed in the Cowles Foundation
 
The medal is planned to be permanently displayed in the Cowles Foundation
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building at 30 Hillhouse Ave. A brief biogrpahy of Tjalling can be found on
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building at 30 Hillhouse Ave. A brief biography of Tjalling can be found on
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the Cowles website [2].
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the Cowles website [3].
 
 
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To show Koopmans' forethought on how climate change would have an impact for
  
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future generations, Professor Nordhaus quoted from a toast given by Koopmans
  
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at the 1975 Economics Nobel banquet dinner.  One sentence from Koopmans'
  
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toast said, "We need to seek a balance between enegy production, food
  
-
production, and anticipated other global effects and interregional inequities
  
-
to be compensated for." 
  
 
 
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[1] https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.nobelprize.org%2Fprizes%2Feconomic-sciences%2F1975%2Fkoopmans%2Fbiographical%2F&data=02%7C01%7Cmatthew.regan%40yale.edu%7C2428cfe02f4149e221a208d6df79b487%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C636942111155936699&sdata=py8%2F6gXt9pOC0Cs%2FXVnwRueqnHulqCGubEAVHqZAEh8%3D&reserved=0
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[1] https://www.nobelprize.org/prizes/economic-sciences/1975/koopmans/biographical/
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[2] https://cowles.yale.edu/archives/koopmans
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[2] https://www.nobelprize.org/prizes/economic-sciences/1975/koopmans/speech/
  +
[3] https://cowles.yale.edu/archives/koopmans
Current revision:
05/29/2019Tjalling Koopmans' Nobel Medal

The Cowles Foundation was honored to receive Tjalling Koopmans’ Nobel Prize Medal by the Frankel family during an intimate ceremony held at 28 Hillhouse Avenue on May 24th. The donation of Koopmans’ Nobel Medal is especially meaningful, as he was a life-long staff member of Cowles Foundation who served two terms as director in the 1960s, and more importantly, was instrumental in moving the Foundation (then the Cowles Commission) from the University of Chicago to Yale in 1955.

During the ceremony, Anne Frankel (Koopmans’ daughter) spoke of her father, his work, and details of the Nobel Prize Medal before handing it over to former Cowles Director, Al Klevorick, who accepted the gift on behalf of the Cowles Foundation.

“In my view, Tjalling Koopmans embodied, in person and in his work, the Cowles Foundation,” said Klevorick.  “It is a great honor for us to have the medal and be able to display it.”

To mark the occasion, Yale Economics Professors and  Nobel laureates William Nordhaus and Robert Shiller were on hand to speak of Koopmans’ influence on their careers. 

Professor Robert Shiller spoke of Koopmans’ influence in the use of theory in the field of economics.  Shiller went on to explain how the Cowles Foundation seal and its motto changed when the foundation moved to Yale, and how the new motto was influenced by Koopmans after the Foundation’s move.  “The motto is, ‘Theory and Measurement,’ which is exactly a transposition of [Koopmans’] 1947 paper,” noted Shiller. 

“I think the spirit of [Koopmans’] research lives on at Cowles,” said Shiller. ”Tjalling was very import in forming the ethos and method that lives on today in the Cowles Foundation, and more broadly, the Yale community.”

Professor William Nordhaus spoke of meeting Tjalling Koopmans for the first time during a job interview, and how he was impressed with Koopmans’ wide range of interests. He said it was Koopmans’ influence of mathematical programming that put him on the environmental-economics track. Koopmans suggested that Nordhaus use programming models to better understand the way systems work rather than econometrics for e-structural analysis to ultimately see the impacts of economics on climate change.

In his remarks, Nordhaus quoted the speech given by Koopmans during the 1975 Economics Nobel banquet. In the speech, Koopmans referenced one of Nordhaus’ early studies on environmental issues which was an honor to Nordhaus, but more to the point, it showed Koopmans’ foresight. One line from the speech read, ”[Nordhaus’] study is an open invitation to climatologists and agronomists to trace the probable effects of the CO2 standard on climate variables and hence on polar icecaps, on ocean levels and on agricultural yields – thus enabling economists to seek a balance between energy production, food production, and anticipated other global effects and interregional inequities to be compensated for.” Nordhaus went on to say, “I thought that was really extraordinary; so far ahead of his time.”

“That was what was so special about working with Tjalling,” said Nordhaus. “He had fundamental and deep insights into so many areas. It lives with me and my spirit in a way I think about economics, and a way I think about society and social issues.”

Anne Frankel was joined by her husband Joseph Frankel, her son Martin Ünsal-Frankel, and Martin’s wife, Gün Ünsal-Frankel. Joseph Frankel reminisced of Koopmans from a “different perspective” with an anecdote as a “young suitor” when courting Anne. Joseph Frankel said he was given a problem by Koopmans to solve to see if he was capable of a shift in perspective. “Fortunately, I passed that one,” quipped Frankel. 

Tjalling Koopmans (jointly with Leonid Kantorovich) was awarded the Nobel Memorial Prize in Economic Sciences in 1975 for his contributions to the field of resource allocation, specifically the theory of optimal use of resources.  ”I think [the medal] is and will be an inspiration for faculty and students who come here to see it,” said Nordhaus.

The medal is planned to be permanently displayed in the Cowles Foundation building at 30 Hillhouse Ave. A brief biography of Tjalling can be found on the Cowles website.