The Anderson Award was established in 1982 by the award’s namesake, Carl Arvid Anderson. The fellowship's purpose is to foster the advancement of economic research and is awarded annually to one or more pre-doctoral or post-doctoral students who are selected by a committee of Cowles professors in the Department of Economics with the approval of the Dean of the Graduate School. The cash prize also includes time off from academic duties for one semester, giving students time to concentrate on their research.
Mr. Anderson created the award out of inspiration from a scholarship he received as a Yale undergraduate, which he attributes to helping him earn a B.A. in Economics in 1936. Funding for the award was established on April 7, 1982. An excerpt from Carl A. Anderson's letter on July 7, 1978, regarding the prize is below.
I intend that this fund be used to promote the development of more effective methods of inquiry in economics and the dissemination of information from such studies. To this end, the fund establishes the Carl Arvid Anderson Prize Fellowship in Economics to be awarded annually to one or more pre-doctoral or post-doctoral students.
The pre-doctoral recipients will be selected by a committee of the Cowles professors in the Department of Economics with the approval of the Dean of the Graduate School. The fellowship may also be awarded to a post-doctoral student upon the recommendation of the Cowles professors with the approval of the Chairman of the Department of Economics and the Provost of the University.