Erwin Plein Nemmers Prize in Economics

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The Erwin Plein Nemmers Prize in Economics is awarded biennially from Northwestern University. It was initially endowed along with a companion prize, the Frederic Esser Nemmers Prize in Mathematics. Both are part a $14 million donation from the Nemmers brothers, who envisioned creating an award that would be as prestigious as the Nobel prize. Three of the award recipients (Aumann, McFadden, and Prescott) have subsequently been awarded the Nobel Prize for Economics. The award is given to recognize "work of lasting significance" in the respective disciplines. In particular, the prizes recognize "major contributions to new knowledge or the development of significant new modes of analysis."

Currently, the award carries a $150,000 stipend, believed to be the largest monetary prize for economics in the U.S., and the scholar spends 10 weeks in residence at Northwestern University.