March 18, 2008

Professors Fox, Schwartz and Torous Win Best Paper Prizes

Papers explore decision-making under uncertainty


Associate Professor of Policy Craig Fox has received the award for Best Decision Analysis by the Decision Analysis Society (INFORMS) for the 2005 paper, “Subjective probability assessment in decision analysis: Partition dependence and bias toward the ignorance prior.” The work was published in the journal Management Science and was co-authored by Professor Robert T. Clemen of the Fuqua School of Business at Duke University.

Professor Eduardo Schwartz, California Chair in Real Estate Economics and Professor Walter Torous, Lee and Seymour Graff Professor, Finance Area Chair have received the Edwin Mills Best Paper Award bestowed on the best paper published in the journal Real Estate Economics for their paper “Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions.” The paper was published in 2006.

According to Torous, the paper examined the affect competition had on builders in the commercial real estate market. Torous also credited the Richard S. Ziman Center for Real Estate at UCLA for fostering an environment for this type of research to occur.

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