Onassis Foundation announces 2012 prizes for trade, finance and shipping

Five academics receive the $200,000 prizes.

A ship parks on Long Beach Harbour, California, in April 2012. Credit: AFP/Getty Images

The Onassis Foundation has announced this year's prizes in trade, finance and shipping. The five winners will each give a lecture at Cass Business School on 12 September.

Harvard's Elhanan Helpman received the prize for international trade. Helpman was commended for his role in developing the new trade and new growth theories, which emphasise the roles of economies of scale and imperfect competition, and for his work on special-interest politics.

In finance, the winner was Stephen Ross of MIT's Sloan School of Management. Ross is best known for having invented arbitrage pricing theory and the theory of agency. He is also credited as the co-discoverer of risk-neutral pricing and of the binomial model for pricing derivatives.

Three academics – Ernst Frankel, Richard Goss and Arnljot Stromme Svendesn – will share the prize for shipping. Frankel is a professor at MIT who, in his 70-year career, has published 23 books, hundreds of academic papers and served as president of the International Association of Maritime Economists. Cardiff University's Goss has conducted extensive research in the field of shipping competition and port governance, much of which is still widely influential today. Svendsen has been with the Norwegian School of Economics and Business Administration since he began his career there in 1948.

Anthony Papadimitriou, president of the Onassis Public Benefit Foundation and chairman of the panel of prize judges, said:

[Aristotle] Onassis became famous in his lifetime, and after, for his mastery of the science and art of shipping, trade and finance.

The Onassis Foundation is proud to associate once more the name of its founder with the Corporation of the City of London and the Costas Grammenos Center for Shipping Trade and Finance (City University), which respectively are world centers of the practice and academic study of these three entrepreneurship areas. This second edition of the Prizes is on an unparalleled level.