Ali Hortaçsu awarded ‘Rahmi M Koç Medal of Science’
The “Koç University Rahmi M. Koç Medal of Science,” which was initiated by Koç University to serve science by rewarding successful and pioneering scientists, was awarded this year to Professor Ali Hortaçsu.
The award was presented at an online ceremony on Nov. 30. Hortaçsu, the Ralph and Mary Otis Isham Professor in Economics at the University of Chicago, was deemed worthy of the award for his outstanding scientific contributions to efficient markets, rational expectations and bidding models.
In his works, Hortaçsu uses detailed micro-level market data to predict the preferences and technology parameters behind individual behaviors.
Speaking at the ceremony, Koç University Board of Trustees Chairman Professor Nur Yalman said that they are proud to present the award to a scientist in the field of economics for his worldwide inspiring work.
Born in Istanbul, Hortaçsu came to the U.S. to attend Stanford University as an electrical engineering undergrad. But after taking courses in economics, he continued at Stanford, earning his Ph.D. in economics in 2001. He’s a member of the American Academy of Arts and Sciences and a fellow of the Econometric Society.
According to the information provided by the University of Chicago, much of his work has centered on how market mechanisms work and how they can work better. He has spent considerable time studying the use of different market mechanisms in financial markets, in particular the auctioning of government debt. He worked on the problem of how to design the auction mechanism that allows the U.S. government to refinance its debt, which involves running an auction where banks give different bids on interest rates when issuing bonds.
His articles have appeared in publications including the Journal of Economic Perspectives, the American Economic Review, the Review of Financial Studies, Econometrica, the American Economic Review, the Journal of Political Economy and the International Journal of Industrial Organization.