The Tjalling C. Koopmans
Econometric Theory Prize: 1991 - 1993
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Extracts from Econometric Theory, Vol. 13, No. 1, 1997, Cambridge University Press
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Econometric Theory is proud to announce joint winning articles for the Tjalling C. Koopmans
Economteric Theory Prize over the period 1991-1993. The prize is jointly supported by the
publishers, Cambridge University Press, and Mrs. Truus Koopmans. It is named in honor of
Tjalling C. Koopmans, the 1975 Nobel Laureate in Economic Science. The selection of the
winning articles was made by the Advisory Board of the journal and all articles published
in Econometric Theory (1991-1993) were candidates for the prize, except those that were
authored or coauthored by the Editor and members of the Advisory Board. The prize is
accompanied by a financial award of $500 for each of the winning articles.
The winning articles and citations (written by the Advisory Board) are as follows:
Pentti Saikkonen. (1993) Estimation of cointegration vectors with linear restrictions.
Econometric Theory 9(1), 19-35.
Katsuto Tanaka. (1993) An alternative approach to the asymptotic theory of spurious
regression, cointegration, and near cointegration. Econometric Theory 9(1), 36-61.
This paper uses the Fredholm approach to derive new expressions for the asymptotic sampling
distributions of estimators and test statistics in cointegration models. It is shown that,
in some cases, these expressions provide a basis for the accurate computation of the limiting
distributions. The paper also introduces a definition of near cointegration, for which
asymptotic properties are studied. It then devises tests that take cointegration as the null
hypothesis and discusses the limiting local power of these tests under the alternative of
near cointegration.
Mrs. Truus Koopmans and Cambridge University Press join me in congratulating the authors on
their success in receiving this award.
Peter C.B. Phillips
New Haven, CT, July 6, 1996
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