Kenneth Arrow, a CHP/PCOR fellow whose work has changed thinking in stock markets as well as the healthcare and insurance industries, has been selected as one of eight 2005 recipients of the National Medal of Science, the White House announced on Nov. 14. The medal is the nation's highest scientific honor.

Arrow, 84, is the Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus, as well as a senior fellow at the Freeman Spogli Institute for International Studies and the Stanford Institute for Economic Policy Research. In 1972 he and colleague John R. Hicks received the Nobel Prize in economics, for their pioneering contributions to general economic equilibrium theory and welfare theory. According to a White House statement this week, "His fundamental research on risk perception and behavior under uncertainty, and on equilibrium in markets with imperfect information, began a revolution in the design and analysis of market allocation mechanisms."