Nobel Prize-winning economist William F. Sharpe has been awarded the 2012 Lillywhite Award from the Employee Benefit Research Institute.
The award is named for Ray Lillywhite, a pioneer in the pension field with Alliance Capital, who for decades guided state employee pension plans. EBRI established the award in 1992 to acknowledge the contributions of individuals who have had distinguished careers in the investment management and employee benefits fields and whose outstanding service enhances Americans' economic security.
Sharpe, who received the Nobel Prize in Economic Sciences in 1990, was one of the originators of the Capital Asset Pricing Model, developed the Sharpe Ratio for investment performance analysis, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds. He is also a co-founder and director emeritus of Financial Engines, the nation's largest independent investment advisor.