The TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security
Dr. Lee M. Lockwood of the University of Virginia won 2019 TIAA Paul A. Samuelson Award for his paper "Incidental Bequests and the Choice to Self-Insure Late-Life Risks,” published in American Economic Review 2018, 108(9): 2513–2550.
Despite facing significant uncertainty about their lifespans and health care costs, most retirees do not buy annuities or long-term care insurance. This paper shows that retirees’ saving and insurance choices are highly inconsistent with standard life-cycle models in which people care only about their own consumption but match well models in which bequests are luxury goods.
According to Melinda Morrill, one of the Samuelson Award judges, “This paper makes a substantive contribution to our understanding of how individuals use (or not) annuitization and insurance. It augments the life-cycle model to reevaluate the role of the bequest motive and puts a clear interpretation on what was seemingly contradictory evidence.”
“I am honored to receive the Samuelson Award and to have my research recognized alongside that of the distinguished past winners,” said Dr. Lockwood. “You always hope that your research will help improve people's lives, and I am grateful to the TIAA Institute for this recognition and its efforts to ensure that research findings improve Americans' financial well-being.”
Named in honor of the late Nobel Prize winner and former CREF trustee, the TIAA Paul A. Samuelson Award For Outstanding Scholarly Writing On Lifelong Financial Security is given annually by the TIAA Institute to recognize an outstanding research publication that helps advance Americans’ lifelong financial well-being. A panel of distinguished judges selects the award recipient and the TIAA Institute announces the winner each year during the annual meeting of the Allied Social Sciences Associations.
The TIAA Institute Theodore M. Hesburgh Award for Leadership Excellence in Higher Education
Mark P. Becker, president of Georgia State University, received the 2019 TIAA Institute Theodore M. Hesburgh Award for Leadership Excellence in Higher Education for his outstanding leadership of Georgia State and all he has done to help level the playing field for students from all social and economic backgrounds.
Since being named Georgia State University’s seventh president in 2009, President Becker has led the university through a dynamic period of growth and advancement, earning national recognition for promoting student success. Georgia State has set records both for its graduation rates and the number of students it graduates, and in recent years it has led the country in eliminating achievement gaps based on race, ethnicity and income.
The Hesburgh Award is named in honor of Rev. Theodore M. Hesburgh, C.S.C., (1917-2015) past president of the University of Notre Dame and longtime member of the TIAA and CREF Boards of Overseers. A world-renowned educator and humanitarian, Father Hesburgh was a lifelong champion of human rights, the cause of peace, and care of the poor. He received both the Congressional Gold Medal and the Presidential Medal of Freedom, the nation’s highest civilian honor.
Sponsored by the TIAA Institute and administered by the American Council on Education (ACE), the Hesburgh Award is given to a current college or university president or chancellor who embodies Father Hesburgh’s commitment to higher education and society at large. The winner is chosen by an independent panel of judges.
Eric S. Goldstein, TIAA’s chief strategy officer, presented Dr. Becker’s award on March 11, 2019, during a plenary luncheon at ACE’s 101st annual meeting in Philadelphia, PA.
Father Hesburgh on leadership excellence
The TIAA Theodore M. Hesburgh Award for Leadership Excellence in Higher Education is named in honor of the late Reverend Theodore M. Hesburgh, C.S.C.