By MICHIO HATANAKA Tezukayama University
The JAEE (Japan Association of Economics and Econometrics)-Nakahara Prize was initiated in 1995 to honour young members of JAEE under the age of 45 who have achieved internationally recognized research. The selection committee for the prize consists of three Japanese economists and three overseas economists, together with the President of the Association. Their names are listed at the end of this announcement.
We are pleased to announce that the 1996 JAEE-Nakahara Prize has been awarded to Professor Kiminori Matsuyama of Northwestern University. Born in 1957, Kiminori Matsuyama took his BA from the University of Tokyo and his PhD from Harvard University in 1987. He has taught at Northwestern University since 1987.
In a career of less than ten years, Professor Matsuyama has published more than twenty articles in highly ranked journals. We have selected the five articles listed below as his major contributions to the development of economics. In  Professor Matsuyama introduced the concept of history versus expectations for equilibrium selection in a model of economic development with multiple steady states. Another contribution in this article is the technique of homoclinic and heteroclinic bifurcations in the global dynamics of growth. In reappraising the classical Myrdal-Nurkse thesis in the light of the endogenous growth he shows that the thesis is supported in closed economies but not in open economies . We also appreciate his attempt in  to crystallize theoretical implications of Japanese industrial policy in a communicable way.
 “Perfect Equilibrium in a Trade Liberalization Game”, American Economic Review, Vol. 80, 1990, pp. 480 - 492.
 “Increasing Returns, Industrialization, and Indeterminacy of Equilibrium”, Quarterly Journal of Economics, Vol. 106, 1991, pp. 617 - 650.
 “Agricultural Productivity, Comparative Advantage and Economic Growth”, Journal of Economic Theory, Vol. 58, 1992, pp. 317-334.
 “Towards a Theory of International Currency”, Review of Economic Studies, Vol. 60, 1993, pp. 283-307, (with N. Kiyotaki and A. Matsui).
 “Complementarities and Cumulative Processes in Models of Monopolistic Competition”, Journal of Economic Literature, Vol. 33, 1995, pp. 701 -729.
Hatanaka, Tezukayama University (Chair)
Masahiko Aoki, Stanford University
Anthony B. Atkinson, Oxford University
Dale W. Jorgenson, Harvard University
Paul Krugman, Massachusetts Institute of Technology
Takashi Negishi, Aoyama Gakuin University
Kotaro Suzumura, Hitotsubashi University