Faculty of Economics and Commerce
September 2004
alumni news From the Dean’s Desk It was said at the prize ceremony that Sir James solved the income tax problem in a way which has become a paradigm for a broad class of economic problems where asymmetric information plays a large role. He established a principle whereby individuals are motivated to act in accordance with their true preferences. This reformulating of the problem made it possible to arrive at a solution. Sir James has also made an important contribution to the analysis of two-party negotiations. In the mid-1970s, he was able to show how contracts can be designed in such a way that the preferences of the principal are also taken into account by the agent. His solution has had applications in many different areas.
The Faculty is delighted to announce the appointment of a Nobel Laureate as Professorial Fellow in the Faculty of Economics and Commerce. The appointment is made under the University’s Eminent Scholars Program and will commence in 2005. Sir James Mirrlees, Professor of Political Economy, University of Cambridge will spend up to two months each year for the next three years at the University where he will carry out collaborative research, give lectures and advise young researchers. It is a great honour for the Faculty that we have been able to attract such a distinguished international scholar who will share his experience with teaching and research staff and with students. He will also provide an exceptional role model for members of the Faculty. Sir James, together with William Vickrey won the 1996 Nobel Prize for Economics for their fundamental contributions to the economic theory of incentives under asymmetric information.
The quality of teaching and research in the Faculty continues to be recognised with the following recent achievements of staff and students:
Associate Professor Carol Johnston is the recipient of the 2004 Norman Curry Award. This award was introduced to recognise projects or services that demonstrate innovation and excellence in the support of University teaching and learning. This is a much deserved recognition of Carol and her colleagues for their excellent and innovative work in the Teaching and Learning Unit. The award consists of a grant of $25,000 an engraved medallion and a citation. The winner is also expected to make a presentation at the VC’s Colloquium on 7 December.
Felicia Eng, a third-year Commerce/ Science student is one of three young Australians awarded an inaugural Order of Australia Association Foundation Bursary. Ms Eng will receive $15,000 a year for up to three years to assist with the completion of her studies. She will also be supported by a volunteer mentor Professor Adrienne Clarke AC, a leader in both the scientific and business communities drawn from the membership of the Order of Australia Association Dr Peter James Fleming from the Department of Management has won one of four Chancellor’s Prizes awarded for excellence in a PhD thesis completed in 2003. He will be duly honoured at the Menzies Oration graduation ceremony on 15 September. We hope that alumni will join us in welcoming the Nobel Laureate to the Faculty and in congratulating the achievements of our staff, students and alumni. Margaret Abernethy Dean
In this Issue... Welcome
2
Hugh Morgan’s Address
2
Business Forensics
3
Dr Lea Waters (Department of
Graduates in Singapore
3
Management), is the recipient of the prestigious Edward Brown Award for 2004. This award promotes excellence in teaching and consists of a grant of $25,000, an engraved medallion and citation. The winner of the Award is expected to nominate for the Australian Awards for University Teaching conducted by the Australian Universities Teaching Committee and is expected to make a presentation at the VC’s Colloquium on 7 December.
Faculty Facts & Figures
4
Graduate Destination Survey
5
Faculty Research Project
6
Young Alumni Event
6
Alumni Event
7
Whitlam Scholarships
7
Events Calender
8
Drop-in Information Sessions
8