Whitney K. Newey, a prominent figure in econometric theory, receives the 2026 edition of the $300,000 Erwin Plein Nemmers Prize.

Whitney K. Newey, the Ford Professor of Economics Emeritus at MIT, was recognised for his significant contributions to semiparametric econometrics and modern machine learning-based inference.

Newey’s pioneering work has guided econometricians and empirical researchers over several decades, laying crucial foundations for modern machine learning-based inference. His contributions include significant advancements in variance estimation, nonparametric simultaneous equations, and consumer surplus estimation with heterogeneity. He is known for developing, together with Kenneth D. West in the late 1980s, the Newey–West estimator, which robustly estimates the covariance matrix of a regression model where the standard assumptions of regression analysis do not apply.  Notably, his influential 1994 paper in Econometrica introduced general formulae for the asymptotic variance of semiparametric estimators.

Renowned as a Distinguished Fellow of the American Economic Association and a member of the American Academy of Arts and Sciences, Newey’s achievements firmly place him at the forefront of econometrics. His reputation is further bolstered by his fellowship in the Econometric Society. 

Newey is scheduled to visit Northwestern University during the 2026-27 academic year, where he will engage in collaborative programming with faculty and students from the Economics department.

This recognition of Newey’s contributions not only highlights his individual achievements but also underscores the continued importance of econometrics in addressing complex economic questions in an increasingly data-driven world.

About the Erwin Plein Nemmers Prize in Economics

The Prize was established in 1994 and is awarded for achievement and work of lasting significance in the field of economics. It comes with a reward of $300,000. Recipients of the Erwin Plein Nemmers Prize present lectures, participate in department seminars, and engage with Northwestern faculty and students in other scholarly activities. Past winners have included Michael Woodford, Claudia Goldin and Daron Acemoglu.

_{^{Image Credits: With kind permission from Prof. Whitney Newey, via Northwestern University}}