The has announced a $4 million legacy gift from Nobel laureate Harry Markowitz, an adjunct professor at the Rady School of Management.
The gift will establish the Barbara and Harry Markowitz Endowed Fellowship program, with the goal of attracting and supporting outstanding students in the area of decision sciences, including mathematics, finance, and operations research. Markowitz also will donate his prestigious medals — including the John von Neumann Theory Prize, awarded in 1989; the Wharton-Jacobs Levy Prize, awarded in 2013; and the Nobel Prize in Economics, awarded in 1990 — as well as his Hamilton "Traffic Special" pocket watch, purchased in 1950, to the school.
While working for the RAND Corporation in the early 1950s, Markowitz developed the critical algorithm for the identification of optimal mean-variance portfolios, generating what was later named the Markowitz frontier. After receiving his doctorate from the University of Chicago, he spent a year at the and, when he was awarded the Nobel Prize, was a professor of finance at . Today almost ninety, he continues to teach portfolio theory, conduct research, and consult with clients. He is also working on the third volume in a series of four textbooks, Risk-Return Analysis: The Theory and Practice of Rational Investing. The school's Dr. Harry M. Markowitz Endowed Chair in Finance and Investing, established in 2016, was named in his honor.
"I was trained at the University of Chicago; I taught full-time, part-time, and lectured all over the world; but the Rady School and UC San Diego are my home," said Markowitz. "I am delighted that my legacy will live on at the Rady School."
"We are indeed fortunate to not only have one of the world's most renowned financial economists on our faculty, but also to be able to call Harry Markowitz a friend," said Robert S. Sullivan, dean of the Rady School of Management. "His continued quest for knowledge and impact is an inspiration to all."