Around Tappan Square
FINANCE
PRIZE WINNER
Alum Angrist Wins 2021 Nobel Prize Joshua D. Angrist ’82, the Ford Professor of Economics at MIT, was awarded the 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Angrist shares half of the Nobel with Guido W. Imbens of the Stanford Graduate School of Business “for their methodological contributions to the analysis of causal relationships.” The other half of the award goes to David Card of the University of California at Berkeley “for his empirical contributions to labor economics.” Angrist and Imbens were recognized for their work in interpreting data from natural 6
experiments, which laid the groundwork for researchers to draw conclusions about cause and effect from real-world situations. “Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society,” says Peter Fredriksson, chair of the Economic Sciences Prize Committee. In an MIT press briefing, Angrist said he is “humbled and gratified” by receiving the award. Angrist’s research interests include the economics of education and school reform; social programs and the labor market; the effects of
immigration, labor market regulation, and institutions; and econometric methods for evaluating programs. A native of Columbus, Ohio, he holds a master’s degree and a PhD in economics from Princeton. He was an assistant professor at Harvard University for two years and a faculty member at Hebrew University until 1996, when he joined the MIT faculty. Angrist joins three other Oberlin graduates whose work has been honored with a Nobel: Robert Millikan (physics) in 1923, Roger Sperry (medicine) in 1981, and Stanley Cohen (medicine) in 1986.
investors rallied around oberlin’s geothermal infrastructure project in late July, pouring $80 million into one of higher education’s first Certified Climate Bond offerings. The certification by the Climate Bonds Initiative (CBI) indicates that independent experts have verified the environmental benefit of Oberlin’s Sustainable Infrastructure Program (SIP) in alignment with the goals and targets of the Paris Climate Agreement. This is only the second Certified Climate Bond offering among U.S. colleges and universities, and third in the world. The bonds attracted bids totaling nearly three times the amount of the offering. The proceeds enable Oberlin to fully fund the first phases of its $140 million SIP, while realizing significant savings in borrowing costs, compared to both traditional financing and other green bonds on the market. “Both the CBI certification and the enthusiasm shown by some of the nation’s most prestigious investors serve as strong endorsements of Oberlin’s Sustainable Infrastructure Program,” says Rebecca Vazquez-Skillings, Oberlin’s vice president for finance and administration. “The market values our leadership in environmental sustainability and has confidence in our ability to align financial stewardship, environmental innovation, and institutional mission.” Vazquez-Skillings says that this issuance marks the lowest cost of long-term financing Oberlin has ever achieved. The four-year SIP will convert buildings throughout Oberlin’s 440-acre campus to geothermal heating and cooling, drawing on 1,100 wells that harness the earth’s natural underground temperatures to replace traditional fuels such as coal and Oberlin’s current heat source, natural gas. The project will also replace century-old steam pipes with an efficient, low-
CO U R T E S Y O F M I T D E PA R T M E N T O F ECO N O M I C S
College Secures $80 Million in Bonds for Infrastructure Program