- Center for Entrepreneurial Studies
- Center for Global Business and the Economy
- Center for Leadership Development and Research
- Center for Social Innovation
FOR FURTHER INFORMATION: Helen K. Chang, 650-723-3358, Fax: 650-725-6750
Prize Honors Work by Prof. Michael Harrison
November 2004
STANFORD GRADUATE SCHOOL OF BUSINESS—Michael Harrison wants to know how randomness affects the functioning of business processes, and how it should be accounted for in management policies. For more than 30 years Harrison, the Business School's Adams Distinguished Professor of Management, has developed and analyzed stochastic models related to business-that is, business process models in which randomness plays an important role. His work has covered a broad spectrum of topics, ranging from the valuation of derivative financial instruments to management of "processing networks," like telephone call centers and insurance claim processing organizations.
In October, the Institute for Operations Research and the Management Sciences (INFORMS) recognized Harrison's research with its 2004 John von Neumann Theory Prize. The citation accompanying the award singled out Harrison's "profound contributions to two major areas of operations research and management science: stochastic networks and mathematical finance," adding, "It is difficult to overstate the impact that this work has had."
In accepting the award, Harrison acknowledged the role played by his co-authors, including both faculty colleagues and graduate students, in shaping his work over the years. He also credited the Business School for its ongoing support.
"For almost 35 years I've been typing in the same return address on my business correspondence: Graduate School of Business, Stanford University, Stanford CA 94305. Throughout those years I've worked in an intellectual atmosphere where depth and permanence are emphasized, and I've had enormous freedom. I have not always been able to deliver depth and permanence, but there's never been any ambiguity about the goal.
"For the most part, my research has been supported by my school, not by outside funding agencies. Through five deans and innumerable associate deans, that support has been unwavering. This is the way the institution works, not some special deal that I managed to negotiate. Three crucial factors in my research career have been the school's stability, its commitment to developing junior faculty, and it scholarly orientation."
The von Neumann Prize is awarded annually to a scholar who has made fundamental, sustained contributions to theory in operations research and the management sciences, recognizing a body of work that has stood the test of time.