The Korea-America Economics Association (KAEA) has honored University of Rochester economist Jay Hong with its Young Scholar Award.
The award––given to only two economists in 2008––recognizes young Korean-American economists who have shown outstanding research potential early in their careers.
"Jay obviously had very good publications––the whole body of his work," said Sunghyun Henry Kim, vice president of KAEA. "He had one paper published in a top journal and also some other works that are highly recognized among his peers. His research is recognized as one of the pathbreaking works in his area of study."
Hong, an assistant professor of economics, is a macroeconomist whose work focuses primarily on labor and family economics. Some of his most cited research measures the value of work in the home by relating its value to the demand for life insurance. He's also studied the savings decisions families make and their impact.
Mark Bils, chair of the Department of Economics, said Hong's work has allowed for a deeper look at family economics.
"Hong models households much more richly than has been done before; it's innovative not only in terms of the economic problem presented, but also in quantifying household decision making," Bils said. "He provides a much richer treatment of family savings and life insurance decisions."
Hong came to the University of Rochester in July 2006 after earning a doctorate in economics from the University of Pennsylvania.
KAEA is an organization that promotes and facilitates cooperation and participation in research efforts among economics professionals in academic, government and corporate sectors, who share interests in economic relations between North America and Korea and among Pacific Rim nations in general.