Emeritus Professor Peter Wakker (Erasmus School of Economics) is the winner of the Van der Aa Lifetime Achievement Award 2026. This prize of 25,000 euros has been awarded by the Royal Holland Society of Sciences and Humanities (KHMW: Koninklijke Hollandsche Maatschappij der Wetenschappen) since 2024, and this year, for the first time, to a scholar in the discipline of economics and business.
The jury, consisting of Beatrice van der Heijden, Willemijn van Dolen, Eric Bartelsman, and Kees Koedijk, voted unanimously to award the prize to behavioural economist Peter Wakker in recognition of the substantial contribution he has made to economic theory.
A lifetime of scientific influence
Over four decades, Peter Wakker has become one of the leading figures in decision theory and behavioral economics, building the conceptual and mathematical foundations for how individuals evaluate risk, form beliefs, and choose under uncertainty. Central to his career are collaborations with Amos Tversky and Daniel Kahneman, which shaped prospect theory and the measurement of decision weights (now cornerstones of behavioural economics). His research combines theoretical rigor with empirical relevance, producing practical tools to measure preferences, beliefs, and ambiguity attitudes that are widely used across disciplines.
Wakker's influence spans psychology, finance, and statistics, with concrete impact in health economics, insurance, and public policy. His work has improved how medical decisions are evaluated under uncertainty, informing better health policy and patient-centered care. In finance and insurance, his insights into risk and ambiguity have produced more realistic models of behaviour. His research appears in the field's most prestigious journals such as Econometrica, the American Economic Review, and the Quarterly Journal of Economics. He has also shaped the discipline through editorial work, mentorship, and international collaboration. Many of his PhD candidates now hold leading academic positions worldwide.
About the KHMW Van der Aa Lifetime Achievement Award
This lifetime achievement award is named after the Society's first member and first secretary from 1752 to 1793, Christiaan van der Aa, who played a prominent role in shaping the organisation.
- More information
A nice read is this interview with Peter Wakker on the website of the Royal Holland Society of Sciences and Humanities (in Dutch). The award ceremony will take place on Monday 29 June, at 11:00 AM in the Hodshonhuis, Spaarne 17, Haarlem. For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl, mobile: 06 53 641 846.
