P R E S S   R E L E A S E

       The Chinese University of Hong Kong announces that Professor Sir James A Mirrlees, world-renowned economist and Nobel Laureate in Economics 1996, has accepted the appointment as Distinguished Professor-at-Large at the University, effective from 1 August 2002.

        Born in 1936 in Scotland, Professor Mirrlees obtained his MA in mathematics and natural philosophy from Edinburgh University in 1957 and his Ph.D. in economics from Cambridge University in 1963.  He was Edgeworth Professor of Economics at Oxford University between 1968 and 1995.  Then he returned to Trinity College, Cambridge University as Professor of Political Economy.  He was President of the Royal Economic Society between 1989 and 1992.

        Professor Mirrlees has extensive knowledge and profound influence on developing economies.  His theoretical research was applied to project appraisal and economic policy in these countries.  He has worked in India and Pakistan.  He has long been interested in Chinese economic development and he was involved in the establishment of the Chinese Economic Association (UK) in 1988.

        In 1996, Professor Mirrlees was awarded the Nobel Prize in Economics for his "fundamental contributions to the economic theory of incentives under asymmetric information".  His work on the economics of information focuses on how contracts and institutions can be designed to handle different incentive and control problems, and enhances a better understanding of and provides practical solutions to insurance markets, credit markets, auctions, the internal organization of firms, wage forms, tax systems, social insurance, competitive conditions, political institutions, etc.  Professor Mirrlees is well-known for his work on the theory of optimal income taxes which solves the problem of how to design a tax system that balances efficiency and equity.

        As Distinguished Professor-at-Large, Professor Mirrlees will stay at the Chinese University for 4 months each year to do teaching and research, as well as provide leadership for the cause of general academic advancement.  Professor Mirrlees is particularly pleased that the appointment enables him to stay in Hong Kong for a longer period of time.  Hong Kong provides a resourceful base to the study of the huge and ever-rapidly-growing economy of China.  Hong Kong itself is of great academic interest for the study of optimal design of incentive systems for the management of firms and taxation.

        The Distinguished Professor-at-Large is a specially created chair with university-wide responsibilities, which enables academics of international standing to foster closer association with the University through regular visits.  As a comprehensive research university with a global vision, the Chinese University will continue to strengthen the relation between Hong Kong and the international scholarly community and to make further contribution to Hong Kong and the entire region.