The 5th Cho Rak-kyo Economics Award ceremony was held at Gakdangheon on May 23rd. The award was presented to Professor Jo In-gu, Department of Economics at University of Illinois in recognition of his distinguished academic achievements. He has published a number of articles in prominent academic journals such as Econometrica, QJE, RES, and JET. In particular, his two articles published in Econometrica and QJE in 1987 opened a new horizon with regard to equilibrium in game theory. His studies created a foundation for follow-up studies on the refinement of the equilibrium concept in sequential game and signaling game. Professor Jo earned his bachelor’s degree in Economics at Seoul National University in 1981 and his doctoral degree at Princeton University in 1986. His professor faculty positions include Assistant Professor at the University of Chicago (1986-1992), Associate Professor (1992-1995), and William S. Kinkead Chair of Professor at University of Illinois (1998-present). The Cho Rak-kyo Economics Award was established to contribute to academic development and to encourage young professionals and students by recognizing the academic achievements of Korean economists. Founded in 2007 by Cho Rak-kyo who is Chairman of Samryoong Co., Ltd., it is the nation’s best Economics award in terms of its strict selection process and prize money of 50 million KRW. While the first two awardees were Professor Choi Yon-gu at Columbia University (2007) and Professor Shin Hyon-song at Princeton University (2008), the past two awardees were Professor Park Joon-yong at Indiana University (2009) and Professor Han Jin-yong at the University of California (2010).