Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that Kevin M. Murphy, the George J. Stigler Distinguished Service Professor of Economics, Department of Economics and Booth School of Business, University of Chicago, has entered into an agreement to become a senior consultant to CRA’s Antitrust & Competition Economics Practice. Professor Murphy is expected to begin working with CRA in May 2013. “Kevin Murphy is widely regarded as one of the smartest economists in the world and we are honored and thrilled about his decision to become a senior consultant to Charles River Associates,” said CRA’s President and Chief Executive Officer Paul Maleh. “Professor Murphy has an outstanding reputation as an extremely effective expert in numerous antitrust, labor and other engagements. In his academic research, Professor Murphy has developed leading theories and analyses that explain how economic incentives influence social phenomena, such as addiction, and determine economic outcomes, including wage inequality, unemployment, and the economic value of health and medical research. Professor Murphy has a reputation for being exceptionally creative, asking the questions not being asked, and developing innovative and informative economic models. Simply put—he is an economist in a league of his own. We look forward to working with Professor Murphy and continuing CRA’s tradition of teaming our highly-talented consulting professionals with renowned academics and economists to best serve clients.” Dr. Steven C. Salop, a Senior Consultant to CRA and Professor of Economics and Law at Georgetown University Law Center, said, “We are very excited to have Kevin Murphy joining CRA. Besides being one of the most creative economists of his generation, Kevin is both articulate and down to earth. We are looking forward to having him as a colleague and a leader.” Professor Murphy is the recipient of numerous awards and fellowships. In 2005, he received a MacArthur Fellowship, often referred to as the “genius grant,” becoming the first professor at a business school to be named a MacArthur Fellow. In 1997, Professor Murphy was awarded the prestigious John Bates Clark Medal by the American Economic Association, given (then) every second year to the most outstanding American economist under the age of forty and widely considered to be the second most prestigious prize in economics (after the Nobel Prize). In 2007, he received the Kenneth J. Arrow Award (with Robert H. Topel) from the International Health Economics Association for the research paper “The Value of Health and Longevity.” In 2005, he and Robert H. Topel received Research!America’s Eugene Garfield Economic Impact of Medical and Health Research Award for their groundbreaking work estimating the economic value of medical advances and the resulting gains in US life expectancy. A fellow of the Econometric Society and an elected member of the American Academy of Arts & Sciences, Professor Murphy has received fellowships from the Earhart Foundation, the Sloan Foundation, and the Friedman Fund. In addition, he is a faculty research fellow at the National Bureau of Economic Research and a senior fellow at the Hoover Institution.
Shares of CRA International (Nasdaq:CRAI) have taken a tremendous swing upward. The stock is trading at $24.92 as of 11:21 a.m. ET, 23.4% above Wednesday's closing price of $20.19. Volume is at 20,984, 0.5 times the daily average of 40,100.