Review of Industrial Organization 20: 201–202, 2002.
Industrial Organization Society’s Fourth Annual
Awards: Distinguished Fellow Award
To WILLIAM G. SHEPHERD
This award is given annually in recognition of excellence in Research, Education,
and Professional Leadership in the ﬁeld of Industrial Organization.
The criterion for excellence in Research recognizes scholarship that led others
to pursue new directions or new methodologies in industrial organization. This
component of the award also recognizes scholarly endeavors that draw together or
distill the research of others in a new or fruitful manner.
The criterion for excellence in Education recognizes exemplary inﬂuence upon
students and policy makers in industrial organization.
The criterion for excellence in Professional Leadership recognizes endeavors
to promote collegiality within the ﬁeld of industrial organization as well as the
promotion of industrial organization within the larger discipline of economics
The complete Citation for this year’s award reads as follows:
The Industrial Organization Society’s Distinguished Fellow award is given
annually in recognition of excellence in Research, Education and Professional
Leadership in the ﬁeld of Industrial Organization. The Society is pleased to an-
nounce that this year’s recipient of the award is William G. Shepherd, whose work
in each of these three areas is at the highest level.
No brief statement can do justice to the breadth of his research, which includes
empirical studies of the determinants of seller concentration, what now appears as
seminal work emphasizing the importance of ﬁrm characteristics in determining
market performance, and early sounding of the claxon on exaggerated claims put
forward on behalf of the theory of contestable markets. Throughout, this body of
research (in the words he himself used with respect to the Industrial Organization
Society) promotes “the study of real competition in real markets. The focus is on
the many forms and processes of competition and market power, and on their ef-
fects on prices, efﬁciency, innovation, and on broader social values such as freedom
As for education, what student of industrial organization does not have on his
or her bookshelf copies of The Economics of Industrial Organization and Public