NYU Professor Johannes Stroebel Wins International Calvó Armengol Prize in Andorra

Johannes Stroebel, a professor of finance at New York University's Stern School of Business, received the ninth International Calvó Armengol Prize on Tuesday at the Congress Centre in Andorra la Vella. The award, presented by Head of Government Xavier Espot and supported by the Barcelona School of Economics, recognises Stroebel's pioneering research on how social connections, beliefs and interpersonal interactions shape economic and financial outcomes.

During the ceremony, Stroebel presented his work on "economic connectivity," which examines links between people from different socioeconomic backgrounds. His studies show that societies with stronger ties between rich and poor residents exhibit higher levels of economic mobility, giving those from lower-income families better chances to improve their circumstances over time. These relationships provide access to jobs, resources, information and expanded aspirations, such as awareness of higher education options, scholarships or career paths.

To measure these dynamics, Stroebel developed the Social Connection Index (SCI), a dataset drawn from Facebook connections that tracks social ties across regions. The tool has applications in areas including trade flows, investment decisions, urban planning and disease spread.

Stroebel highlighted factors that foster cross-class friendships, such as shared spaces like schools, universities, churches and community activities. However, he noted barriers including segregated private institutions and linguistic differences, which are particularly relevant in multilingual societies like Andorra. Simply sharing environments does not guarantee bonds, he said, pointing to the need for measures like school uniforms or structured interactions in early university days.

He praised the influence of Andorran economist Toni Calvó Armengol, after whom the biennial prize—worth €30,000 and aimed at economists or social scientists under 40—is named. Calvó Armengol, a professor at the Autonomous University of Barcelona and Barcelona School of Economics, died in 2007 at age 37. Stroebel called it "a true honour" to receive the award, noting how Calvó Armengol's theoretical work on social networks' economic effects has shaped his thinking and found strong empirical support.

Espot described the prize as a symbol of scientific excellence and knowledge in service of society, strengthening Andorra's ties to global academia. He praised Stroebel's research for revealing how human networks underpin economic models, aiding the creation of more cohesive, resilient and prosperous societies in a globalised world.

The jury included professors Antonio Cabrales (Carlos III University of Madrid), Melissa Dell (Harvard University), Benjamin Golub (Northwestern University) and Joan Llull (IAE-CSIC and Barcelona School of Economics).