Econometric Theory is proud to announce the winning article for the Tjalling C. Koopmans Econometric Theory Prize over the period 1994–1996 (inclusive). The prize is jointly supported by the publishers, Cambridge University Press, and Mrs. Truus Koopmans. It is named in honor of Tjalling C. Koopmans, the 1975 Nobel Laureate in Economic Science. The selection of the winning article was made by the Advisory Board of the Journal, and all articles published in Econometric Theory (1994–1996) were candidates for the prize, except those that were authored or coauthored by the Editor and members of the Advisory Board. The prize is accompanied by a financial award of $500 to each of the winning authors.