Research Grants
Competition for grant money is quite fierce. Although UW-Madison is generally very successful in winning grants, nationally only one of every ten grant applications wins funding.

How is money from a grant spent?

How grant money is used is specified in each grant, but in general most goes to hire and pay a research team and fund the supplies necessary for the project. A portion of most grants is devoted to research overhead, which includes costs such as utilities and building maintenance and depreciation that the university incurs with research.

Internal Research Grants:

Our faculty are competitive for grants offered by various units within the university system. Rather than list these, we cite only the most competitive awards won by our faculty, the Vilas Associate Research Awards:
Vilas Associates, University of Wisconsin (Browne, Frees, Schmit, Young)

External Research Grants:

Our faculty have had substantial success in winning external research grants, especially given the small funding levels that are generally available for business research. We list below the awards that our faculty have served as a lead (principal) investigator, indicating their leadership role for these awards. Our faculty have been involved in many more grant activities (not listed here) in a support capacity.

Actuarial

Actuarial Education and Research Fund and the Society of Actuaries for 1993-1994, $10,000. Project Title: "Modeling Life and Health Insurance Operations with Solvency Considerations." (Frees)

Society of Actuaries, 1994, $4,500. Project Title: "Methodology to Deal with Dependencies in Multi-Life Risks." (Frees)

Actuarial Education and Research Fund, 1995, $17,176. Project Title: "Pricing Decisions in Insurance: A Fuzzy Logic Approach." (Young)

Actuarial Education and Research Fund and the Society of Actuaries, 1996, $5,000. Project Title: "Credibility Using A Loss Function From Spline Theory: Practical Considerations." (Young)

Society of Actuaries, 1996, $38,000. Project Title: "Economic and Market Predictors of Insolvencies in the Life Insurance Industry," (Browne, Hoyt and Carson)

Society of Actuaries, 1998, $15,000. Project Title: "Equity and Credibility." (Young and Promislow)

Society of Actuaries, 2001-2002, $22,000. Project Title: "Pension Plan Turnover." (Frees)

State and Federal Government

U. S. Bureau of the Census, 1989-1990, annual salary plus fringe benefits and computing (Frees)

National Science Foundation, 1991-1993, $45,000. Project Title: "Exploring Internal Migration and other applications of Residual-Based Statistics." (Frees)

Solid Waste Research Grant, 1995-1996, $15,000. Project Title: "An Enhanced Waste Stream Analysis Strategy." (Schmit)

Social Security Administration, 1995-1997, $103,687. Project Title: "Understand and Forecasting Nominal and Real Interest Rates." (Frees, Rosenberg and Young)

National Institute of Health, 1998-1999, $230,000. Project Title: "Prohibition on Health Insurance Underwriting: A Means of Making Health Insurance Available and Affordable or a Cause of Market Failure?" (Browne and Frees)

Wisconsin Coastal Management Program, Division of Energy and Intergovernmental Relations, 2000, $21,000. Project Title: "Probabilistic Risk Assessment Techniques for Great Lakes Coastal Erosion Exposures," (Schmit)

National Institute of Health, 2000-2001, $56,880. Project Title: Building a Bayesian Cost-effectiveness Analysis Case Study: A Bayesian Analysis of the CIDS. (Rosenberg and Frybeck)

National Cancer Institute / National Institute of Health, 2000-2004, $600,000 (for the entire project, Rosenberg is co-investigator for the Bayesian analysis). Project Title: Simulating Breast Cancer in Wisconsin."

National Science Foundation, 2001-2002, $75,000. Project Title: "Social Security and Statistical Prediction Problems." (Frees)