The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge".According to the Chronicle of Higher Education, it "is widely regarded as one of the field’s most prestigious awards, perhaps second only to the Nobel in economic science."The award was made biennially until 2007, but is being awarded every year from 2009 because many deserving went unawarded.The committee cited economists such as Edward Glaeser and John A. List in campaigning that the award should be annual. Named after the American economist John Bates Clark (1847–1938), it is considered one of the two most prestigious awards in the field of economics, along with the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Following an average wait of 22 years, approximately 40% of past Medal winners have gone on to win the Bank of Sweden Prize in Economics, presented annually since 1969 at the Nobel Prize Award Ceremony in Stockholm. Moreover, 11 of the first 17 awardees (approximately 65%) went on to win the Nobel Prize Award.