ries , ▁Ba um ol ' s ▁sales ▁re venue ▁maxim ization ▁model ▁and ▁P ig ou ▁tax es . ▁His ▁research ▁on ▁environmental ▁econom ics ▁recognized ▁the ▁fundamental ▁role ▁of ▁non - con vex ities ▁in ▁causing ▁market ▁fail ures . ▁ ▁William ▁Ba um ol ▁also ▁contributed ▁to ▁the ▁transformation ▁of ▁the ▁field ▁of ▁fin ance , ▁and ▁published ▁contributions ▁to ▁the ▁areas ▁of ▁efficiency ▁of ▁capital ▁mark ets , ▁port folio ▁theory , ▁and ▁capital ▁budget ing . ▁ ▁Entre pr ene ur ship ▁The ▁place ▁of ▁the ▁dis rupt ive ▁innov ations ▁and ▁innov ative ▁entrepr ene urs ▁in ▁traditional ▁economic ▁theory ▁( which ▁describes ▁many ▁efficiency - based ▁r ati os ▁assuming ▁uniform ▁outputs ) ▁presents ▁the or etic ▁quand aries . ▁Ba um ol ▁contributed ▁greatly ▁to ▁this ▁area ▁of ▁economic ▁theory . ▁The ▁ 2 0 0 6 ▁Ann ual ▁Me et ings ▁of ▁the ▁American ▁Econom ic ▁Association ▁held ▁a ▁special ▁session ▁in ▁his ▁name , ▁and ▁hon oring ▁his ▁many ▁years ▁of ▁work ▁in ▁the ▁field ▁of ▁entrepr ene ur ship ▁and ▁innov ation , ▁where ▁ 1 2 ▁papers ▁on ▁entrepr ene ur ship ▁were ▁presented . ▁ ▁The ▁Ba um ol ▁Research ▁Centre ▁for ▁Entre pr ene ur ship ▁Studies ▁at ▁Z he ji ang ▁G ong sh ang ▁University ▁is ▁named ▁after ▁William ▁Ba um ol . ▁ ▁In ▁ 2 0 0 3 , ▁Ba um ol ▁received ▁the ▁Global ▁Award ▁for ▁Entre pr ene ur ship ▁Research ▁"[ f