Paul has been selected as the 2017 of the prize in Innovative Quantitative Applications awarded jointly by the CME Group and the Mathematical Sciences Research Institute. The award ceremony will take place on Feb 12, 2018, at the Merc in Chicago. According to the awarding organizations, "The CME Group-MSRI Prize is awarded to an individual or a group to recognize originality and innovation in the use of mathematical, statistical or computational methods for the study of the behavior of markets, and more broadly of economics."
The 10-person prize committee included five economics Nobel laureates, and further luster is added by the list of eleven previous winners, four of whom subsequently were awarded the Nobel prize in economics. The announcement and additional details can be found here.