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Nobel Prize for Economics

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Nobel Prize for Economics

In 1968, the Bank of Sweden ( Sveriges Riksbank ) instituted the “Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel” in time for the bank’s tercentenary celebrations.

Nobel Prize Economics Laureates

Nobel Prize Economics Laureates

1969 : J. Tinbergen ( Netherlands ) R. Frisch ( Norway ).

1970 : P. A. Samuelson ( USA ).

1971 : S. Kuznets ( USA, Soviet Union ).

1972 : J. R. Hicks ( United Kingdom ) K. J. Arrow ( USA ).

1973 : W. Leontief ( USA ).

1974 : F. A. Hayek ( Austria, USA ) K. G. Myrdal ( Sweden ).

1975 : T. Koopmans ( USA ) L. Kantorovich ( Soviet Union ).

1976 : M. Friedman ( USA ).General Studies Question Bank CD

1977 : B. Ohlin ( Sweden ) J. Meade ( United Kingdom ).

1978 : H.A. Simon ( USA ).

1979 : T. W. Schultz ( USA ) A. Lewis ( United Kingdom ).

1980 : L. R. Klein ( USA ).

1981 : J. Tobin ( USA ).

1982 : G.J. Stigler ( USA ).

1983 : G. Debreu ( USA ).

1984 : Sir R. Stone ( United Kingdom ).

1985 : F. Modigliani ( Italy, USA ).

1986 : J. Buchanan ( USA ).

1987 : R. M. Solow ( USA ).

1988 : M. Allais ( France ).

1989 : T. Haavelmo ( Norway ).

1990 : H. Markowitz ( USA ) M. Miller ( USA ) W. Sharpe ( USA ).

1991 : Ronald H. Coase ( United Kingdom, USA ).

1992 : Gary S. Becker ( USA ).

1993 : Robert W. Fogel ( USA ) Douglass C. North ( USA ) Studies on the history of economics.

1994 : Reinhard Selten ( Germany ) John C. Harsanyi ( USA ) Analysis of the equilibrium in non – cooperative game theory John F. Nash ( USA ) Equilibrium theory.

1995 : Robert E. Lucas, Jr. ( USA, *1937 ) for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.

1996 : James A. Mirrlees ( United Kingdom, *1936 ) William Vickrey ( Canada, USA, 1914 – 1996 – 10 – 10 ) for their fundamental contributions to the economic theory of incentives under asymmetric information.

1997 : Robert C. Merton ( USA, *1944 ) Myron S. Scholes ( USA, *1941 ) for a new method to determine the value of derivatives.

1998 : Amartya Sen ( India/United Kingdom, *1933 ) for his contributions to welfare economics.

1999 : Robert A. Mundell ( USA, Canada, *1932 ) or his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas.

2000 : James J. Heckman ( USA, *1944 ) for his development of theory and methods for analyzing selective samples Daniel L. McFadden ( USA, *1937 ) for his development of theory and methods for analyzing discrete choice.

2001 : George A. Akerlof  ( USA, 1940 ),  A. Michael Spence ( USA, 1943 ) and Joseph E. Stiglitz ( USA, 1943 )for their analyses of markets with asymmetric information.

2002 : Daniel Kahneman ( Tel Aviv, Israel, 1934 )for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.

Vernon L. Smith  ( USA, 1927 ) or having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms.

2003 : Robert F. Engle ( USA, 1942 ) for methods of analyzing economic time series with time-varying volatility (ARCH).

Clive W.J. Granger ( United Kingdom, 1934 ) for methods of analyzing economic time series with common trends ( cointegration ).

2004 : Finn E. Kydland ( Norway, 1943 ) and Edward C. Prescott ( USA in 1940 ) for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.

2005 : Robert J. Aumann and Thomas C. Schelling for having enhanced our understanding of conflict and cooperation through game-theory analysis.

2006 : Edmund S. Phelps for his analysis of intertemporal tradeoffs in macroeconomic policy.

2007 : Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson for having laid the foundations of mechanism design theory .

2008 : Paul Krugman for his analysis of trade patterns and location of economic activity.

2009 : Elinor Ostrom ( USA, 1933 ) for her analysis of economic governance, especially the commons.

Oliver E. Williamson ( USA, 1932 )  for his analysis of economic governance, especially the boundaries of the firm.

2010 : Peter A. Diamond ( USA, 1940 ), Dale T. Mortensen ( USA, 1939 ) and Christopher A. Pissarides ( Cyprus, 1948 ) for their analysis of markets with search frictions.

2011 : Thomas J. Sargent ( USA, 1943) and Christopher A. Sims ( USA, 1942) for their empirical research on cause and effect in the macroeconomy.

2012 : Alvin E. Roth ( USA, 1951) and Lloyd S. Shapley ( USA, 1923) for the theory of stable allocations and the practice of market design.

2013 : Eugene F. Fama ( USA, 1939 ), Lars Peter Hansen ( USA, 1952 ) and Robert J. Shiller ( USA, 1946 ) for their empirical analysis of asset prices.


Nobel Prize Literature Articles and Nomination

Nobel Prize Literature Articles

Overview of the Memorial Prize in Economic Sciences by Assar Lindbeck Which criteria have guided the awards so far And what have been the main problems when selecting the laureates.

Nobel Prize Literature Nominations

1. Each year the respective committees send individual invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Nobel Prizes for the coming year. Those who are competent to submit nominations are chosen in such a way that as many countries and universities as possible will be represented.

2. These prize nominations must reach the respective Nobel Committees of the Prize Awarding Institutions before February 1 of the year for which the nomination is being made.

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3. The nominations received by each committee are then evaluated with the help of specially appointed experts. When the committees have made their selection among the nominated candidates and have presented their recommendations to the Prize Awarding Institutions, a vote is taken for the final choice of Laureates.

4. The choice of the year’s Laureates is announced immediately after the vote in October each year.

5. The prizes are awarded at the Prize Award Ceremony at the Concert Hall in Stockholm, Sweden, on December 10 ( the Anniversary of Alfred Nobel’s death ). The Nobel Peace Prize is awarded on the same day at the City Hall in Oslo, Norway.

The procedure to nominate candidates for the Nobel Prizes varies somewhat among the Prize Awarding Institutions. Excerpt from the statutes for the Prize in Economic Sciences in Memory of Alfred Nobel, established by the Bank of Sweden :

Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ( The Royal Swedish Academy of Sciences )

Invitations to nominate are sent to :

1. Swedish and foreign members of the Academy of Sciences;

2. Members of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences;

3. Recipients of the Prize in Economic Sciences;

4. Permanent professors in relevant subjects at the universities and colleges in Sweden, Denmark, Finland, Iceland and Norway;

5. Holders of corresponding chairs in at least six universities or colleges selected for the relevant year by the Academy of Sciences with a view to ensuring the appropriate distribution between different countries and their seats of learning; and

6. Other scientists whom the Academy may see fit to invite proposals.


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