Nobel Prize in economics awarded to 3 U.S-based economists.
for economics for work on drawing conclusions from unintended experiments, or so-called"natural experiments."
The winners were David Card of the University of California at Berkeley; Joshua Angrist from the Massachusetts Institute of Technology; and Guido Imbens from Stanford University. The Royal Swedish Academy of Sciences said the three have “completely reshaped empirical work in the economic sciences.” The trio"provided us with new insights about the labor market and shown what conclusions about cause and effect can be drawn from natural experiments," according to the announcement."Their approach has spread to other fields and revolutionized empirical research."
Unlike the other Nobel prizes, the economics award wasn’t established in the will of Alfred Nobel but by the Swedish central bank in his memory in 1968, with the first winner selected a year later. It is the last prize announced each year.two Stanford University economists who tackled the tricky problem of making auctions run more efficientlyIt also created an endearing moment when one had to knock on the other’s door in the middle of the night to wake him up and tell him they had won.
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