Nobel Memorial Prize in Economic Sciences 141921 225313775 2008-07-13T01:18:55Z Brianmarx 1527963 hyperlinked "Alfred Nobel" The '''Nobel Memorial Prize in Economic Sciences''', officially named '''The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel''' ([[Swedish language|Swedish]]: ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''), is an award for outstanding contributions in the field of [[economics]] and is generally considered one of the most prestigious awards in that field.<ref name="EB-NP">{{cite web | title = Nobel Prize | publisher = [[Encyclopædia Britannica]] | date = 2007 | url = http://www.britannica.com/eb/article-9056008 | accessdate = 2007-11-14 | quote = An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of [[Alfred Nobel]], was established in 1968 by the Bank of Sweden and was first awarded in 1969. Although not technically a Nobel Prize, it is identified with the award; its winners are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.}}</ref> It is commonly referred to as the "Nobel Prize in Economics"<ref>John A. Hird. ''Power, Knowledge, and Politics''. (2005). Georgetown University Press. ISBN 1589010493 p.33</ref> and it is identified with the Nobel Prizes, although it is not one of the five [[Nobel Prize]]s (in [[Nobel Prize in Physics|Physics]], [[Nobel Prize in Chemistry|Chemistry]], [[Nobel Prize in Physiology or Medicine|Physiology or Medicine]], [[Nobel Prize in Literature|Literature]], and [[Nobel Peace Prize|Peace]]) which were established by the will of [[Alfred Nobel]] in 1895.<ref name="EB-NP"/><ref name="NF-short_will">{{cite web | title = Excerpt from the Will of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/alfred_nobel/will/short_testamente.html | accessdate = 2007-11-07 }}</ref><ref name="econ-nominators">{{cite web| title = Qualified Nominators – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel| publisher = [[The Nobel Foundation]]| url=http://nobelprize.org/nomination/economics/nominators.html| accessdate = 2007-10-18 | quote = The Prize in Economics is not a Nobel Prize.}}</ref><ref name="econ-q2007">{{cite web | title = Your Questions about The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | author = Peter Englund | authorlink = Peter Englund | url = http://nobelprize.org/prize_announcements/economics/eco_questions_07.html | accessdate = 2007-10-30 | quote = The Nobel Prizes are only those that are specifically mentioned in Alfred Nobel's will (Physics, Chemistry, Physiology or Medicine, Literature and Peace). The Economics Prize came much later and is a prize in memory of Alfred Nobel. In all relevant respects the committee understands and treats economics as a field of science.}}</ref><ref name="nasar">{{cite book | author = Sylvia Nasar | authorlink = Sylvia Nasar | title = [[A Beautiful Mind (book)|A Beautiful Mind]] | publisher = [[Simon & Schuster]] | date = 1998 | location = New York | pages = 358 | isbn = 0-684-81906-6 | quote = It is, in fact, not a Nobel Prize, but rather 'The Central Bank of Sweden [Sveriges Riksbank] Prize in Economic Science[s] in Memory of Alfred Nobel.'}}</ref> The Prize in Economics, as it is frequently referred to by the [[Nobel Foundation]], is a prize established and funded by the [[Bank of Sweden]], in memory of Alfred Nobel. It was instituted in [[1968]] on the 300th anniversary of [[Sveriges Riksbank]] (the [[central bank]] of [[Sweden]], sometimes called the Bank of Sweden or the Swedish National Bank).<ref name="EB-NP"/><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[Sveriges Riksbank]] | url = http://www.riksbank.com/templates/Page.aspx?id=20286 | accessdate = 2007-11-07 | quote = Sveriges Riksbank’s Prize in Economic Sciences in Memory of Alfred Nobel was established in connection with the Riksbank’s 300th anniversary in 1968.}}</ref><ref name="NF-prizes">{{cite web | title = The Nobel Prize | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.}}</ref><ref name="bank-estab">{{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/ | accessdate = 2007-11-07 | quote = In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize. The first Prize in Economics was awarded to Ragnar Frisch and Jan Tinbergen in 1969}}</ref> It was first awarded in 1969 to the Dutch and Norwegian economists [[Jan Tinbergen]] and [[Ragnar Frisch]], "for having developed and applied dynamic models for the analysis of economic processes."<ref name="bank-estab" /><ref name=Tinbergen>[http://www.britannica.com/ebc/article-9380801 "Jan Tinbergen"] (2007), in ''[[Encyclopædia Britannica]]'', accessed [[November 16]], [[2007]], from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9380801></nowiki>.</ref><ref name=Frisch>[http://www.britannica.com/ebc/article-9364984 "Ragnar Frisch"] (2007), in ''[[Encyclopædia Britannica]]'', accessed [[November 16]], [[2007]], from ''Encyclopædia Britannica Online'': <nowiki><http://www.britannica.com/eb/article-9364984></nowiki>.</ref> Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the [[Royal Swedish Academy of Sciences]].<ref name="statutes-econ"/><ref name=nomaw>[http://www.kva.se/KVA_Root/eng/awards/nobel/economy/nomination.asp "Nominating and Awarding"], in "Prize in Economic Sciences", ''[[Royal Swedish Academy of Sciences]]'', accessed [[November 17]], [[2007]].</ref> ==Funding of the Prize== An endowment "in perpetuity" from Sveriges Riksbank covers the [[Nobel Foundation]]'s administrative expenses associated with the prize and funds the monetary component of the award.<ref name="statutes-econ">{{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobelfoundation/statutes-eco.html | accessdate = 2007-11-16 | quote = In celebration of the Tercentenary of [[Sveriges Riksbank]], the Bank has instituted a prize in economic sciences in memory of Alfred Nobel. ... The Prize shall be awarded annually to a person who has written a work on economic sciences of the eminent significance expressed in the will of [[Alfred Nobel]] drawn up on [[November 27]], [[1895]]. ... The Prize shall be awarded by the [[Royal Academy of Sciences]] in accordance with the rules governing the award of the [[Nobel Prize]]s instituted through his will.}}</ref> Since 2001, the monetary portion of the Prize in Economics has been 10&nbsp;million [[Swedish krona|Swedish kronor]] (in January 2008, approx. [[US dollar|US$]]1.6&nbsp;million; 1.1&nbsp;million [[Euro]]), equivalent to the amount given for the Nobel Prizes.<ref name="econ-cash">{{cite web | title = The Prize Amount | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobel_prizes/economics/amount.html | accessdate = 2007-11-17}}</ref><ref name=Lindbeck>[[Assar Lindbeck]], [http://nobelprize.org/nobel_prizes/economics/articles/lindbeck/index.html "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969-2006"], ''nobelprize.org'', [[April 18]], [[1999]], accessed [[November 11]], [[2007]].</ref><ref name=RSAS>[http://www.kva.se/KVA_Root/eng/_news/detail.asp?NewsId=988 "The Prize in Economic Sciences 2007"], press release, [[Royal Swedish Academy of Sciences]], [[October 15]], [[2007]], accessed [[November 16]], [[2007]].</ref> Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. [[US$]]1&nbsp;million; 0.7 million&nbsp;[[Euro]]) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize on the Nobel Foundation's internet museum.<ref name="bank-2006report">{{cite web | title = Framställning till riksdagen 2006/07: RB1, Årsredovisning för Sveriges riksbank för räkenskapsåret 2006 | publisher = [[Sveriges Riksbank]] | date = 2007-02-08 | url = http://www.riksbank.com/pagefolders/29118/arsred_rakenskapsaret_2006.pdf#page=92 | format = PDF | accessdate = 2008-01-08 | quote = I posten ekonomipris ingår prissumman om 10 miljoner kronor samt administrationskostnader för detta pris om 6,5 miljoner kronor. Dessutom har bidrag givits till det interaktiva Internetmuseum som Nobelstiftelsen byggt upp. Bidraget avser täckande av kostnaden för information om ekonomipriset. Bidraget ska enligt avtal utbetalas årligen med 1 miljon kronor till och med 2008. }}</ref> ==Relation to the Nobel Prize== The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not a Nobel Prize <ref name="econ-nominators" />. However, the nomination process, selection criteria, and awards presentation are done in a manner similar to the Nobel Prizes.<ref name="statutes-econ" /><ref name=Lindbeck /><ref name=Prize>[http://www.kva.se/KVA_Root/eng/awards/nobel/economy/index.asp "Prize in Economic Sciences"], ''[[Royal Swedish Academy of Sciences]]'', accessed [[November 17]], [[2007]].</ref> The Prize in Economic Sciences is awarded by the [[Royal Swedish Academy of Sciences]] "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",<ref name="statutes-econ"/> which stipulates that the prize is awarded annually to "those who ... shall have conferred the greatest benefit on mankind."<ref name="NF-short_will">{{cite web | title = Excerpt from the Will of Alfred Nobel | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/alfred_nobel/will/short_testamente.html | accessdate = 2007-11-07}}</ref> ==Award nomination and selection process== The [[Royal Swedish Academy of Sciences]] "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the [[Nobel Prize]]s in Physics and Chemistry, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the [[Crafoord Prize]] and a number of other large prizes" (official website).<ref name=nomaw/> Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."<ref name=nomaw/><ref name="statutes-econ"> {{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobelfoundation/statutes-eco.html | accessdate = 2007-10-18 }}</ref><ref name="selectionProcess"> {{cite web | title = Nomination and Selection of the Laureates in Economics | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nomination/economics/process.html | accessdate = 2007-10-18}}</ref> All proposals and their supporting evidence must be received before February 1.<ref name="selectionProcess"> {{cite web | title = Nomination and Selection of the Laureates in Economics | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nomination/economics/process.html | accessdate = 2007-10-18 }}</ref> The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next Prize in Economics Laureate(s).<ref name="statutes-econ"> {{cite web | title = Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968 | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nobelfoundation/statutes-eco.html | accessdate = 2007-10-18 }}</ref><ref name=nomaw/><ref name="kva-members"> {{cite web | title = Members | publisher = [[Royal Swedish Academy of Sciences]] | url = http://www.kva.se/KVA_Root/eng/about/members/index.asp?br=ns&ver=6up | accessdate = 2007-10-18 }}</ref> As with the Nobel Prizes, no more than three people can share the prize for a given year, they must still be living at the time of the Prize announcement in October, and information about Prize nominations cannot be publicly disclosed for 50 years.<ref name="selectionProcess"> {{cite web | title = Nomination and Selection of the Laureates in Economics | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/nomination/economics/process.html | accessdate = 2007-10-18 }}</ref> With the Nobel Laureates in [[Nobel Prize in Physics|Physics]], [[Nobel Prize in Chemistry|Chemistry]], [[Nobel Prize in Physiology or Medicine|Physiology or Medicine]], and [[Nobel Prize in Literature|Literature]], the each Laureate in Economics receives a diploma, gold medal, and monetary grant award document from the [[Monarch of Sweden|King of Sweden]] at the annual Nobel Prize Award Ceremony in [[Stockholm]], on [[December 10]]&mdash;the anniversary of Nobel's death.<ref name="EB-NP"/><ref name="NF-ceremonies">{{cite web | title = The Nobel Prize Award Ceremonies and Banquets | publisher = [[The Nobel Foundation]] | url = http://nobelprize.org/award_ceremonies/history.html | accessdate = 2007-11-07}}</ref> On [[October 15]], [[2007]] the Royal Swedish Academy of Sciences, the Bank of Sweden, and the Nobel Foundation announced the Academy's award of the Prize in Economic Sciences to three [[United States|Americans]], [[Leonid Hurwicz]], [[Eric Maskin]], and [[Roger Myerson]], "for having laid the foundations of [[Mechanism design|mechanism design theory]]. [Their work] has among other things helped economists identify efficient trading mechanisms, regulation schemes and voting procedures."<ref name=RSAS/> ==Changes to the prize== [[Sylvia Nasar]] wrote in her book ''[[A Beautiful Mind (book)|A Beautiful Mind]]'' that in February 1995, after acrimony pertaining to the awarding of the 1994 Prize in Economics to [[John Forbes Nash]], the Prize in Economics was redefined as a prize in social science, opening it to fields such as political science, psychology, and sociology.<ref name="nasar-372">{{cite book | author = Sylvia Nasar | authorlink = Sylvia Nasar | title = [[A Beautiful Mind (book)|A Beautiful Mind]] | publisher = [[Simon & Schuster]] | date = 1998 | location = New York | pages = 372 | isbn = 0-684-81906-6 }}</ref><ref name=Brittan>Samuel Brittan, [http://www.samuelbrittan.co.uk/text172_p.html "The Not So Nobel Nobel Prize"], ''[[The Financial Times]]'', [[December 19]], [[2003]], accessed [[November 10]], [[2007]].</ref> Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee contradict Nasar's claim since the secretary and 4 of the 5 members are professors of economics.<ref name="NobelPrize-EconCommittee">{{cite web | title = The Economics Prize Committee | publisher = [[Nobel Foundation]] | url = http://nobelprize.org/prize_awarders/economics/committee.html | accessdate = 2008-01-08}} </ref> One should note, however, that [[Herbert Simon]] was the first non-economist to win the prize in 1978 (his PhD was in political science, though his influence on economics is well-known). == Controversies and criticisms == Some critics argue that the prestige of the Prize in Economics derives in part from its association with the [[Nobel Prize]]s, an association that has often been a source of controversy. Among the most vocal critics of the Prize in Economics is the Swedish human rights lawyer [[Peter Nobel]], a great-grandnephew of [[Alfred Nobel]].<ref>{{cite news | author= | title=Nobel descendant slams Economics prize | url=http://www.thelocal.se/2173/20050928/ | work=[[The Local]] | date=28 Sept 2005 | accessdate=2007-08-31}}</ref> Swedish economist [[Gunnar Myrdal]] and former Swedish minister of finance [[Kjell-Olof Feldt]] have also advocated that the Prize in Economics should be abolished.<ref name=notnobel>{{cite news | first=Samuel | last=Brittan | title=The not so noble Nobel Prize | url=http://www.samuelbrittan.co.uk/text172_p.html | publisher=[[The Financial Times]] | date=19 December 2003 | accessdate=2007-08-31}}</ref> Myrdal's objections were based on his view that the 1976 Prize in Economics to [[Milton Friedman]] and the 1974 Prize in Economics shared by [[Friedrich Hayek]] (both classical liberal economists) were undeserved, on the argument that the [[economics]] did not qualify as a science. If he had been asked about the establishment of the Prize before receiving it, Hayek stated that he would "have decidedly advised against it."<ref name=notnobel/><ref>{{cite web | last = Hayek | first = Friedrich | authorlink = Friedrich Hayek | title = Friedrich August von Hayek - Banquet Speech | publisher = [[Nobel Foundation]] | date = 1974-12-10 | url = http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html | accessdate = 2007-11-01}}</ref> Some critics claim the selection of recipients for the Prize in Economics is biased toward [[mainstream economics]].<ref name=Nasar>{{cite news | first = Sylvia | last = Nasar | title=The Sometimes Dismal Nobel Prize in Economics | url=http://www.unifr.ch/econophysics/comments/13PRIZ.html | publisher=[[New York Times]] | date=October 13 2001 | accessdate=2007-10-18}}</ref><ref name=Millmow>{{cite news | first=Alex| last=Millmow | title=An IgNobel Scandal | url=http://www.paecon.net/PAEReview/wholeissues/issue13.htm | publisher=Post-Autistic Economics Review | date=May 2 2002 | accessdate=2007-10-18}}</ref> The Department of Economics at the [[University of Chicago]] has garnered nine of these Prizes&mdash;more than any other university&mdash;leading some critics <!--specifically who?--> to opine that such an outcome demonstrates either a bias, or the appearance of one, against candidates with alternative views.<ref name="Millmow" /> [[Milton Friedman]] was awarded the [[1976]] prize for his work on [[monetarism]]. The prize to Friedman caused international protests,<ref name="Feldman-p350">{{cite book | first = Burton | last = Feldman | title = The Nobel Prize: A History of Genius, Controversy, and Prestige | chapter = Chapter 9: The Economics Memorial Prize | publisher = [[Arcade Publishing]] | date = 2000 | location = New York | page = 350 | isbn = 1-55970-537-X}}</ref> primarily in relation to a six-day trip he took to [[Chile]] in March 1975 where he gave lectures on inflation and met with many Chilean government officials, including the dictator [[Augusto Pinochet]].<ref name="HooverDigest-1998-4">{{cite journal | url = http://www.hoover.org/publications/digest/3540561.html | title = Two Lucky People: One Week in Stockholm | last = Friedman | first = Milton | last2 = Friedman | first2 = Rose D. | journal = Hoover Digest: Research and Opinion on Public Policy | volume = 1998 | issue = 4}}</ref> Four Nobel Prize laureates – [[George Wald]], [[Linus Pauling]], [[David Baltimore]] and [[Salvador Luria]] – wrote letters to the [[New York Times]] protesting the award in October 1976.<ref name="NYT-WaldPauling">{{cite news | first = George | last = Wald | author-link = George Wald | first2 = Linus | last2 = Pauling | author2-link = Linus Pauling | title = Letters to the Editor: The Laureate | publisher = [[New York Times]] | pages = 166 | year = 1976 | date = 1976-10-24}}</ref><ref name="NYT-BaltimoreLuria">{{cite news | first = David | last = Baltimore | author-link = David Baltimore | first2 = S. E. | last2 = Luria | author2-link = S. E. Luria | title = Letters to the Editor: The Laureate | publisher = [[New York Times]] | pages = 166 | year = 1976 | date = 1976-10-24}}</ref> The 1994 prize to [[John Forbes Nash]] caused controversy within the prize's selection committee because of his history of [[schizophrenia|mental illness]].<ref name="nasar-ch48">{{cite book | first = Sylvia | last = Nasar | authorlink = Sylvia Nasar | title = [[A Beautiful Mind (book)|A Beautiful Mind]] | chapter = The Prize | publisher = [[Simon & Schuster]] | date = 1998 | location = New York | pages = 356-373 | isbn = 0-684-81906-6}}</ref> The controversy resulted in a change to the rules governing the committee in 1994: while Economics Prize Committee members had no term limit, they now serve for three years.<ref name="nasar-372" /> [[Nassim Taleb]] criticises the Prize for promoting economic theories based on a misunderstanding of risk. He points to the 1990 Prize in Economics, awarded to [[William Forsyth Sharpe|William Sharpe]] and [[Harry Markowitz]] for theories that, Taleb says, had already been undermined by the [[Black Monday (1987)|stock market crash of 1987]]; the 1997 Prize, awarded to [[Robert C. Merton]] and [[Myron Scholes]] for their option pricing formula; and the 2003 Prize, awarded to [[Robert F. Engle]] for his "ARCH" method of prediction of volatility, which Taleb says underperforms relative to volatility forecasts made by ordinary traders.<ref>{{cite news | first = Nassim Nicholas | last = Taleb | authorlink=Nassim Taleb | url=http://www.ft.com/cms/s/0/4eb6ae86-8166-11dc-a351-0000779fd2ac.html | title=The pseudo-science hurting markets | publisher=[[The Financial Times]] | date=[[2007-10-23]]}}</ref> ==Alternative names== The official Swedish name of the Prize is ''Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne''. The Nobel Foundation's translations of the Swedish name into English have varied since 1969: {| class="wikitable" |- ! Years ! Official name in English |- | 1969–1970 | Prize in Economic Science dedicated to the memory of Alfred Nobel<ref> {{cite web | first = Erik | last = Lundberg | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech | publisher = [[Nobel Foundation]] | date = [[1969-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | first = Assar | last = Lindbeck | authorlink = Assar Lindbeck | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech | publisher = [[Nobel Foundation]] | date = [[1970-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/press.html | accessdate = 2007-10-17 }}</ref> |- | 1971 | Prize in Economic Science<ref> {{cite web | first = Bertil | last = Ohlin | authorlink = Bertil Ohlin | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech | publisher = [[Nobel Foundation]] | date = [[1971-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1971/press.html | accessdate = 2007-10-17 }}</ref> |- | 1972 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release | publisher = [[Nobel Foundation]] | date = [[1972-10-25]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1972/press.html | accessdate = 2007-10-17 }}</ref> |- | 1973–1975 | Prize in Economic Science in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release | publisher = [[Nobel Foundation]] | date = [[1973-10-18]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1973/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975: Press Release | publisher = [[Nobel Foundation]] | date = [[1975-10-14]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1975/press.html | accessdate = 2007-10-17 }}</ref> |- | 1976–1977, 1983 | Prize in Economic Sciences in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976: Press Release | publisher = [[Nobel Foundation]] | date = [[1976-10-14]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1976/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release | publisher = [[Nobel Foundation]] | date = [[1977-10-14]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1977/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release | publisher = [[Nobel Foundation]] | date = [[1983-10-17]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1983/press.html | accessdate = 2007-10-17 }}</ref> |- | 1978–1981, 1984–1990 | Alfred Nobel Memorial Prize in Economic Sciences<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release | publisher = [[Nobel Foundation]] | date = [[1978-10-16]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1978/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981: Press Release | publisher = [[Nobel Foundation]] | date = [[1981-10-13]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1981/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release | publisher = [[Nobel Foundation]] | date = [[1984-10-18]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1984/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release | publisher = [[Nobel Foundation]] | date = [[1990-10-16]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1990/press.html | accessdate = 2007-10-17 }}</ref> |- | 1982 | Alfred Nobel Memorial Prize in Economic Science<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release | publisher = [[Nobel Foundation]] | date = [[1982-10-20]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1982/press.html | accessdate = 2007-10-17 }}</ref> |- | 1991 | Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release | publisher = [[Nobel Foundation]] | date = [[1991-10-15]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1991/press.html | accessdate = 2007-10-17 }}</ref> |- | 1992–2005 | Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release | publisher = [[Nobel Foundation]] | date = [[1992-10-13]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1992/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release | publisher = [[Nobel Foundation]] | date = [[2005-10-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/2005/press.html | accessdate = 2007-10-17 }}</ref> |- | 2006–present | The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel<ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release | publisher = [[Nobel Foundation]] | date = [[2006-10-09]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/press.html | accessdate = 2007-10-17 }}</ref><ref> {{cite web | title = The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release | publisher = [[Nobel Foundation]] | date = [[2007-10-15]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/2007/press.html | accessdate = 2007-10-17 }}</ref> |} During the Nobel Banquet, many laureates have referred to the prize as something other than the "Prize in Economics": {| class="wikitable" |- ! Year: Laureate ! Laureate's name for the prize |- | 1969: [[Jan Tinbergen]]<ref> {{cite web | first = Jan | last = Tinbergen | authorlink = Jan Tinbergen | title = Jan Tinbergen: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1969-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1969/tinbergen-speech.html | accessdate = 2007-10-16 }}</ref> | Alfred Nobel Memorial Prize for Economics |- | 1970: [[Paul A. Samuelson]]<ref> {{cite web | first = Paul A. | last = Samuelson | authorlink = Paul A. Samuelson | title = Paul A. Samuelson: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1970-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html | accessdate = 2007-10-16 }}</ref> | Alfred Nobel Memorial Awards in Economics |- | 1971: [[Simon Kuznets]],<ref> {{cite web | first = Simon | last = Kuznets | authorlink = Simon Kuznets | title = Simon Kuznets: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1971-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-speech.html | accessdate = 2007-10-16 }}</ref><br /> 1994: [[John C. Harsanyi]]<ref> {{cite web | first = John C. | last = Harsanyi | authorlink = John C. Harsanyi | title = John C. Harsanyi: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1994-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1994/harsanyi-speech.html | accessdate = 2007-10-16 }}</ref> | Nobel Memorial Prize |- | 1974: [[Friedrich August von Hayek]]<ref> {{cite web | first = Friedrich August | last = von Hayek | authorlink = Friedrich August von Hayek | title = Friedrich August von Hayek: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1974-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html | accessdate = 2007-10-16 }}</ref> | Nobel Memorial Prize for economic science |- | 1975: [[Tjalling C. Koopmans]]<ref> {{cite web | first = Tjalling C. | last = Koopmans | authorlink = Tjalling C. Koopmans | title = Tjalling C. Koopmans: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1975-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1975/koopmans-speech.html | accessdate = 2007-10-16 }}</ref> | award for economics |- | 1976: [[Milton Friedman]],<ref> {{cite web | first = Milton | last = Friedman | authorlink = Milton Friedman | title = Milton Friedman: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1976-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-speech.html | accessdate = 2007-10-16 }}</ref><br /> 1981: [[James Tobin]]<ref> {{cite web | first = James | last = Tobin | authorlink = James Tobin | title = James Tobin: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1981-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1981/tobin-speech.html | accessdate = 2007-10-16 }}</ref>,<br /> 2006: [[Edmund S. Phelps]]<ref> {{cite web | first = Edmund S. | last = Phelps | authorlink = Edmund S. Phelps | title = Edmund S. Phelps: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[2006-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/2006/phelps-speech.html | accessdate = 2007-10-16 }}</ref> | Prize in Economic Sciences in Memory of Alfred Nobel |- | 1979: [[Theodore W. Schultz]],<ref> {{cite web | first = Theodore W. | last = Schultz | authorlink = Theodore W. Schultz | title = Theodore W. Schultz: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1979-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1979/schultz-speech.html | accessdate = 2007-10-16 }}</ref><br /> 1995: [[Robert E. Lucas|Robert E. Lucas Jr.]],<ref> {{cite web | first = Robert E. | last = Lucas Jr. | authorlink = Robert E. Lucas | title = Robert E. Lucas Jr.: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1995-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1995/lucas-speech.html | accessdate = 2007-10-16 }}</ref> | Nobel Prize in Economics |- | 1988: [[Maurice Allais]]<ref> {{cite web | first = Maurice | last = Allais | authorlink = Maurice Allais | title = Maurice Allais: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1988-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1988/allais-speech.html | accessdate = 2007-10-16 }}</ref> | Prix Nobel d'Economie (French for Nobel Prize in Economics) |- | 1981: [[Lawrence R. Klein]]<ref> {{cite web | first = Lawrence R. | last = Klein | authorlink = Lawrence R. Klein | title = Lawrence R. Klein: Banquet Speech | publisher = [[Nobel Foundation]] | date = [[1980-12-10]] | url = http://nobelprize.org/nobel_prizes/economics/laureates/1980/klein-speech.html | accessdate = 2007-10-16 }}</ref> | Prize in Economic Science |} While some sources observe that the Prize in Economic Sciences in Memory of Alfred Nobel is commonly referred to informally as the "Nobel Prize in Economics," the press and other agencies have also called it by other names: * Nobel Memorial Prize in Economic Sciences<ref> {{cite news | author = Associated Press | authorlink = Associated Press | title = Recent winners of the Nobel Memorial Prize in economics | publisher = [[Star Tribune]] | date = [[2007-10-15]] | url = http://www.startribune.com/484/story/1485045.html | accessdate = 2007-10-16 }}</ref> * Nobel Memorial Prize in Economic Science<ref> {{cite news | last = Prokesch | first = Steven | title = Norwegian Wins Nobel For His Work in Economics | publisher = [[New York Times]] | date = [[1989-10-12]] | url = http://query.nytimes.com/gst/fullpage.html?res=950DE3D81F3FF931A25753C1A96F948260&n=Top/News/Science/Topics/Nobel%20Prizes | accessdate = 2007-11-10 }}</ref> * Nobel Memorial Prize in Economics<ref> {{cite news | first = Neil | last = Tickner | title = University of Maryland Economist Wins Nobel Memorial Prize in Economics | publisher = [[University of Maryland, College Park|University of Maryland]] | date = [[2005-10-10]] | url = http://www.newsdesk.umd.edu/sociss/release.cfm?ArticleID=1145 | accessdate = 2007-10-16 }}</ref><ref> {{cite web | title = The 2003 Nobel Memorial Prize in Economics: Analyzing Data with Irregular Trends and Volatility | publisher = [[National Science Foundation]] | date = [[2004-12-23]] | url = http://www.nsf.gov/discoveries/disc_summ.jsp?cntn_id=100645 | accessdate = 2007-10-16 }}</ref> * Nobel Memorial Prize<ref> {{cite journal | author = Joshua Gans | last = Gans | first = Joshua | authorlink = Joshua Gans | title = Susan Athey Awarded John Bates Clark Medal | journal = Stanford Business Magazine | publisher = [[Stanford Graduate School of Business]] | date = August 2007 | url = http://www.gsb.stanford.edu/news/bmag/sbsm0708/kn-athey.html | accessdate = 2007-11-08 }}</ref> == Economics Prize Committee members == {| class="wikitable" |+ Economics Prize Committee members from 1969-1984<ref name="Lindbeck-1985">{{cite journal | first = Assar | last = Lindbeck | authorlink = Assar Lindbeck | title = The Prize in Economic Science in Memory of Alfred Nobel | journal = Journal of Economic Literature | volume = 23 | issue = 1 | pages = 37–56 | date = March 1985 | url = http://links.jstor.org/sici?sici=0022-0515(198503)23:1%3C37:TPIESI%3E2.0.CO;2-1 | accessdate = 2008-01-08 | month = Mar | year = 1985 }}</ref> |- ! Name ! Years ! Affiliation |- | [[Bertil Ohlin]] | Chairman 1969-1974 | [[Stockholm School of Economics]] |- | [[Erik Lundberg]] | 1969-1979<br /> Chairman 1975-1979<br /> Associate member 1980-<br /> | [[Stockholm School of Economics]] |- | [[Ingvar Svennilson]] | 1969-1971 | [[University of Stockholm]] |- | [[Herman Wold]] | 1969-1980 | [[University of Uppsala]]<br /> [[University of Gothenburg]] |- | [[Assar Lindbeck]] | 1969-1994<br /> Chairman 1980-1994<ref>{{cite journal | last = Gylfason | first = Thorvaldur | title = An Interview with Assar Lindbeck | journal = Macroeconomic Dynamics | volume = 10 | issue = 1 | pages = 101–130 | date = 2005-01-27 | year = 2006 | doi = 10.1017.S1365100505050029 | url = http://www.iies.su.se/~assar/Links/GylfasonMacroecDynamics.pdf | doi_brokendate = 2008-06-26 }}</ref> | [[University of Stockholm]] |- | [[Ragnar Bentzel]] | 1975-1990<br /> Secretary 1969-1980, 1982- | [[University of Uppsala]] |- | [[Sune Carlson]] | 1972-1979<br /> Associate member 1980- | [[University of Uppsala]] |- | [[Lars Werin]] | 1980-<br /> Secretary 1981<br /> Associate member 1975-1979 | [[University of Stockholm]] |- | [[Ingemar Ståhl]] | 1980- | [[University of Lund]] |- | [[Karl-Göran Mäler]] | 1981- | [[Stockholm School of Economics]] |} {| class="wikitable" |+ Economics Prize Committee members from 1998-2008<ref>{{cite web | title = The Economics Prize Committee: The Economics Prize Committee 2006 | publisher = [[Nobel Foundation]] | url = http://nobelprize.org/prize_awarders/economics/committee.html | archiveurl = http://web.archive.org/web/20061223113503/http://nobelprize.org/prize_awarders/economics/committee.html | archivedate = 2006-12-23 | accessdate = 2008-01-08 }}</ref><ref>{{cite web | title = The Economics Prize Committee: The Economics Prize Committee 2007 | publisher = [[Nobel Foundation]] | url = http://nobelprize.org/prize_awarders/economics/committee.html | accessdate = 2008-01-08 }}</ref><ref>{{cite web | title = Kommittén för priset i ekonomisk vetenskap till Alfred Nobels minne | publisher = [[Royal Swedish Academy of Sciences]] | url = http://www.kva.se/KVA_Root/swe/contact/commprize/Nobel_economics.asp?br=ns&ver=6up | accessdate = 2008-01-09 | language = Swedish }}</ref> |- ! Name ! Years ! Affiliation |- | [[Jörgen Weibull]] | 1998–2007 Chairman 2004–2007<ref>{{cite news | last = Jönsson | first = Peter | title = Jörgen Weibull: Har delat ut sitt sista pris | language = Swedish | publisher = Ekonominyheterna.se | date = 2007-12-17 | url = http://ekonominyheterna.se/(RoxenUserID=fc692dc0a8bcd765161126334431aac9)/va/magasin/2007/50/jorgen-weibull/index.xml | accessdate = 2008-01-09 }}</ref> | A.O. Wallenberg Professor of Economics<br />[[Stockholm School of Economics]] |- | [[Peter Englund (economist)|Peter Englund]] | 1993–1995<br /> Secretary 1996–1997, 2002–<ref>{{cite web | url = http://www.hhs.se/NR/rdonlyres/642FF432-752D-4219-B7DD-D8B2426E90DD/0/PeterEnglundCv.pdf | title = Peter Englund: Curriculum Vitae | publisher = [[Stockholm School of Economics]] | accessdate = 2008-01-09 }}</ref> | Professor of Banking and Insurance<br />[[Stockholm School of Economics]] |- | [[Lars Calmfors]] | 1996–1998, 2003–2007<ref>{{cite web | url = http://www.iies.su.se/~lcalmfor/position.htm | title = Lars Calmfors: Positions and exams | publisher = [[Stockholm University]] | accessdate = 2008-01-09 }}</ref> | Professor of International Economics<br />[[Stockholm University]] |- | [[Bertil Näslund]] | 1999<ref>{{cite web | url = http://www.minneapolisfed.org/pubs/region/99-09/nobel.cfm | title = The Beauty (Pageant?) of Economics | publisher = [[Federal Reserve Bank of Minneapolis]] | accessdate = 2008-01-16 }}</ref> | Professor<br />[[Stockholm School of Economics]] |- | [[Per Krusell]] | 2003– Adjunct member 2003–2004<ref>{{cite web | url = http://www.princeton.edu/~pkrusell/cv/cvshortnew11-29-07.pdf | format = PDF | title = PER KRUSELL | publisher = [[Princeton University]] | accessdate = 2008-01-09 }}</ref> | Professor of Economics<br />[[Princeton University]] |- | [[Karl-Gustaf Löfgren]] | 2002?– | Professor of Economics<br />[[Umeå University]] |- | [[Timo Tiräsvirta]] | 2003?- | Professor of Economic Statistics (emeritus)<br />[[Stockholm School of Economics]]<br /> Professor of Econometrics<br /> School of Economics and Management, [[University of Aarhus]]<ref>{{cite web | url = http://www.econ.au.dk/AfN/Faculty/terasvirtat.htm | publisher = School of Economics and Management, [[University of Aarhus]] | title = Timo Teräsvirta | accessdate = 2008-01-09 }}</ref> |- | [[Bertil Holmlund]] | Adjunct member 1998-2001, 2005-2006<br /> Chairman 2008<ref>{{cite web | url = http://www.nek.uu.se/faculty/holmlund/CV%20Dec%2007.pdf | title = Bertil Holmlund: Curriculum Vitae | publisher = Department of Economics, [[Stockholm University]] | accessdate = 2008-01-09 }}</ref> | Professor of Economics<br /> [[Uppsala University]] |} == Laureates== The following chart lists all Laureates in Economics, the dates of their awards, their nationalities, and their award citations.<ref>{{cite web | author= | title=All Laureates in Economics | url=http://nobelprize.org/nobel_prizes/economics/laureates/index.html | publisher=the Nobel Foundation | date=2007 | accessdate=2007-09-25}}</ref> {| class="wikitable sortable" |- bgcolor="#cccccc" !Year !Name ![[Nationality]] !Citations |- |rowspan = 2 | 1969 |style="width:20%" |[[Ragnar Anton Kittil Frisch|Ragnar Frisch]] | style="width:20%" |{{NOR}} |rowspan = 2 | "for having developed and applied dynamic models for the analysis of economic processes." |- |[[Jan Tinbergen]] |{{NED}} |- | 1970 | [[Paul Samuelson]] | {{USA}} | "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science." |- | 1971 | [[Simon Kuznets]] | {{USA}} | "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development." |- |rowspan = 2 | 1972 | [[John Hicks]] | {{UK}} |rowspan = 2 | "for their pioneering contributions to [[general equilibrium|general economic equilibrium theory]] and welfare theory." |- |[[Kenneth Arrow]] |{{USA}} |- |1973 | [[Wassily Leontief]] | {{USA}} | "for the development of the input-output method and for its application to important economic problems." |- |rowspan = 2 | 1974 | [[Gunnar Myrdal]] | {{SWE}} |rowspan = 2 | "for their pioneering work in the [[Monetary policy|theory of money]] and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena." |- |[[Friedrich Hayek]] |{{AUT}} |- |rowspan = 2 | 1975 | [[Leonid Kantorovich]] <br /> (Леонид Канторович) | {{flag|USSR|1955}} |rowspan = 2 | "for their contributions to the theory of [[Pareto efficiency|optimum allocation]] of resources." |- |[[Tjalling Koopmans]] | {{USA}} |- | 1976 | [[Milton Friedman]] | {{USA}} | "for his achievements in the fields of [[Consumption (economics)|consumption]] analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy." |- |rowspan = 2 | 1977 | [[Bertil Ohlin]] | {{SWE}} |rowspan = 2 | "for their pathbreaking contribution to the theory of [[international trade]] and international [[Capital (economics)|capital]] movements." |- |[[James Meade]] |{{GBR}} |- | 1978 | [[Herbert Simon]] | {{USA}} | "for his pioneering research into the [[decision-making]] process within economic organizations." |- |rowspan = 2 | 1979 | [[Theodore Schultz]] | {{USA}} |rowspan = 2 | "for their pioneering research into economic development research with particular consideration of the problems of [[developing countries]]." |- |[[Arthur Lewis (economist)|Arthur Lewis]] |{{LCA}} |- | 1980 | [[Lawrence Klein]] | {{USA}} | "for the creation of [[econometry|econometric]] models and the application to the analysis of economic fluctuations and economic policies." |- | 1981 | [[James Tobin]] | {{USA}} | "for his analysis of [[financial market]]s and their relations to expenditure decisions, employment, production and prices." |- | 1982 | [[George Stigler]] | {{USA}} | "for his seminal studies of industrial structures, functioning of markets and causes and effects of [[regulation|public regulation]]." |- | 1983 | [[Gérard Debreu]] | {{USA}} | "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of [[general equilibrium]]." |- | 1984 | [[Richard Stone]] | {{UK}} | "for having made fundamental contributions to the development of systems of [[national account]]s and hence greatly improved the basis for empirical economic analysis." |- | 1985 | [[Franco Modigliani]] | {{USA}} | "for his pioneering analyses of [[saving]] and of [[financial market]]s." |- | 1986 | [[James M. Buchanan]] | {{USA}} | "for his development of the [[contract]]ual and [[constitution]]al bases for the theory of economic and political [[decision-making]]." |- | 1987 | [[Robert Solow]] | {{USA}} | "for his contributions to the theory of [[economic growth]]." |- | 1988 | [[Maurice Allais]] | {{FRA}} | "for his pioneering contributions to the theory of markets and [[Capacity utilization|efficient utilization of resources]]." |- | 1989 | [[Trygve Haavelmo]] | {{NOR}} | "for his clarification of the probability theory foundations of [[econometric]]s and his analyses of simultaneous economic structures." |- | 1990 | [[Harry Markowitz]]<br>[[Merton Miller]]<br>[[William Forsyth Sharpe]] | {{USA}} | "for their pioneering work in the theory of [[financial economics]]." |- | 1991 | [[Ronald Coase]] | {{GBR}} | "for his discovery and clarification of the significance of [[transaction cost]]s and [[property right]]s for the institutional structure and functioning of the economy." |- | 1992 | [[Gary Becker]] | {{USA}} | "for having extended the domain of microeconomic analysis to a wide range of [[human behaviour]] and interaction, including non-market behaviour." |- | 1993 | [[Robert Fogel]]<br>[[Douglass North]] | {{USA}} | "for having renewed research in [[economic history]] by applying economic theory and quantitative methods in order to explain economic and institutional change." |- |rowspan = 3 |1994 | [[John Harsanyi]] | {{USA}} |rowspan = 3 |"for their pioneering analysis of equilibria in the [[Game theory|theory of non-cooperative games]]." |- | [[John Forbes Nash]] | {{USA}} |- | [[Reinhard Selten]] | {{GER}} |- | 1995 | [[Robert Lucas, Jr.]] | {{USA}} | "for having developed and applied the hypothesis of [[rational expectations]], and thereby having transformed [[Model (macroeconomics)|macroeconomic analysis]] and deepened our understanding of economic policy." |- |rowspan = 2 | 1996 | [[James Mirrlees]] | {{GBR}} |rowspan = 2 | "for their fundamental contributions to the economic theory of incentives under asymmetric information." |- | [[William Vickrey]] | {{USA}} |- | rowspan = 2 | 1997 | [[Robert C. Merton]] | {{USA}} | rowspan = 2 |"for a new method to determine the value of [[Derivative (finance)|derivative]]s." |- |[[Myron Scholes]] | {{USA}} |- | 1998 | [[Amartya Sen]] | {{IND}} | "for his [[Amartya_Sen#Works|contributions]] to welfare economics." |- | 1999 | [[Robert Mundell]] | {{CAN}} | "for his analysis of [[monetary policy|monetary]] and [[fiscal policy]] under different [[exchange rate]] regimes and his analysis of optimum currency areas." |- | rowspan = 2 | 2000 | [[James Heckman]] | {{USA}} | "for his development of theory and methods for analyzing selective samples." |- | [[Daniel McFadden]] | {{USA}} | "for his development of theory and methods for analyzing [[discrete choice]]." |- | 2001 | [[George Akerlof]]<br>[[Michael Spence]]<br>[[Joseph E. Stiglitz]] | {{USA}} | "for their analyses of markets with [[asymmetric information]]." |- |rowspan = 2 | 2002 | [[Daniel Kahneman]] | {{USA}} <br /> {{ISR}} | "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty." |- | [[Vernon L. Smith]] | {{USA}} | "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms." |- |rowspan = 2 | 2003 | [[Robert F. Engle]] | {{USA}} | "for methods of analyzing economic [[time series]] with time-varying [[Volatility (finance)|volatility]] ([[Autoregressive conditional heteroskedasticity|ARCH]])." |- | [[Clive Granger]] | {{GBR}} | "for methods of analyzing economic time series with common trends ([[cointegration]])." |- |rowspan = 2 | 2004 |[[Finn E. Kydland]] | {{NOR}} | rowspan = 2 |"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind [[business cycle]]s." |- |[[Edward C. Prescott]] |{{USA}} |- |rowspan = 2 |2005 | [[Robert Aumann]] <br /> (ישראל אומן) | {{ISR}} <br /> {{USA}} |rowspan = 2 |"for having enhanced our understanding of conflict and cooperation through [[Game theory|game-theory]] analysis." |- |[[Thomas Schelling]] |{{USA}} |- | 2006 | [[Edmund Phelps]] | {{USA}} | "for his analysis of intertemporal tradeoffs in [[macroeconomic]] policy." |- | 2007 | [[Leonid Hurwicz]]<br>[[Eric Maskin]]<br>[[Roger Myerson]] | {{USA}} | "for having laid the foundations of [[mechanism design]] theory." |} ===Demographics of the Laureates in Economics=== Whereas the five [[Nobel Prize]]s have been awarded to females, all Laureates in Economics so far have been men.<ref>[http://nobelprize.org/nobelweb/newsletter/mar_07.html "News from Nobelprize.org"] (official newsletter of the [[Nobel Foundation]]), ''nobelprize.org'', [[March 23]], [[2007]], accessed [[November 11]], [[2007]].</ref> ===Allusions to Laureates in Economics in popular culture=== In the television series [[The West Wing (TV series)|''The West Wing'']], the fictional [[President of the United States|U.S. President]] [[Josiah Bartlet]] is a Laureate in Economics. ==See also== *[[John Bates Clark Medal]] == References== {{Reflist|2}} ==External links== *[http://www.riksbank.com/templates/Page.aspx?id=20286 The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel] ([[English language|English]] version) - Official website of the prize. *[http://www.kva.se/KVA_Root/index_eng.asp The Royal Swedish Academy of Sciences] ([[English language|English]] version) – Official website of the [[Royal Swedish Academy of Sciences]]. *[http://nobelprize.org/ The Nobel Foundation] – Official website of the [[Nobel Foundation]]. *[http://ideas.repec.org/nobel.html IDEAS/RePEc] {{Nobel Prizes}} {{Nobel Prize in Economics}} {{Financial economics awards}} [[Category:Nobel Memorial Prizes|Economics]] [[Category:Royal Swedish Academy of Sciences]] [[Category:Economics awards]] [[ar:جائزة نوبل في الاقتصاد]] [[bn:অর্থনীতিতে নোবেল পুরস্কার]] [[zh-min-nan:Alfred Nobel Keng-chè Kho-ha̍k Kì-liām-chióng]] [[bs:Nobelova nagrada za ekonomiju]] [[bg:Нобелова награда за икономика]] [[ca:Premi Nobel d'Economia]] [[cs:Nobelova cena za ekonomii]] [[cy:Gwobr Economeg Nobel]] [[da:Nobelprisen i økonomi]] [[de:Liste der Nobelpreisträger für Wirtschaftswissenschaften]] [[et:Rootsi Panga auhind majandusteaduses Alfred Nobeli mälestuseks]] [[el:Βραβείο Νόμπελ Οικονομικών Επιστημών]] [[es:Anexo:Premio Nobel de Economía]] [[eo:Nobel-premio pri ekonomiko]] [[eu:Ekonomiako Nobel Saria]] [[fa:جایزه نوبل اقتصاد]] [[fr:Prix de la Banque de Suède en sciences économiques en mémoire d'Alfred Nobel]] [[fy:Nobelpriis foar de Ekonomy]] [[gl:Premio Nobel de Economía]] [[ko:노벨 경제학상]] [[hr:Nobelova nagrada za ekonomiju]] [[io:Nobel-premiarii en ekonomiko]] [[id:Daftar penerima Nobel Ekonomi]] [[ia:Premio Nobel pro Economia]] [[is:Nóbelsverðlaun í hagfræði]] [[it:Premio Nobel per l'economia]] [[he:פרס נובל לכלכלה]] [[lb:Lëscht Nobelpräis Economie]] [[lt:Nobelio ekonomikos premija]] [[hu:Közgazdasági Nobel-emlékdíj]] [[nl:Prijs van de Zweedse Rijksbank voor economie]] [[ja:アルフレッド・ノーベル記念経済学スウェーデン銀行賞]] [[no:Sveriges Riksbanks pris i økonomisk vitenskap til minne om Alfred Nobel]] [[nn:Nobelprisen i økonomi]] [[oc:Prèmi Nobel d'economia]] [[pl:Nagroda Banku Szwecji im. Alfreda Nobla w dziedzinie ekonomii]] [[pt:Prémio de Ciências Económicas em Memória de Alfred Nobel]] [[ro:Premiul Nobel pentru Economie]] [[qu:Nobel Suñay Musikupi]] [[ru:Нобелевская премия по экономике]] [[scn:Premiu Nobel pi l'econumìa]] [[simple:Nobel Prize in Economics]] [[sk:Cena Švédskej ríšskej banky za ekonomické vedy na pamiatku Alfreda Nobela]] [[sr:Нобелова награда за економију]] [[sh:Nobelova nagrada za ekonomiju]] [[fi:Nobelin taloustieteen palkinto]] [[sv:Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne]] [[th:รางวัลโนเบลสาขาเศรษฐศาสตร์]] [[vi:Những người đoạt giải Nobel Kinh tế]] [[tr:Nobel Ekonomi Ödülü]] [[uk:Нобелівська премія з економіки]] [[zh:诺贝尔经济学奖]]