Economics Nobel Prize awarded to three US-based researchers

Nobel Economics prize medal awardMonday, October 11, 2021: Permanent Secretary of the Royal Swedish Academy of Sciences Goran K. Hansson, center, announces the 2021 Nobel Prize for Economics. Hansson is flanked by Royal Swedish Academy of Sciences members Peter Fredriksson, left, and Eva Mork, right, during a press conference at the Royal Swedish Academy of Sciences, in Stockholm, Sweden. From the left on the screen above are the winners: David Card of the University of California at Berkeley, Joshua Angrist from the Massachusetts Institute of Technology, and Guido Imbens from Stanford University. Photo: Claudio Bresciani / TT via AP
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David Card, Joshua D. Angrist, and Guido W. Imbens have been jointly awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021.

One half of the prize was awarded to Card “for his empirical contributions to labor economics,” and the other half jointly to Angrist and Imbens “for their methodological contributions to the analysis of causal relationships.”

Card is Canadian, Imbens is from the Netherlands, and Angrist has a background from the USA and Israel. All three economists are currently employed at various universities in the United States. At this time, Card is affiliated with the University of California at Berkeley, Angrist with Massachusetts Institute of Technology, and Imbens with Stanford University.

The three economists have contributed to new insights about the labor market, wrote the Royal Academy of Sciences in Stockholm in its justification. In addition, they have used so-called “natural experiments” as a method. These are studies with a focus on situations that occur naturally or accidentally, but which are reminiscent of controlled experiments.

“The approach has spread to other research fields and revolutionized empirical research,” the Academy of Sciences believes.

Source: ©️ NTB Scanpix / #NorwayTodayTravel / NobelPrize.org

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