Nobel Prize in Economics

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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,[1] informally called the Nobel Prize in Economics, is a prize awarded each year for outstanding contributions in the field of economics. The prize was not one of the awards set out in the will of Alfred Nobel. The winners of the prize receive their diploma and gold medal from the Swedish monarch at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The amount of money awarded to the economics laureates is also equal to that of the other prizes.

Winners[change | change source]

1960s[change | change source]

Year Name Topics
1969 Ragnar Anton Kittil Frisch (Norway), Jan Tinbergen (Netherlands) for having developed and applied dynamic models for the analysis of economic processes

1970s[change | change source]

Year Name Topics
1970 Paul Samuelson (United States) 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
1972 John Hicks (United Kingdom), Kenneth Arrow (USA) for their pioneering contributions to general economic equilibrium theory and welfare theory
1973 Wassily Leontief (Russia) for the development of the input-output method and for its application to important economic problems.
1974 Gunnar Myrdal (Sweden), Friedrich Hayek (Austria) for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena
1975 Leonid Kantorovich (Soviet Union), Tjalling Koopmans (Netherlands) for their contributions to the theory of optimum allocation of resources
1976 Milton Friedman (USA) for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy
1977 Bertil Ohlin (Sweden), James Meade (UK) for their pathbreaking contribution to the theory of international trade and international capital movements
1978 Herbert Simon (USA) for his pioneering research into the decision-making process within economic organizations
1979 Theodore Schultz (USA), Arthur Lewis (Saint-Lucia) for their pioneering research into economic development research with particular consideration of the problems of developing countries

1980s[change | change source]

Year Name Topics
1980 Lawrence Klein (USA) for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies
1981 James Tobin (USA) for his analysis of financial markets 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 public regulation
1983 Gerard Debreu (France) 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 accounts and hence greatly improved the basis for empirical economic analysis
1985 Franco Modigliani (USA) for his pioneering analyses of saving and of financial markets
1986 James M. Buchanan (USA) for his development of the contractual and constitutional 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 (France) for his pioneering contributions to the theory of markets and efficient utilization of resources
1989 Trygve Haavelmo (Norway) for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures

1990s[change | change source]

Year Name Topics
1990 Harry Markowitz (USA), Merton Miller (USA), William Sharpe (USA) for their pioneering work in the theory of financial economics
1991 Ronald Coase (UK) for his discovery and clarification of the significance of transaction costs and property rights 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 nonmarket behaviour
1993 Robert Fogel (USA), 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
1994 John Harsanyi (USA), John Forbes Nash (USA), Reinhard Selten (Germany) for their pioneering analysis of equilibria in the theory of non-cooperative games
1995 Robert Lucas Jr. (USA) 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 Mirrlees (UK), William Vickrey (USA) for their fundamental contributions to the economic theory of incentives under asymmetric information
1997 Robert C. Merton (USA), Myron Scholes (Canada) for a new method to determine the value of derivatives
1998 Amartya Sen (India) for his contributions to welfare economics
1999 Robert Mundell (Canada) for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas

2000s[change | change source]

Year Name Topics
2000 James Heckman (USA),
Daniel McFadden (USA)
for his development of theory and methods for analyzing selective samples
for his development of theory and methods for analyzing discrete choice
2001 George A. Akerlof (USA), Michael Spence (USA), Joseph E. Stiglitz (USA) for their analyses of markets with asymmetric information.
2002 Daniel Kahneman (France/Israel/USA),
Vernon L. Smith (USA)
for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty
for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms
2003 Robert F. Engle (USA), Clive W. J. Granger (UK) for methods of analyzing economic time series with time-varying volatility or common trends
2004 Finn E. Kydland (Norway), Edward C. Prescott (USA) for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles
2005 Robert J. Aumann (Israel), Thomas Schelling (USA) for having enhanced our understanding of conflict and cooperation through game-theory analysis
2006 Edmund Phelps (USA) for his analysis of intertemporal tradeoffs in macroeconomic policy
2007 Leonid Hurwicz (USA), Eric S. Maskin (USA), Roger B. Myerson (USA) for having laid the foundations of mechanism design theory
2008 Paul Krugman (USA) for his analysis of trade patterns and location of economic activity[2]
2009 Elinor Ostrom "for her analysis of economic governance, especially the commons"[3]
Oliver E. Williamson "for his analysis of economic governance, especially the boundaries of the firm"[3]

2010s[change | change source]

Year Laureate Country Rationale
2010 Peter Diamond cropped.jpg Peter A. Diamond  United States "for their analysis of markets with search frictions"[4]
Dale Mortensen.jpg Dale T. Mortensen
Christopher Pissarides.jpg Christopher A. Pissarides  Cyprus
2011 Nobel Prize 2011-Press Conference KVA-DSC 7770.jpg Thomas J. Sargent  United States "for their empirical research on cause and effect in the macroeconomy"[5]
Nobel Prize 2011-Press Conference KVA-DSC 7720.jpg Christopher A. Sims
2012 Al Roth, Sydney Ideas lecture 2012d.jpg Alvin E. Roth  United States "for the theory of stable allocations and the practice of market design."[6]
Shapley, Lloyd (1980) crop.jpg Lloyd S. Shapley
2013 Eugene Fama at Nobel Prize, 2013.jpg Eugene F. Fama  United States "for their empirical analysis of asset prices."[7]
Lars Peter Hansen photo in 2007.jpg Lars Peter Hansen
Robert Shiller - World Economic Forum Annual Meeting 2012.jpg Robert J. Shiller
2014 Jean Tirole.jpg Jean Tirole  France "for his analysis of market power and regulation".[8]
2015 Angus Deaton 0182.jpg Angus Deaton  United Kingdom
 United States
"for his analysis of consumption, poverty, and welfare".[9]
2016 Nobel Laureates 0983 (31117127490).jpg Oliver Hart  United Kingdom
 United States
"for their contributions to contract theory".[10]
Bengt Holmström.jpg Bengt Holmström  Finland

References[change | change source]

  1. Until 2006, the prize was officially called the Bank of Sweden Prize in Economics in Memory of Alfred Nobel.
  3. 3.0 3.1
  4. "The Prize in Economic Sciences 2010". Nobel Foundation. Retrieved 2010-10-11.
  5. "The Prize in Economic Sciences 2011". Nobel Foundation. Retrieved 2011-10-10.
  6. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2012". Nobel Foundation. Retrieved 2016-07-01.
  7. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013". Nobel Foundation. Retrieved 2016-07-01.
  8. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014". Nobel Foundation. Retrieved 2014-10-13.
  9. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2015". Nobel Foundation. Retrieved 2015-10-12.
  10. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2016". Nobel Foundation. Retrieved 2016-10-10.

Other websites[change | change source]

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Prize in memory of Alfred Nobel: Economics