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Nobel economics prize awarded to three U.S.-based economists

Goran Ok. Hansson (C), Everlasting Secretary of the Royal Swedish Academy of Sciences, and Nobel Economics Prize committee members Peter Fredriksson (L) and Eva Mork (R) give a press convention to announce the winners of the 2021 Sveriges Riksbank Prize in Financial Sciences in Reminiscence of Alfred Nobel.

CLAUDIO BRESCIANI | AFP | Getty Photos

Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel prize in economics.

Card was acknowledged for his contributions to labor economics, whereas Angrist and Imbens gained the award for his or her contributions to the evaluation of causal relationships.

The award — the Financial institution of Sweden Prize in Financial Sciences in Reminiscence of Alfred Nobel — comes with a 10 million Swedish krona ($1.1 million) money prize and a gold medal.

Card, 65, is a professor of economics on the College of Berkeley, California. Angrist, 61, is Ford professor of economics on the Massachusetts Institute of Expertise, and Imbens, 58, is a professor of economics on the Stanford Graduate Faculty of Enterprise.  

The Nobel committee mentioned in a press release that the three winners had “supplied us with new insights concerning the labour market and proven what conclusions about trigger and impact will be drawn from pure experiments.” 

Their method had been utilized in different fields and had “revolutionized empirical analysis,” the committee added.

Pure experiments

The winners’ analysis had helped discover the trigger and impact behind sure huge social questions, the committee mentioned.

They did so utilizing “pure experiments,” which checked out how “likelihood occasions or coverage modifications end in teams of individuals being handled in a different way, in a approach that resembles medical trials in drugs,” the committee defined.

Card had used pure experiments to research the consequences of minimal wages, immigration and schooling on the labor market.

His analysis from the early 1990s has proven, for instance, that growing the minimal wage does “not essentially result in fewer jobs.”

In the meantime, Angrist and Imbens had made it simpler to interpret the info from these pure experiments, by means of their methodological contributions.

Imbens, talking through cellphone to an viewers in Stockholm, mentioned that he was “thrilled” to search out out he had been awarded the prize, and to share it together with his “good associates” Card and Angrist, who was even the perfect man at his wedding ceremony.

He mentioned {that a} profession in economics was a “nice alternative” for younger folks as a result of there have been “so many fascinating questions, in so many areas the place economists do helpful work, each in coverage, in addition to as of late in lots of circumstances within the personal trade.”

Peter Fredriksson, chair of the Financial Sciences Prize Committee, mentioned the winners had proven that pure experiments are a “wealthy supply of information.”

“Their analysis has considerably improved our skill to reply key causal questions, which has been of nice profit to society,” Fredriksson added.

Final 12 months, Stanford College economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for his or her “enhancements to public sale principle and invention of latest public sale codecs.”

The Financial institution of Sweden Prize in Financial Sciences in Reminiscence of Alfred Nobel has been awarded 53 instances to 89 winners between 1969 and 2021.

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