The Nobel Prize in economics goes this year to three American economists. The Royal Swedish Academy of Sciences honored David Card for his empirical research on labor economics. The prize also goes to Joshua D. Angrist and Guido W. Imbens, also Americans, “for their methodological contributions to the analysis of causal relationships”. As in the previous year, the prizes are endowed with ten million Swedish kronor (approximately 980,000 euros) per category.
The Nobel Prize in economics, awarded since the end of the 1960s, is the only one not to return to the wishes of the godfather and inventor of dynamite Alfred Nobel (1833-1896). It was donated by the Swedish Central Bank and is therefore not, strictly speaking, a classic Nobel Prize. Nevertheless, it will be presented with the other prizes on the occasion of the anniversary of Nobel’s death on December 10.
According to tradition, scientists from the United States are among the favorites for the price. Last year it went to American economists Paul R. Milgrom and Robert B. Wilson, who were honored for their improvements in auction theory and the invention of new auction formats. So far, only one German has been among the winners of the Nobel Prize in economics: Bonn scientist Reinhard Selten received it in 1994 along with John Nash and John Harsanyi for their pioneering contributions to uncooperative game theory.