LONDON (Reuters) - Here is a look at the 2013 Nobel Prize for economics, which was awarded on Monday jointly to Americans Eugene Fama, Lars Peter Hansen and Robert Shiller “for their empirical analysis of asset prices”.
- Fama, Hansen, and Shiller developed new methods for studying asset prices and used them in their investigations of detailed data on the prices of stocks, bonds and other assets. Their methods have become standard tools in academic research, and their insights provide guidance for the development of theory as well as for professional investment practice.
- In 1968, the Sveriges Riksbank - Sweden’s central bank - established the prize in memory of Alfred Nobel. It is not one of the five awards set out in the dynamite tycoon’s will. The prize is worth 8 million crowns ($1.25 million).
- Since 1969, 45 prizes have been awarded to 74 laureates; Ragnar Frisch from Norway and Dutchman Jan Tinbergen were the first. Of the 44 prizes, 22 were given to one laureate only.
- The oldest laureate in Economic Sciences to date is Leonid Hurwicz, who was 90 when he won the 2007 prize. He is also the oldest Laureate to be awarded a prize in any of the categories. Elinor Ostrom is the only female winner of the Economics prize so far, in 2009.
Reporting by David Cutler, London Editorial Reference Unit