U.S. based academics won the 2021 Nobel Prize for economics for work using experiments that draw on real world situations to revolutionize empirical research.
David Card at the University of California Berkeley, Guido W. Imbens at Massachusetts Institute of Technology and Joshua D. Angrist at Stanford University will share the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel with officials from the Royal Swedish Academy of Sciences announced in Stockholm on Monday.
This year s economic sciences laureates have demonstrated that many of society s big questions can be answered, the academy said on Twitter. Their solution is to use randomized experiments - situations that arise in real life which make natural experiments that aren't necessarily random ; The winners have specialized in such analysis and methodology, and Card used this approach to address key questions in labor economics as the effects of minimum-wage policies and immigration.
The award chimes with a focus of the academy on real-world applications of the economic discipline in recent years. The 2020 laureates, Paul Milgrom and Robert B. Wilson of Stanford University, invented new auction formats used on mobile frequencies, while researchers whose work ranged from inequality to climate change have been among other prior recipients this century.
I’m just thrilled to share the prize, Imbens told reporters by phone that he hails originally from the Netherlands. I m just very lucky that I have had great colleagues doing very interesting work. The announcement last Monday means that 89 men have now won this category. In 2019, Esther Duflo became the second female recipient.
Alfred Nobel, the Swedish inventor of dynamite, died in 1896, left much of his fortune for the creation of annual prizes in physics, chemistry, medicine, peace and literature.
In 1968, Sweden s central bank added the prize for economics. Richard Axelrod, Paul Krugman, Amartya Sen and Milton Friedman are among the most well-known recipients of the award.