Mon 11 October 2021:
The Nobel Economics Prize, also known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was split this year, with half going to David Card and the other half going to Joshua D. Angrist and Guido W. Imbens.
According to the Nobel committee’s statement, this year’s Laureates were awarded for providing “new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments. Their approach has spread to other fields and revolutionised empirical research.”
David Card, a Professor of Economics at the University of California, Berkeley, USA, received half of the 10-million-kronor ($1.1 million, one million euro) prize. His research focuses on the effects of minimum wages, immigration, and education on the labour market.
BREAKING NEWS:
The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn— The Nobel Prize (@NobelPrize) October 11, 2021
The other half went to Joshua D. Angrist, 61, the Ford Professor of Economics at the Massachusetts Institute of Technology in Cambridge, USA, and Guido W. Imbens, 58, the Applied Econometrics Professor and Professor of Economics at Stanford University in California, “for their methodological contributions to the analysis of causal relationships.”
The academy said that the three economists had “revolutionised empirical research in the economic sciences.”
Imbens said at the press conference that he was “just absolutely stunned” when he received the call and was “thrilled to hear the news” and share it with his friends, Card and Angrist.
Last year’s economics prize went to two American economics from Stanford University, Paul Milgrom and Robert Wilson, who figured out how to make auctions work more efficiently.
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