About the Nobel Memorial Prize in economics

 

McClatchy Interactive

The 2007 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was announced Monday, October 15, 2007. This year's prize will go to three Americans - Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson - for their work in developing mechanism design theory, an application of game theory and a key component of modern economics.

The economics prize is the only Nobel not authorized by Alfred Nobel's will. It was established in 1968 in memory of Nobel by the Sveriges Riksbank, Sweden's central bank. The prize is awarded every year on December 10 in Stockholm, Sweden. Recipients are selected by the Royal Swedish Academy of Sciences.

Recent recipients:

- 2006: Edmund S. Phelps, "for his analysis of intertemporal tradeoffs in macroeconomic policy."

- 2005: Robert J. Aumann and Thomas C. Schelling, "for having enhanced our understanding of conflict and cooperation through game-theory analysis."

- 2004: Finn E. Kydland, Edward C. Prescott, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."

- 2003: Robert F. Engle III, "for methods of analyzing economic time series with time-varying volatility (ARCH)," and Clive W.J. Granger, "for methods of analyzing economic time series with common trends (cointegration)."

- 2002: Daniel Kahneman, "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty," and Vernon L. Smith, "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."

- 2001: George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz, "for their analyses of markets with asymmetric information."

- 2000: James J. Heckman, "for his development of theory and methods for analyzing selective samples," and Daniel L. McFadden, "for his development of theory and methods for analyzing discrete choice."

- 1999: Robert A. Mundell, "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas."

- 1998: Amartya Sen, "for his contributions to welfare economics."

- 1997: Robert C. Merton and Myron S. Scholes, "for a new method to determine the value of derivatives."

Source: The Nobel Foundation

Read more Business Wires stories from the Miami Herald

  •  
In this photo taken Friday, Aug. 15, 2014 a Juan Vadez Cafe is shown in downtown Miami. Drawn by the presence of large Latin communities, chains like Colombia’s Juan Valdez are using Florida as the testing ground for U.S. expansion.

    South American food chains use Florida as US gate

    When El Corral Burgers opened its first U.S. restaurant near Miami last year, Colombian-Americans came in droves to get a taste of home.

  •  
In this photo taken Friday, Aug. 8, 2014, farmer Seth Towles is interviewed at his 160 acres of sesame growing near Lake City, Ark. Thousands of acres from Arkansas to Georgia and Florida are planted in sesame this year where cotton has traditionally been king.

    Sesame catching on in southeast US

    Sesame is gaining a foothold in parts of the southeast United States, where cotton has long been king, as farmers take advantage of its drought tolerance and a recently developed trait that lets them bring it in with typical ag equipment.

  • Chief in $800M fraud gets 20 years prison

    The man who masterminded an $800 million insurance scam that fleeced tens of thousands of investors in one of Florida's all-time largest fraud schemes was sentenced Friday to 20 years in prison.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category