American trio wins Nobel Prize in economics for work on natural experiments
Three US-based economists won the Nobel Prize in economics on Monday for revolutionizing empirical research by drawing conclusions from natural experiments, the Royal Swedish Academy of Sciences said.
David Card of the University of California, Berkeley, will receive half of the 10 million Swedish kronor ($ 1.1 million) prize for his contributions to research on work using natural experiments to analyze “effects on” the minimum wage labor market, immigration and education. “
The other half of the prize will be shared equally by Joshua Angrist of the Massachusetts Institute of Technology and Guido Imbens of Stanford University, for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments like those conducted by Card.
A screenshot taken from a live broadcast on the official Nobel Prize website shows David Card, Joshua Angrist and Guido Imbens as they are announced as the 2021 Nobel Laureates in Economics. (Kyodo)
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“Their research has dramatically improved our ability to answer key causal questions, which has been of great benefit to society,” said Peter Fredriksson, chair of the award committee, in a statement.
The prize is officially called the Sveriges Riksbank Prize in Economics in Memory of Alfred Nobel. Unlike the prizes established by the Nobel’s will, the economics prize was established by the central bank of Sweden in 1968 and was first awarded the following year.
The economics prize brought this year’s series of Nobel Prizes to a close. The awards for medicine, physics, chemistry, literature and peace were announced last week.