Three US-based economists have won the 2021 Nobel prize for economics for work on drawing conclusions from unintended experiments, or so-called natural experiments.
The winners were David Card of the University of California at Berkeley; Joshua Angrist from the Massachusetts Institute of Technology; and Guido Imbens from Stanford University.
The Nobel Prize committee announced the names of the winners of the 2021 prize in Economic Sciences additionally on Twitter besides the website of the Royal Swedish Academy of Sciences. It said the three have completely reshaped empirical work in the economic sciences.
“David Card has been awarded the 2021 prize in economic sciences for his empirical contributions to labour economics,” The Nobel Prize said. The other two economists Joshua Angrist and Guido Imbens have been awarded the 2021 prize in economic sciences “for their methodological contributions to the analysis of causal relationships.”
The Nobel Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm. The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank’s 300th anniversary.
The Economic prize for 2020 was given to Paul R Milgrom and Robert B Wilson jointly for improvements to auction theory and inventions of new auction formats. Using auction theory, researchers try to understand the outcomes of different rules for bidding and final prices, the auction format. “The laureates started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” chair of the Prize Committee had said.
The announcement of the Economic Nobel follows the Nobel Peace Prize, which has been given to journalists Maria Ressa and Dmitry Muratov for their efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace. While Maria is CEO of Philippines based news site Rappler, Dmitry Andreyevich Muratov is editor-in-chief of the Russian newspaper Novaya Gazeta.