American scientists Eugene Fama, Lars Peter Hansen and Robert Shiller have won the 2013 Nobel in economics "for their empirical analysis of asset prices," the Stockholm-based award-giving body said today.
The Royal Swedish Academy of Sciences cited the three for developing new methods to study trends in asset markets, saying they had laid the foundation of current understanding of asset prices.
While it's hard to predict whether stock or bond prices will go up or down in the short term, it's possible to foresee movements over periods of three years or longer, the academy said. "These findings, which might seem surprising and contradictory, were made and analyzed by this year's laureates," the academy said.
Fama, 74, and Hansen, 60, are associated with the University of Chicago. Shiller, 67, is a professor at Yale University.
American researchers have dominated the economics awards in recent years; the last time there was no American among the winners was in 1999.
Read more: Nobel in economics to Eugene Fama, Lars Peter Hansen, Robert Shiller - World - CBC News
The Royal Swedish Academy of Sciences cited the three for developing new methods to study trends in asset markets, saying they had laid the foundation of current understanding of asset prices.
While it's hard to predict whether stock or bond prices will go up or down in the short term, it's possible to foresee movements over periods of three years or longer, the academy said. "These findings, which might seem surprising and contradictory, were made and analyzed by this year's laureates," the academy said.
Fama, 74, and Hansen, 60, are associated with the University of Chicago. Shiller, 67, is a professor at Yale University.
American researchers have dominated the economics awards in recent years; the last time there was no American among the winners was in 1999.
Read more: Nobel in economics to Eugene Fama, Lars Peter Hansen, Robert Shiller - World - CBC News
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