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Announcements
October 10, 2005 2005 Nobel Prize in Economics announced.
October 11, 2004 2004 Nobel Prize in Economics announced.
October 8, 2003 2003 Nobel Prize in Economics announced.
October 9, 2002 A list of all Nobel Prizes in Economics including 2002.
October 9, 2002 2002 Nobel Prize in Economics announced.
October 10, 20012001Nobel Prize in Economics announced.
October 11, 2000 2000 Nobel Prize in Economics announced.
News
Two Americans win the Nobel Prize in economics 2002
Three Americans win the Nobel Prize in economics 2001
October 10, 2001
Web posted at: 11:27 a.m. EDT (1527 GMT)
STOCKHOLM, Sweden (AP) -- Three Americans won the Nobel Prize for economics Wednesday for research into how the control of information influences everything from used car sales to the boom in high-tech stocks during the 1990s.
George A. Akerlof, 61, of the University of California at Berkeley; A. Michael Spence, 58, of Stanford University; and Joseph E. Stiglitz, 58, of Columbia University will share the $943,000 award.
The laureates laid the foundation in the 1970s for a general theory about how players with differing amounts of information affect a wide range of markets.
Research into "asymmetric information" gave economists a way to measure the risks, for example, faced by a lender who lacked information about a borrower's creditworthiness.
It also explored how people with inside knowledge of a high-technology company's financial prospects gain an edge over other investors, while people who don't fully understand a company's finances may invest unwisely.
The theory helps economists explain why the recent bubble in high-technology stocks burst.
The winners' contributions "form the core of modern informationeconomics," the Royal Swedish Academy of Sciences said in a written announcement.
The award, known formally as the Nobel Memorial Prize for Economic Sciences, was the second prize announced Wednesday.
Two Americans and a Japanese scientist shared the chemistry prize in the morning for showing how to better control chemical reactions, leading to medicines including a treatment for Parkinson's disease.
William S. Knowles, 84, of St. Louis, and Ryoji Noyori, 63, of Nagoya University in Japan shared half the award. K. Barry Sharpless, 60, of the Scripps Research Institute in La Jolla, Calif., won the other half.
The prestigious prizes for medicine, physics, chemistry, literature and peace were established in the will of Alfred Nobel, the Swedish industrialist and inventor of dynamite, and were first awarded in 1901.
The economics prize was established separately in 1968 by the Swedish central bank, but it is grouped with the other awards.
The physics winner was announced on Tuesday, following Monday's awarding of the medicine prize. The literature prize will be announced on Thursday and the peace prize on Friday in Oslo, Norway.
The prizes are always presented to the winners on Dec. 10, the anniversary of Nobel's death in 1896.
To mark the 100th anniversary of the prizes, all living laureates have been invited to the ceremonies this year, with some 150 expected in Stockholm and 30 in Oslo.
Last year's economics prize was won by Americans James J. Heckman and Daniel L. McFadden for their work in developing theories to help analyze labor data and how people make work and travel decisions.
Nobel Prize in economics 2000
The Associated Press
S T O C K H O L M, Sweden, Oct. 11, 2000 — Americans James
J. Heckman and Daniel L.
McFadden won the Nobel Prize in economics today for developing
theories
and methods widely used in analyzing work and living habits. Heckman, 56, of
the University of Chicago and
McFadden, 63, of the University of California at Berkeley, were cited for showing
how to resolve
fundamental statistical problems associated with analysis of individual behavior,
according to the
citation by the Royal Swedish Academy of Sciences. McFadden’s work laid
the foundation for an
economic theory by which individuals choose their place of occupation or residence.
Examples of his
applications include the design of the San Francisco BART transportation system,
investments in phone service and housing for the elderly.
1970s Breakthroughs
Heckman’s methodological breakthroughs regarding self-selection in the
mid-1970s have
generated a large number of practical applications in economics as well as in
other social sciences.
The prize is worth $915,000 this year. The Nobel Memorial Prize in Economics
— the
fourth in a week of awards — was established outside Alfred Nobel’s
will to mark the 1968
tricentennial of Sweden’s central bank. The bank determined that “Nobel
prize rules ...
will be honored” in the memorial award. Canadian economist Robert A.
Mundell won
last year’s economics prize for his innovative analysis of exchange rates,
which helped lay the
intellectual groundwork for Europe’s common currency.
Copyright
2000 NAU and CBA
ALL RIGHTS RESERVED Dr.
James V. Pinto Economics Area Web Master