Nobel Memorial Prize in Economic Sciences

The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics,[2] is an award for outstanding contributions to the field of economics,[3] and generally regarded as the most prestigious award for that field. The award's official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne).[4][5][6]

The prize was established in 1968 by a donation from Sweden's central bank the Riksbank to the Nobel Foundation to commemorate the bank's 300th anniversary.[3][7][8][9] As it is not one of the prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize.[10] However, it is administered and referred to along with the Nobel Prizes by the Nobel Foundation.[11] Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.[3]

Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences.[12][13] It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".[9][14][15]

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
Awarded forOutstanding contributions in Economic Sciences
LocationStockholm, Sweden
Presented byRoyal Swedish Academy of Sciences
Reward(s)9 million SEK (2017)[1]
First awarded1969
Currently held byPaul Romer and William Nordhaus (2018)
Websitenobelprize.org

Creation and funding

An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award.[12]

Since 2012, the monetary portion of the Prize in Economics has totaled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes.[16][17][18] Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize on the Nobel Foundation's web site.[19]

Relation to the Nobel Prizes

The Prize in Economics is not one of the Nobel Prizes, which were endowed by Alfred Nobel in his will.[3][20][21] However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes.[12][17][22]

Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony.[3] The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will,"[12] which stipulate that the prize be awarded annually to "those who ... shall have conferred the greatest benefit on mankind."[23]

Award nomination and selection process

Nobel2008Economics news conference1
Announcement of the Nobel Memorial Prize in Economic Sciences 2008

According to its official website, the Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and in Chemistry, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes".[13]

Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."[12][13][24] All proposals and their supporting evidence must be received before February 1.[21] The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next laureate or laureates of the Prize in Economics.[12][13][25] As with the Nobel Prizes, no more than three people can share the prize for a given year; they must still be living at the time of the Prize announcement in October; and information about Prize nominations cannot be disclosed publicly for 50 years.[21]

Like the Nobel laureates in physics, chemistry, physiology or medicine, and literature, each laureate in Economics receives a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on the anniversary of Nobel's death (December 10).[3][26]

Laureates

The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes".[27] In 2009, Elinor Ostrom became the first woman awarded the prize.

Awards to non-economists

In February 1995, following acrimony within the selection committee pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social sciences. This made it available to researchers in such topics as political science, psychology, and sociology.[28][29] Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics.[30] In 1978, Herbert A. Simon, whose PhD was in political science, became the first non-economist to win the prize, while Daniel Kahneman, a professor of psychology and international relations at Princeton University is the first non-economist by profession to win the prize.

Controversies and criticisms

Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among them is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Ludvig Nobel.[31] Nobel criticizes the awarding institution of misusing his family's name, and states that no member of the Nobel family has ever had the intention of establishing a prize in economics.[32] He explained that "Nobel despised people who cared more about profits than society's well-being", saying that "There is nothing to indicate that he would have wanted such a prize", and that the association with the Nobel prizes is "a PR coup by economists to improve their reputation".[31]

According to Samuel Brittan of the Financial Times, both former Swedish minister of finance, Kjell-Olof Feldt, and Swedish former minister of commerce, Gunnar Myrdal, wanted the prize abolished, saying, "Myrdal rather less graciously wanted the prize abolished because it had been given to such reactionaries as Hayek (and afterwards Milton Friedman)."[29] Relatedly, it has been noted that several members of the awarding committee have been affiliated with the Mont Pelerin Society.[33]

In his speech at the 1974 Nobel Prize banquet, Friedrich Hayek stated that had he been consulted on the establishment of a Nobel Prize in economics, he would "have decidedly advised against it"[29][34] primarily because, "The Nobel Prize confers on an individual an authority which in economics no man ought to possess.... This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally."[34]

Critics cite the apparent snub of Joan Robinson as evidence of the committee's bias towards mainstream economics,[35][36] though heterodox economists like Friedrich Hayek (Austrian School) and Ronald Coase (associated with new institutional economics) have won.

Milton Friedman was awarded the 1976 prize in part for his work on monetarism. Awarding the prize to Friedman caused international protests.[37] Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial six-day trip[38] he took to Chile during March 1975 (less than two years after the coup that deposed President Salvador Allende). Friedman himself answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation and met with officials, including Augusto Pinochet, in Chile.[39]

Four Nobel Prize laureates – George Wald, Linus Pauling, David Baltimore and Salvador Luria – wrote letters in October 1976 to the New York Times protesting Friedman's award.[40][41]

The 1994 prize to John Forbes Nash caused controversy within the selection committee because of Nash's history of mental illness and alleged anti-Semitism.[42][43] The controversy resulted in a change to the rules governing the committee during 1994: Prize Committee members are now limited to serve for three years.[28]

The 2005 prize to Robert Aumann was criticized by European press[44] for his alleged use of game theory to justify his stance against the dismantling of Israeli settlements in occupied territories.

Alternative names

The award's official Swedish name is Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. The Nobel Foundation's translations of the Swedish name into English have varied since 1969:

Years English translations
1969–1970 Prize in Economic Science dedicated to the memory of Alfred Nobel[45][46]
1971 Prize in Economic Science[47]
1972 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[48]
1973–1975 Prize in Economic Science in Memory of Alfred Nobel[49][50]
1976–1977 Prize in Economic Sciences in Memory of Alfred Nobel[51][52]
1978–1981 Alfred Nobel Memorial Prize in Economic Sciences[53][54]
1982 Alfred Nobel Memorial Prize in Economic Science[55]
1983 Prize in Economic Sciences in Memory of Alfred Nobel[56]
1984–1990 Alfred Nobel Memorial Prize in Economic Sciences[57][58]
1991 Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel[59]
1992–2005 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[60][61]
2006–present The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[62][63]

See also

Notes

  1. ^ "Nobel Prize amount is raised by SEK 1 million". Nobelprize.org.
  2. ^ Hird., John A. (2005). Power, Knowledge, and Politics. American governance and public policy. Georgetown University Press. p. 33. ISBN 978-1-58901-048-2. OCLC 231997210. the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the Nobel Prize in Economics
  3. ^ a b c d e f "Nobel Prize". Encyclopædia Britannica. 2007. Retrieved 29 November 2018. An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Bank of Sweden with a grant to the Nobel Foundation, and was first awarded in 1970. Thus, its laureates are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.
  4. ^ "Hart and Holmström awarded the Prize in Economic Sciences for 2016". Stockholm: Sveriges Riksbank. 10 October 2016. Retrieved 25 August 2018.
  5. ^ "Prize in Economic Sciences". Stockholm: The Royal Swedish Academy of Sciences. Retrieved 25 August 2018.
  6. ^ "Beslut om titel på ekonomipriset [Resolution on the economics prize's name]" (in Swedish). Stockholm: Sveriges Riksbank. 6 July 2006. Retrieved 20 August 2018.
  7. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". Sveriges Riksbank. Retrieved 12 December 2012. Sveriges Riksbank’s Prize in Economic Sciences in Memory of Alfred Nobel was established with a donation to the Nobel Foundation in connection with the Riksbank’s 300th anniversary in 1968.
  8. ^ "The Nobel Prize". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 7 November 2007. In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.
  9. ^ a b "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 7 November 2007. In 1968, Sveriges Riksbank (Sweden's central bank) established this Prize in memory of Alfred Nobel, founder of the Nobel Prize.
  10. ^ "Not a Nobel Prize". Nomination and selection of Laureates in Economic Sciences. Stockholm: The Nobel Foundation. Retrieved 25 August 2018.
  11. ^ "Organization Structure: Spreading Information About the Nobel Prize". The Nobel Foundation. Retrieved 2014-11-26.
  12. ^ a b c d e f "Statutes for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel approved by the Crown on the 19th day of December 1968". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 16 November 2007. In celebration of the Tercentenary of Sveriges Riksbank, the Bank has instituted a prize in economic sciences in memory of Alfred Nobel. ... The Prize shall be awarded annually to a person who has written a work on economic sciences of the eminent significance expressed in the will of Alfred Nobel drawn up on November 27, 1895. ... The Prize shall be awarded by the Royal Academy of Sciences in accordance with the rules governing the award of the Nobel Prizes instituted through his will.
  13. ^ a b c d "Nominating and awarding", in "Prize in Economic Sciences", Royal Swedish Academy of Sciences. Retrieved July 04, 2017.
  14. ^ "Jan Tinbergen" (2007), in Encyclopædia Britannica, accessed November 16, 2007, from Encyclopædia Britannica Online: <http://www.britannica.com/eb/article-9380801>.
  15. ^ "Ragnar Frisch" (2007), in Encyclopædia Britannica, accessed November 16, 2007, from Encyclopædia Britannica Online: <http://www.britannica.com/eb/article-9364984>.
  16. ^ "The Nobel Prize Amounts". www.nobelprize.org. Retrieved 2016-04-26.
  17. ^ a b Assar Lindbeck, "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969–2006", nobelprize.org, April 18, 1999. Retrieved November 11, 2007.
  18. ^ "The Prize in Economic Sciences 2007", press release, Royal Swedish Academy of Sciences, October 15, 2007. Retrieved November 16, 2007. Archived November 14, 2007, at the Wayback Machine.
  19. ^ "Årsredovidning 2006" (PDF). Sveriges Riksbank. 29 March 2007. Retrieved 15 September 2013. I posten ekonomipris ingår prissumman om 10 miljoner kronor samt administrationskostnader för detta pris om 6,5 miljoner kronor. Dessutom har bidrag givits till det interaktiva Internetmuseum som Nobelstiftelsen byggt upp. Bidraget avser täckande av kostnaden för information om ekonomipriset. Bidraget ska enligt avtal utbetalas årligen med 1 miljon kronor till och med 2008.
  20. ^ Rampell, Catherine (15 October 2012). "2 From U.S. Win Nobel in Economics". New York Times. Retrieved 3 November 2012.
  21. ^ a b c "Nomination of the Laureates in Economics". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 14 October 2012.
  22. ^ "Prize in Economic Sciences", Royal Swedish Academy of Sciences. Retrieved July 4, 2017. Archived October 8, 2006, at the Wayback Machine.
  23. ^ "Excerpt from the Will of Alfred Nobel". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 7 November 2007.
  24. ^ "Nomination and Selection of the Laureates in Economics". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 18 October 2007.
  25. ^ "Members". Royal Swedish Academy of Sciences. Archived from the original on May 4, 2008. Retrieved 18 October 2007.
  26. ^ "The Nobel Prize Award Ceremonies and Banquets". The Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 7 November 2007.
  27. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 28 October 2012.
  28. ^ a b Nasar, A Beautiful Mind, p. 372
  29. ^ a b c Brittan, Samuel (19 December 2003). "The not so noble Nobel Prize". Financial Times. Retrieved 26 November 2009.
  30. ^ "The Economics Prize Committee". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 8 January 2008.
  31. ^ a b "Nobel descendant slams Economics prize". The Lygtrsdr 3ocal. 28 September 2005. Archived from the original on October 14, 2007. Retrieved 3 March 2016.
  32. ^ "Alfred Nobels familie tar avstand fra økonomiprisen". Aftenposten. Retrieved 2017-04-21.
  33. ^ Offer, Avner; Söderberg, Gabriel (2016). The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn (1st ed.). Princeton University Press. pp. 104–105.
  34. ^ a b von Hayek, Friedrich (10 December 1974). "Friedrich von Hayek: Banquet Speech". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 27 November 2009.
  35. ^ Nasar, Sylvia (13 October 2001). "The Sometimes Dismal Nobel Prize in Economics". New York Times. Retrieved 13 September 2011. [Ms. Robinson] did not win the prize because [the committee] feared that she would either refuse it or, worse, use the Nobel limelight to attack mainstream economics.
  36. ^ Millmow, Alex (2 May 2002). "An IgNobel Scandal". Post-Autistic Economics Review. Retrieved 18 October 2007.
  37. ^ Feldman, Burton (2000). "Chapter 9: The Economics Memorial Prize". The Nobel Prize: A History of Genius, Controversy, and Prestige. New York: Arcade Publishing. p. 350. ISBN 1-55970-537-X.
  38. ^ O'Shaughnessy, Hugh (11 December 2006). "General Augusto Pinochet". The Independent.
  39. ^ Friedman, Milton; Friedman, Rose D. "Two Lucky People: One Week in Stockholm". Hoover Digest: Research and Opinion on Public Policy. 1998 (4).
  40. ^ Wald, George; Pauling, Linus (24 October 1976). "Letters to the Editor: The Laureate". New York Times. p. 166.
  41. ^ Baltimore, David; Luria, S.E. (24 October 1976). "Letters to the Editor: The Laureate". New York Times. p. 166.
  42. ^ Nasar, A Beautiful Mind, p. 356–373
  43. ^ "Top 10 Nobel Prize Controversies: John Forbes Nash". Time. October 7, 2011. Retrieved October 12, 2015.
  44. ^ "EJP | News | Western Europe | Anti-Israel protests against Nobel prize award". Ejpress.org. 11 December 2005. Retrieved 5 February 2010.
  45. ^ Lundberg, Erik (10 December 1969). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  46. ^ Lindbeck, Assar (10 December 1970). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  47. ^ Ohlin, Bertil (10 December 1971). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech". Nobel Foundation. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  48. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release". Nobel Foundation. 25 October 1972. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  49. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release". Nobel Foundation. 18 October 1973. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  50. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975: Press Release". Nobel Foundation. 14 October 1975. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  51. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976: Press Release". Nobel Foundation. 14 October 1976. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  52. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release". Nobel Foundation. 14 October 1977. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  53. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release". Nobel Foundation. 16 October 1978. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  54. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981: Press Release". Nobel Foundation. 13 October 1981. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  55. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release". Nobel Foundation. 20 October 1982. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  56. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release". Nobel Foundation. 17 October 1983. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  57. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release". Nobel Foundation. 18 October 1984. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  58. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release". Nobel Foundation. 16 October 1990. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  59. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release". Nobel Foundation. 15 October 1991. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  60. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release". Nobel Foundation. 13 October 1992. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  61. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release". Nobel Foundation. 10 October 2005. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  62. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release". Nobel Foundation. 9 October 2006. Archived from the original on 4 April 2006. Retrieved 17 October 2007.
  63. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release". Nobel Foundation. 15 October 2007. Archived from the original on 4 April 2006. Retrieved 17 October 2007.

References

External links

Assar Lindbeck

Carl Assar Eugén Lindbeck (born 26 January 1930) is a Swedish professor of economics at Stockholm University and at the Research Institute of Industrial Economics (IFN).Lindbeck is a member of the Royal Swedish Academy of Sciences, the Norwegian Academy of Science and Letters and previously chaired the Academy's prize committee for the Nobel Memorial Prize in Economic Sciences. He was the first Swede to be appointed a foreign Honorary Member of the American Economic Association, and one of only three Swedes ever.Lindbeck has done research on unemployment (e.g. the insider-outsider theory of employment), the welfare state (including the effect of changing social norms), and China's reformed economy. Lindbeck received a Ph.D. from Stockholm University in 1963 with the doctoral thesis A study in monetary analysis.Assar Lindbeck also has a theory on self-destructive welfare state dynamics, in which the welfare system erodes norms relating to work and responsibility: change in the work ethic is related to a rising dependence on welfare state institutions. It was on the basis of this viewpoint that he promoted the economic theories of conservative American theorist James McGill Buchanan. Indeed, it is said that it was through Lindbeck's influence at the Swedish Academy that Buchanan was awarded the 1986 Nobel Memorial Prize in Economic Sciences, a decision which was criticized by a British columnist in 2017.Lindbeck previously headed the Institute for International Economic Studies at Stockholm University, Sweden. In 1992–1993 he headed the so-called "Lindbeck Commission", which was appointed by the Government of Sweden to propose reforms in light of the then-ongoing economic crisis.

Becker Friedman Institute for Research in Economics

The Gary Becker Milton Friedman Institute for Research in Economics was established at the University of Chicago in June 2011 as a collaborative, cross-disciplinary center for research in economics. It brought together the activities of two formerly independent economic research centers at the University: the Milton Friedman Institute for Research in Economics and the Becker Center on Chicago Price Theory, founded by Richard O. Ryan, MBA ’66.

The institute is named for two globally influential economists: Gary S. Becker (1930–2014) and his mentor, Milton Friedman (1912-2006), both winners of the Nobel Memorial Prize in Economic Sciences. While they pursued different scholarly paths, Becker and Friedman shared a fundamental belief that economics, grounded in empirical research, is a powerful tool to understand human behavior. While Friedman is known for his lasting contributions to macroeconomics and monetary economics, Becker is recognized for extending microeconomic analysis to a wide range of fields and topics.

A collaboration of the University of Chicago Booth School of Business, Law School, Department of Economics, and the Harris School for Public Policy, the Institute builds bridges across disciplines and subfields of economics. Its research conferences, workshops, and initiatives bring economists and scholars from related fields together to share perspectives and refine ideas. The institute also sponsors an active visiting scholars program and offers programs and support for students and promising young researchers.

The institute supports research initiatives in traditional Chicago strengths such as price theory, law and economics, and human capital, as well as topical inquiries into important policy issues such as fiscal imbalance, systemic risk, policy uncertainty, and economics of the family, and newer areas like field experiments in economics.

The institute is co-chaired by Lars Peter Hansen, a co-recipient of the 2013 Nobel Memorial Prize in Economic Sciences, and Kevin M. Murphy, the recipient of the 1997 John Bates Clark Medal. An Institute Research Council of distinguished faculty from collaborating university units advises the cochairs.

Committee for the Prize in Economic Sciences in Memory of Alfred Nobel

The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel is the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and fills the same role as the Nobel Committees does for the Nobel Prizes. This means that the Committee is responsible for proposing laureates for the Prize. The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel is appointed by the Royal Swedish Academy of Sciences. It usually consists of Swedish professors of economics or related subjects who are members of the Academy, although the Academy in principle could appoint anyone to the Committee. Two of the members of the founding committee as well as later members of the committee had also been associated with the Mont Pelerin Society.The Committee is a working body without decision power, and the final decision to award the Prize is taken by the entire Royal Swedish Academy of Sciences, after having a first discussion in the Academy's Class for Social Sciences.

Designing Economic Mechanisms

Designing Economic Mechanisms is a 2006 book by economists Leonid Hurwicz and Stanley Reiter. Hurwicz received the 2007 Nobel Memorial Prize in Economic Sciences with Eric Maskin and Roger Myerson for their work on mechanism design. In this book, Hurwicz and Reiter presented systematic methods for designing decentralized economic mechanisms whose performance attains specified goals.

Econometrica

Econometrica is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief is Joel Sobel.

Econometrica was established in 1933. Its first editor was Ragnar Frisch, recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although Econometrica is currently published entirely in English, the first few issues also contained scientific articles written in French.

The Econometric Society aims to attract high-quality applied work in economics for publication in Econometrica through the Frisch Medal. This prize is awarded every two years for an empirical or theoretical applied article published in Econometrica during the past five years.

James Mirrlees

Sir James Alexander Mirrlees (5 July 1936 – 29 August 2018) was a Scottish economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours.

Born in Minnigaff, Kirkcudbrightshire, Mirrlees was educated at Douglas Ewart High School, then at the University of Edinburgh (MA in Mathematics and Natural Philosophy in 1957) and Trinity College, Cambridge (Mathematical Tripos and PhD in 1963 with thesis title Optimum Planning for a Dynamic Economy, supervised by Richard Stone). He was a very active student debater. A contemporary, Quentin Skinner, has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period.Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley (1986) and Yale University (1989). He taught at both Oxford University (as Edgeworth Professor of Economics 1968–1995) and University of Cambridge (1963–1968 and 1995–2018).

During his time at Oxford, he published papers on economic models for which he would eventually be awarded his Nobel Prize. The papers centred on asymmetric information, which determines the extent to which they should affect the optimal rate of saving in an economy. Among other results, he demonstrated the principles of "moral hazard" and "optimal income taxation" discussed in the books of William Vickrey. The methodology has since become the standard in the field.

Mirrlees and Vickrey shared the 1996 Nobel Memorial Prize in Economic Sciences "for their fundamental contributions to the economic theory of incentives under asymmetric information".Mirrlees was also co-creator, with MIT Professor Peter A. Diamond, of the Diamond–Mirrlees efficiency theorem, which was developed in 1971.Mirrlees was emeritus Professor of Political Economy at the University of Cambridge and a Fellow of Trinity College, Cambridge. He spent several months a year at the University of Melbourne, Australia. He was the Distinguished Professor-at-Large of the Chinese University of Hong Kong as well as University of Macau.In 2009, he was appointed Founding Master of the Morningside College of the Chinese University of Hong Kong.

Mirrlees was a member of Scotland's Council of Economic Advisers. He also led the Mirrlees Review, a review of the UK tax system by the Institute for Fiscal Studies.

His Ph.D. students included eminent academics and policy makers like professor Franklin Allen, Sir Partha Dasgupta, professor Huw Dixon, professor Hyun-Song Shin, Lord Nicholas Stern, professor Anthony Venables, Sir John Vickers, and professor Zhang Weiying. He died in Cambridge, England, on 29 August 2018.Mirrlees was an atheist.

Jan Tinbergen

Jan Tinbergen (; Dutch: [ˈtɪnˌbɛrɣə(n)]; April 12, 1903 – June 9, 1994) was an important Dutch economist. He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. He is widely considered to be one of the most influential economists of the 20th century and one of the founding fathers of econometrics. It has been argued that the development of the first macro econometric models, the solution of the identification problem, and the understanding of dynamic models are his three most important legacies to econometrics. Tinbergen was a founding trustee of Economists for Peace and Security. In 1945, he founded the Bureau for Economic Policy Analysis (CPB) and was the agency's first director.

John Bates Clark Medal

The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge".According to The Chronicle of Higher Education, it "is widely regarded as one of the field’s most prestigious awards...second only to the Nobel Memorial Prize in Economic Sciences." The award was made biennially until 2007, but from 2009 is now awarded every year because of the growth of the field. The award is named after the American economist John Bates Clark (1847–1938). Although the Clark medal is billed as a prize for American economists, it is sufficient that the candidates work in the US at the time of the award; US nationality is not necessary to be considered.

John Forbes Nash Jr.

John Forbes Nash Jr. (June 13, 1928 – May 23, 2015) was an American mathematician who made fundamental contributions to game theory, differential geometry, and the study of partial differential equations. Nash's work has provided insight into the factors that govern chance and decision-making inside complex systems found in everyday life.

His theories are widely used in economics. Serving as a Senior Research Mathematician at Princeton University during the later part of his life, he shared the 1994 Nobel Memorial Prize in Economic Sciences with game theorists Reinhard Selten and John Harsanyi. In 2015, he also shared the Abel Prize with Louis Nirenberg for his work on nonlinear partial differential equations.

John Nash is the only person to be awarded both the Nobel Memorial Prize in Economic Sciences and the Abel Prize.

In 1959, Nash began showing clear signs of mental illness, and spent several years at psychiatric hospitals being treated for paranoid schizophrenia. After 1970, his condition slowly improved, allowing him to return to academic work by the mid-1980s. His struggles with his illness and his recovery became the basis for Sylvia Nasar's biography, A Beautiful Mind, as well as a film of the same name starring Russell Crowe as Nash.On May 23, 2015, Nash and his wife Alicia were killed in a car crash while riding in a taxi on the New Jersey Turnpike.

List of Nobel Memorial Prize laureates in Economics

The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences. The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death.As of the awarding of the 2018 prize, 50 Nobel Memorial Prizes in Economic Sciences have been given to 81 individuals. Up to 2007, nine awards had been given for contributions to the field of macroeconomics, more than any other category. The institution with the most affiliated laureates in economic sciences is the University of Chicago, which has 30 affiliated laureates.

List of Nobel laureates affiliated with Imperial College London

The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. Another prize, the Nobel Memorial Prize in Economic Sciences, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributors to the field of economics. Each prize is awarded by a separate committee: the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK, which is equal to 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize amount of 10,000,000 SEK. The awards are presented in Stockholm in an annual ceremony on December 10, the anniversary of Nobel's death.As of 2009, there have been 15 Nobel laureates affiliated with Imperial College London. Imperial College considers laureates who attended the university as undergraduate students, graduate students or were members of the faculty as affiliated laureates. Frederick Gowland Hopkins, who attended the Royal School of Mines from 1881 to 1883, was the first Imperial College-affiliated laureate, winning the Nobel Prize in Physiology or Medicine in 1929. One Nobel Prize was shared by two Imperial College laureates; Ernst Boris Chain and Alexander Fleming won the 1945 Nobel Prize in Physiology or Medicine. Thirteen of the fifteen Imperial College laureates were members of the faculty. Nine laureates were fellows of the college. No Imperial College laureate has won the Nobel Prize in Literature, the Nobel Peace Prize, or the Nobel Memorial Prize in Economic Sciences.

List of Nobel laureates affiliated with the University of Edinburgh

This list of Nobel laureates affiliated with the University of Edinburgh includes academic staff and researchers as well as graduates and non-graduate former students of the University of Edinburgh in Scotland, who were bestowed with the Nobel Prize and the Nobel Memorial Prize in Economic Sciences.

As of 2017, 23 Nobel laureates have been affiliated with the University. They have been affiliated as students, researchers, administrators and professors, and they have won Nobel Prizes in all categories.

It does not include those whose only affiliation with the university is (i) giving the Gifford Lectures (e.g. Niels Bohr, who gave the lecture entitled Causality and Complementarity: Epistemological Lessons of Studies in Atomic Physics in 1949) or (ii) the conferral of an honorary degree (e.g. August Krogh).

List of game theorists

This is a list of notable economists, mathematicians, political scientists, and computer scientists whose work has added substantially to the field of game theory. For a list of people in the field of video games rather than game theory, please see list of ludologists.

Derek Abbott - quantum game theory and Parrondo's games

Susanne Albers - algorithmic game theory and algorithm analysis

Kenneth Arrow - voting theory (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1972)

Robert Aumann - equilibrium theory (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2005)

Robert Axelrod - repeated Prisoner's Dilemma

Tamer Başar - dynamic game theory and application robust control of systems with uncertainty

Cristina Bicchieri - epistemology of game theory

Olga Bondareva - Bondareva–Shapley theorem

Steven Brams - cake cutting, fair division, theory of moves

Jennifer Tour Chayes - algorithmic game theory and auction algorithms

John Horton Conway - combinatorial game theory

William Hamilton - evolutionary biology

John Harsanyi - equilibrium theory (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1994)

Monika Henzinger - algorithmic game theory and information retrieval

Naira Hovakimyan - differential games and adaptive control

Peter L. Hurd - evolution of aggressive behavior

Rufus Isaacs - differential games

Anna Karlin - algorithmic game theory and online algorithms

Michael Kearns - algorithmic game theory and computational social science

Sarit Kraus - non-monotonic reasoning

John Maynard Smith - evolutionary biology

Oskar Morgenstern - social organization

John Forbes Nash - Nash equilibrium (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1994)

John von Neumann - Minimax theorem, expected utility, social organization, arms race

J. M. R. Parrondo - games with a reversal of fortune, such as Parrondo's games

Charles E. M. Pearce - games applied to queuing theory

George R. Price - theoretical and evolutionary biology

Anatol Rapoport - Mathematical psychologist, early proponent of tit-for-tat in repeated Prisoner's Dilemma

Julia Robinson - proved that fictitious play dynamics converges to the mixed strategy Nash equilibrium in two-player zero-sum games

Alvin E. Roth - market design (Nobel Memorial Prize in Economic Sciences 2012)

Ariel Rubinstein - bargaining theory, learning and language

Thomas Jerome Schaefer - computational complexity of perfect-information games

Suzanne Scotchmer - patent law incentive models

Reinhard Selten - bounded rationality (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1994)

Claude Shannon - studied cryptography and chess; sometimes called "the father of information theory"

Lloyd Shapley - Shapley value and core concept in coalition games (Nobel Memorial Prize in Economic Sciences 2012)

Thomas Schelling - bargaining (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2005) and models of segregation

Myrna Wooders - coalition theory

Minnigaff

Minnigaff is a village and civil parish in the historical county of Kirkcudbrightshire in Dumfries and Galloway, Scotland. Lead was discovered there in 1763 and mined about two miles from the village until 1839. Minnigaff is the birthplace of Sir James Mirrlees, winner of the 1996 Nobel Memorial Prize in Economic Sciences.

Oliver E. Williamson

Oliver Eaton Williamson (born September 27, 1932) is an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom.

Reinhard Selten

Reinhard Justus Reginald Selten (5 October 1930 – 23 August 2016) was a German economist, who won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). He is also well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics.

Robert Fogel

Robert William Fogel (; July 1, 1926 – June 11, 2013) was an American economic historian and scientist, and winner (with Douglass North) of the 1993 Nobel Memorial Prize in Economic Sciences. As of his death, he was the Charles R. Walgreen Distinguished Service Professor of American Institutions and director of the Center for Population Economics (CPE) at the University of Chicago's Booth School of Business. He is best known as an advocate of new economic history (cliometrics) – the use of quantitative methods in history.

Theodore Schultz

Theodore William Schultz (; 30 April 1902 – 26 February 1998) was an American economist and chairman of the University of Chicago Department of Economics. Schultz rose to national prominence after winning the 1979 Nobel Memorial Prize in Economic Sciences.

Torsten Persson

Torsten Persson (born 18 April 1954) is a Swedish economist at the Institute for International Economic Studies, Stockholm University. He has also taught in England, the United States, and Israel. He has collaborated extensively with Guido Tabellini.

Persson is a past director of the Institute for International Economic Studies, President of the European Economic Association, a member of The Royal Swedish Academy of Sciences, and serves on The Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences.

He is a member of the council for the Lindau Nobel Laureate Meetings.

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