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vol IV chap 15 sect 1

Volume IV: Universe

Previous: 14.3. Contextualization of learning about the universe.

15. Universes composed by humans and societies.

Introduction.

What kind of universes are described by some Prizes in Economic Sciences?

Is it worthwhile to talk about universes in Economic Sciences? What can we learn from the descriptions of the Sveriges Riksbank Prizes in Economic Sciences in Memory of Alfred Nobel?

Several mathematical ideas and procedures as well as physical concepts and models have been used and adapted to study social processes from a perspective based in Economic sciences. Furthermore, many economists have been former mathematicians and some of them studied Physics.

Learning objectives of Chapter 15.

After this Chapter you should be able to:

  • Analyze the meaning of Economic Sciences and describe a selection of Prizes in Economic Sciences in Memory of Alfred Nobel awarded since 1969 up to 2023.
  • Describe the Prize in Economic Sciences awarded in 1969 recognizing the development of dynamic models in econometry.
  • Describe the Prize in Economic Sciences awarded in 2021 recognizing the analysis of causal relationships in the study of natural experiments.

Description of content of Chapter 15.

Section 15.1. Selection of Prizes in Economic Sciences in Memory of Alfred Nobel.

This section describes a selection of 15 of the 54 Prizes in Economic Sciences in Memory of Alfred Nobel awarded since 1969 up to 2023. This selection only considers research in econometry and some applications of economic theories.

Section 15.2. Role of statistical analysis in the formulation of models.

This section deals with the description of the first Prize in Economic Sciences awarded in 1969 to Ragnar Frisch and Jan Tinbergen “for having developed and applied dynamic models for the analysis of economic processes”.

Section 15.3. Interpretation of natural experiments in Economic sciences.

This section concerns the description of one of the last Prizes in Economic Sciences awarded in 2021 to David Card “for his empirical contributions to labour economics” and to Joshua D. Angrist and Guido W. Imbens “for their methodological contributions to the analysis of causal relationships”. We will not deal with Card´s recognized works.

15.1. Selection of Prizes in Economic Sciences in Memory of Alfred Nobel.

Sciences are rational systems for explaining certain objects and phenomena. Sciences are not dry knowledge; they are embedded in social contexts. Natural sciences and social sciences look for describing and understanding structural properties and functional behaviors of diverse universes. They have distinct levels and degrees of development because they address different kinds of problems; they create, apply, and test their own concepts, models, and research methodologies. The universes of humans and societies are different from the universes of atoms, molecules, galaxies, and black holes.

Alfred Nobel signed his will on November 27, 1895, and he died on December 10, 1896. It was till December 10, 1901, that the first Nobel Prizes were awarded in Physics, Chemistry, and Physiology or Medicine, as well as in Literature and Peace. N0 place for Mathematics neither for Social Sciences. Nevertheless, in 1968, the Sveriges Riksbank established the Prize in Economic Sciences in Memory of Alfred Nobel. Understanding recognized research works in Economic Sciences compensate the original decision made by Alfred Nobel.

Economic Sciences is a branch of social sciences where societies and human relationships are studied. There are two main methods for approaching social sciences: the positivist one and the interpretative or speculative one. These methods apply the following research design types to different kind of objects of study: the quantitative design looks for quantitative evidence, apply statistical analysis and create valid and reliable general claims, and the qualitative design is based on direct observation and communication with participants, and tries to achieve contextual and subjective accuracy over generality.

Economy has been historically developed through three main phases or degrees: in ancient times, it was based on subsistence farming; then, because of the industrial revolution, it was mostly dependent on mining, construction and manufacturing industries, as well as in commerce; and in modern times, where consumer societies have been characterized by technological developments and commercial arrangements.

Usually, Economy is divided into Microeconomics (the study of the behavior of the individual consumers and businesses that make up the economy) and Macroeconomics (the study of the overall performance of an economy). Microeconomics deals with its basic elements like economic agents (individuals, businesses, organizations, or governments), firms and markets, and operations like production, exchange, and consumption. Macroeconomics refers to the structure, performance, behavior, and decision-making of the whole system in connection with phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product, inflation, balance of trade, changes in unemployment, ….

To have an idea of how broad the discipline of Economic Sciences is we consider the classification of publication categories in the Journal of Economic Literature (JEL), according to the American Economic Association (AEA). The following list has been obtained from https://en.wikipedia.org/wiki/JEL_classification_codes.

  • General Economics and Teaching
  • History of Economic Thought
  • Economic methodology and Heterodox Approaches
  • Mathematical and Quantitative Methods
  • Microeconomics
  • Macroeconomics and Monetary Economics
  • International Economics
  • Financial Economics, Public Economics
  • Health, Education, and Welfare
  • Labor Economics and Demographic Economics
  • Law and Economics
  • Business Administration and Business Economics
  • Marketing, Accounting, Personnel Economics
  • Economic History
  • Economic Development, Innovation, Technological Change and Growth
  • Economic Systems
  • Agriculture and Natural Resource Economics
  • Environmental and Ecological Economics
  • Urban, Rural, Regional, Real Estate, and Transportation Economics
  • Miscellaneous Categories
  • Industrial Organization

Up to now, 54 Prizes in Economic Sciences in Memory of Alfred Nobel have been awarded in the period 1969-2023. In this Chapter 15 we select 15 of those Prizes mostly associated to econometry and economic theories connected with one of the following five aspects: decisions, games, welfare, development, and natural experiments. Each item in the list contains the year of the award, the names and dates of the laureates, and the reasons for such recognitions. Afterwards we insert the documents called WORK which are a brief explanation of the contributions made by each laureate and the titles of the corresponding Prize Lectures. All the references are given in MLA format.

In 1969: to Ragnar Frisch (1895-1969) and Jan Tinbergen (1903-1994) “for having developed and applied dynamic models for the analysis of economic processes”.

1969 Economic-sciences Nobel Prize awarded to Frisch.

WORK: “Ragnar Frisch, along with Jan Tinbergen, pioneered development of mathematical formulations of economics. He coined the term econometrics for studies in which he used statistical methods to describe economic systems. He is best known for his contributions to dynamic economic modeling, and in 1933 he presented the first mathematical economic model that could describe fluctuations in the business cycle. His later work concerned models for economic planning.”

MLA style: Ragnar Frisch – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1969/frisch/facts/

PRIZE LECTURE: From Utopian Theory to Practical Applications: The Case of Econometrics by Frisch.

MLA style: Ragnar Frisch – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Thu. 19 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1969/frisch/lecture/

1969 Economic-sciences Nobel Prize awarded to Tinbergen.

WORK: “Ragnar Frisch before him, Jan Tinbergen was a pioneer in changing economics from a science formulated in words to one based on mathematics. During the 1930s he developed the first macroeconomic model that described in detail variables from the entire economy and placed them in a mathematical relationship with one another. Previously this could only be done in general terms, but now it could be done with concrete numbers. Tinbergen used his knowledge of statistics to test models in order to choose those that were most suitable.”

MLA style: Jan Tinbergen – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1969/tinbergen/facts/

PRIZE LECTURE: The Use of Models: Experience and Prospects by Tinbergen.

MLA style: Jan Tinbergen – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2023. Thu. 19 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1969/tinbergen/lecture/

In 1970: to Paul A. Samuelson (1915-2009) "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science".

1970 Economic-sciences Nobel Prize awarded to Samuelson.

WORK: “Where Ragnar Frisch and Jan Tinbergen had earlier focused on statistics and empirical data, Paul Samuelson devoted his time to theoretical methods and analysis of economics. He formalized economics research using mathematics and his work influences practically all branches of modern economics. He saw himself as the last generalist among increasingly specialized economists and was one of the foremost innovators in the New Keynesian school, which incorporated Keynes' ideas with market theories.”

MLA style: Paul A. Samuelson – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1970/samuelson/facts/

PRIZE LECTURE: Maximum Principles in Analytical Economics by Samuelson.

MLA style: Paul A. Samuelson – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1970/samuelson/lecture/

In 1973: to Wassily Leontief (1906-1999) “for the development of the input-output method and for its application to important economic problems”.

Economic-sciences Nobel Prize awarded to Leontief.

WORK: “Wassily Leontief created the input-output analysis, which describes the interdependence in the production system as a network of deliveries between the various sectors of production. The method provided tools for a systematic analysis of the complicated interindustrial transactions in an economy. Leontieff is also distinguished for having developed linear programming, a mathematical technique for solving complex problems of economic operations.”

MLA style: Wassily Leontief – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1973/leontief/facts/

PRIZE LECTURE: Structure of the World Economy by Leontief.

MLA style: Wassily Leontief – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1973/leontief/lecture/

In 1978: to Herbert A. Simon (1916-2001) “for his pioneering research into the decision-making process within economic organizations”.

Economic-sciences Nobel Prize awarded to Simon.

WORK: “Herbert Simon combined different scientific disciplines and considered new factors in economic theories. Established economic theories held that enterprises and entrepreneurs all acted in completely rational ways, with the maximization of their own profit as their only goal. In contrast, Simon held that when making choices all people deviate from the strictly rational, and described companies as adaptable systems, with physical, personal, and social components. Through these perspectives, he was able to write about decision-making processes in modern society in an entirely new way.”

MLA style: Herbert A. Simon – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1978/simon/facts/

PRIZE LECTURE: Rational Decision-Making in Business Organizations by Simon.

MLA style: Herbert A. Simon – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1978/simon/lecture/

In 1979: to Theodore W. Schultz (1902-1998) and Sir Arthur Lewis (1815-1991) “for their pioneering research into economic development research with particular consideration of the problems of developing countries”.

1979 Economic-sciences Nobel Prize awarded to Schultz.

WORK: “The main characteristic of Theodore Schultz’s studies is that he treated agricultural economy as an integral part of the entire economy. His analytical interest was focused on the imbalance between relative poverty and underdevelopment in agriculture compared with the higher productivity and higher income levels in industry and other urban economic activities.”

MLA style: Theodore W. Schultz – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1979/schultz/facts/

PRIZE LECTURE: The Economics of Being Poor by Schultz.

MLA style: Theodore W. Schultz – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1979/schultz/lecture/

1979 Economic-sciences Nobel Prize awarded to Lewis.

WORK: “Arthur Lewis was a leading figure and pioneer in the field of economic development. Lewis created two theoretical explanatory models designed to describe and explain the intrinsic problems of underdevelopment. The first model is based on the dual nature of a developing economy. Lewis’s other basic models relates to the determination of the terms of trade between developing and developed countries.”

MLA style: Sir Arthur Lewis – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1979/lewis/facts/

PRIZE LECTURE: The Slowing Down of the Engine of Growth by Lewis.

MLA style: Sir Arthur Lewis – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1979/lewis/lecture/

In 1981: to James Tobin (1918-2002) “for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices”.

1981 Economic-sciences Nobel Prize awarded to Tobin.

WORK: “James Tobin’s achievements cover a broad spectrum of economic research. He made substantial contributions in such widely differing areas as econometric methods and strictly formalized game theory, the theory of household and firm behavior, general macro theory and applied analysis of economic policy. His most outstanding and significant research contribution belongs to the theory of financial markets and their relation to consumption and investment decisions, production, employment and prices.”

MLA style: James Tobin – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1981/tobin/facts/

PRIZE LECTURE: Money and Finance in the Macro-Economic Process by Tobin.

MLA style: James Tobin – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1981/tobin/lecture/

In 1983: to Gerard Debreu (1921-2004) “for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium”.

1983 Economic-sciences Nobel Prize awarded to Debreu.

WORK: “Debreu’s classic monograph, The Theory of Value: An Axiomatic Analysis of Economic Equilibrium, was published in 1959. In it, Debreu provided the mathematical underpinnings for the phenomenon of equilibrium in supply and demand. Debreu also made significant contributions to the theory of consumer behavior.”

MLA style: Gerard Debreu – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1983/debreu/facts/

PRIZE LECTURE: Economic Theory in the Mathematical Mode by Debreu.

MLA style: Gerard Debreu – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1983/debreu/lecture/

In 1989: to Trygve Haavelmo (1911-1999) “for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures”.

1989 Economic-sciences Nobel Prize awarded to Haavelmo.

WORK: “Trygve Haavelmo was a pioneer in what became the field of economic forecasting. His statistical techniques made possible the development of econometric models that predict how a change in one aspect of the economy will affect others; that is, he demonstrated that statistical probability theory could be integrated into economic formulations. Haavelmo’s method contributed to the techniques of national economic forecasting.”

MLA style: Trygve Haavelmo – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1989/haavelmo/facts/

PRIZE LECTURE: Econometrics and the Welfare State by Haavelmo.

MLA style: Trygve Haavelmo – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1989/haavelmo/lecture/

In 1994: to John C. Harsanyi (1920-2000), John F. Nash Jr. (1928-2015) and Reinhard Selten (1930-2016) “for their pioneering analysis of equilibria in the theory of non-cooperative games”.

1994 Economic-sciences Nobel Prize awarded to Harsanyi.

WORK: “John C. Harsanyi was awarded the Economic Sciences Prize in for his work in game theory and its application to economics. He showed how games of incomplete information can be analyzed thereby providing a theoretical foundation for a lively field of research – the economics of information. He is also known for researching utilitarian ethics and is considered one of the most important exponents of the “rule utilitarianism”.

MLA style: John C. Harsanyi – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1994/harsanyi/facts/

PRIZE LECTURE: Games with Incomplete Information by Harsanyi.

MLA style: John C. Harsanyi – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1994/harsanyi/lecture/

1994 Economic-sciences Nobel Prize awarded to Nash.

WORK: “John F. Nash is the only person who has been awarded both the Economic Sciences Prize and the Abel Prize. He received the Economic Sciences Prize for his work in game theory, more specifically the Nash equilibrium theory. He introduced the distinction between cooperative games and non-cooperative games. He also did ground breaking work in other mathematics and developed the Nash embedding theorem.”

MLA style: John F. Nash Jr. – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1994/nash/facts/

PRIZE LECTURE: The Work of John Nash in Game Theory by Nash.

MLA style: John F. Nash, Jr. – Prize Seminar. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1994/nash/lecture/

1994 Economic-sciences Nobel Prize awarded to Selten.

WORK: “Reinhard Selten received the Economic Sciences Prize for his work in game theory, along with his co recipients John F. Nash Jr and John C. Harsanyi. He refined the Nash equilibrium concept for analyzing dynamic strategic interaction by getting rid of unlikely equilibria. He also applied the refined concept to analyses of oligopolistic competition. He is also well known for his work in bounded rationality. He also built the BonnEconLab at the University of Bonn.”

MLA style: Reinhard Selten – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1994/selten/facts/

PRIZE LECTURE: Multistage Game Models and Delay Supergames by Selten.

MLA style: Reinhard Selten – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1994/selten/lecture/

In 1998: to Amartya Sen (1933) “for his contributions to welfare economics”.

1998 Economic-sciences Nobel Prize awarded to Sen.

WORK: “Which are the most important and fundamental resources in a community and how should we divide them? One focus of Amartya Sen's research is how individuals' values can be considered in collective decision-making and how welfare and poverty can be measured. His efforts stem from his interest in questions of distribution and, in particular, the lot of society's poorest members. Sen's studies have included famines, to create a deeper understanding of the economic reasons behind famine and poverty.”

MLA style: Amartya Sen – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/1998/sen/facts/

PRIZE LECTURE: The Possibility of Social Choice by Sen.

MLA style: Amartya Sen – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/1998/sen/lecture/

In 2002: to Daniel Kahneman (1934) “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty” and Vernon L. Smith (1927) “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.

2002 Economic-sciences Nobel Prize awarded to Kahneman.

WORK: “Daniel Kahneman began his prize-awarded research in the late 1960s. In order to increase understanding of how people make economic decisions, he drew on cognitive psychology in relation to the mental process used in forming judgements and making choices. His research on decision-making under uncertainty resulted in the formulation of a new branch of economics, prospect theory.”

MLA style: Daniel Kahneman – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/facts/

PRIZE LECTURE: Maps of Bounded Rationality by Kahneman.

MLA style: Daniel Kahneman – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/lecture/

2002 Economic-sciences Nobel Prize awarded to Smith.

WORK: “Vernon Smith has laid the foundation for the field of experimental economics. He has developed an array of experimental methods, setting standards for what constitutes a reliable laboratory experiment in economics. In his own experimental work, he has demonstrated the importance of alternative market institutions, e.g., how the revenue expected by a seller depends on the choice of auction method.”

MLA style: Vernon L. Smith – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2002/smith/facts/

PRIZE LECTURE: Constructivist and Ecological Rationality in Economics by Smith.

MLA style: Vernon L. Smith – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2002/smith/lecture/

In 2005: to Robert J. Aumann (1930) and Thomas C. Schelling (1921-2016) “for having enhanced our understanding of conflict and cooperation through game-theory analysis”.

2005 Economic-sciences Nobel Prize awarded to Aumann.

WORK: “Aumann was awarded the Prize in Economic Sciences for his theory of repeated games, which enhances our understanding of the prerequisites for cooperation. Insights into these issues help explain economic conflicts, such as price wars and trade wars. He was educated at MIT in Boston, where he received his Ph. D. in 1955. After moving to Israel in 1956, he was a member of the mathematics faculty at the Hebrew University of Jerusalem.”

MLA style: Robert J. Aumann – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2005/aumann/facts/

PRIZE LECTURE: War and Peace by Aumann.

MLA style: Robert J. Aumann – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2005/aumann/lecture/

2005 Economic-sciences Nobel Prize awarded to Schelling.

WORK: “Thomas Schelling specialized in the application of game theory to cases in which adversaries must repeatedly interact, especially in international trade, treaties and conflicts. His work prompted new developments in game theory and accelerated its use and application throughout the social sciences. Schelling’s analysis of strategic commitments has explained a wide range of phenomena, from the competitive strategies of firms to the delegation of political decision power.”

MLA style: Thomas C. Schelling – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2005/schelling/facts/

PRIZE LECTURE: An Astonishing Sixty Years: The Legacy of Hiroshima by Schelling.

MLA style: Thomas C. Schelling – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2005/schelling/lecture/

In 2017: to Richard H. Thaler (1945) “for his contributions to behavioural economics”.

2017 Economic-sciences Nobel Prize awarded to Thaler.

WORK: “How do human traits govern individual economic decisions and what effect do they have on markets as a whole? Since the 1980s, Richard Thaler has analyzed economic decision-making with the aid of insights from psychology. He has paid special attention to three psychological factors: the tendency to not behave completely rationally, notions of fairness and reasonableness, and lack of self-control. His findings have had a profound influence on many areas of economic research and policy.”

MLA style: Richard H. Thaler – Facts. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2017/thaler/facts/

PRIZE LECTURE: From Cashews to Nudges: The Evolution of Behavioral Economics by Thaler.

MLA style: Richard H. Thaler – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2017/thaler/lecture/

In 2019: Abhijit Banerjee (1961), Esther Duflo (1972) and Michael Kremer (1964) “for their experimental approach to alleviating global poverty”.

2019 Economic-sciences Nobel Prize awarded to Banerjee, Duflo and Kremer.

WORK: “One of humanity’s most urgent issues is the reduction of global poverty, in all its forms. Abhijit Banerjee, Esther Duflo, and Michael Kremer have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. It involves dividing this issue into smaller, more manageable, questions. Since the mid-1990s, they have been able to test a range of interventions in different areas using field experiments, for example for improving educational outcomes or child health.”

MLA style: Abhijit Banerjee – Facts – 2019. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2019/banerjee/facts/

PRIZE LECTURE: Field Experiments and the Practice of Economics by Banerjee.

MLA style: Abhijit Banerjee – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2019/banerjee/lecture/

PRIZE LECTURE: Field Experiments and the Practice of Policy by Duflo.

MLA style: Esther Duflo – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2019/duflo/lecture/

PRIZE LECTURE: Experimentation, Innovation, and Economics by Kremer.

MLA style: Michael Kremer – Prize Lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2019/kremer/lecture/

In 2021: to David Card (1956) “for his empirical contributions to labour economics” and Joshua D. Angrist (1960) and Guido W. Imbens (1963) “for their methodological contributions to the analysis of causal relationships”.

2021 Economic-sciences Nobel Prize awarded to Card.

WORK: “Many of the big questions in the social sciences deal with cause and effect. Some of these questions are possible to answer using natural experiments, in which chance events or policy changes result in groups of people being treated differently. Using natural experiments, David Card has analysed the labour market effects of minimum wages, immigration and education. The results showed, among other things, that increasing the minimum wage does not necessarily lead to fewer jobs, as was previously thought.”

MLA style: David Card – Facts – 2021. NobelPrize.org. Nobel Prize Outreach AB 2023. Wed. 18 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2021/card/facts/

PRIZE LECTURE: Design‐based research in empirical microeconomics by Card.

MLA style: David Card – Prize lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Sat. 3 Aug 2024. https://www.nobelprize.org/prizes/economic-sciences/2021/card/lecture/

2021 Economic-sciences Nobel Prize awarded to Angrist and Imbens.

WORK: “Many of the big questions in the social sciences deal with cause and effect. Some of these questions are possible to answer using natural experiments, in which chance events or policy changes result in groups of people being treated differently. In 1994, Joshua Angrist and Guido Imbens showed what conclusions about causation can be drawn from natural experiments in which people cannot be either forced or forbidden to participate in the programme being studied.”

MLA style: Guido W. Imbens – Facts – 2021. NobelPrize.org. Nobel Prize Outreach AB 2023. Thu. 19 Oct 2023. https://www.nobelprize.org/prizes/economic-sciences/2021/imbens/facts/

PRIZE LECTURE: Empirical strategies in economics: Illuminating the path from cause to effect by Angrist.

MLA style: Joshua D. Angrist – Prize lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2021/angrist/lecture/

PRIZE LECTURE: Causality in econometrics: methods in conversation with practice by Imbens.

MLA style: Guido W. Imbens – Prize lecture. NobelPrize.org. Nobel Prize Outreach AB 2024. Mon. 22 Jul 2024. https://www.nobelprize.org/prizes/economic-sciences/2021/imbens/lecture/

Next: 15.2. Role of statistical analysis in the formulation of models.