This year’s Nobel Prize in Economics was awarded to three economists: David Card, Joshua Ingreste, and Guido Empains. This was announced by the Royal Swedish Academy of Sciences in Stockholm on Monday.
these years Nobel prize Three researchers have been awarded the David Card, Joshua D. Angreste and Guido Empins prize, the Royal Swedish Academy of Sciences announced in Stockholm on Monday.
All three deal with questions of labor market theory. Canadian David Card from the University of California, Berkeley, recognized for “experimental contributions to labor economics”.
American Joshua D From the Massachusetts Institute of Technology in Cambridge, Dutch Guido W Empans from Stanford University second half of the award “for their methodological contributions to the analysis of causal relationships”.
All three researchers “gave us new knowledge about the labor market and demonstrated results that can be drawn about cause and effect from natural experiments,” and the Academy justified its decision. “Your approach has extended to other areas and revolutionized experimental research.”
Many of the big questions in the social sciences relate to cause and effect – such as how immigration affects wages and employment levels. These questions are difficult to answer because there are no comparisons. “We don’t know what would have happened if there had been fewer immigration,” the academy said. However, this year’s award winners have shown that it is possible to answer these and similar questions through natural experiments.
Only a German won the award
The Nobel Prize in Economics, awarded since 1969, is the only award not based on the will of the prize donor and inventor of dynamite. Alfred Nobel (1833-1896) returns. It was donated by the Swedish Central Bank, and therefore, strictly speaking, it is not a classic Nobel Prize. However, it will be presented with the other prizes on the anniversary of Nobel’s death, December 10.
So far, only one German has been among the Nobel laureates in economics: Bonn scientist Reinhard Selten received it in 1994 with John Nash and John Harsanyi for their pioneering contributions to non-cooperative game theory.
According to tradition, scientists from the United States are among the nominees for the prize. Last year, I went to American economists Paul R. Milgrom and Robert B. Wilson, who are both honored for their improvement in auction theory and for inventing new forms of auctions.