Three US-based economists gained the 2021 Nobel prize for economics for work on drawing conclusions from unintended experiments, or so-called “pure experiments”.
avid Card of the College of California at Berkeley was awarded one half of the prize, whereas the opposite half was shared by Joshua Angrist from the Massachusetts Institute of Know-how and Guido Imbens from Stanford College.
The Royal Swedish Academy of Sciences mentioned the three have “fully reshaped empirical work within the financial sciences”.
The 2021 Sveriges Riksbank Prize in Financial Sciences in Reminiscence of Alfred Nobel has been awarded with one half to David Card and the opposite half collectively to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn
— The Nobel Prize (@NobelPrize) October 11, 2021
“Card’s research of core questions for society and Angrist and Imbens’ methodological contributions have proven that pure experiments are a wealthy supply of information,” mentioned Peter Fredriksson, chairman of the Financial Sciences Committee.
“Their analysis has considerably improved our means to reply key causal questions, which has been of nice profit for society.”
In contrast to the opposite Nobel prizes, the economics award was not established within the will of Alfred Nobel however by the Swedish central financial institution in his reminiscence in 1968, with the primary winner chosen a yr later.
It’s the final prize introduced every year.