News / Economy

3 Americans Win Nobel Economics Prize

The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
The Royal Swedish Academy of Sciences announces the winners of 2013 Nobel Memorial Prize in Economic Sciences as Eugene Fama, Lars Peter Hansen and Robert Shiller in Stockholm, Oct. 14, 2013.
VOA News
Three American economists were awarded the Nobel Prize in economics for their work on determining how asset prices change over time.

The Royal Swedish Academy of Sciences, in a statement Monday, named Eugene Fama, Lars Peter Hansen and Robert Shiller as recipients of the 2013 award for their "empirical analysis of asset prices."

The academy said that while it is hard predict the price of stocks and bonds over the next few days or weeks, the work by these economists make it possible to foresee the broad course of these prices over longer periods, such as the next three to five years.

Fama and Hansen are professors at the University of Chicago, in Illinois, while Shiller teaches at Yale University in Connecticut.

2013 Nobel Prize for Economics

  • Eugene Fama of the University of Chicago
  • Lars Hansen of the University of Chicago
  • Robert Shiller of Yale University
  • Awarded for their empirical analysis of asset prices
  • They found it is possible to foresee the broad course of stock and bond prices over long periods of time

Shiller said finance is often misunderstood as being about making money rather than a way of allocating resources, giving people incentives and spreading risks. He said "rising inequality" is the most important problem facing the United States and other parts of the world today.  

"This is a problem that has solutions," said Shiller. "Many of them are financial solutions. Finance is substantially about risk management, and if it's supplied right, if it's democratized, the real tools are made useful to real people, and not to just the minority of people, it can help solve these problems."  

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It is not one of the original awards created by Swedish industrialist Alfred Nobel, the inventor of dynamite, in 1895.

You May Like

US Investors Eye IPO for China's Alibaba

E-commerce giant handled 80 percent of China's online business last year, logging more Internet transactions than US-based Amazon.com and eBay combined More

Video Uneasy Calm Settles Over Israel, Gaza Strip

As cease-fire begins, Palestinians celebrate in streets; Israelis remain wary More

Video Chinese Doctors Use 3-D Spinal Implant

In treatment of a 12-year-old boy Chinese doctors used a 3-D printer and special software to create an exact replica of vertebra More

This forum has been closed.
Comment Sorting
Comments
     
by: Godwin from: Nigeria
October 14, 2013 11:21 AM
With the US thriving on borrowing, the government running on thrillions of borrowed money and no sign it is going to stop any time soon, what is the wisdom of giving nobel prize for economics to an American? Doesn't make sense, unless someone will show me that the governments have refused to take economic advices or that that is another principle being applied in USA which makes sense of borrowing not in reverse. That prize should have gone to Iranians for being able to survive economic sanctions without outside aid, not to US who borrows in spite of all the freedoms and liberty.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Chinese Doctors Use 3-D Spinal Implanti
X
August 27, 2014 4:53 PM
A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Chinese Doctors Use 3-D Spinal Implant

A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Uneasy Calm Settles Over Israel, Gaza Strip

Israel and the Gaza Strip have been calm since a cease-fire set in Tuesday evening, ending seven weeks of hostilities. Hamas, which controls Gaza, declared victory. Israelis were more wart. VOA’s Scott Bobb reports from Jerusalem.
Video

Video India’s Leprosy Battle Stymied by Continuing Stigma

Medical advancements in the treatment of leprosy have greatly diminished its impact around the world, largely eliminating the disease from most countries. India made great strides in combating leprosy, but still accounts for a majority of the world’s new cases each year, and the number of newly infected Indians is rising - more than 130,000 recorded last year. Doctors there say the problem has more to do with society than science. VOA News reports from Kolkata.
Video

Video Northern California Quake: No Way to Know When Next One Will Hit

A magnitude 6.0 earthquake rocked northern California’s Napa Valley on Sunday. Roads twisted and water mains burst. It was the wine country’s most severe quake in 15 years, and while hospitals treated many people, no one was killed. Arash Arabasadi has more from Washington on what the future may hold for those residents living on a fault line.
Video

Video Scientists Unlock Mystery of Bird Flocks

How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Ukrainian officials say they have captured Russian soldiers on Ukrainian territory -- the latest accusation of Moscow's involvement in the conflict in eastern Ukraine. VOA's Gabe Joselow reports from the Ukrainian side of the battle, where soldiers are convinced of Russia's role.
Video

Video Rubber May Soon Come From Dandelions

Synthetic rubber has been around for more than a century, but quality tires for cars, trucks and aircraft still need up to 40 percent or more natural rubber content. As the source of natural rubber, the rubber tree, is prone to disease and can be affected by bad weather. So scientists are looking for replacements. And as VOA’s George Putic reports, they may have found one in a ubiquitous weed.
Video

Video Jewish Life in Argentina Reflected in Yiddish Tango

Jewish people from across Europe and Russia have been immigrating to Argentina for hundreds of years. They brought with them dance music that were eventually mixed with Argentine tango. The result is Yiddish tango -- a fusion of melodies and cultural experiences that is still evolving today. Elizabeth Lee reports from the Skirball Cultural Center in Los Angeles, where one band is bringing Yiddish tango to an American audience.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.