Nobel Prize Laureates in Economics

1. ECONOMICS
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LAUREATES IN ECONOMICS
NOBEL MEMORIAL PRIZE
1969 – 2020

2. RAGNAR FRISCH
“For having developed and
applied dynamic models for
the analysis of economic
processes”
RATIONALE
Frisch–Waugh–Lovell theorem
KEY CONTRIBUTIONS
Conjectural variation
1969Nobel Memorial Prize in Economic Sciences
NORWEGIAN ECONOMIST
(March 3, 1895 – January 31, 1973)
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3. “For having developed and
applied dynamic models for
the analysis of economic
processes”
RATIONALE
Econometrics
KEY CONTRIBUTIONS
Policy instruments
JAN TINBERGEN
1969Nobel Memorial Prize in Economic Sciences
DUTCH ECONOMIST
(April 12, 1903 – June 9, 1994)
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4. “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”
RATIONALE
Revealed preference
KEY CONTRIBUTIONS
Samuel son condition
Efficient-market hypothesis
Stolper–Samuelson theorem
Overlapping generations
1970Nobel Memorial Prize in Economic Sciences
PAUL SAMUELSON
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AMERICAN ECONOMIST
(May 15, 1915 – December 13, 2009)

5. “For his empirically founded
interpretation of economic
growth which has led to new
and deepened insight into the
economic and social structure
and process of development”
Gross Domestic Product
KEY CONTRIBUTIONS
Capital formation
Kuznets cycle
Kuznets curve
RATIONALE
1971Nobel Memorial Prize in Economic Sciences
SIMON KUZNETS
AMERICAN ECONOMIST
(April 30, 1901 – July 8, 1985)
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6. “For his pioneering
contributions to general
economic equilibrium
theory and welfare
theory”
IS-LM model
KEY CONTRIBUTIONS
Hicksian demand function
Substitution effect
Income effect
Kaldor–Hicks efficiency
RATIONALE
1972Nobel Memorial Prize in Economic Sciences
JOHN HICKS
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BRITISH ECONOMIST
(April 8, 1904 – May 20, 1989)
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7. 1972Nobel Memorial Prize in Economic Sciences
KENNETH ARROW
“For his pioneering
contributions to general
economic equilibrium
theory and welfare
theory”
Fundamental theorems of
welfare welfare economics
KEY CONTRIBUTIONS
Arrow's impossibility theorem
Arrow–Debreu model
RATIONALE
(August 23, 1921 – February 21, 2017)
Endogenous growth theory
AMERICAN ECONOMIST
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8. “For the development of
the input-output method
and for its application to
important economic
problems”
Input-output model
KEY CONTRIBUTIONS
Leontief paradox
RATIONALE
RUSSIAN-AMERICAN ECONOMIST
(August 5, 1905 – February 5, 1999)
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1973Nobel Memorial Prize in Economic Sciences
WASSILY LEONTIEF
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9. “For his pioneering work in
the theory of money and
economic fluctuations and
for their penetrating analysis
of the interdependence of
economic, social and
institutional phenomena”
Circular cumulative causation
KEY CONTRIBUTION
(December 6, 1898 – May 17, 1987)
RATIONALE
SWEDISH ECONOMIST
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GUNNAR MYRDAL
1974Nobel Memorial Prize in Economic Sciences
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10. “For his pioneering work in the
theory of money and
economic fluctuations and for
their penetrating analysis of
the interdependence of
economic, social and
institutional phenomena”
Austrian business cycle theory
KEY CONTRIBUTIONS
RATIONALE
AUSTRIAN-BRITISH ECONOMIST
(May 8, 1899 – March 23, 1992)
FRIEDRICH HAYEK
1974Nobel Memorial Prize in Economic Sciences
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Economic calculation problem
Spontaneous order
Information economics
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11. “For his contributions to
the theory of optimum
allocation of resources”
Linear Programming
KEY CONTRIBUTIONS
Kantorovich theorem
Kantorovich inequality
Kantorovich metric
RATIONALE
SOVIET ECONOMIST
(January 19, 1912 – April 7, 1986)
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1975Nobel Memorial Prize in Economic Sciences
LEONID KANTOROVICH
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12. DUTCH-AMERICAN ECONOMIST
(August 28, 1910 – February 26, 1985)
“For his contributions to
the theory of optimum
allocation of resources”
Linear Programming
KEY CONTRIBUTION
RATIONALE
1975
TJALLING KOOPMANS
Nobel Memorial Prize in Economic Sciences
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AMERICAN ECONOMIST
(July 31, 1912 – November 16, 2006)
“For his achievements in the fields
of consumption analysis, monetary
history and theory and for his
demonstration of the complexity
of stabilisation policy”
RATIONALE
KEY CONTRIBUTIONS
1976Nobel Memorial Prize in Economic Sciences
MILTON FRIEDMAN
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14. Heckscher–Ohlin model
KEY CONTRIBUTION
“For his pathbreaking
contribution to the
theory of international
trade and international
capital movements”
1977Nobel Memorial Prize in Economic Sciences
RATIONALE
BERTIL OHLIN
SWEDISH ECONOMIST
(April 23, 1899 – August 3, 1979)
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15. Nominal income target
KEY CONTRIBUTION
“For his pathbreaking
contribution to the
theory of international
trade and international
capital movements”
RATIONALE
BRITISH ECONOMIST
(June 23, 1907 – December 22, 1995)
1977Nobel Memorial Prize in Economic Sciences
JAMES MEADE
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16. AMERICAN ECONOMIST
(June 15, 1916 – February 9, 2001)
“For his pioneering
research into the
decision-making process
within economic
organizations”
KEY CONTRIBUTIONS
Bounded rationality
Satisficing
Preferential attachment
RATIONALE
1978Nobel Memorial Prize in Economic Sciences
HERBERT A. SIMON
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17. AMERICAN ECONOMIST
(April 30, 1902 – February 26, 1998)
Human capital theory
KEY CONTRIBUTION
“For his pioneering
research into economic
development research with
particular consideration of
the problems of developing
countries”
RATIONALE
1979Nobel Memorial Prize in Economic Sciences
THEODORE SCHULTZ
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18. BRITISH ECONOMIST
(January 23, 1915 – June 15, 1991)
Lewis model
KEY CONTRIBUTIONS
“For his pioneering
research into economic
development research with
particular consideration of
the problems of developing
countries”
RATIONALE
1979Nobel Memorial Prize in Economic Sciences
W. ARTHUR LEWIS
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19. AMERICAN ECONOMIST
(September 14, 1920 – October 20, 2013)
Macroeconomics
forecasting
KEY CONTRIBUTION
“For the creation of
econometric models and
the application to the
analysis of economic
fluctuations and economic
policies”
RATIONALE
1980Nobel Memorial Prize in Economic Sciences
LAWRENCE KLEIN
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20. “For his analysis of
financial markets and their
relations to expenditure
decisions, employment,
production and prices”
Tobin tax
KEY CONTRIBUTIONS
RATIONALE
Tobit model
Tobin's q
AMERICAN ECONOMIST
(March 5, 1918 – March 11, 2002)
Baumol–Tobin model
JAMES TOBIN
1981Nobel Memorial Prize in Economic Sciences
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21. 1982Nobel Memorial Prize in Economic Sciences
GEORGE STIGLER
Regulatory capture
KEY CONTRIBUTION
“For his seminal studies of
industrial structures,
functioning of markets and
causes and effects of
public regulation”
RATIONALE
AMERICAN ECONOMIST
(January 17, 1911 – December 1, 1991)
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22. FRENCH-BORN ECONOMIST
(July 4, 1921 – December 31, 2004)
Arrow–Debreu model
KEY CONTRIBUTIONS
“For having incorporated
new analytical methods into
economic theory and for his
rigorous reformulation of
the theory of general
equilibrium”
RATIONALE
Sonnenschein–Mantel–
Debreu theorem
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GÉRARD DEBREU
1983Nobel Memorial Prize in Economic Sciences
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23. BRITISH ECONOMIST
(August 30, 1913 – December 6, 1991)
National accounts
KEY CONTRIBUTION
“For having made
fundamental contributions to
the development of systems
of national accounts and
hence greatly improved the
basis for empirical economic
analysis”
RATIONALE
1984Nobel Memorial Prize in Economic Sciences
RICHARD STONE
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24. AMERICAN-ITALIAN ECONOMIST
(June 18, 1918 – September 25, 1991)
“For his pioneering
analyses of saving and
of financial markets”
RATIONALE
Modigliani–Miller theorem
KEY CONTRIBUTIONS
Life-cycle hypothesis
1985Nobel Memorial Prize in Economic Sciences
FRANCO MODIGLIANI
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25. AMERICAN ECONOMIST
(October 3, 1919 – January 9, 2013)
KEY CONTRIBUTION
“For his development of
the contractual and
constitutional bases for
the theory of economic
and political decision-
making”
RATIONALE
Constitutional economics
1986Nobel Memorial Prize in Economic Sciences
JAMES M. BUCHANAN
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26. “For his contributions
to the theory of
economic growth”
KEY CONTRIBUTION
AMERICAN ECONOMIST
(Born August 23, 1924)
Solow–Swan model
1987
ROBERT SOLOW
Nobel Memorial Prize in Economic Sciences
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27. FRENCH ECONOMIST
(May 31, 1911 – October 9, 2010)
“For his pioneering
contributions to the
theory of markets and
efficient utilization of
resources”
OLG model,
KEY CONTRIBUTIONS
RATIONALE
Allais paradox
Golden Rule savings rate
MAURICE ALLAIS
1988Nobel Memorial Prize in Economic Sciences
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28. NORWEGIAN ECONOMIST
(December 13, 1911 – July 28, 1999)
TRYGVE HAAVELMO
1989Nobel Memorial Prize in Economic Sciences
“For his clarification of
the probability theory
foundations of
econometrics and his
analyses of simultaneous
economic structures”
Balanced budget multiplier
KEY CONTRIBUTION
RATIONALE
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29. AMERICAN ECONOMIST
( Born August 24, 1927)
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“For his pioneering
work in the theory of
financial economics”
Modern portfolio theory
KEY CONTRIBUTIONS
Markowitz model
Efficient frontier
RATIONALE
HARRY MARKOWITZ
1990Nobel Memorial Prize in Economic Sciences
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30. AMERICAN ECONOMIST
( May 16, 1923 – June 3, 2000)
“For his pioneering
work in the theory of
financial economics”
KEY CONTRIBUTIONS
Modern portfolio theory
Markowitz model
Efficient frontier
MERTON MILLER
1990Nobel Memorial Prize in Economic Sciences
RATIONALE
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31. “For his pioneering
work in the theory of
financial economics”
Sharpe Ratio,
KEY CONTRIBUTIONS
Binomial options pricing model
Returns-based style analysis
RATIONALE
AMERICAN ECONOMIST
( Born June 16, 1934)
WILLIAM F. SHARPE
1990Nobel Memorial Prize in Economic Sciences
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32. BRITISH ECONOMIST
(December 29, 1910 – September 2, 2013)
RONALD COASE
1991Nobel Memorial Prize in Economic Sciences
“For his discovery and
clarification of the
significance of transaction
costs and property rights for
the institutional structure
and functioning of the
economy”
Transaction costs
KEY CONTRIBUTIONS
Coase theorem
Coase conjecture
RATIONALE
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33. AMERICAN ECONOMIST
(December 2, 1930 – May 3, 2014)
“For having extended the
domain of microeconomic
analysis to a wide range
of human behaviour and
interaction, including
non-market behavior”
Human capital theory
KEY CONTRIBUTION
RATIONALE
GARY BECKER
1992Nobel Memorial Prize in Economic Sciences
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34. “For having renewed
research in economic
history by applying
economic theory and
quantitative methods in
order to explain economic
and institutional change”
Cliometrics
KEY CONTRIBUTION
ROBERT FOGEL
1993Nobel Memorial Prize in Economic Sciences
RATIONALE
AMERICAN ECONOMIST
(July 1, 1926 – June 11, 2013)
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35. “For having renewed
research in economic
history by applying
economic theory and
quantitative methods in
order to explain economic
and institutional change”
Cliometrics
KEY CONTRIBUTION
DOUGLASS NORTH
1993Nobel Memorial Prize in Economic Sciences
RATIONALE
AMERICAN ECONOMIST
(November 5, 1920 – November 23, 2015)
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36. “For his pioneering
analysis of equilibria in
the theory of non-
cooperative games”
Bayesian game
KEY CONTRIBUTIONS
Preference utilitarianism
Equilibrium selection
RATIONALE
RONALD COASE
1994Nobel Memorial Prize in Economic Sciences
HUNGARIAN AMERICAN ECONOMIST
( May 29, 1920 – August 9, 2000)
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37. JOHN FORBES NASH
1994Nobel Memorial Prize in Economic Sciences
“For his pioneering
analysis of equilibria in
the theory of non-
cooperative games”
Nash equilibrium
KEY CONTRIBUTIONS
Nash embedding theorem
Nash functions
RATIONALE
AMERICAN MATHEMATICIAN
(June 13, 1928 – May 23, 2015)
Nash–Moser theorem
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38. GERMAN ECONOMIST
(October 5, 1930 – August 23, 2016)
“For his pioneering
analysis of equilibria in
the theory of non-
cooperative games”
Experimental economics
KEY CONTRIBUTION
RATIONALE
REINHARD SELTEN
1994Nobel Memorial Prize in Economic Sciences
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39. 1995Nobel Memorial Prize in Economic Sciences
ROBERT LUCAS, JR.
(Born September 15, 1937)
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“For having developed and applied
the hypothesis of rational
expectations, and thereby having
transformed macroeconomic
analysis and deepened our
understanding of economic policy”
RATIONALE
AMERICAN ECONOMIST
KEY CONTRIBUTIONS
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40. “For their fundamental
contributions to the
economic theory of
incentives under
asymmetric information”
Optimal labor income taxation
KEY CONTRIBUTION
RATIONALE
JAMES MIRRLEES
1996Nobel Memorial Prize in Economic Sciences
SCOTTISH ECONOMIST
(July 5, 1936 – August 29, 2018)
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41. 1996
CANADIAN ECONOMIST
(June 21, 1914 – October 11, 1996)
“For their fundamental
contributions to the
economic theory of
incentives under
asymmetric information”
Vickrey auction
KEY CONTRIBUTIONS
RATIONALE
Revenue equivalence
Congestion pricing
WILLIAM VICKREY
Nobel Memorial Prize in Economic Sciences
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42. “For a new method to
determine the value of
derivatives”
Black–Scholes–Merton model
KEY CONTRIBUTIONS
RATIONALE
CAPM, Merton's portfolio
problem
AMERICAN ECONOMIST
(Born July 31, 1944)
1997
ROBERT C. MERTON
Nobel Memorial Prize in Economic Sciences
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43. “For a new method to
determine the value of
derivatives”
Black–Scholes–Merton model
KEY CONTRIBUTION
RATIONALE
CANADIAN-AMERICAN ECONOMIST
(Born July 1, 1941)
1997
MYRON SCHOLES
Nobel Memorial Prize in Economic Sciences
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44. INDIAN ECONOMIST
(Born on November 3, 1933)
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“For his contributions
to welfare economics”
Human development theory
KEY CONTRIBUTIONS
RATIONALE
Capability approach
1998
AMARTYA SEN
Nobel Memorial Prize in Economic Sciences
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45. “For his analysis of monetary
and fiscal policy under
different exchange rate
regimes and his analysis of
optimum currency areas”
Optimum currency area
KEY CONTRIBUTIONS
Supply-side economics
Mundell–Fleming model
RATIONALE
CANADIAN ECONOMIST
(Born on October 24, 1932)
Mundell–Tobin effect
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ROBERT MUNDELL
1999Nobel Memorial Prize in Economic Sciences
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46. “For his development of
theory and methods for
analyzing selective
samples”
Heckman correction
KEY CONTRIBUTION
RATIONALE
JAMES HECKMAN
2000Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born April 19, 1944)
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47. AMERICAN ECONOMIST
(Born on July 29, 1937)
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“For his development of
theory and methods for
analyzing discrete
choice”
Discrete choice models
KEY CONTRIBUTION
RATIONALE
DANIEL MCFADDEN
2000Nobel Memorial Prize in Economic Sciences
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48. AMERICAN ECONOMIST
(Born on June 17, 1940)
“For his analyses of
markets with
information
asymmetry”
Adverse selection (The Market
for Lemons)
KEY CONTRIBUTIONS
Efficiency wage
Identity economics
RATIONALE
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GEORGE AKERLOF
2001Nobel Memorial Prize in Economic Sciences
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49. “For his analyses of
markets with
information
asymmetry”
KEY CONTRIBUTION
RATIONALE
CANADIAN-AMERICAN ECONOMIST
(Born on November 7, 1943)
Signalling theory
MICHAEL SPENCE
2001Nobel Memorial Prize in Economic Sciences
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50. AMERICAN ECONOMIST
(Born on February 9, 1943)
“For his analyses of
markets with
information
asymmetry”
Screening theory
KEY CONTRIBUTIONS
RATIONALE
Henry George theorem
Shapiro–Stiglitz theory
JOSEPH STIGLITZ
2001Nobel Memorial Prize in Economic Sciences
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51. ISRAELI ECONOMIST
(Born on March 5, 1934)
“For having integrated insights
from psychological research
into economic science,
especially concerning human
judgment and decision-making
under uncertainty”
KEY CONTRIBUTIONS
RATIONALE
Behavioral economics
Prospect theory
Loss aversion
Cognitive biases
DANIEL KAHNEMAN
2002Nobel Memorial Prize in Economic Sciences
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52. AMERICAN ECONOMIST
(Born on January 1, 1927)
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Experimental economics
Combinatorial auction
VERNON L. SMITH
2002Nobel Memorial Prize in Economic Sciences
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“For having established
laboratory experiments as a
tool in empirical economic
analysis, especially in the
study of alternative market
mechanisms”
KEY CONTRIBUTIONS
RATIONALE

53. 2003
ROBERT F. ENGLE
Nobel Memorial Prize in Economic Sciences
“For methods of analyzing
economic time series with
time-varying volatility
(ARCH)”
Autoregressive conditional
heteroskedasticity (ARCH)
KEY CONTRIBUTION
RATIONALE
AMERICAN STATISTICIAN
(Born on November 10, 1942)
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54. BRITISH ECONOMETRICIAN
(September 4, 1934 – May 27, 2009)
“For methods of analyzing
economic time series with
common trends
(cointegration)”
Cointegration
KEY CONTRIBUTION
RATIONALE
Granger causality
2003
CLIVE GRANGER
Nobel Memorial Prize in Economic Sciences
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55. 2004
FINN E. KYDLAND
Nobel Memorial Prize in Economic Sciences
“For his contributions to
dynamic macroeconomics:
the time consistency of
economic policy and the
driving forces behind
business cycles”
KEY CONTRIBUTIONS
RATIONALE
RBC theory
Dynamic inconsistency in
monetary policy
NORWEGIAN ECONOMIST
(Born on December 1, 1943)
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56. AMERICAN ECONOMIST
(Born on December 26, 1940)
“For his contributions to
dynamic macroeconomics:
the time consistency of
economic policy and the
driving forces behind
business cycles”
KEY CONTRIBUTION
RATIONALE
Hodrick-Prescott filter
2004
EDWARD C. PRESCOTT
Nobel Memorial Prize in Economic Sciences
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57. “For having enhanced
our understanding of
conflict and cooperation
through game-theory
analysis”
KEY CONTRIBUTIONS
Correlated equilibrium
Aumann's agreement
theorem
RATIONALE
ISRAELI-AMERICAN MATHEMATICIAN
(Born on June 8, 1930)
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2005
ROBERT J. AUMANN
Nobel Memorial Prize in Economic Sciences
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58. 2005
“For having enhanced
our understanding of
conflict and cooperation
through game-theory
analysis”
KEY CONTRIBUTIONS
Schelling point
Egonomics
RATIONALE
THOMAS C. SCHELLING
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(April 14, 1921 – December 13, 2016)
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PRIZE
ORG
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59. 2006
“For his analysis of
intertemporal
tradeoffs in
macroeconomic
policy”
RATIONALE
EDMUND S. PHELPS
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on July 26, 1933)
Golden Rule savings rate,
Natural rate of unemployment
Statistical discrimination
KEY CONTRIBUTIONS
IMAGE
BY
NOBEl
PRIZE
ORG
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60. “For having laid the
foundations of
mechanism design
theory”
KEY CONTRIBUTION
RATIONALE
Mechanism design
LEONID HURWICZ
2007Nobel Memorial Prize in Economic Sciences
POLISH-AMERICAN ECONOMIST
(August 21, 1917 – June 24, 2008)
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BY
NOBEl
PRIZE
ORG
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61. ERIC S. MASKIN
2007Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on December 12, 1950)
IMAGE
BY
NOBEl
PRIZE
ORG
“For having laid the
foundations of
mechanism design
theory”
KEY CONTRIBUTION
RATIONALE
Mechanism design
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62. “For having laid the
foundations of
mechanism design
theory”
KEY CONTRIBUTION
RATIONALE
Mechanism design
AMERICAN ECONOMIST
(Born on March 29, 1951)
ROGER MYERSON
2007Nobel Memorial Prize in Economic Sciences
IMAGE
BY
NOBEl
PRIZE
ORG
ECONOMICS IN FOCUS
ECONOMICS
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63. New trade theory
“For his analysis of
trade patterns and
location of economic
activity”
KEY CONTRIBUTIONS
RATIONALE
AMERICAN ECONOMIST
(Born on February 28, 1953)
New Economic Geography
Home market effect
IMAGE
BY
NOBEl
PRIZE
ORG
PAUL KRUGMAN
2008Nobel Memorial Prize in Economic Sciences
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64. AMERICAN ECONOMIST
(August 7, 1933 – June 12, 2012)
2009
ELINOR OSTROM
Nobel Memorial Prize in Economic Sciences
IMAGE
BY
NOBEl
PRIZE
ORG
Institutional Analysis and
Development framework
“For her analysis of
economic governance,
especially the
commons”
KEY CONTRIBUTION
RATIONALE
ECONOMICS IN FOCUS
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65. New institutional economics
“For his analysis of
economic governance,
especially the
boundaries of the
firm”
KEY CONTRIBUTION
RATIONALE
2009
OLIVER E. WILLIAMSON
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(September 27, 1932 – May 21, 2020)
IMAGE
BY
NOBEl
PRIZE
ORG
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ECONOMICS
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66. PETER DIAMOND
2010Nobel Memorial Prize in Economic Sciences
“For his analysis of
markets with search
frictions”
Diamond–Mirrlees efficiency
theorem
KEY CONTRIBUTIONS
RATIONALE
Diamond coconut model
AMERICAN ECONOMIST
(Born on April 29, 1940)
IMAGE
BY
NOBEl
PRIZE
ORG
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ECONOMICS
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67. AMERICAN ECONOMIST
(February 2, 1939 – January 9, 2014)
“For his analysis of
markets with search
frictions”
Matching theory
KEY CONTRIBUTION
RATIONALE
DALE T. MORTENSEN
2010Nobel Memorial Prize in Economic Sciences
IMAGE
BY
NOBEl
PRIZE
ORG
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68. CHRISTOPHER A. PISSARIDES
2010Nobel Memorial Prize in Economic Sciences
BRITISH-CYPRIOT ECONOMIST
(Born on February 20, 1948)
IMAGE
BY
NOBEl
PRIZE
ORG
“For his analysis of
markets with search
frictions”
Matching theory
KEY CONTRIBUTION
RATIONALE
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69. Policy-ineffectiveness
proposition
AMERICAN ECONOMIST
(Born on July 19, 1943)
IMAGE
BY
NOBEl
PRIZE
ORG
“For their empirical
research on cause
and effect in the
macroeconomy”
KEY CONTRIBUTION
RATIONALE
THOMAS J. SARGENT
2011Nobel Memorial Prize in Economic Sciences
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70. AMERICAN ECONOMIST
(Born on October 21, 1942)
“For their empirical
research on cause
and effect in the
macroeconomy”
KEY CONTRIBUTIONS
Vector Autoregression in
macroeconomics
Fiscal theory of the price level
Rational inattention
IMAGE
BY
NOBEl
PRIZE
ORG
CHRISTOPHER A. SIMS
2011Nobel Memorial Prize in Economic Sciences
RATIONALE
ECONOMICS IN FOCUS
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71. “For the theory of
stable allocations
and the practice of
market design”
Stable marriage problem
KEY CONTRIBUTIONS
RATIONALE
Repugnancy costs
ALVIN E. ROTH
2012Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on December 18, 1951)
IMAGE
BY
NOBEl
PRIZE
ORG
ECONOMICS IN FOCUS
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72. Repugnancy costs
Shapley value
Repugnancy costs
Shapley value
Repugnancy costs
“For the theory of stable
allocations and the
practice of market
design”
Shapley value
KEY CONTRIBUTIONS
LLOYD S. SHAPLEY
2012Nobel Memorial Prize in Economic Sciences
RATIONALE
AMERICAN ECONOMIST
(June 2, 1923 – March 12, 2016)
IMAGE
BY
NOBEl
PRIZE
ORG
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73. 2013
“For his empirical
analysis of asset
prices”
KEY CONTRIBUTIONS
Fama–French three-factor
model
Weak, semi-strong, and strong
efficient-market hypothesis
RATIONALE
EUGENE F. FAMA
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on February 14, 1939)
IMAGE
BY
NOBEl
PRIZE
ORG
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ECONOMICS
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74. “For his empirical
analysis of asset
prices”
KEY CONTRIBUTION
Generalized method of
moments
RATIONALE
LARS PETER HANSEN
2013Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on October 26, 1952)
IMAGE
BY
NOBEl
PRIZE
ORG
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75. 2013
“For his empirical
analysis of asset
prices”
KEY CONTRIBUTIONS
Case–Shiller index
ROBERT J. SHILLER
Nobel Memorial Prize in Economic Sciences
RATIONALE
AMERICAN ECONOMIST
(Born on March 29, 1946)
CAPE Index
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BY
NOBEl
PRIZE
ORG
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76. “For his analysis of
market power and
regulation”
KEY CONTRIBUTIONS
Markov perfect equilibrium
RATIONALE
Two-sided market
2014
JEAN TIROLE
Nobel Memorial Prize in Economic Sciences
FRENCH ECONOMIST
(Born on August 9, 1953)
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BY
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PRIZE
ORG
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77. “For his analysis of
consumption,
poverty, and welfare”
KEY CONTRIBUTIONS
RATIONALE
BRITISH-AMERICAN ECONOMIST
(Born on October 19, 1945)
Almost ideal demand system
Pseudo panels
Household surveys in
developing countries
IMAGE
BY
NOBEl
PRIZE
ORG
2015
ANGUS DEATON
Nobel Memorial Prize in Economic Sciences
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78. “For his contributions
to contract theory”
KEY CONTRIBUTIONS
Moral Hazard
RATIONALE
Incomplete contracts
OLIVER HART
2016Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on October 9, 1948)
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ORG
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79. BENGT HOLMSTRÖM
2016Nobel Memorial Prize in Economic Sciences
“For his contributions
to contract theory”
KEY CONTRIBUTION
Informativeness Principle
RATIONALE
FINNISH ECONOMIST
(Born on April 18, 1949)
IMAGE
BY
NOBEl
PRIZE
ORG
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80. 2017
“For his contributions
to behavioural
economics”
KEY CONTRIBUTIONS
RATIONALE
Nudge theory,
Mental Accounting
RICHARD THALER
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on September 12, 1945)
Choice Architecture
IMAGE
BY
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PRIZE
ORG
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81. “For integrating climate
change into long-run
macroeconomic
analysis”
KEY CONTRIBUTIONS
DICE model
RATIONALE
WILLIAM NORDHAUS
2018Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on May 31, 1941)
IMAGE
BY
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PRIZE
ORG
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82. “For integrating
technological innovations
into long-run
macroeconomic analysis”
KEY CONTRIBUTION
Incorporation of R&D to the
Endogenous growth theory
PAUL ROMER
2018Nobel Memorial Prize in Economic Sciences
RATIONALE
AMERICAN ECONOMIST
(Born on November 6, 1955)
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BY
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PRIZE
ORG
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83. 2019
“For his experimental
approach to alleviating
global poverty”
KEY CONTRIBUTION
Use of RCTs in development
economics
RATIONALE
ABHIJIT BANERJEE
Nobel Memorial Prize in Economic Sciences
ECONOMICS IN FOCUS
INDIAN-AMERICAN ECONOMIST
(Born on February 21, 1961)
IMAGE
BY
NOBEl
PRIZE
ORG
ECONOMICS
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84. FRENCH-AMERICAN ECONOMIST
(Born on October 25, 1972)
“For his experimental
approach to alleviating
global poverty”
KEY CONTRIBUTION
Use of RCTs in development
economics
RATIONALE
2019
ESTHER DUFLO
Nobel Memorial Prize in Economic Sciences
IMAGE
BY
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PRIZE
ORG
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85. 2019
MICHAEL KREMER
Nobel Memorial Prize in Economic Sciences
“For his experimental
approach to alleviating
global poverty”
KEY CONTRIBUTION
Use of RCTs in development
economics
RATIONALE
AMERICAN ECONOMIST
(Born on November 12, 1964)
IMAGE
BY
NOBEl
PRIZE
ORG
ECONOMICS IN FOCUS
ECONOMICS
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86. 2020
PAUL MILGROM
Nobel Memorial Prize in Economic Sciences
“For improvements to
auction theory and
inventions of new
auction formats”
KEY CONTRIBUTION
Auction theory
RATIONALE
AMERICAN ECONOMIST
(Born on April 20, 1948)
IMAGE
BY
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PRIZE
ORG
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87. 2020
ROBERT B. WILSON
Nobel Memorial Prize in Economic Sciences
AMERICAN ECONOMIST
(Born on May 16, 1937)
IMAGE
BY
STANDFORD
UNIVERSITY
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“For improvements to
auction theory and
inventions of new
auction formats”
KEY CONTRIBUTION
Auction theory
RATIONALE

88. ECONOMICS IN FOCUS
ECONOMICS
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[1] The Nobel Prize Organization, accessed 10 December 2020,
<https://www.nobelprize.org/prizes/lists/all-prizes-in-economic-
sciences/>
[2] Live Science accessed 10 December 2020,
https://www.livescience.com/16365-nobel-prize-economics-list.html
[3] Wikipedia, accessed 10 December
2020,https://en.wikipedia.org/wiki/List_of_Nobel_Memorial_Prize_laureate
s_in_Economics
REFERENCES

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