As an alumnus in economics (BSc, U. de Montréal, 2005), I must admit that I always try to keep myself updated with the Nobel Prize winners in economics. Switching from economics to marketing, was a hard but inevitable decision for me at the time, since the research I am currently conducting is related to economics, especially macroeconometrics, but it is not considered as part of economics, more precisely as part of marketing and strategy.
Thus, on this Canada’s Thanksgiving day, at 11AM this morning (5PM, Stockholm time, Sweden), I am happy to share the information that the Swedish Royal Academy of Sciences awarded the 2010 Nobel Prize in economics to Peter A. Diamond (Massachusetts Institute of Technology; USA), Dale T. Mortensen (Northwestern University; USA), and Christopher A. Pissarides (London School of Economics; Cyprus, UK) three researchers for their contributions in the analysis of markets with search frictions. Instead of repeating word by word what both of the recipients have to say, here are some links to some Nobel Prize winners information.
Diamond, Mortensen, and Pissarides 2010 Nobel Prize in Economics speed read
Diamond, Mortensen, and Pissarides 2010 Nobel Prize in Economics Prize Announcement
Diamond, Mortensen, and Pissarides 2010 Nobel Prize in Economics Press release
Here is also a list of past Nobel Prize winners in Economics from 1969 to 2009, with University of attachment when the prize was awarded, country of attachment (origins, work, etc…), and Curriculum Vitae in parentheses:
1969 – Ragnar Frisch (University of Oslo; Norway; CV), for having developed and applied dynamic models for the analysis of economic processes, and Jan Tinbergen (Netherlands School of Economics; Netherlands; CV).
1974 – Gunnar Myrdal (Stockholm University; Sweden; CV) and Friedrich A. von Hayek (University of Salzburg; UK, Austria, Germany; CV), for pioneering analysis of the interdependence of economic, social and institutional phenomena.
1983 – Gérard Debreu (University of California, Berkeley; USA, France; CV), in recognition of his work on the basic economic problem of how prices operate to balance what producers supply with what buyers want.
1990 – Harry M. Markowitz (City University of New York, NY; USA; CV), William F. Sharpe (Stanford University; USA; CV), and Merton H. Miller (University of Chicago; USA; CV), whose work provided new tools for weighing the risks and rewards of different investments and for valuing corporate stocks and bonds.
1992 – Gary S. Becker (University of Chicago; USA; CV), for “having extended the domain of economic theory to aspects of human behavior which had previously been dealt with-if at all-by other social science disciplines”.
1994 – John F. Nash (Princeton University; USA; CV), John C. Harsanyi (University of California, Berkeley; USA, Hungary; CV), and Reinhard Selten (Rheinische Friedrich-Wilhelms-Universität, Bonn; Germany; CV), for their pioneering work in game theory.
1997 – Robert C. Merton (Harvard University; USA; CV) and Myron S. Scholes (Long Term Capital Management, Greenwich, CT; USA, Canada; CV), for developing a formula that determines the value to stock options and other derivatives.
2000 – James J. Heckman (University of Chicago; USA; CV) and Daniel L. McFadden (University of California, Berkeley; USA; CV), for developing methods used in statistical analysis of individual and household behavior.
2001 – George A. Akerlof (University of California, Berkeley; USA; CV), A. Michael Spence (Stanford University; USA; CV), and Joseph E. Stiglitz (Columbia University; USA; CV), for market analyses with asymmetric information.
2002 – Daniel Kahneman (Princeton University; USA, Israel; CV), for having integrated insights from psychological research into economic science; Vernon L. Smith (George Mason University; USA; CV), for having established laboratory experiments as a tool in empirical economic analysis.
2004 – Finn. E. Kydland (Carnegie Mellon University & University of Santa Barbara; Norway, USA; CV) and Edward C. Prescott (Arizona State University & Federal Reserve Bank of Minneapolis; USA; CV) for their contribution in macroeconomics.
2007 – Leonid Hurwicz (University of Minnesota; USA, Poland, Russia; CV), Eric S. Maskin (Princeton University; USA; CV), and Roger B. Myerson (University of Chicago; USA; CV) for having laid the foundations of mechanism design theory.
2009 – Elinor Ostrom (Indiana University & Arizona State University; USA; CV) for her work on economic governance, particularly in managing Commons, and Oliver E. Williamson (University of California, Berkeley; USA; CV) for his work on the economics and economic boundaries of firms and companies
1 – Robert Barro (Harvard University) – 10.3%
2 – Martin Weitzman (Harvard University) – 5.5%
3 – Paul Romer (Stanford University) – 4.9%
4 – Jean Tirole *Université de Toulouse) – 4.9%
5 – Peter A. Diamond (Massachusetts Institute of Technology) – 4.2%
6 – Robert Shiller (Yale University) – 4.2%
7 – Alberto Alesina (Harvard University) – 3.6%
8 – Lars Peter Hansen (University of Chicago) – 3.6%
9 – Paul Milgrom (Stanford University) – 3.6%
10 – Richard Thaler (University of Chicago)- 3.6%
As you can from this list, Peter A. Diamond ranked 5th on this list was one of the winners, all the other ones non-winners will still be top contenders next year unless they die.
Anyway, for those who didn’t really know about these researchers, it is simply a good moment to read more about who they are, for the other ones, maybe it’s a good opportunity to humanize these authors by watching their Nobel Prize speech.
Have a nice one,