STOCKHOLM: Three U.S-based economists received the 2021 Nobel prize for economics on Monday for work on drawing conclusions from unintended experiments, or so-called “natural experiments.”
David 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 “completely reshaped empirical work in the economic sciences.”
“Card’s studies of core questions for society and Angrist and Imbens’ methodological contributions have shown that natural experiments are a rich source of knowlege,” mentioned Peter Fredriksson, chair of the Financial Sciences Committee. “Their research has substantially improved our ability to answer key causal questions, which has been of great benefit for society.”
In contrast to the opposite Nobel prizes, the economics award wasn’t 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.
Final week, the 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for his or her combat for freedom of expression in nations the place reporters have confronted persistent assaults, harassment and even homicide.
Ressa was the one girl honored this yr in any class.
The Nobel Prize for literature was awarded to U.Ok.-based Tanzanian author Abdulrazak Gurnah, who was acknowledged for his “uncompromising and compassionate penetration of the effects of colonialism and the fate of the refugee.”
The prize for physiology or medication went to People David Julius and Ardem Patapoutian for his or her discoveries into how the human physique perceives temperature and contact.
Three scientists received the physics prize for work that discovered order in seeming dysfunction, serving to to elucidate and predict advanced forces of nature, together with increasing our understanding of local weather change.
Benjamin Record and David W.C. MacMillan received the chemistry prize for locating a neater and environmentally cleaner method to construct molecules that can be utilized to make compounds, together with medicines and pesticides.