Recent Winners of Nobel in Economics

Recent winners of the Nobel Memorial Prize in economics, and their research, according to the Nobel Foundation:

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* 2004: Finn E. Kydland, Norway, and Edward C. Prescott, United States, for their contributions to dynamic macroeconomics.

* 2003: Robert F. Engle, United States, and Clive W.J. Granger, Britain, for their use of statistical methods for economic time series.

* 2002: Daniel Kahneman, United States and Israel, and Vernon L. Smith, United States, for pioneering the use of psychological and experimental economics in decision-making.

* 2001: George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz, United States, for research into how the control of information affects markets.

* 2000: James J. Heckman and Daniel L. McFadden, United States, for their work in developing theories to help analyze labor data and how people make work and travel decisions.

* 1999: Robert A. Mundell, Canada, for innovative analysis of exchange rates that helped lay the intellectual groundwork for Europe’s common currency.

* 1998: Amartya Sen, India, for contributions to welfare economics, which help explain the economic mechanisms underlying famines and poverty.

* 1997: Robert C. Merton and Myron S. Scholes, United States, for developing a formula for the valuation of stock options.

* 1996: James A. Mirrlees, Britain, and William Vickrey, United States, for contributions to the economic theory of incentives under asymmetric information.

* 1995: Robert E. Lucas Jr., United States, for having developed and applied the hypothesis of rational expectations.

* 1994: John C. Harsanyi and John F. Nash, United States, and Reinhard Selten, Germany, for their contribution to the theory of noncooperative games.