Nobel Memorial Prize in Economic Sciences

The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award for outstanding contributions in the field of economics and is generally considered one of the most prestigious awards in that field.^[1] It is commonly referred to as the "Nobel Prize in Economics"^[2] and it is identified with the Nobel Prizes, although it is not one of the five Nobel Prizes (in Physics, Chemistry, Physiology or Medicine, Literature, and Peace) which were established by the will of Alfred Nobel in 1895.^{[1][3][4][5][6]} The Prize in Economics, as it is frequently referred to by the Nobel Foundation, is a prize established in memory of Alfred Nobel in 1968 on the 300th anniversary of Sveriges Riksbank (the central bank of Sweden, sometimes called the Bank of Sweden or the Swedish National Bank).^[1][7][8][9] It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes."^[9][10][11] Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences.^[12][13]

Funding of the Prize

An endowment "in perpetuity" from Sveriges Riksbank covers the Nobel Foundation's administrative expenses associated with the prize and funds the monetary part of the award.^[12] Since 2001, the monetary portion of the Prize in Economics has been 10 million Swedish kronor (in January 2008, approx. US$1.6 million; 1.1 million Euro), equivalent to the amount given for the Nobel Prizes.^[14][15][16] Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize on the Nobel Foundation's internet museum.^[17]

Relation to the Nobel Prize

Even though The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not a Nobel Prize,^[4] the nomination process, selection criteria, and awards presentation are done in a manner similar to the Nobel Prizes.^[12][15][18] The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",^[12] which stipulates that the prize is awarded annually to "those who ... shall have conferred the greatest benefit on mankind."^[3]

Award nomination and selection process

The Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and Chemistry, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes" (official website).^[13]

Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."^[13][12][19] All proposals and their supporting evidence must be received before February 1.^[19] The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next Prize in Economics Laureate(s).^[12][13][20] As with the Nobel Prizes, no more than three people can share the prize for a given year, they must still be living at the time of the Prize announcement in October, and information about Prize nominations cannot be publicly disclosed for 50 years.^[19]

With the Nobel Laureates in Physics, Chemistry, Physiology or Medicine, and Literature, the each Laureate in Economics receives a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on December 10—the anniversary of Nobel's death.^[1][21]

On October 15, 2007 the Royal Swedish Academy of Sciences, the Bank of Sweden, and the Nobel Foundation announced the Academy's award of the Prize in Economic Sciences to three Americans, Leonid Hurwicz, Eric Maskin, and Roger Myerson, "for having laid the foundations of mechanism design theory. [Their work] has among other things helped economists identify efficient trading mechanisms, regulation schemes and voting procedures."^[16]

Changes to the prize

Sylvia Nasar wrote in her book A Beautiful Mind that in February 1995, after acrimony pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social science, opening it to fields such as political science, psychology, and sociology.^[22][23] Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee contradict Nasar's claim since the secretary and 4 of the 5 members are professors of economics.^[24]

Controversies and criticisms

Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among the most vocal critics of the Prize in Economics is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Alfred Nobel.^[25] Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the Prize in Economics should be abolished.^[26] Myrdal's objections were based on his view that the 1976 Prize in Economics to Milton Friedman and the 1974 Prize in Economics shared by Friedrich Hayek (both classical liberal economists) were undeserved, not on an argument that the economics did not qualify as a science. If he had been asked about the establishment of the Prize before receiving it, Hayek stated that he would "have decidedly advised against it."^[26][27]

Some critics claim the selection of recipients for the Prize in Economics is biased toward mainstream economics.^[28][29] The Department of Economics at the University of Chicago has garnered nine of these Prizes—more than any other university—leading some critics to opine that such an outcome demonstrates either a bias, or the appearance of one, against candidates with alternative views.^[29]

The 1994 prize to John Forbes Nash caused controversy within the prize's selection committee because of his history of mental illness.^[30] The controversy resulted in a change to the rules governing the committee in 1994: while Economics Prize Committee members had been permanent members, they now serve for three years.^[22]

Nassim Taleb criticises the Prize for promoting economic theories based on a misunderstanding of risk. He points to the 1990 Prize in Economics, awarded to William Sharpe and Harry Markowitz for theories that, Taleb says, had already been undermined by the stock market crash of 1987; the 1997 Prize, awarded to Robert C. Merton and Myron Scholes for their option pricing formula; and the 2003 Prize, awarded to Robert F. Engle for his "ARCH" method of prediction of volatility, which Taleb says underperforms relative to volatility forecasts made by ordinary traders.^[31]

Alternative names

The official Swedish name of the Prize is Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. The Nobel Foundation's translations of the Swedish name into English have varied since 1969:

During the Nobel Banquet, many laureates have referred to the prize as something other than the "Prize in Economics":

While some sources observe that the Prize in Economic Sciences in Memory of Alfred Nobel is commonly referred to informally as the "Nobel Prize in Economics," the press and other agencies have also called it by other names:

• Nobel Memorial Prize in Economic Sciences^[64]
  • Nobel Memorial Prize in Economic Science^[65]
    • Nobel Memorial Prize in Economics^[66][67]
      • Nobel Memorial Prize^[68]

        Economics Prize Committee members

        Economics Prize Committee members from 1969-1984^[69]

        Name	Years	Affiliation
        Bertil Ohlin	Chairman 1969-1974	Stockholm School of Economics
        Erik Lundberg	1969-1979 Chairman 1975-1979 Associate member 1980-	Stockholm School of Economics
        Ingvar Svennilson	1969-1971	University of Stockholm
        Herman Wold	1969-1980	University of Uppsala University of Gothenburg
        Assar Lindbeck	1969-1994 Chairman 1980-1994[70]	University of Stockholm
        Ragnar Bentzel	1975-1990 Secretary 1969-1980, 1982-	University of Uppsala
        Sune Carlson	1972-1979 Associate member 1980-	University of Uppsala
        Lars Werin	1980- Secretary 1981 Associate member 1975-1979	University of Stockholm
        Ingemar Ståhl	1980-	University of Lund
        Karl-Göran Mäler	1981-	Stockholm School of Economics

        Economics Prize Committee members from 1998-2008^[71][72][73]

        Name	Years	Affiliation
        Jörgen Weibull	1998–2007 Chairman 2004–2007[74]	A.O. Wallenberg Professor of Economics Stockholm School of Economics
        Peter Englund	1993–1995 Secretary 1996–1997, 2002–[75]	Professor of Banking and Insurance Stockholm School of Economics
        Lars Calmfors	1996–1998, 2003–2007[76]	Professor of International Economics Stockholm University
        Bertil Näslund	1999[77]	Professor Stockholm School of Economics
        Per Krusell	2003– Adjunct member 2003–2004[78]	Professor of Economics Princeton University
        Karl-Gustaf Löfgren	2002?–	Professor of Economics Umeå University
        Timo Tiräsvirta	2003?-	Professor of Economic Statistics (emeritus) Stockholm School of Economics Professor of Econometrics School of Economics and Management, University of Aarhus[79]
        Bertil Holmlund	Adjunct member 1998-2001, 2005-2006 Chairman 2008[80]	Professor of Economics Uppsala University

        Laureates

        The following chart lists all Laureates in Economics, the dates of their awards, their nationalities, and their award citations.^[81]

        Year	Name	Nationality	Citations
        1969	Ragnar Frisch Jan Tinbergen	Norway  Netherlands	"for having developed and applied dynamic models for the analysis of economic processes."
        1970	Paul Samuelson	United States	"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."
        1971	Simon Kuznets	United States	"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."
        1972	John Hicks Kenneth Arrow	United Kingdom  United States	"for their pioneering contributions to general economic equilibrium theory and welfare theory."
        1973	Wassily Leontief	United States	"for the development of the input-output method and for its application to important economic problems."
        1974	Gunnar Myrdal Friedrich Hayek	Sweden  Austria	"for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena."
        1975	Leonid Kantorovich Tjalling Koopmans	Soviet Union  United States	"for their contributions to the theory of optimum allocation of resources."
        1976	Milton Friedman	United States	"for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy."
        1977	Bertil Ohlin James Meade	Sweden  United Kingdom	"for their pathbreaking contribution to the theory of international trade and international capital movements."
        1978	Herbert Simon	United States	"for his pioneering research into the decision-making process within economic organizations."
        1979	Theodore Schultz Arthur Lewis	United States Error creating thumbnail: (process:14057): librsvg-WARNING **: Error loading SVG file.  Saint Lucia	"for their pioneering research into economic development research with particular consideration of the problems of developing countries."
        1980	Lawrence Klein	United States	"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies."
        1981	James Tobin	United States	"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices."
        1982	George Stigler	United States	"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation."
        1983	Gérard Debreu	United States	"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium."
        1984	Richard Stone	United Kingdom	"for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis."
        1985	Franco Modigliani	Italy /  United States	"for his pioneering analyses of saving and of financial markets."
        1986	James M. Buchanan	United States	"for his development of the contractual and constitutional bases for the theory of economic and political decision-making."
        1987	Robert Solow	United States	"for his contributions to the theory of economic growth."
        1988	Maurice Allais	France	"for his pioneering contributions to the theory of markets and efficient utilization of resources."
        1989	Trygve Haavelmo	Norway	"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures."
        1990	Harry Markowitz Merton Miller William Forsyth Sharpe	United States	"for their pioneering work in the theory of financial economics."
        1991	Ronald Coase	United Kingdom	"for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy."
        1992	Gary Becker	United States	"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour."
        1993	Robert Fogel Douglass North	United States	"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."
        1994	John Harsanyi John Forbes Nash Reinhard Selten	Hungary /  United States  United States  Germany	"for their pioneering analysis of equilibria in the theory of non-cooperative games."
        1995	Robert Lucas, Jr.	United States	"for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy."
        1996	James Mirrlees William Vickrey	United Kingdom  United States	"for their fundamental contributions to the economic theory of incentives under asymmetric information."
        1997	Robert C. Merton Myron Scholes	United States	"for a new method to determine the value of derivatives."
        1998	Amartya Sen	India	"for his contributions to welfare economics."
        1999	Robert Mundell	Canada	"for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas."
        2000	James Heckman	United States	"for his development of theory and methods for analyzing selective samples."
        	Daniel McFadden	United States	"for his development of theory and methods for analyzing discrete choice."
        2001	George Akerlof Michael Spence Joseph E. Stiglitz	United States	"for their analyses of markets with asymmetric information."
        2002	Daniel Kahneman	United States /  Israel	"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."
        	Vernon L. Smith	United States	"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."
        2003	Robert F. Engle	United States	"for methods of analyzing economic time series with time-varying volatility (ARCH)."
        	Clive Granger	United Kingdom	"for methods of analyzing economic time series with common trends (cointegration)."
        2004	Finn E. Kydland Edward C. Prescott	Norway  United States	"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
        2005	Robert Aumann (ישראל אומן) Thomas Schelling	Israel /  United States  United States	"for having enhanced our understanding of conflict and cooperation through game-theory analysis."
        2006	Edmund Phelps	United States	"for his analysis of intertemporal tradeoffs in macroeconomic policy."
        2007	Leonid Hurwicz Eric Maskin Roger Myerson	United States	"for having laid the foundations of mechanism design theory."

        Demographics of the Laureates in Economics

        Whereas the five Nobel Prizes have been awarded to females, all Laureates in Economics so far have been men.^[82]

        Allusions to Laureates in Economics in popular culture

        In the television series The West Wing, the fictional U.S. President Josiah Bartlet is a Laureate in Economics.

        See also

        • John Bates Clark Medal

        References

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        External links

        • The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (English version) - Official website of the prize.
        • The Royal Swedish Academy of Sciences (English version) – Official website of the Royal Swedish Academy of Sciences.
        • The Nobel Foundation – Official website of the Nobel Foundation.

        v • d • e Nobel Prizes
        Chemistry · Literature · Peace · Physics · Physiology or Medicine
        Prize in memory of Alfred Nobel: Economics

        v • d • e Nobel Laureates in Economics
        1969–1975	Frisch / Tinbergen (1969) · Samuelson (1970) · Kuznets (1971) · Hicks / Arrow (1972) · Leontief (1973) · Myrdal / Hayek (1974) · Kantorovich / Koopmans (1975)
        1976–2000	Friedman (1976) · Ohlin / Meade (1977) · Simon (1978) · Schultz / Lewis (1979) · Klein (1980) · Tobin (1981) · Stigler (1982) · Debreu (1983) · Stone (1984) · Modigliani (1985) · Buchanan (1986) · Solow (1987) · Allais (1988) · Haavelmo (1989) · Markowitz / Miller / Sharpe (1990) · Coase (1991) · Becker (1992) · Fogel / North (1993) · Harsanyi / Nash / Selten (1994) · Lucas (1995) · Mirrlees / Vickrey (1996) · Merton / Scholes (1997) · Sen (1998) · Mundell (1999) · Heckman / McFadden (2000)
        2001–present	Akerlof / Spence / Stiglitz (2001) · Kahneman / Smith (2002) · Engle / Granger (2003) · Kydland / Prescott (2004) · Aumann / Schelling (2005) · Phelps (2006) · Hurwicz / Maskin / Myerson (2007)
        Complete roster · 1969–1975 · 1976–2000 · 2001–present

        v • d • e Financial economics awards
        Career awards	Nobel Prize in Economics · Fischer Black Prize · Morgan Stanley-American Finance Association Award
        Research awards	Brattle Prize · Smith Breeden Prize · Jensen Prize · Fama-DFA Prize · Michael Brennan Award

        ar:جائزة نوبل في الاقتصاد

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