The Nobel Memorial Prize in Economic Sciences, officially known as 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 funded by Sveriges Riksbank and is annually awarded by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences. [1] The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. [2] Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. [3] In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. [4]
As of the awarding of the 2022 prize, 54 Prizes in Economic Sciences have been given to 92 individuals. [5] As of November 2022, the department of economics with the most affiliated laureates in economic sciences is the University of Chicago, [6] [7] with 15 affiliated laureates. As of 2022, the institutions with the most PhD (or equivalent) graduates who went on to receive the prize are Harvard University and MIT (13), followed by the University of Chicago (9). As of 2022, the institutions with the most affiliated faculty at the time of the award are the University of Chicago (15), followed by MIT (8), Princeton University (8) and Harvard University (7).
Year | Portrait | Laureate (birth/death) | Country | Rationale | PhD (or equivalent) alma mater | Institution (most significant tenure/at time of receipt) | Key contributions (non-exhaustive) |
---|---|---|---|---|---|---|---|
1969 | Ragnar Frisch (1895–1973) | Norway | "for having developed and applied dynamic models for the analysis of economic processes" [2] | University of Oslo | University of Oslo | Frisch–Waugh–Lovell theorem, Conjectural variation | |
Jan Tinbergen (1903–1994) | Netherlands | Leiden University | Erasmus University | Econometrics, Policy instruments | |||
1970 | Paul Samuelson (1915–2009) | 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" [8] | Harvard University | Massachusetts Institute of Technology | Revealed preference, Samuelson condition, Social Welfare Function, Efficient-market hypothesis, Turnpike theory, Balassa–Samuelson effect, Stolper–Samuelson theorem, Overlapping generations model | |
1971 | Simon Kuznets (1901–1985) | 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" [9] | Columbia University | Harvard University | Gross domestic product, Capital formation, Kuznets cycle, Kuznets curve | |
1972 | John Hicks (1904–1989) | United Kingdom | "for their pioneering contributions to general economic equilibrium theory and welfare theory." [10] | University of Oxford | University of Oxford | IS–LM model, Hicksian demand function, substitution effect, income effect, Kaldor–Hicks efficiency | |
Kenneth Arrow (1921–2017) | United States | Columbia University | Harvard University | Fundamental theorems of welfare economics, Arrow's impossibility theorem, Arrow–Debreu model, Endogenous growth theory, | |||
1973 | Wassily Leontief (1905–1999) | Soviet Union United States | "for the development of the input-output method and for its application to important economic problems" [11] | University of Berlin | Harvard University | Input–output model, Leontief paradox | |
1974 | Gunnar Myrdal (1898–1987) | Sweden | "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." [12] | Stockholm University | Stockholm University | Circular cumulative causation | |
Friedrich Hayek (1899–1992) | Austria United Kingdom | University of Vienna | London School of Economics, University of Chicago | Austrian business cycle theory, Economic calculation problem, Spontaneous order, Information economics | |||
1975 | Leonid Kantorovich (1912–1986) | Soviet Union | "for their contributions to the theory of optimum allocation of resources" [13] | Leningrad State University | Novosibirsk State University | Linear programming, Kantorovich theorem, Kantorovich inequality, Kantorovich metric | |
Tjalling Koopmans (1910–1985) | Netherlands United States | University of Leiden | University of Chicago, Yale University | Linear programming | |||
1976 | Milton Friedman (1912–2006) | 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" [14] | Columbia University | University of Chicago | Monetarism, Permanent income hypothesis, Natural rate of unemployment, Sequential analysis, Helicopter money, Great Contraction, Friedman rule, Friedman–Savage utility function, Friedman test | |
1977 | Bertil Ohlin (1899–1979) | Sweden | "for their pathbreaking contribution to the theory of international trade and international capital movements" [15] | Stockholm University | Stockholm School of Economics | Heckscher–Ohlin model | |
James Meade (1907–1995) | United Kingdom | University of Cambridge | University of Cambridge | Nominal income target | |||
1978 | Herbert A. Simon (1916–2001) | United States | "for his pioneering research into the decision-making process within economic organizations" [16] | University of Chicago | Carnegie Mellon University | Bounded rationality, satisficing, preferential attachment | |
1979 | Theodore Schultz (1902–1998) | United States | "for their pioneering research into economic development research with particular consideration of the problems of developing countries." [17] | University of Wisconsin-Madison | University of Chicago | Human Capital Theory | |
Arthur Lewis (1915–1991) | Saint Lucia United Kingdom | London School of Economics | Princeton University | Lewis model, Lewis turning point | |||
1980 | Lawrence Klein (1920–2013) | United States | "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies" [18] | Massachusetts Institute of Technology | University of Pennsylvania | Macroeconomics forecasting | |
1981 | James Tobin (1918–2002) | United States | "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices" [19] | Harvard University | Yale University | Tobin tax, Tobit model, Tobin's q, Baumol–Tobin model | |
1982 | George Stigler (1911–1991) | United States | "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation" [20] | University of Chicago | University of Chicago | Regulatory capture | |
1983 | Gérard Debreu (1921–2004) | France | "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium" [21] | École Normale Supérieure University of Paris | University of California, Berkeley | Arrow–Debreu model, Sonnenschein–Mantel–Debreu theorem | |
1984 | Richard Stone (1913–1991) | 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" [22] | University of Cambridge | University of Cambridge | National accounts | |
1985 | Franco Modigliani (1918–2003) | Italy | "for his pioneering analyses of saving and of financial markets" [23] | The New School for Social Research | Massachusetts Institute of Technology | Modigliani–Miller theorem, Life-cycle hypothesis | |
1986 | James M. Buchanan (1919–2013) | United States | "for his development of the contractual and constitutional bases for the theory of economic and political decision-making" [24] | University of Chicago | George Mason University | Constitutional economics | |
1987 | Robert Solow (b. 1924) | United States | "for his contributions to the theory of economic growth" [25] | Harvard University | Massachusetts Institute of Technology | Solow–Swan model | |
1988 | Maurice Allais (1911–2010) | France | "for his pioneering contributions to the theory of markets and efficient utilization of resources" [26] | École Polytechnique | École Nationale Supérieure des Mines de Paris, Paris Nanterre University | OLG model, Allais paradox, Golden Rule savings rate | |
1989 | Trygve Haavelmo (1911–1999) | Norway | "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures" [27] | University of Oslo | University of Oslo | Balanced budget multiplier | |
1990 | Harry Markowitz (1927-2023) | United States | "for their pioneering work in the theory of financial economics" [28] | University of Chicago | City University of New York | Modern portfolio theory, Markowitz model, Efficient frontier | |
Merton Miller (1923–2000) | Johns Hopkins University | Carnegie Mellon University, University of Chicago | Modigliani–Miller theorem | ||||
William F. Sharpe (b. 1934) | University of California, Los Angeles | Stanford University | Sharpe Ratio, Binomial options pricing model, Returns-based style analysis | ||||
1991 | Ronald Coase (1910–2013) | 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" [29] | London School of Economics | University of Chicago, London School of Economics | Transaction costs, Coase theorem, Coase conjecture | |
1992 | Gary Becker (1930–2014) | United States | "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour" [30] | University of Chicago | University of Chicago | Human Capital Theory | |
1993 | Robert Fogel (1926–2013) | United States | "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change" [31] | Johns Hopkins University | University of Chicago | Cliometrics | |
Douglass North (1920–2015) | University of California, Berkeley | Washington University in St Louis | |||||
1994 | John Harsanyi (1920–2000) | Hungary United States | "for their pioneering analysis of equilibria in the theory of non-cooperative games." [32] | Stanford University | University of California, Berkeley | Bayesian game, Preference utilitarianism, Equilibrium selection | |
John Forbes Nash (1928–2015) | United States | Princeton University | Princeton University | Nash equilibrium, Nash embedding theorem, Nash functions, Nash–Moser theorem | |||
Reinhard Selten (1930–2016) | Germany | Goethe University Frankfurt | University of Bonn | Experimental economics | |||
1995 | Robert Lucas, Jr. (1937–2023) | 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" [33] | University of Chicago | University of Chicago | Rational expectations, Lucas critique, Lucas paradox, Lucas aggregate supply function, Uzawa–Lucas model | |
1996 | James Mirrlees (1936–2018) | United Kingdom | "for their fundamental contributions to the economic theory of incentives under asymmetric information" [34] | University of Cambridge | University of Oxford, University of Cambridge | Optimal labor income taxation | |
William Vickrey (1914–1996) | Canada United States | Columbia University | Columbia University | Vickrey auction, Revenue equivalence, Congestion pricing | |||
1997 | Robert C. Merton (b. 1944) | United States | "for a new method to determine the value of derivatives." [35] | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Black–Scholes–Merton model, ICAPM, Merton's portfolio problem | |
Myron Scholes (b. 1941) | Canada United States | University of Chicago | Stanford University | Black–Scholes–Merton model | |||
1998 | Amartya Sen (b. 1933) | India | "for his contributions to welfare economics" [36] | University of Cambridge | Harvard University, University of Cambridge | Human development theory, Capability approach | |
1999 | Robert Mundell (1932–2021) | Canada | "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas" [37] | Massachusetts Institute of Technology | Columbia University | Optimum currency area, Supply-side economics, Mundell–Fleming model, Mundell–Tobin effect | |
2000 | James Heckman (b. 1944) | United States | "for his development of theory and methods for analyzing selective samples" [38] | Princeton University | University of Chicago | Heckman correction | |
Daniel McFadden (b. 1937) | "for his development of theory and methods for analyzing discrete choice" [38] | University of Minnesota | University of California, Berkeley, Massachusetts Institute of Technology | Discrete choice models | |||
2001 | George Akerlof (b. 1940) | United States | "for their analyses of markets with information asymmetry" [39] | Massachusetts Institute of Technology | Georgetown University, University of California, Berkeley | Adverse selection (The Market for Lemons), Efficiency wage, Identity economics | |
Michael Spence (b. 1943) | Harvard University | Harvard University | Signalling theory | ||||
Joseph Stiglitz (b. 1943) | Massachusetts Institute of Technology | Princeton University, Columbia University | Screening theory, Henry George theorem, Shapiro–Stiglitz theory | ||||
2002 | Daniel Kahneman (b. 1934) | Israel United States | "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty" [40] | University of California, Berkeley | Princeton University, University of British Columbia | Behavioral economics, Prospect theory, loss aversion, cognitive biases | |
Vernon L. Smith (b. 1927) | United States | "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms" [40] | Harvard University | University of Arizona | Experimental economics, Combinatorial auction | ||
2003 | Robert F. Engle (b. 1942) | United States | "for methods of analyzing economic time series with time-varying volatility (ARCH)" [41] | Cornell University | University of California, San Diego | ARCH | |
Clive Granger (1934–2009) | United Kingdom | "for methods of analyzing economic time series with common trends (cointegration)" [41] | University of Nottingham | University of California, San Diego | Cointegration, Granger causality | ||
2004 | Finn E. Kydland (b. 1943) | Norway | "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles." [42] | Carnegie Mellon University | University of California, Santa Barbara | RBC theory, Dynamic inconsistency in monetary policy | |
Edward C. Prescott (1940-2022) | United States | Carnegie Mellon University | Carnegie Mellon University, Arizona State University, University of Minnesota | Hodrick-Prescott filter | |||
2005 | Robert J. Aumann (b. 1930) | United States Israel | "for having enhanced our understanding of conflict and cooperation through game-theory analysis." [43] | Massachusetts Institute of Technology | Hebrew University of Jerusalem | Correlated equilibrium, Aumann's agreement theorem | |
Thomas C. Schelling (1921–2016) | United States | Harvard University | Yale University, Harvard University | Schelling point, Egonomics | |||
2006 | Edmund S. Phelps (b. 1933) | United States | "for his analysis of intertemporal tradeoffs in macroeconomic policy" [44] | Yale University | Columbia University | Golden Rule savings rate, Natural rate of unemployment, Statistical discrimination | |
2007 | Leonid Hurwicz (1917–2008) | Poland United States | "for having laid the foundations of mechanism design theory" [45] | London School of Economics | University of Minnesota, Iowa State University | Mechanism design | |
Eric S. Maskin (b. 1950) | United States | Harvard University | Harvard University | ||||
Roger Myerson (b. 1951) | Harvard University | Northwestern University | |||||
2008 | Paul Krugman (b. 1953) | United States | "for his analysis of trade patterns and location of economic activity" [46] | Massachusetts Institute of Technology | Princeton University | New trade theory, New Economic Geography, Home market effect | |
2009 | Elinor Ostrom (1933–2012) | United States | "for her analysis of economic governance, especially the commons" [47] | University of California, Los Angeles | Indiana University | Institutional Analysis and Development framework | |
Oliver E. Williamson (1932–2020) | "for his analysis of economic governance, especially the boundaries of the firm" [47] | Carnegie Mellon University | University of Pennsylvania, University of California, Berkeley | New institutional economics | |||
2010 | Peter A. Diamond (b. 1940) | United States | "for their analysis of markets with search frictions" [48] | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Diamond–Mirrlees efficiency theorem, Diamond coconut model | |
Dale T. Mortensen (1939–2014) | Carnegie Mellon University | Northwestern University | Matching theory | ||||
Christopher A. Pissarides (b. 1948) | Cyprus United Kingdom | London School of Economics | London School of Economics | Matching theory | |||
2011 | Thomas J. Sargent (b. 1943) | United States | "for their empirical research on cause and effect in the macroeconomy" [49] | Harvard University | Hoover Institution, University of Minnesota | Policy-ineffectiveness proposition | |
Christopher A. Sims (b. 1942) | Harvard University | Princeton University | Vector Autoregression in macroeconomics, Fiscal theory of the price level, Rational inattention | ||||
2012 | Alvin E. Roth (b. 1951) | United States | "for the theory of stable allocations and the practice of market design." [50] | Stanford University | Stanford University, Harvard University | Stable marriage problem, Repugnancy costs | |
Lloyd S. Shapley (1923–2016) | Princeton University | University of California, Los Angeles | Shapley value, stochastic game, Potential game, Shapley–Shubik power index, Bondareva–Shapley theorem, Gale–Shapley algorithm, Shapley–Folkman lemma | ||||
2013 | Eugene F. Fama (b. 1939) | United States | "for their empirical analysis of asset prices." [51] | University of Chicago | University of Chicago | Fama–French three-factor model, Weak, semi-strong, and strong efficient-market hypothesis | |
Lars Peter Hansen (b. 1952) | University of Minnesota | University of Chicago | Generalized method of moments | ||||
Robert J. Shiller (b. 1946) | Massachusetts Institute of Technology | Yale University | Case–Shiller index, CAPE Index | ||||
2014 | Jean Tirole (b. 1953) | France | "for his analysis of market power and regulation". [52] | Massachusetts Institute of Technology | Massachusetts Institute of Technology Toulouse School of Economics École des hautes études en sciences sociales | Markov perfect equilibrium, Two-sided market | |
2015 | Angus Deaton (b. 1945) | United Kingdom United States | "for his analysis of consumption, poverty, and welfare". [53] | University of Cambridge | Princeton University | Almost ideal demand system, Pseudo panels, Household surveys in developing countries | |
2016 | Oliver Hart (b. 1948) | United Kingdom United States | "for their contributions to contract theory". [54] | Princeton University | Harvard University | Moral Hazard, Incomplete contracts | |
Bengt Holmström (b. 1949) | Finland | Stanford University | Massachusetts Institute of Technology | Informativeness Principle | |||
2017 | Richard Thaler (b. 1945) | United States | "for his contributions to behavioural economics". [55] | University of Rochester | Cornell University, University of Chicago | Nudge Theory, Mental Accounting, Choice Architecture | |
2018 | William Nordhaus (b. 1941) | United States | "for integrating climate change into long-run macroeconomic analysis" [56] | Massachusetts Institute of Technology | Yale University | DICE model | |
Paul Romer (b. 1955) | "for integrating technological innovations into long-run macroeconomic analysis" | University of Chicago | New York University | Incorporation of R&D to the Endogenous growth theory | |||
2019 | Abhijit Banerjee (b. 1961) | United States | "for their experimental approach to alleviating global poverty" [57] | Harvard University | Massachusetts Institute of Technology | Use of RCTs in development economics | |
Esther Duflo (b. 1972) | France United States | Massachusetts Institute of Technology | Massachusetts Institute of Technology | ||||
Michael Kremer (b. 1964) | United States | Harvard University | Harvard University | ||||
2020 | Paul Milgrom (b. 1948) | United States | "for improvements to auction theory and inventions of new auction formats." [58] | Stanford University | Stanford University | Simultaneous multiple round auctions (SMRA), No-trade theorem, Market design, Reputation effects (game theory), supermodular games, monotone comparative statics, Linkage principle, Deferred-acceptance auction | |
Robert B. Wilson (b. 1937) | United States | Harvard University | Stanford University | Simultaneous multiple round auctions (SMRA), Common value auction, Reputation effects (game theory), Wilson doctrine | |||
2021 | David Card (b. 1956) | United States Canada | "for his empirical contributions to labour economics" [59] | Princeton University | University of California, Berkeley | Natural experiments on labour economics (incl. Difference in differences) | |
Joshua Angrist (b. 1960) | United States Israel | "for their methodological contributions to the analysis of causal relationships" [59] | Princeton University | Massachusetts Institute of Technology | Local average treatment effect, natural experiments to estimate causal links | ||
Guido Imbens (b. 1963) | United States Netherlands | Brown University | Stanford University | ||||
2022 | Ben Bernanke (b. 1953) | United States | "for research on banks and financial crises" [60] | Massachusetts Institute of Technology | Princeton University, Brookings Institution | Analysis of the Great Depression | |
Douglas Diamond (b. 1953) | Yale University | University of Chicago | Diamond–Dybvig model | ||||
Philip H. Dybvig (b. 1955) | Yale University | Washington University in St. Louis |
The Nobel Prizes are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfred Nobel was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his "remaining realisable assets" to be used to establish five prizes which became known as "Nobel Prizes." Nobel Prizes were first awarded in 1901.
Ragnar Anton Kittil Frisch was an influential Norwegian economist known for being one of the major contributors to establishing economics as a quantitative and statistically informed science in the early 20th century. He coined the term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively. He was the first to develop a statistically informed model of business cycles in 1933. Later work on the model together with Jan Tinbergen won the two the first Nobel Memorial Prize in Economic Sciences in 1969.
The Right Livelihood Award is an international award to "honour and support those offering practical and exemplary answers to the most urgent challenges facing us today." The prize was established in 1980 by German-Swedish philanthropist Jakob von Uexkull, and is presented annually in early December. An international jury, invited by the five regular Right Livelihood Award board members, decides the awards in such fields as environmental protection, human rights, sustainable development, health, education, and peace. The prize money is shared among the winners, usually numbering four, and is €200,000. Very often one of the four laureates receives an honorary award, which means that the other three share the prize money.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an economics award administered by the Nobel Foundation.
The Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and fills the same role as the Nobel Committees do for the Nobel Prizes. This means that the committee is responsible for proposing laureates for the prize. The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel is appointed by the Royal Swedish Academy of Sciences. It usually consists of Swedish professors of economics or related subjects who are members of the academy, although the academy in principle could appoint anyone to the committee. Two of the members of the founding committee as well as later members of the committee had also been associated with the Mont Pelerin Society.
Douglas Warren Diamond is an American economist. He is currently the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).
Guido Wilhelmus Imbens is a Dutch-American economist whose research concerns econometrics and statistics. He holds the Applied Econometrics Professorship in Economics at the Stanford Graduate School of Business at Stanford University, where he has taught since 2012.
The Princeton University Department of Economics is an academic department of Princeton University, an Ivy League institution in Princeton, New Jersey. The department is one of the most premier institutions for the study of economics. It offers undergraduate A.B. degrees as well as graduate Ph.D. degrees. It is considered one of the "big five" schools in the field along with the faculties at the University of Chicago, Harvard University, Stanford University, and MIT. According to the 2018 U.S. News & World Report, the department ranks as joint No. 1 in the field of economics.
The 2021 Nobel Memorial Prize in Economic Sciences was divided one half awarded to the American-Canadian David Card "for his empirical contributions to labour economics", the other half jointly to Israeli-American Joshua Angrist and Dutch-American Guido W. Imbens "for their methodological contributions to the analysis of causal relationships." The Nobel Committee stated their reason behind the decision, saying:
"This year's Laureates – David Card, Joshua Angrist and Guido Imbens – have shown that natural experiments can be used to answer central questions for society, such as how minimum wages and immigration affect the labour market. They have also clarified exactly which conclusions about cause and effect can be drawn using this research approach. Together, they have revolutionised empirical research in the economic sciences."
The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating:
"This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital."