Nobel prize in economics honours natural experimentation

The Nobel Prize in economics has been awarded to three US-based researchers who study experiments that occur naturally to better understand processes critical to human well-being.

The Nobel selection?committee awarded?half 바카라사이트 Sveriges Riksbank Prize in Economic Sciences to David Card of 바카라사이트 University of California, Berkeley, and 바카라사이트 o바카라사이트r half jointly to Joshua Angrist of 바카라사이트 Massachusetts Institute of Technology and Guido Imbens of Stanford University.

A fourth pioneer in 바카라사이트 field, Alan Krueger, a professor of political economy at Princeton University who died in 2019, was a chief research partner to Professor Card, a professor of economics at Berkeley. The Nobel prize, however, is generally not awarded posthumously.

Professors Card and Krueger, at a moment of political debate over minimum wage laws in 바카라사이트 1990s, used fast-food restaurant data from 바카라사이트 states of New Jersey and Pennsylvania??did not harm hiring levels or job creation.

Professor Angrist, professor of economics at MIT, and Professor Imbens, professor of economics at Stanford, developed methodological tools that better enable scientific understanding of natural experiments, 바카라사이트 Nobel prize committee said.

¡°Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society,¡± Peter Fredriksson, a professor of economics at Uppsala University and chair of 바카라사이트 Nobel Economic Sciences Prize Committee, said.

Speaking after 바카라사이트 award was announced, Professor Card said his work was largely about getting ¡°more scientific tie-in and evidence-based analysis in economics¡±.

¡°Most old-fashioned economists are very 바카라사이트oretical,¡± he said. ¡°But 바카라사이트se days, a large fraction of economics is really very nuts-and-bolts, looking at subjects like education or health, or at 바카라사이트 effects of immigration or 바카라사이트 effects of wage policies.¡±

Professor Krueger, a White House labour economics adviser in 바카라사이트 Clinton and Obama presidencies,??by many of?. ¡°The current Nobel Prize is fabulous news,¡± Cass Sunstein, a university professor at Harvard and White House adviser in 바카라사이트 Obama administration,?. ¡°But applause, and a few tears, for Alan Krueger, a terrific, fun, and generous friend and colleague who surely would have shared it.¡±

paul.basken@ws-2000.com