Awarded Nobel Prize in Economics to a trio based in the United States

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Announced the Nobel Prize in Economics at the Royal Swedish Academy of Sciences in Stockholm on Monday.


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Claudio Obresiani / Associated Press

The Nobel Prize in Economics was awarded for David Card, Joshua D. Angrist, and Guido W. Imbens for their work on natural experiments, especially for their contribution to a better understanding of how the job market works.

Economics and other social sciences have limited opportunities to perform randomized experiments that allow people in the physical sciences to test causality. This is for both practical and ethical reasons.

But over the last few decades, the work of the three winners has helped economists make better use of natural experiments.

“Their research has greatly improved our ability to answer important causal questions and has brought great benefits to society,” said Peter Fredrickson, Chairman of the Economic Science Awards Committee.

Many economists believe that Covid-19’s various policy responses to the pandemic have led to a number of natural experiments that could be used to investigate causal relationships that were otherwise difficult to investigate.

Born in Guelph, Canada in 1956, Card is now a professor at the University of California, Berkeley. Angrist was born in Columbus, Ohio in 1960 and is now a professor at the Massachusetts Institute of Technology. Born in Eindhoven, the Netherlands in 1963, Invens is a professor at Stanford University.

Write to Paul Hanon paul.hannon@wsj.com

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Awarded Nobel Prize in Economics to a trio based in the United States

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