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Sveriges Riksbank Prize 2013

Faith and Scepticism in Markets

The 2013 Sveriges Riksbank Prize in Economic Sciences, wrongly called the Nobel in Economics, has evoked much comment about the apparently contradictory perspectives of two of the winners, Eugene Fama and Robert Shiller. The third, and least known among the winners, Lars Hansen, has probably made the more lasting of contributions to science, if not economics.

The 2013 Sveriges Riksbank Prize in Economic Sciences, wrongly called the Nobel in Economics, has evoked much comment about the apparently contradictory perspectives of two of the winners, Eugene Fama and Robert Shiller. The third, and least known among the winners, Lars Hansen, has probably made the more lasting of contributions to science, if not economics.

This year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel went, controversially, to three American economists for their empirical analysis of asset prices: Eugene Fama and Lars Peter Hansen (both University of Chicago), and Robert Shiller (Yale University).

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