Oct 11, 2021
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Nobel Prize in economics awarded to David Card, Joshua Angrist and Guido Imbens

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David Card was acknowledged by the Royal Swedish Academy of Sciences for groundbreaking work on minimal wages, immigration and schooling. He confirmed, utilizing a pure experiment — the place researchers examine conditions as they unfold in the true world — that growing the minimal wage doesn’t essentially result in fewer jobs.

The opposite half of the prize was awarded to Joshua Angrist and Guido Imbens for demonstrating how exact conclusions about trigger and impact could be drawn from pure experiments.

“Card’s research of core questions for society and Angrist and Imbens’ methodological contributions have proven that pure experiments are a wealthy supply of data. Their analysis has considerably improved our skill to reply key causal questions, which has been of nice profit to society,” Peter Fredriksson, chair of the Financial Sciences Prize Committee, mentioned in an announcement.

The winners of the 2021 Sveriges Riksbank Prize in Economic Sciences are announced in Stockholm on October 11.

Card was born in Guelph, Canada and is a professor on the College of California, Berkeley. Angrist is a professor on the Massachusetts Institute of Expertise. Imbens was born in Eindhoven, Netherlands and is a professor at Stanford College in California.

The Royal Swedish Academy of Sciences mentioned that Card’s research from the early Nineties “challenged standard knowledge.” By evaluating what occurred when New Jersey hiked its minimal wage to labor market circumstances in neighboring Pennsylvania, he was capable of upend the accepted principle that growing the minimal wage would result in fewer jobs.

Nobel Prize in economics awarded to trio for work on poverty. One is the youngest winner ever

Angrist and Imbens helped advance the usage of pure research by exhibiting what conclusions about causation could be drawn from them.

“The framework they created has radically modified how researchers strategy empirical questions utilizing information from pure experiments or randomised area experiments,” the Royal Swedish Academy of Sciences mentioned.

The prize, formally generally known as the Sveriges Riksbank Prize in Financial Sciences, was not instituted by Alfred Nobel. It was established by Sweden’s central financial institution and is awarded in reminiscence of Nobel.

Card will obtain one half of the ten million Swedish kronor ($1.1 million) prize. The remaining prize cash shall be break up between Angrist and Imbens.

American economists Paul Milgrom and Robert Wilson have been awarded final yr’s economics prize for his or her work on public sale principle.

The Stanford College professors have been acknowledged for theoretical discoveries that improved how auctions work and made it simpler to allocate scarce sources.

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