Nobel Memorial Prize in Economic Sciences

for studies of how institutions are formed and affect prosperity

Daron Acemoglu

Turkey, United States of America

Simon Johnson

United Kingdom of Great Britain and Northern Ireland, United States of America

James A. Robinson

United Kingdom of Great Britain and Northern Ireland

for having advanced our understanding of women’s labour market outcomes

Claudia Goldin

United States of America

for research on banks and financial crises

Ben Bernanke

United States of America

Douglas Diamond

United States of America

Philip Dybvig

United States of America

for his empirical contributions to labour economics

David Card

Canada, United States of America

for improvements to auction theory and inventions of new auction formats

Paul Milgrom

United States of America

Robert B. Wilson

United States of America

for their experimental approach to alleviating global poverty

Abhijit Banerjee

United States of America

Esther Duflo

France

Michael Kremer

United States of America

for integrating climate change into long-run macroeconomic analysis

William Nordhaus

United States of America

for his contributions to behavioural economics

Richard Thaler

United States of America

for their contributions to contract theory

Oliver Hart

United Kingdom of Great Britain and Northern Ireland, United States of America

Bengt Holmström

Finland

for his analysis of consumption, poverty, and welfare

for his analysis of market power and regulation

for their empirical analysis of asset prices

Eugene Fama

United States of America

Lars Peter Hansen

United States of America

Robert Shiller

United States of America

for the theory of stable allocations and the practice of market design

Alvin Roth

United States of America

Lloyd Shapley

United States of America

for their empirical research on cause and effect in the macroeconomy

Thomas Sargent

United States of America

Christopher Sims

United States of America

for their analysis of markets with search frictions

Peter Diamond

United States of America

Dale Mortensen

United States of America

Christopher Pissarides

United Kingdom of Great Britain and Northern Ireland, Cyprus

for their analysis of economic governance, especially the commons and the boundaries of the firm

Elinor Ostrom

United States of America

Oliver Williamson

United States of America

for his analysis of trade patterns and location of economic activity

Paul Krugman

United States of America

for having laid the foundations of mechanism design theory

Leonid Hurwicz

United States of America, Poland

Eric Maskin

United States of America

Roger Myerson

United States of America

for his analysis of intertemporal tradeoffs in macroeconomic policy

Edmund Phelps

United States of America

for having enhanced our understanding of conflict and cooperation through game-theory analysis

Robert Aumann

United States of America, Israel

Thomas Schelling

United States of America

for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles

Finn Kydland

Norway

Edward Prescott

United States of America

for the development of statistical methods to analyze economic time series with time-varying volatility (ARCH) and common trends (cointegration)

Robert F. Engle

United States of America

Clive Granger

United Kingdom of Great Britain and Northern Ireland

for pioneering contributions to behavioural economics and experimental economics by integrating psychological insights into economic science and by establishing laboratory experiments as a fundamental tool for studying market mechanisms

Daniel Kahneman

United States of America, Israel

Vernon Smith

United States of America

for their analyses of markets with asymmetric information

George Akerlof

United States of America

Michael Spence

United States of America

Joseph E. Stiglitz

United States of America

for the development of theoretical frameworks and statistical methods that enable the micro-econometric analysis of individual and household consumption behaviour

James Heckman

United States of America

Daniel McFadden

United States of America

for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas

Robert Mundell

Canada

for his contributions to welfare economics, in particular his research on the theory of inequality of income distribution, poverty, and famine

Amartya Sen

India

for "a new method to determine the value of derivatives", the development and theoretical justification of the Black–Scholes option-pricing model

Robert C. Merton

United States of America

Myron Scholes

Canada

for their fundamental contributions to the economic theory of incentives under asymmetric information

James Mirrlees

United Kingdom of Great Britain and Northern Ireland

William Vickrey

United States of America, Canada

for having developed and applied the rational expectations hypothesis, thereby transforming macroeconomic analysis and deepening our understanding of economic policy since the 1970s

Robert Lucas Jr.

United States of America

for their pioneering analysis of equilibria in the theory of non-cooperative games

Reinhard Selten

Germany

John Nash

United States of America

John Harsanyi

Hungary

for having renewed research in economic history by applying economic theory and quantitative methods to explain economic and institutional change

Robert Fogel

United States of America

Douglass North

United States of America

for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour

Gary Becker

United States of America

for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy

Ronald Coase

United States of America

for the development of general theories that increase the safety of asset formation

Harry Markowitz

United States of America

Merton Miller

United States of America

William Sharpe

United States of America

for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures

Trygve Haavelmo

Norway

for his pioneering contributions to the theory of markets and efficient utilization of resources

Maurice Allais

France

for his contributions to the theory of economic growth

Robert Solow

United States of America

for his development of the contractual and constitutional bases for the theory of economic and political decision-making

James M. Buchanan

United States of America

for his pioneering analyses of saving and of financial markets

Franco Modigliani

United States of America, Italy

for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis

for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium

Gérard Debreu

France

for his seminal studies of industrial structures, functioning of markets, and the causes and effects of public regulation

for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices

James Tobin

United States of America

for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies

for their pioneering research into economic development with particular consideration of the problems of developing countries

Theodore Schultz

United States of America

W. Arthur Lewis

United Kingdom of Great Britain and Northern Ireland, Saint Lucia

for his pioneering research into the decision-making process within economic organizations

Herbert A. Simon

United States of America

for their path-breaking contribution to the theory of international trade and international capital movements

Bertil Ohlin

Sweden

James Meade

United Kingdom of Great Britain and Northern Ireland

for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy

Milton Friedman

United States of America

for their contributions to the theory of optimum allocation of resources

Leonid Kantorovich

Soviet Union

Tjalling Koopmans

Netherlands

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

Gunnar Myrdal

Sweden

Friedrich Hayek

Austria

for the development of the input-output method and for its application to important economic problems

Wassily Leontief

Soviet Union

for their pioneering contributions to general economic equilibrium theory and welfare theory

John Hicks

United Kingdom of Great Britain and Northern Ireland

Kenneth Arrow

United States of America

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

Simon Kuznets

United States of America

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

Paul Samuelson

United States of America

for having developed and applied dynamic models for the analysis of economic processes

Ragnar Frisch

Norway

Jan Tinbergen

Netherlands