Nobel Memorial Prize in Economic Sciences

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The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award for outstanding contributions in the field of economics and is generally considered one of the most prestigious awards in that field.[1] It is commonly referred to as the "Nobel Prize in Economics"[2] and it is identified with the Nobel Prizes, although it is not one of the five Nobel Prizes (in Physics, Chemistry, Physiology or Medicine, Literature, and Peace) which were established by the will of Alfred Nobel in 1895.[1][3][4][5][6] The Prize in Economics, as it is frequently referred to by the Nobel Foundation, is a prize established in memory of Alfred Nobel in 1968 on the 300th anniversary of Sveriges Riksbank (the central bank of Sweden, sometimes called the Bank of Sweden or the Swedish National Bank).[1][7][8][9] It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes."[9][10][11] Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences.[12][13]

Contents

[edit] Funding of the Prize

An endowment "in perpetuity" from Sveriges Riksbank covers the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award.[12] Since 2001, the monetary portion of the Prize in Economics has been 10 million Swedish kronor (in January 2008, approx. US$1.6 million; 1.1 million Euro), equivalent to the amount given for the Nobel Prizes.[14][15][16] Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize on the Nobel Foundation's internet museum.[17]

[edit] Relation to the Nobel Prize

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not a Nobel Prize [4]. However, the nomination process, selection criteria, and awards presentation are done in a manner similar to the Nobel Prizes.[12][15][18] The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences "in accordance with the rules governing the award of the Nobel Prizes instituted through his [Alfred Nobel's] will",[12] which stipulates that the prize is awarded annually to "those who ... shall have conferred the greatest benefit on mankind."[3]

[edit] Award nomination and selection process

The Royal Swedish Academy of Sciences "administers a researcher exchange with academies in other countries and publishes six scientific journals. Every year the Academy awards the Nobel Prizes in Physics and Chemistry, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the Crafoord Prize and a number of other large prizes" (official website).[13]

Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year. Members of the Academy and former laureates are also authorised to nominate candidates."[13][12][19] All proposals and their supporting evidence must be received before February 1.[19] The proposals are reviewed by the Prize Committee and specially appointed experts. Before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote. Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next Prize in Economics Laureate(s).[12][13][20] As with the Nobel Prizes, no more than three people can share the prize for a given year, they must still be living at the time of the Prize announcement in October, and information about Prize nominations cannot be publicly disclosed for 50 years.[19]

With the Nobel Laureates in Physics, Chemistry, Physiology or Medicine, and Literature, the each Laureate in Economics receives a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on December 10—the anniversary of Nobel's death.[1][21]

On October 15, 2007 the Royal Swedish Academy of Sciences, the Bank of Sweden, and the Nobel Foundation announced the Academy's award of the Prize in Economic Sciences to three Americans, Leonid Hurwicz, Eric Maskin, and Roger Myerson, "for having laid the foundations of mechanism design theory. [Their work] has among other things helped economists identify efficient trading mechanisms, regulation schemes and voting procedures."[16]

[edit] Changes to the prize

Sylvia Nasar wrote in her book A Beautiful Mind that in February 1995, after acrimony pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social science, opening it to fields such as political science, psychology, and sociology.[22][23] Moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee. The members of the 2007 Economics Prize Committee contradict Nasar's claim since the secretary and 4 of the 5 members are professors of economics.[24] One should note, however, that Herbert Simon was the first non-economist to win the prize in 1978 (his PhD was in political science, though his influence on economics is well-known).

[edit] Controversies and criticisms

Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, an association that has often been a source of controversy. Among the most vocal critics of the Prize in Economics is the Swedish human rights lawyer Peter Nobel, a great-grandnephew of Alfred Nobel.[25] Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the Prize in Economics should be abolished.[26] Myrdal's objections were based on his view that the 1976 Prize in Economics to Milton Friedman and the 1974 Prize in Economics shared by Friedrich Hayek (both classical liberal economists) were undeserved, on the argument that the economics did not qualify as a science. If he had been asked about the establishment of the Prize before receiving it, Hayek stated that he would "have decidedly advised against it."[26][27]

Some critics claim the selection of recipients for the Prize in Economics is biased toward mainstream economics.[28][29] The Department of Economics at the University of Chicago has garnered nine of these Prizes—more than any other university—leading some critics to opine that such an outcome demonstrates either a bias, or the appearance of one, against candidates with alternative views.[29]

Milton Friedman was awarded the 1976 prize for his work on monetarism. The prize to Friedman caused international protests,[30] primarily in relation to a six-day trip he took to Chile in March 1975 where he gave lectures on inflation and met with many Chilean government officials, including the dictator Augusto Pinochet.[31] Four Nobel Prize laureates – George Wald, Linus Pauling, David Baltimore and Salvador Luria – wrote letters to the New York Times protesting the award in October 1976.[32][33]

The 1994 prize to John Forbes Nash caused controversy within the prize's selection committee because of his history of mental illness.[34] The controversy resulted in a change to the rules governing the committee in 1994: while Economics Prize Committee members had no term limit, they now serve for three years.[22]

Nassim Taleb criticises the Prize for promoting economic theories based on a misunderstanding of risk. He points to the 1990 Prize in Economics, awarded to William Sharpe and Harry Markowitz for theories that, Taleb says, had already been undermined by the stock market crash of 1987; the 1997 Prize, awarded to Robert C. Merton and Myron Scholes for their option pricing formula; and the 2003 Prize, awarded to Robert F. Engle for his "ARCH" method of prediction of volatility, which Taleb says underperforms relative to volatility forecasts made by ordinary traders.[35]

[edit] Alternative names

The official Swedish name of the Prize is Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. The Nobel Foundation's translations of the Swedish name into English have varied since 1969:

Years Official name in English
1969–1970 Prize in Economic Science dedicated to the memory of Alfred Nobel[36][37]
1971 Prize in Economic Science[38]
1972 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[39]
1973–1975 Prize in Economic Science in Memory of Alfred Nobel[40][41]
1976–1977, 1983 Prize in Economic Sciences in Memory of Alfred Nobel[42][43][44]
1978–1981, 1984–1990 Alfred Nobel Memorial Prize in Economic Sciences[45][46][47][48]
1982 Alfred Nobel Memorial Prize in Economic Science[49]
1991 Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel[50]
1992–2005 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel[51][52]
2006–present The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[53][54]

During the Nobel Banquet, many laureates have referred to the prize as something other than the "Prize in Economics":

Year: Laureate Laureate's name for the prize
1969: Jan Tinbergen[55] Alfred Nobel Memorial Prize for Economics
1970: Paul A. Samuelson[56] Alfred Nobel Memorial Awards in Economics
1971: Simon Kuznets,[57]
1994: John C. Harsanyi[58]		 Nobel Memorial Prize
1974: Friedrich August von Hayek[59] Nobel Memorial Prize for economic science
1975: Tjalling C. Koopmans[60] award for economics
1976: Milton Friedman,[61]
1981: James Tobin[62],
2006: Edmund S. Phelps[63]		 Prize in Economic Sciences in Memory of Alfred Nobel
1979: Theodore W. Schultz,[64]
1995: Robert E. Lucas Jr.,[65]		 Nobel Prize in Economics
1988: Maurice Allais[66] Prix Nobel d'Economie (French for Nobel Prize in Economics)
1981: Lawrence R. Klein[67] Prize in Economic Science

While some sources observe that the Prize in Economic Sciences in Memory of Alfred Nobel is commonly referred to informally as the "Nobel Prize in Economics," the press and other agencies have also called it by other names:

  • Nobel Memorial Prize in Economic Sciences[68]
  • Nobel Memorial Prize in Economic Science[69]
  • Nobel Memorial Prize in Economics[70][71]
  • Nobel Memorial Prize[72]

[edit] Economics Prize Committee members

Economics Prize Committee members from 1969-1984[73]
Name Years Affiliation
Bertil Ohlin Chairman 1969-1974 Stockholm School of Economics
Erik Lundberg 1969-1979

Chairman 1975-1979
Associate member 1980-

 Stockholm School of Economics
Ingvar Svennilson 1969-1971 University of Stockholm
Herman Wold 1969-1980 University of Uppsala

University of Gothenburg
Assar Lindbeck 1969-1994

Chairman 1980-1994[74]

 University of Stockholm
Ragnar Bentzel 1975-1990

Secretary 1969-1980, 1982-

 University of Uppsala
Sune Carlson 1972-1979

Associate member 1980-

 University of Uppsala
Lars Werin 1980-

Secretary 1981
Associate member 1975-1979

 University of Stockholm
Ingemar Ståhl 1980- University of Lund
Karl-Göran Mäler 1981- Stockholm School of Economics
Economics Prize Committee members from 1998-2008[75][76][77]
Name Years Affiliation
Jörgen Weibull 1998–2007

Chairman 2004–2007[78]

 A.O. Wallenberg Professor of Economics
Stockholm School of Economics
Peter Englund 1993–1995

Secretary 1996–1997, 2002–[79]

 Professor of Banking and Insurance
Stockholm School of Economics
Lars Calmfors 1996–1998, 2003–2007[80] Professor of International Economics
Stockholm University
Bertil Näslund 1999[81] Professor
Stockholm School of Economics
Per Krusell 2003–

Adjunct member 2003–2004[82]

 Professor of Economics
Princeton University
Karl-Gustaf Löfgren 2002?– Professor of Economics
Umeå University
Timo Tiräsvirta 2003?- Professor of Economic Statistics (emeritus)
Stockholm School of Economics

Professor of Econometrics
School of Economics and Management, University of Aarhus[83]
Bertil Holmlund Adjunct member 1998-2001, 2005-2006

Chairman 2008[84]

 Professor of Economics

Uppsala University

[edit] Laureates

The following chart lists all Laureates in Economics, the dates of their awards, their nationalities, and their award citations.[85]

Year Name Nationality Citations
1969 Ragnar Frisch Flag of Norway Norway "for having developed and applied dynamic models for the analysis of economic processes."
Jan Tinbergen Flag of the Netherlands Netherlands
1970 Paul Samuelson Flag of the United States United States "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."
1971 Simon Kuznets Flag of the United States United States "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."
1972 John Hicks Flag of the United Kingdom United Kingdom "for their pioneering contributions to general economic equilibrium theory and welfare theory."
Kenneth Arrow Flag of the United States United States
1973 Wassily Leontief Flag of the United States United States "for the development of the input-output method and for its application to important economic problems."
1974 Gunnar Myrdal Flag of Sweden Sweden "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."
Friedrich Hayek Flag of Austria Austria
1975 Leonid Kantorovich
(Леонид Канторович)		 Flag of the Soviet Union USSR "for their contributions to the theory of optimum allocation of resources."
Tjalling Koopmans Flag of the United States United States
1976 Milton Friedman Flag of the United States United States "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy."
1977 Bertil Ohlin Flag of Sweden Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements."
James Meade Flag of the United Kingdom United Kingdom
1978 Herbert Simon Flag of the United States United States "for his pioneering research into the decision-making process within economic organizations."
1979 Theodore Schultz Flag of the United States United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries."
Arthur Lewis Flag of Saint Lucia Saint Lucia
1980 Lawrence Klein Flag of the United States United States "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies."
1981 James Tobin Flag of the United States United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices."
1982 George Stigler Flag of the United States United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation."
1983 Gérard Debreu Flag of the United States United States "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium."
1984 Richard Stone Flag of the United Kingdom United Kingdom "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis."
1985 Franco Modigliani Flag of the United States United States "for his pioneering analyses of saving and of financial markets."
1986 James M. Buchanan Flag of the United States United States "for his development of the contractual and constitutional bases for the theory of economic and political decision-making."
1987 Robert Solow Flag of the United States United States "for his contributions to the theory of economic growth."
1988 Maurice Allais Flag of France France "for his pioneering contributions to the theory of markets and efficient utilization of resources."
1989 Trygve Haavelmo Flag of Norway Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures."
1990 Harry Markowitz
Merton Miller
William Forsyth Sharpe		 Flag of the United States United States "for their pioneering work in the theory of financial economics."
1991 Ronald Coase Flag of the United Kingdom United Kingdom "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy."
1992 Gary Becker Flag of the United States United States "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour."
1993 Robert Fogel
Douglass North		 Flag of the United States United States "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."
1994 John Harsanyi Flag of the United States United States "for their pioneering analysis of equilibria in the theory of non-cooperative games."
John Forbes Nash Flag of the United States United States
Reinhard Selten Flag of Germany Germany
1995 Robert Lucas, Jr. Flag of the United States United States "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy."
1996 James Mirrlees Flag of the United Kingdom United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information."
William Vickrey Flag of the United States United States
1997 Robert C. Merton Flag of the United States United States "for a new method to determine the value of derivatives."
Myron Scholes Flag of the United States United States
1998 Amartya Sen Flag of India India "for his contributions to welfare economics."
1999 Robert Mundell Flag of Canada Canada "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas."
2000 James Heckman Flag of the United States United States "for his development of theory and methods for analyzing selective samples."
Daniel McFadden Flag of the United States United States "for his development of theory and methods for analyzing discrete choice."
2001 George Akerlof
Michael Spence
Joseph E. Stiglitz		 Flag of the United States United States "for their analyses of markets with asymmetric information."
2002 Daniel Kahneman Flag of the United States United States
Flag of Israel Israel		 "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."
Vernon L. Smith Flag of the United States United States "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."
2003 Robert F. Engle Flag of the United States United States "for methods of analyzing economic time series with time-varying volatility (ARCH)."
Clive Granger Flag of the United Kingdom United Kingdom "for methods of analyzing economic time series with common trends (cointegration)."
2004 Finn E. Kydland Flag of Norway Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
Edward C. Prescott Flag of the United States United States
2005 Robert Aumann
(ישראל אומן)		 Flag of Israel Israel
Flag of the United States United States		 "for having enhanced our understanding of conflict and cooperation through game-theory analysis."
Thomas Schelling Flag of the United States United States
2006 Edmund Phelps Flag of the United States United States "for his analysis of intertemporal tradeoffs in macroeconomic policy."
2007 Leonid Hurwicz
Eric Maskin
Roger Myerson		 Flag of the United States United States "for having laid the foundations of mechanism design theory."

[edit] Demographics of the Laureates in Economics

Whereas the five Nobel Prizes have been awarded to females, all Laureates in Economics so far have been men.[86]

[edit] Allusions to Laureates in Economics in popular culture

In the television series The West Wing, the fictional U.S. President Josiah Bartlet is a Laureate in Economics.

[edit] See also

[edit] References

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  2. ^ John A. Hird. Power, Knowledge, and Politics. (2005). Georgetown University Press. ISBN 1589010493 p.33
  3. ^ a b Excerpt from the Will of Alfred Nobel. The Nobel Foundation. Retrieved on 2007-11-07.
  4. ^ a b Qualified Nominators – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Nobel Foundation. Retrieved on 2007-10-18. “The Prize in Economics is not a Nobel Prize.”
  5. ^ Peter Englund. Your Questions about The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Nobel Foundation. Retrieved on 2007-10-30. “The Nobel Prizes are only those that are specifically mentioned in Alfred Nobel's will (Physics, Chemistry, Physiology or Medicine, Literature and Peace). The Economics Prize came much later and is a prize in memory of Alfred Nobel. In all relevant respects the committee understands and treats economics as a field of science.”
  6. ^ Sylvia Nasar (1998). A Beautiful Mind. New York: Simon & Schuster, 358. ISBN 0-684-81906-6. “It is, in fact, not a Nobel Prize, but rather 'The Central Bank of Sweden [Sveriges Riksbank] Prize in Economic Science[s] in Memory of Alfred Nobel.'” 
  7. ^ The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Sveriges Riksbank. Retrieved on 2007-11-07. “Sveriges Riksbank’s Prize in Economic Sciences in Memory of Alfred Nobel was established in connection with the Riksbank’s 300th anniversary in 1968.”
  8. ^ The Nobel Prize. The Nobel Foundation. Retrieved on 2007-11-07. “In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.”
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  10. ^ "Jan Tinbergen" (2007), in Encyclopædia Britannica, accessed November 16, 2007, from Encyclopædia Britannica Online: <http://www.britannica.com/eb/article-9380801>.
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  56. ^ Samuelson, Paul A. (1970-12-10). Paul A. Samuelson: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  57. ^ Kuznets, Simon (1971-12-10). Simon Kuznets: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  58. ^ Harsanyi, John C. (1994-12-10). John C. Harsanyi: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  59. ^ von Hayek, Friedrich August (1974-12-10). Friedrich August von Hayek: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  60. ^ Koopmans, Tjalling C. (1975-12-10). Tjalling C. Koopmans: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  61. ^ Friedman, Milton (1976-12-10). Milton Friedman: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  62. ^ Tobin, James (1981-12-10). James Tobin: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  63. ^ Phelps, Edmund S. (2006-12-10). Edmund S. Phelps: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  64. ^ Schultz, Theodore W. (1979-12-10). Theodore W. Schultz: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
  65. ^ Lucas Jr., Robert E. (1995-12-10). Robert E. Lucas Jr.: Banquet Speech. Nobel Foundation. Retrieved on 2007-10-16.
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