Advanced information on the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 2004

For more than two decades, the theory of markets with asymmetric information has been a vital and lively field of economic research. Today, models with imperfect information are indispensable instruments in the researcher's toolbox. Countless applications extend from traditional agricultural...

Prize Seminar, December 8, 1994.

The field of econometrics is concerned with estimating economic relations and testing whether postulated relations conform fully with reality. In an article in Econometrica in 1943 and in his doctoral thesis entitled, The Probability Approach in Econometrics (1944), Haavelmo showed that the...

Information for the Public. James Heckman and Daniel McFadden have each developed theory and methods that are widely used in the statistical analysis of individual and household behavior, within economics as well as other social sciences.

Advanced information on the Prize in Economic Sciences 2002. Until recently, economics was widely regarded as a non-experimental science that had to rely on observation of real-world economies rather than controlled laboratory experiments. Many commentators also found restrictive the common...

Information for the Public, The Prize in Economic Sciences 2007. Buyers and sellers sometimes haggle too hard and therefore fail to trade. Desirable joint projects are sometimes not undertaken because the projects' beneficiaries fail to agree how the costs should be shared. Sickness insurance,...

Finn Kydland and Edward Prescott have made fundamental contributions to the research area known as macroeconomics. In a highly innovative way, the Laureates have analyzed the design of economic policy and the driving forces behind business cycles. Their work has not only transformed economic...

The Prize in Economic Sciences 2005: supplementary information to press release. Robert Aumann and Thomas Schelling have contributed to enhancing our understanding of conflict and cooperation. They have achieved this by extending and applying game theory â a method used to analyze strategic...

Advanced information on the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2005.