London CNN Business A trio of economists were awarded the Nobel Prize on Monday for showing that precise — and surprising — answers to some of society's most pressing questions can be gleaned from experiments rooted in real life.
More Videos What you should know about the Nobel Prize David Card was recognized by the Royal Swedish Academy of Sciences for groundbreaking work on minimum wages, immigration and education. He showed, using a natural experiment — where researchers study situations as they unfold in the real world — that increasing the minimum wage does not necessarily lead to fewer jobs.
The other half of the prize was awarded to Joshua Angrist and Guido Imbens for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments. Their research has substantially improved our ability to answer key causal questions, which has been of great benefit to society," Peter Fredriksson, chair of the Economic Sciences Prize Committee, said in a statement.
Angrist is a professor at the Massachusetts Institute of Technology. Imbens have been awarded the Nobel prize in economics. Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.
Card, 65, is a professor of economics at the University of California, Berkeley. Angrist, 61, is Ford professor of economics at the Massachusetts Institute of Technology, and Imbens, 58, is a professor of economics at the Stanford Graduate School of Business. The Nobel committee said in a statement that the three winners had "provided us with new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments.
Their approach had been used in other fields and had "revolutionized empirical research," the committee added. The winners' research had helped find the cause and effect behind certain big social questions, the committee said.
We need to understand individual consumption choices before we can design economic policy that promotes welfare and reduces poverty. Watch this interview with Dr. John Nash, who received the Prize in Economic Sciences in The recipients of the Prize in Economic Sciences created theoretical tools for understanding real-life contracts and institutions, as well as potential pitfalls in contract design.
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