Nobel Prize

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A brief history of the Nobel Memorial Prize in Economic Sciences

The 2013 Nobel Memorial Prize in Economic Sciences was announced on October 15 and won by a trio of financial economists: Eugene Fama, Robert Shiller and Lars Peter Hansen. Fama is the mastermind behind the ‘efficient-market hypothesis’, which will be familiar to all who have taken at least a first-year finance subject, whilst Shiller is a primary critic of the hypothesis and instead espouses the idea of ‘irrational exuberance’ in markets (read: stock markets are generally overvalued as investors underestimate the risk of incurring a loss).

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