So for those who missed it, the Nobel Memorial Prize in Economic Sciences was awarded last month to three Americans - Eugene Fama, Lars Hansen, and Robert Shiller "for their empirical analysis of asset prices."
http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2013/press.html
I found this an interesting move because Fama and Shiller are at opposite ends of spectrum when it comes to their views on market efficiency (the former developed the efficient market hypothesis, while the latter is famous for his contributions to behavioural finance and identifying market inefficiencies). Meanwhile, you also have Hansen who developed the Generalised Method of Moments (GMM, a method for estimating the parameters in an econometric model) that has much wider applications for finance and economics. A bit of an assorted bag here.
Personally, I would have liked to have seen Shiller share the prize with Richard Thaler (a key figure in behavioural economics), but I guess that's my own bias given I have been researching behavioural economics for the best part of the last 12 months!
Anyone else have thoughts on the recent Nobel Prize announcement? Feel free to disagree.
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