orgtheory.net

last chance to place bets on the nobel prize in economics

The Wall Street Journal has an article with possible winners. A clip:

Others continually on the short list include Yale University’s Robert Shiller. The father of behavioral finance — a celebrated 1981 paper by Mr. Shiller struck an early blow against efficient markets hypothesis — he also sounded warnings on both the dot-com bubble and the housing bubble.

Also mentioned in previous polls: University of Chicago Booth School of Business behaviorist Richard Thaler; Harvard macroeconomist Robert Barro; and University of Chicago econometrician Lars Hansen.

Thomson Reuters has another method of coming up with Nobel predictions, based on how often an economist’s papers are cited and how “high impact” those papers are. The Thomson Reuters picks are: MIT‘s Stephen A. Ross for his arbitrage pricing theory; Nuffield College‘s Sir Anthony B. Atkinson and Princeton University‘s Angus S. Deaton for research on incomes and outcomes; and Mr. Shiller of Yale.

But there are plenty of other economists who could get the nod. Among them: Jean Tirole, of France’s Industrial Economics Institute, who’s an expert on the workings of “two-sided markets,” where different parties participation is contingent on the participation of other parties (think Google advertisers and Google users). And Yale’s William Nordhaus, best known for his work on environmental economics.

High status economists are encouraged to comment.*

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* But don’t write a dumb comment about how the economics prize isn’t a real Nobel, or how economics isn’t a science, or how people didn’t predict some economic crisis. That was really cool to say, like, ten years ago.

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Written by fabiorojas

October 13, 2012 at 12:01 am

Posted in academia, economics, fabio

5 Responses

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  1. On the heels of the Peace Prize, I bet that they’ll give the gong to the IMF, and all who sail in her.

    Or to the entire Chinese Communist Party or something (who actually probably deserve it)

    Like

    Strategist

    October 13, 2012 at 10:16 am

  2. I have a feeling they may be awarding a non-neoclassical economist this year.

    Like

    Guillermo

    October 13, 2012 at 4:43 pm

  3. What is you problem with the EU’s Peace prize? Here’s a continent that has been at constant war for about 1600 years, where the last wars – WW1 and WW2 killed people in the tens of millions (civilians and soldiers), and who is now at peace, at last. The israelo-arab conflicts are kindergarten fights when you compare them to European wars in the 19th and 20th centuries. So maybe, yes, there’s one thing or two to learn from the EU about making peace and not hating each other?

    Like

    euro dude

    October 15, 2012 at 10:00 am

  4. I agree, euro dude. We should thank the europeans for not exterminating too many more people in the last half-century.

    Like

    third world dudette

    October 15, 2012 at 10:55 pm

  5. third world dudette – I think you are mistaking Europeans (evil people) and European institutions (preventing Europeans from exterminating anyone). The Peace prize is for the institutions.

    Like

    Paola

    October 16, 2012 at 9:20 pm


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