New York (HedgeCo.Net) - The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences to Eugene Fama, Lars Peter Hansen and Robert Shiller “for their empirical analysis of asset prices.”
The prize amount is SEK 8 million ($1.2 million), to be shared equally between the Laureates.
“There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years.”The Nobel Society said in a statement today, “These findings, which might seem both surprising and contradictory, were made and analyzed by this year’s Laureates, Eugene Fama, Lars Peter Hansen and Robert Shiller.”
Fama, 74, and Hansen, 60, are both associated with the University of Chicago. Farma, a researcher in the areas of economics and investment, has been called the “father of modern finance.” He is chairman of the Center for Research in Security Prices at the university’s Chicago Booth School of Business. Shiller, 67, is the Sterling Professor of Economics at Yale University.
Although not one of the Nobel Prizes established by the will of Alfred Nobel in 1895, the Sveriges Riksbank Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, generally regarded as the most prestigious award for that field.
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