US trio wins Nobel Economics Prize for work on trends in asset markets
STOCKHOLM (AFP) - US trio Lars Peter Hansen, Eugene Fama and Robert Shiller won the Nobel Economics Prize on Monday for their groundbreaking work on spotting trends in asset markets.
The three "have laid the foundation for the current understanding of asset prices. It relies in part on fluctuations in risk and risk attitudes, and in part on behavioural biases and market frictions", the Royal Swedish Academy of Sciences said.
Mr Fama and Mr Hansen are both professors at the University of Chicago, while Mr Shiller is a professor at Yale University in Connecticut.
The economics prize is the only Nobel not originally included in the last will and testament of the prizes' creator, Swedish scientist and philanthropist Alfred Nobel. It was established in 1968 by the Swedish central bank to celebrate its tricentenary, and first awarded in 1969. The other prizes have been awarded since 1901.