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Three US-based academics yesterday won the Nobel Economics Prize for research on the labour market using “natural experiments”, or observational studies, that have revolutionised empirical research in the field, the jury said.
The U.S.-based economists shared this year's Nobel in economics for their work with "natural experiments," such as studying how changes to the minimum wage impact the labor market.
Three US-based academics yesterday won the Nobel Prize in Economics for research that revolutionized empirical work in their field and brought better understanding of how labor markets work, the jury said.
Canadian David Card, Israeli-American Joshua Angrist and Dutch-American Guido Imbens shared the prize for providing new insights about the labor market and showing “what conclusions about cause and effect can be drawn from natural experiments,” the Nobel committee said in a statement.
Card’s work has focused on the labor market effects of minimum wages, immigration and education. Angrist and Imbens demonstrated how precise cause and effect conclusions can be.
Half of the