Economists David Card, Joshua D Angrist and Guido W. Imbens received the Nobel Prize in Economics on Monday for "draw conclusions from unexpected experiments" and apply them to labor market analysis, reported the Royal Swedish Academy of Sciences.
This year’s economics honorees "They have shown that many of society’s big questions can be answered. His solution is to use natural experiments, situations that arise in real life that resemble random experiments."explained the academy.
All of them – the Canadian Card, the American Angrist and the Dutch-American Imbens- "have provided new insights into the labor market and shown what conclusions about cause and effect can be drawn from natural experiments"
"His approach has spread to other fields and has revolutionized empirical research", valued the Academy.
"Using natural experiments, David Card has analyzed the effects of the minimum wage, immigration and education on the labor market", specified the members of the institution.
Angrist and Imbens "showed what conclusions about cause and effect can be drawn from natural experiments. The framework developed by them has been widely adopted by researchers working with observational data.".
In summary, the work of the laureates "has revolutionized empirical research in the social sciences and significantly enhanced the research community’s ability to answer questions of great importance to all of us".
The award is the last of the Nobel Prizes announced and will be presented, like the others, on December 10.
With the Nobel Prize in Economics, which has been awarded since 1969, the round of announcements of these awards ends, which began a week ago with that of Medicine and which was followed by those of Physics, Chemistry, Literature and Peace.
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