James J. Heckman and Daniel L. McFadden Won Nobel Prize in Economics - 2000
NBER Research Associates James J. Heckman of the University of Chicago and Daniel L. McFadden of the University of California, Berkeley, won the 2000 Nobel Prize in Economics.
Heckman, was awarded the prize for his pioneering work in accounting for unknown factors affecting statistical samples. Much of his work has been applied to understanding how early life events contribute to individuals' later earnings potential and economic status.
McFadden, was cited for his work on a new theory of "discrete choice" -- a way to measure how an individual's decisions about occupation or housing, for instance, reflect choices among a limited number of alternatives.