Lars Peter Hansen and Robert Shiller Shared the Nobel Prize in Economics with Eugene Fama - 2013
Lars Hansen is the David Rockefeller Distinguished Service Professor of Economics at the University of Chicago. He is a research associate in the NBER's Asset Pricing (AP) and Economic Fluctuations and Growth (EFG) programs. Robert Shiller is the Sterling Professor of Economics at Yale University, a research associate in the NBER's AP, EFG, and Monetary Economics programs, and the co-director of the NBER's Behavioral Economics working group.
Hansen and Shiller shared the 2013 Nobel Prize in Economics with Eugene Fama.
The award citation prepared by the Prize Committee of the Royal Swedish Academy of Sciences highlighted the researchers' work on "the empirical analysis of asset prices." The background material that describes the prize citation notes the critical role that asset prices play in influencing a wide range of economic behaviors, and then explains that "[a]lthough we do not yet fully understand how asset prices are determined, the research of the laureates has revealed a number of important empirical regularities that are helping us to arrive at better explanations."