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Card has been recognized for her pioneering work on the market effects of minimum wages, immigration and education. He showed, for example, that increasing the minimum wage does not necessarily lead to fewer jobs.
The other half of the award went to Angrist and Imbens for demonstrating how precise conclusions about cause and effect can be drawn from natural experiments – or situations that arise from real life.
“Card’s studies on fundamental questions for society and the methodological contributions of Angrist and Imbens have shown that natural experiences are a rich source of knowledge. Their research has dramatically improved our ability to answer key causal questions, which has been of great benefit to society. Peter Fredriksson, chairman of the economics prize committee, said in a statement.
Card was born in Guelph, Canada and is a professor at the University of California, Berkeley. Angrist is a professor at the Massachusetts Institute of Technology. Imbens was born in Eindhoven, the Netherlands and is a professor at Stanford University in California.
The prize, officially known as the Sveriges Riksbank Prize in Economics, was not instituted by Alfred Nobel. It was created by the central bank of Sweden and is awarded in memory of Nobel.
Card will receive half the prize of 10 million Swedish kronor ($ 1.1 million). The other half of the price will be shared between Angrist and Imbens.
Professors at Stanford University have been recognized for their theoretical discoveries that have improved the functioning of auctions and facilitated the allocation of scarce resources.
This is breaking news, more to follow.
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