Nobel Prize in Economics 2021 for experimental analyzes applied to the labor market | David Card, Joshua D Angrist and Guido W. Imbens were chosen

Economists David Card, Joshua D Angrist, and Guido W. Imbens received this Monday on Nobel Prize in Economics to “draw conclusions from unexpected experiments” and apply them to labor market analysis, the Royal Swedish Academy of Sciences reported.

This year’s laureates in economics “have shown that it is possible to answer many of the great questions of society. His solution is to use natural experiences, situations that arise in real life that look like random experiences.“, explained the academy.

All – the Canadian Card, the American Angrist and the American-Dutch imbens- “Provided new perspectives on the labor market and they showed what conclusions about cause and effect can be drawn from natural experiments “

“His approach has spread to other fields and has revolutionized empirical research,” said the Academy.

The works of Card, Angrist and Imbens

“Using natural experiences, David Card analyzed the effects of minimum wages, 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 they developed has been widely adopted by researchers working with observational data. “

In short, the work of the winners “revolutionized empirical research in the social sciences and it has dramatically improved the ability of the research community to answer questions of great importance to all of us. “

Nobel Prize 2021

This prize is the last of the announced Nobel Prizes and will be awarded, like the others, on December 10.

With the Nobel Prize in Economics, awarded since 1969, the round of announcements of these awards ends, which began a week ago with that of Medicine and was followed by those of Physics, Chemistry, Literature and Peace.