Infotech The “Nobel Prize in Economics” awarded to David Card, Joshua Angrist and Guido Imbens

The “Nobel Prize in Economics” awarded to David Card, Joshua Angrist and Guido Imbens

The Nobel Prize in economics awarded this Monday, October 11, three specialists in experimental and empirical economics: the Canadian David Card, the American-Israeli Joshua Angrist and the American-Dutch Guido Imbens.

The trio “Brought us new ideas in the labor market and showed what conclusions can be drawn from natural experiences in terms of causes and consequences”, greeted the Nobel jury.

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“Their approach has spread to other fields and has revolutionized empirical research”, underlined the jury of “Bank of Sweden Prize in Economics in Memory of Alfred Nobel”, the latest of the famous awards.

Card on the labor market

For the first half, the prize rewards the Canadian David Card, born in 1956, “For his empirical contributions to labor economics”.

Using natural experiments, Card analyzed the effects of minimum wages, immigration, and education on the labor market. “His studies in the early 1990s challenged preconceived ideas, which led to new analyzes and new perspectives”, according to the Nobel jury.

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In particular, the results of his research have shown that increasing the minimum wage does not necessarily mean fewer jobs.

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Thanks to his work, “We also realized that school resources are much more important to the future success of students in the labor market than previously thought”.

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Angrist, 61, and Imbens, 58, were jointly awarded “For their methodological contributions to the analysis of cause and effect relationships”.

In the mid-1990s, the two researchers notably demonstrated how precise conclusions about cause and effect can be drawn from natural experiments.

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Last year, the prize was awarded to the Americans Paul Milgrom and Robert Wilson, two auction experts whose innovative work was used in particular in the allocation of telecom frequencies.

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The economy comes to end a Nobel season marked in particular by the peace prize awarded to two investigative journalists, the director of the Philippine media Rappler, Maria Ressa, and the editor-in-chief of the Russian newspaper “Novaya Gazeta”, Dmitri Muratov.

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