Trio win Nobel Economics Prize for 'natural experiments'

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Three US-based academics on Monday won the Nobel Economics Prize for research on the labour market using "natural experiments", or observational studies, that have revolutionized empirical research in the field, the jury said.Canadian-American David Card, Israeli-American Joshua Angrist and Dutch-Am...
Three US-based academics on Monday won the Nobel Economics Prize for research on the labour market using "natural experiments", or observational studies, that have revolutionized empirical research in the field, the jury said.

Canadian-American David Card, Israeli-American Joshua Angrist and Dutch-American Guido Imbens shared the prize for providing "new insights about the labour market" and showing "what conclusions about cause and effect can be drawn from natural experiments," the Nobel committee said in a statement.

The Economics Prize wrapped up a male-dominated 2021 Nobel season which saw a total of 12 men win prizes and only one woman.

Card won half of the 10-million-kronor ($1.1 million, one million euro) prize for work focused on the labour market effects of minimum wages, immigration and education.

The Canadian-born professor at University of California at Berkeley commented on the honour in a self-effacing manner, saying in a statement that his "contributions are pretty modest."

In natural experiments, researchers study the result of chance events or policy changes on groups of people, unlike other experiments where scientists have control over their subjects.

"Most old-fashioned economists are very theoretical, but these days, a large fraction of economics is really very nuts-and-bolts, looking at subjects like education or health, or at the effects of immigration," Card said in a statement published by his university.

"These are really very, very simple things. So, my big contribution was to…
Agence France-Presse
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