Israeli-American economist Joshua Angrist was awarded the 2021 Nobel economics prize alongside David Card and Guido Imbens on Monday, October 11th, 2021, for pioneering the use of “natural experiments” to understand the causal effects of economic policy and other events.
Natural experiments use real-life situations to work out impacts on the world, an approach that has spread to other fields and revolutionized empirical research.
The prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last of this year’s crop of Nobels and sees the winners share a sum of 10 million Swedish crowns ($1.14 million).
Canadian-born Card, 65 and a professor of economics at the University of Berkeley, California, took half the prize “for his empirical contributions to labor economics,” the academy said. Angrist and Imbens, the latter of whom is 58 and a professor of economics at the Stanford Graduate School of Business, shared the other half “for their methodological contributions to the analysis of causal relationships.”
“I was just absolutely stunned to get a telephone call, then I was just absolutely thrilled to hear the news,” Imbens said on a call with reporters in Stockholm.
The Nobel Institute said in a statement that the three laureates had provided us with new insights about the labor market and shown what conclusions about cause and effect can be drawn from natural experiments.
Originally posted at vfinews.com