Post by Admin on Oct 15, 2013 2:51:44 GMT -7
Three American scholars won the Nobel Prize in economics for pioneering work in financial markets that has transformed portfolio management and asset pricing and launched the study of how emotions affect investment decisions.
The Royal Swedish Academy of Sciences on Monday honored Eugene Fama and Lars Peter Hansen of the University of Chicago and Robert Shiller of Yale University, citing their complementary but independent breakthroughs on "empirical analysis of asset prices."
The laureates focused on how prices are set for stocks and bonds, but their findings have implications far beyond financial markets. Every corner of the macroeconomy is affected by the risk tolerance—as well as rational and irrational acts—that spur individuals and corporations to invest or save.
Americans Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller won the Nobel prize for economics. Brenda Cronin joins MoneyBeat to discuss their legacy.
"Nobody's scratching their heads over this one. They've all been on the short list for many years," said Mark Gertler, a New York University economist currently on sabbatical at Columbia University. "The interesting thing is how the three are connected."
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For the complete story:
online.wsj.com/news/articles/SB10001424052702304561004579135023249089820
The Royal Swedish Academy of Sciences on Monday honored Eugene Fama and Lars Peter Hansen of the University of Chicago and Robert Shiller of Yale University, citing their complementary but independent breakthroughs on "empirical analysis of asset prices."
The laureates focused on how prices are set for stocks and bonds, but their findings have implications far beyond financial markets. Every corner of the macroeconomy is affected by the risk tolerance—as well as rational and irrational acts—that spur individuals and corporations to invest or save.
Americans Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller won the Nobel prize for economics. Brenda Cronin joins MoneyBeat to discuss their legacy.
"Nobody's scratching their heads over this one. They've all been on the short list for many years," said Mark Gertler, a New York University economist currently on sabbatical at Columbia University. "The interesting thing is how the three are connected."
-----
For the complete story:
online.wsj.com/news/articles/SB10001424052702304561004579135023249089820