Their work “gave us new ideas on the job market and showed what conclusions can be drawn from natural experiments in terms of causes and consequences”, according to the Nobel jury.
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It is the last Nobel of the season. THE’Royal Swedish Academy of Sciences awarded the prize savings to three specialists in experimental economics, the Canadian David Card, the American-Israeli Joshua Angrist and the American-Dutch Guido Imbens, Monday, October 11.
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.
The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn
– The Nobel Prize (@NobelPrize) October 11, 2021
For the first half, the prize rewards David Card, born in 1956, “for his empirical contributions to labor economics”. Using natural experiments, he analyzed the effects of minimum wages, immigration and education on the labor market. In particular, the results of his research have shown that increasing the minimum wage does not necessarily mean fewer jobs.
Joshua Angrist, 61, and Guido Imbens, 58, were jointly awarded “for their methodological contributions to the analysis of cause and effect relationships”.