Lars P. Hansen, Robert J. Shiller, and Eugene Fama Shared Nobel Prize in 2013 for Contributions to the Empirical Analysis of Asset Pricing

Research Associates Lars P. Hansen and Robert J. Shiller shared the 2013 Nobel Memorial Prize in Economic Sciences with Eugene F. Fama for work on empirical analysis of asset prices. In announcing the award, the Royal Swedish Academy of Sciences said that “[t]he Laureates have laid the foundation for the current understanding of asset prices. It relies in part on fluctuations in risk and risk attitudes, and in part on behavioral biases and market frictions.”

At the time of the award, Hansen was the David Rockefeller Distinguished Service Professor of Economics at the University of Chicago and a research associate in the NBER's Asset Pricing (AP) and Economic Fluctuations and Growth (EFG) programs. Shiller was the Sterling Professor of Economics at Yale University, a research associate in the AP, EFG, and Monetary Economics programs, and codirector of the NBER's Behavioral Economics Working Group. Fama was the Robert R. McCormick Distinguished Service Professor of Finance at the University of Chicago. 

More information on these Nobel laureates