Robert M. Solow
Born: 23August 1924, Brooklyn, NY, USA
Affiliationat the time of the award: MassachusettsInstitute of Technology (MIT), Cambridge, MA, USA
Prizemotivation: "forhis contributions to the theory of economic growth"
Field: Economicgrowth theory
Contribution: Contributionsto the theory of long-term macro�economic growth.
Gary S. Becker
Born: 2December 1930, Pottsville, PA, USA
Affiliationat the time of the award: Universityof Chicago, Chicago, IL, USA
Prizemotivation: "forhaving extended the domain of microeconomic analysis to a wide range of humanbehaviour and interaction, including nonmarket behaviour"
Field: Microeconomicsand economic sociology
Contribution: Extendedthe domain of economic theory to aspects of human behavior which had previouslybeen dealt with by other social science disciplines such as sociology,demography and criminology.
Robert W. Fogel
Born: 1July 1927, New York, NY, USA
Died: 11June 2013, Oak Lawn, IL, USA
Affiliationat the time of the award: Universityof Chicago, Chicago, IL, USA
Prizemotivation: "forhaving renewed research in economic history by applying economic theory andquantitative methods in order to explain economic and institutionalchange"
Field: Economichistory
Contribution: Clarifiedthe role of the railways for the development of the economy in the UnitedStates, and the economic role of slavery.
Douglass C. North
Born: 5November 1920, Cambridge, MA, USA
Affiliationat the time of the award: WashingtonUniversity, St. Louis, MO, USA
Prizemotivation: "forhaving renewed research in economic history by applying economic theory andquantitative methods in order to explain economic and institutionalchange"
Field: Economichistory
Contribution: Shednew light on the economic development in Europe and the United States beforeand in connection with the industrial revolution. He emphasized the role ofproperty rights and institutions.
James A. Mirrlees
Born: 5July 1936, Minnigaff, Scotland
Affiliationat the time of the award: Universityof Cambridge, Cambridge, United Kingdom
Prizemotivation: "fortheir fundamental contributions to the economic theory of incentives underasymmetric information"
Field: Economicsof information
Contribution: Pioneeringwork on economic incentives in situations involving incomplete, orasymmetrical, information. Specialized in auction theory.
William Vickrey
Born: 21June 1914, Victoria, BC, Canada
Died: 11October 1996, Harrison, NY, USA
Affiliationat the time of the award: ColumbiaUniversity, New York, NY, USA
Prizemotivation: "fortheir fundamental contributions to the economic theory of incentives underasymmetric information"
Field: Economicsof information
Contribution: Developedmethods of analyzing the problems of incomplete, or asymmetrical, information.Specialized in work in optimal taxation.
Robert C. Merton
Born: 31July 1944, New York, NY, USA
Affiliationat the time of the award: HarvardUniversity, Cambridge, MA, USA
Prizemotivation: "fora new method to determine the value of derivatives"
Field: Financialeconomics
Contribution: Hada direct influence on the development of the Black-Scholes formula andgeneralized it in important ways. By devising another way of deriving theformula, he applied it to other financial instruments, such as mortgages andstudent loans. The work generated new financial instruments and has facilitatedmore effective risk management in society.
Myron S. Scholes
Born: 1July 1941, Timmins, ON, Canada
Affiliationat the time of the award: LongTerm Capital Management, Greenwich, CT, USA
Prizemotivation: "fora new method to determine the value of derivatives"
Field: Financialeconomics
Contribution: Developeda method of determining the value of derivatives, the Black-Scholes formula(together with Fischer Black, who died two years before the Prize award). Thismethodology paved the way for economic valuations in many areas. It alsogenerated new financial instruments and facilitated more effective riskmanagement in society. The work generated new financial instruments and hasfacilitated more effective risk management in society.
Robert A. Mundell
Born: 24October 1932, Kingston, ON, Canada
Affiliationat the time of the award: ColumbiaUniversity, New York, NY, USA
Prizemotivation: "forhis analysis of monetary and fiscal policy under different exchange rateregimes and his analysis of optimum currency areas"
Field: Internationalmacroeconomics
Contribution: Analysedinternational macroeconomic policy and demonstrated the importance of theexchange rate regime, and how barriers to migration and capital movementsstimulate commodity trade.
James J. Heckman
Born: 19April 1944, Chicago, IL, USA
Affiliationat the time of the award: Universityof Chicago, Chicago, IL, USA
Prizemotivation: "forhis development of theory and methods for analyzing selective samples"
Field: Econometrics
Contribution: Developedmethods for handling selective samples in a statistically satisfactory way. Healso showed how similar methods can be used to evaluate the effect of publiclabor market programs and educational programs, and to estimate the effect oflength of unemployment on the probability of getting a job.
Daniel L. McFadden
Born: 29July 1937, Raleigh, NC, USA
Affiliationat the time of the award: Universityof California, Berkeley, CA, USA
Prizemotivation: "forhis development of theory and methods for analyzing discrete choice"
Field: Econometrics
Contribution: Showedhow to statistically handle fundamental aspects of microdata, namely data onthe most important decisions we make in life: the choice of education,occupation, place of residence, marital status, number of children, so calleddiscrete choices.
George A. Akerlof
Born: 17June 1940, New Haven, CT, USA
Affiliationat the time of the award: Universityof California, Berkeley, CA, USA
Prizemotivation: "fortheir analyses of markets with asymmetric information"
Field: Economicsof information
Contribution: Studiedmarkets where sellers of products have more information than buyers aboutproduct quality. He showed that low-quality products may squeeze outhigh-quality products in such markets, and that prices of high-quality productsmay suffer as a result.
A. Michael Spence
Born: 01943, Montclair, NJ, USA
Affiliationat the time of the award: StanfordUniversity, Stanford, CA, USA
Prizemotivation: "fortheir analyses of markets with asymmetric information"
Field: Economicsof information
Contribution: Showedhow the able agents may improve the market outcome by taking costly action tosignal information to poorly informed recipients. An important example iseducation as a signal of high individual productivity in the labor market. Itis not necessary for education to have intrinsic value. Costly investment ineducation as such signals high ability.
Joseph E. Stiglitz
Born: 9February 1943, Gary, IN, USA
Affiliationat the time of the award: ColumbiaUniversity, New York, NY, USA
Prizemotivation: "fortheir analyses of markets with asymmetric information"
Field: Economicsof information
Contribution: Showedthat asymmetric information can provide the key to understanding many observedmarket phenomena, including unemployment and credit rationing.