Monday the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021 was awarded one half to David Card "for his empirical contributions to labour economics", and the other half jointly to Joshua D. Angrist and Guido W. Imbens "for their methodological contributions to the analysis of causal relationships"
In plain language, the trio shared the prize for pioneering work in the use of "natural experiments" that use real-life situations to work out the impact of government decisions. The winners' work had "substantially improved our ability to answer key causal questions, which has been of great benefit to society," said Peter Fredriksson, chair of the Economic Sciences Prize Committee.
David Card is the Class of 1950 Professor of Economics at the University of California, Berkeley and Director of the Labor Studies Program at the National Bureau of Economic Research. He is best known for his study of the impact of minimum wage increases on employment in US states.
Joshua Angrist is the Ford Professor of Economics at the Massachusetts Institute of Technology, while Guido Imbens is the Applied Econometrics Professor and Professor of Economics at the Stanford Graduate School of Business. Their work help to develop the "framework for studying issues that can’t rely on traditional scientific methods research."
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