NBER Researchers Win Nobel Prize in Economics.

• Position: NBER News

NBER Research Associates Lars Peter Hansen and Robert Shiller shared the 2013 Nobel Prize in Economics with Eugene Fama. Hansen is the David Rockefeller Distinguished Service Professor of Economics at the University of Chicago. He is a research associate in the NBER's Asset Pricing (AP) and Economic Fluctuations and Growth (EFG) programs. Shiller is the Sterling Professor of Economics at Yale University, a Research Associate in the NBER's AP, EFG, and Monetary Economics programs, and the co-director of the NBER's Behavioral Economics working group. Fama is the Robert McCormick Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.

The award citation prepared by the Prize Committee of the Royal Swedish Academy of Sciences highlighted the researchers' work on "the empirical analysis of asset prices." The back-ground material that describes the prize citation, which may be found at http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2013/popular-economicsciences2013.pdf, notes the critical role that asset prices play in influencing a wide range of economic behaviors, and then explains...