The 2013 Nobel Prize in economics has been awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller. It was awarded for their empirical analysis of asset prices. Fama and Hansen are from the University of Chicago while Shiller is from Yale.
The awarding committee said the trio's separate pieces of work had laid the foundation for the current understanding of asset prices. The prize is worth US$1.2 million dollars, which will be shared equally among the three winners.
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