Year |
Portrait |
Laureate (birth/death) |
Country |
Rationale |
PhD (or equivalent) alma mater |
Institution (most significant tenure/at time of receipt) |
Key contributions (non-exhaustive) |
1969 |
|
Ragnar Frisch (1895–1973) |
Norway |
"for having developed and applied dynamic models for the analysis of economic processes"[2] |
University of Oslo |
University of Oslo |
Frisch–Waugh–Lovell theorem, Conjectural variation |
|
Jan Tinbergen (1903–1994) |
Netherlands |
Leiden University |
Erasmus University |
Econometrics, Policy instruments |
1970 |
|
Paul Samuelson (1915–2009) |
United States |
"for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science"[8] |
Harvard University |
Massachusetts Institute of Technology |
Revealed preference, Samuelson condition, Social Welfare Function, Efficient-market hypothesis, Turnpike theory, Balassa–Samuelson effect, Stolper–Samuelson theorem, Overlapping generations model |
1971 |
|
Simon Kuznets (1901–1985) |
United States |
"for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development"[9] |
Columbia University |
Harvard University |
Gross domestic product, Capital formation, Kuznets cycle, Kuznets curve |
1972 |
|
John Hicks (1904–1989) |
United Kingdom |
"for their pioneering contributions to general economic equilibrium theory and welfare theory"[10] |
University of Oxford |
University of Oxford |
IS–LM model, Hicksian demand function, substitution effect, income effect, Kaldor–Hicks efficiency |
|
Kenneth Arrow (1921–2017) |
United States |
Columbia University |
Harvard University |
Fundamental theorems of welfare economics, Arrow's impossibility theorem, Arrow–Debreu model, Endogenous growth theory, |
1973 |
|
Wassily Leontief (1905–1999) |
Soviet Union United States |
"for the development of the input-output method and for its application to important economic problems"[11] |
University of Berlin |
Harvard University |
Input–output model, Leontief paradox |
1974 |
|
Gunnar Myrdal (1898–1987) |
Sweden |
"for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena"[12] |
Stockholm University |
Stockholm University |
Circular cumulative causation |
|
Friedrich Hayek (1899–1992) |
Austria United Kingdom |
University of Vienna |
|
Austrian business cycle theory, Economic calculation problem, Spontaneous order, Information economics |
1975 |
|
Leonid Kantorovich (1912–1986) |
Soviet Union |
"for their contributions to the theory of optimum allocation of resources"[13] |
Leningrad State University |
Novosibirsk State University |
Linear programming, Kantorovich theorem, Kantorovich inequality, Kantorovich metric |
|
Tjalling Koopmans (1910–1985) |
Netherlands United States |
University of Leiden |
|
Linear programming |
1976 |
|
Milton Friedman (1912–2006) |
United States |
"for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"[14] |
Columbia University |
University of Chicago |
Monetarism, Permanent income hypothesis, Natural rate of unemployment, Sequential analysis, Helicopter money, Great Contraction, Friedman rule, Friedman–Savage utility function, Friedman test |
1977 |
|
Bertil Ohlin (1899–1979) |
Sweden |
"for their pathbreaking contribution to the theory of international trade and international capital movements"[15] |
Stockholm University |
Stockholm School of Economics |
Heckscher–Ohlin model |
|
James Meade (1907–1995) |
United Kingdom |
University of Cambridge |
University of Cambridge |
Nominal income target |
1978 |
|
Herbert A. Simon (1916–2001) |
United States |
"for his pioneering research into the decision-making process within economic organizations"[16] |
University of Chicago |
Carnegie Mellon University |
Bounded rationality, satisficing, preferential attachment |
1979 |
|
Theodore Schultz (1902–1998) |
United States |
"for their pioneering research into economic development research with particular consideration of the problems of developing countries"[17] |
University of Wisconsin-Madison |
University of Chicago |
Human Capital Theory |
|
W. Arthur Lewis (1915–1991) |
Saint Lucia United Kingdom |
London School of Economics |
Princeton University |
Lewis model, Lewis turning point |
1980 |
|
Lawrence Klein (1920–2013) |
United States |
"for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[18] |
Massachusetts Institute of Technology |
University of Pennsylvania |
Macroeconomic forecasting (LINK project) |
1981 |
|
James Tobin (1918–2002) |
United States |
"for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[19] |
Harvard University |
Yale University |
Tobin tax, Tobit model, Tobin's q, Baumol–Tobin model |
1982 |
|
George Stigler (1911–1991) |
United States |
"for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation"[20] |
University of Chicago |
University of Chicago |
Regulatory capture |
1983 |
|
Gérard Debreu (1921–2004) |
France |
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium"[21] |
University of Paris |
University of California, Berkeley |
Arrow–Debreu model, Sonnenschein–Mantel–Debreu theorem |
1984 |
|
Richard Stone (1913–1991) |
United Kingdom |
"for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis"[22] |
University of Cambridge |
University of Cambridge |
National accounts |
1985 |
|
Franco Modigliani (1918–2003) |
Italy |
"for his pioneering analyses of saving and of financial markets"[23] |
The New School for Social Research |
Massachusetts Institute of Technology |
Modigliani–Miller theorem, Life-cycle hypothesis |
1986 |
|
James M. Buchanan (1919–2013) |
United States |
"for his development of the contractual and constitutional bases for the theory of economic and political decision-making"[24] |
University of Chicago |
George Mason University |
Constitutional economics |
1987 |
|
Robert Solow (1924–2023) |
United States |
"for his contributions to the theory of economic growth"[25] |
Harvard University |
Massachusetts Institute of Technology |
Solow–Swan model |
1988 |
|
Maurice Allais (1911–2010) |
France |
"for his pioneering contributions to the theory of markets and efficient utilization of resources"[26] |
École Polytechnique |
|
OLG model, Allais paradox, Golden Rule savings rate |
1989 |
|
Trygve Haavelmo (1911–1999) |
Norway |
"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[27] |
University of Oslo |
University of Oslo |
Balanced budget multiplier |
1990 |
|
Harry Markowitz (1927–2023) |
United States |
"for their pioneering work in the theory of financial economics"[28] |
University of Chicago |
City University of New York |
Modern portfolio theory, Markowitz model, Efficient frontier |
|
Merton Miller (1923–2000) |
Johns Hopkins University |
|
Modigliani–Miller theorem |
|
William F. Sharpe (b. 1934) |
University of California, Los Angeles |
Stanford University |
Sharpe Ratio, Binomial options pricing model, Returns-based style analysis |
1991 |
|
Ronald Coase (1910–2013) |
United Kingdom |
"for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy"[29] |
London School of Economics |
|
Transaction costs, Coase theorem, Coase conjecture |
1992 |
|
Gary Becker (1930–2014) |
United States |
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"[30] |
University of Chicago |
University of Chicago |
Human Capital Theory |
1993 |
|
Robert Fogel (1926–2013) |
United States |
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[31] |
Johns Hopkins University |
University of Chicago |
Cliometrics |
|
Douglass North (1920–2015) |
University of California, Berkeley |
Washington University in St. Louis |
1994 |
|
John Harsanyi (1920–2000) |
Hungary United States |
"for their pioneering analysis of equilibria in the theory of non-cooperative games"[32] |
Stanford University |
University of California, Berkeley |
Bayesian game, Preference utilitarianism, Equilibrium selection |
|
John Forbes Nash (1928–2015) |
United States |
Princeton University |
Princeton University |
Nash equilibrium, Nash embedding theorem, Nash functions, Nash–Moser theorem |
|
Reinhard Selten (1930–2016) |
Germany |
Goethe University Frankfurt |
University of Bonn |
Experimental economics |
1995 |
|
Robert Lucas, Jr. (1937–2023) |
United States |
"for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy"[33] |
University of Chicago |
University of Chicago |
Rational expectations, Lucas critique, Lucas paradox, Lucas aggregate supply function, Uzawa–Lucas model |
1996 |
|
James Mirrlees (1936–2018) |
United Kingdom |
"for their fundamental contributions to the economic theory of incentives under asymmetric information"[34] |
University of Cambridge |
|
Optimal labor income taxation |
|
William Vickrey (1914–1996) |
Canada United States |
Columbia University |
Columbia University |
Vickrey auction, Revenue equivalence, Congestion pricing |
1997 |
|
Robert C. Merton (b. 1944) |
United States |
"for a new method to determine the value of derivatives"[35] |
Massachusetts Institute of Technology |
Massachusetts Institute of Technology |
Black–Scholes–Merton model, ICAPM, Merton's portfolio problem |
|
Myron Scholes (b. 1941) |
Canada United States |
University of Chicago |
Stanford University |
Black–Scholes–Merton model |
1998 |
|
Amartya Sen (b. 1933) |
India |
"for his contributions to welfare economics"[36] |
University of Cambridge |
|
Human development theory, Capability approach |
1999 |
|
Robert Mundell (1932–2021) |
Canada |
"for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"[37] |
Massachusetts Institute of Technology |
Columbia University |
Optimum currency area, Supply-side economics, Mundell–Fleming model, Mundell–Tobin effect |
2000 |
|
James Heckman (b. 1944) |
United States |
"for his development of theory and methods for analyzing selective samples"[38] |
Princeton University |
University of Chicago |
Heckman correction |
|
Daniel McFadden (b. 1937) |
"for his development of theory and methods for analyzing discrete choice"[38] |
University of Minnesota |
|
Discrete choice models |
2001 |
|
George Akerlof (b. 1940) |
United States |
"for their analyses of markets with information asymmetry"[39] |
Massachusetts Institute of Technology |
|
Adverse selection (The Market for Lemons), Efficiency wage, Identity economics |
|
Michael Spence (b. 1943) |
Harvard University |
Harvard University |
Signalling theory |
|
Joseph Stiglitz (b. 1943) |
Massachusetts Institute of Technology |
|
Screening theory, Henry George theorem, Shapiro–Stiglitz theory |
2002 |
|
Daniel Kahneman (1934–2024) |
Israel United States |
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40] |
University of California, Berkeley |
|
Behavioral economics, Prospect theory, loss aversion, cognitive biases |
|
Vernon L. Smith (b. 1927) |
United States |
"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[40] |
Harvard University |
University of Arizona |
Experimental economics, Combinatorial auction |
2003 |
|
Robert F. Engle (b. 1942) |
United States |
"for methods of analyzing economic time series with time-varying volatility (ARCH)"[41] |
Cornell University |
University of California, San Diego |
ARCH |
|
Clive Granger (1934–2009) |
United Kingdom |
"for methods of analyzing economic time series with common trends (cointegration)"[41] |
University of Nottingham |
University of California, San Diego |
Cointegration, Granger causality |
2004 |
|
Finn E. Kydland (b. 1943) |
Norway |
"for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles"[42] |
Carnegie Mellon University |
University of California, Santa Barbara |
RBC theory, Dynamic inconsistency in monetary policy |
|
Edward C. Prescott (1940–2022) |
United States |
Carnegie Mellon University |
|
Hodrick-Prescott filter |
2005 |
|
Robert J. Aumann (b. 1930) |
United States Israel |
"for having enhanced our understanding of conflict and cooperation through game-theory analysis"[43] |
Massachusetts Institute of Technology |
Hebrew University of Jerusalem |
Correlated equilibrium, Aumann's agreement theorem |
|
Thomas C. Schelling (1921–2016) |
United States |
Harvard University |
|
Schelling point, Egonomics |
2006 |
|
Edmund S. Phelps (b. 1933) |
United States |
"for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] |
Yale University |
Columbia University |
Golden Rule savings rate, Natural rate of unemployment, Statistical discrimination |
2007 |
|
Leonid Hurwicz (1917–2008) |
Poland United States |
"for having laid the foundations of mechanism design theory"[45] |
London School of Economics |
|
Mechanism design |
|
Eric S. Maskin (b. 1950) |
United States |
Harvard University |
Harvard University |
|
Roger Myerson (b. 1951) |
Harvard University |
Northwestern University |
2008 |
|
Paul Krugman (b. 1953) |
United States |
"for his analysis of trade patterns and location of economic activity"[46] |
Massachusetts Institute of Technology |
Princeton University |
New trade theory, New Economic Geography, Home market effect |
2009 |
|
Elinor Ostrom (1933–2012) |
United States |
"for her analysis of economic governance, especially the commons"[47] |
University of California, Los Angeles |
Indiana University |
Institutional Analysis and Development framework |
|
Oliver E. Williamson (1932–2020) |
"for his analysis of economic governance, especially the boundaries of the firm"[47] |
Carnegie Mellon University |
|
New institutional economics |
2010 |
|
Peter A. Diamond (b. 1940) |
United States |
"for their analysis of markets with search frictions"[48] |
Massachusetts Institute of Technology |
Massachusetts Institute of Technology |
Diamond–Mirrlees efficiency theorem, Diamond coconut model |
|
Dale T. Mortensen (1939–2014) |
Carnegie Mellon University |
Northwestern University |
Matching theory |
|
Christopher A. Pissarides (b. 1948) |
Cyprus United Kingdom |
London School of Economics |
London School of Economics |
Matching theory |
2011 |
|
Thomas J. Sargent (b. 1943) |
United States |
"for their empirical research on cause and effect in the macroeconomy"[49] |
Harvard University |
|
Policy-ineffectiveness proposition |
|
Christopher A. Sims (b. 1942) |
Harvard University |
Princeton University |
Vector autoregression in macroeconomics, Fiscal theory of the price level, Rational inattention |
2012 |
|
Alvin E. Roth (b. 1951) |
United States |
"for the theory of stable allocations and the practice of market design"[50] |
Stanford University |
|
Stable marriage problem, Repugnancy costs |
|
Lloyd S. Shapley (1923–2016) |
Princeton University |
University of California, Los Angeles |
Shapley value, stochastic game, Potential game, Shapley–Shubik power index, Bondareva–Shapley theorem, Gale–Shapley algorithm, Shapley–Folkman lemma |
2013 |
|
Eugene F. Fama (b. 1939) |
United States |
"for their empirical analysis of asset prices"[51] |
University of Chicago |
University of Chicago |
Fama–French three-factor model, Weak, semi-strong, and strong efficient-market hypothesis |
|
Lars Peter Hansen (b. 1952) |
University of Minnesota |
University of Chicago |
Generalized method of moments |
|
Robert J. Shiller (b. 1946) |
Massachusetts Institute of Technology |
Yale University |
Case–Shiller index, CAPE Index |
2014 |
|
Jean Tirole (b. 1953) |
France |
"for his analysis of market power and regulation"[52] |
Massachusetts Institute of Technology |
|
Markov perfect equilibrium, Two-sided market |
2015 |
|
Angus Deaton (b. 1945) |
United Kingdom United States |
"for his analysis of consumption, poverty, and welfare"[53] |
University of Cambridge |
Princeton University |
Almost ideal demand system, Pseudo panels, Household surveys in developing countries |
2016 |
|
Oliver Hart (b. 1948) |
United Kingdom United States |
"for their contributions to contract theory"[54] |
Princeton University |
Harvard University |
Moral Hazard, Incomplete contracts |
|
Bengt Holmström (b. 1949) |
Finland |
Stanford University |
Massachusetts Institute of Technology |
Informativeness Principle |
2017 |
|
Richard Thaler (b. 1945) |
United States |
"for his contributions to behavioural economics"[55] |
University of Rochester |
|
Nudge Theory, Mental Accounting, Choice Architecture |
2018 |
|
William Nordhaus (b. 1941) |
United States |
"for integrating climate change into long-run macroeconomic analysis"[56] |
Massachusetts Institute of Technology |
Yale University |
DICE model |
|
Paul Romer (b. 1955) |
"for integrating technological innovations into long-run macroeconomic analysis" |
University of Chicago |
New York University |
Incorporation of R&D to the Endogenous growth theory |
2019 |
|
Abhijit Banerjee (b. 1961) |
United States |
"for their experimental approach to alleviating global poverty"[57] |
Harvard University |
Massachusetts Institute of Technology |
Use of RCTs in development economics |
|
Esther Duflo (b. 1972) |
France United States |
Massachusetts Institute of Technology |
Massachusetts Institute of Technology |
|
Michael Kremer (b. 1964) |
United States |
Harvard University |
Harvard University |
2020 |
|
Paul Milgrom (b. 1948) |
United States |
"for improvements to auction theory and inventions of new auction formats"[58] |
Stanford University |
Stanford University |
Simultaneous multiple round auctions (SMRA), No-trade theorem, Market design, Reputation effects (game theory), supermodular games, monotone comparative statics, Linkage principle, Deferred-acceptance auction |
|
Robert B. Wilson (b. 1937) |
Harvard University |
Stanford University |
Simultaneous multiple round auctions (SMRA), Common value auction, Reputation effects (game theory), Wilson doctrine |
2021 |
|
David Card (b. 1956) |
Canada United States |
"for his empirical contributions to labour economics"[59] |
Princeton University |
University of California, Berkeley |
Natural experiments on labour economics (incl. Difference in differences) |
|
Joshua Angrist (b. 1960) |
United States Israel |
"for their methodological contributions to the analysis of causal relationships"[59] |
Princeton University |
Massachusetts Institute of Technology |
Local average treatment effect, natural experiments to estimate causal links |
|
Guido Imbens (b. 1963) |
United States Netherlands |
Brown University |
Stanford University |
2022 |
|
Ben Bernanke (b. 1953) |
United States |
"for research on banks and financial crises"[60] |
Massachusetts Institute of Technology |
|
Analysis of the Great Depression |
|
Douglas Diamond (b. 1953) |
Yale University |
University of Chicago |
Diamond–Dybvig model |
|
Philip H. Dybvig (b. 1955) |
Yale University |
Washington University in St. Louis |
2023 |
|
Claudia Goldin (b. 1946) |
United States |
"for having advanced our understanding of women's labour market outcomes"[61] |
University of Chicago |
Harvard University |
Analysis of historical experience of women in the economy |
2024 |
|
Daron Acemoglu (b. 1967) |
Turkey United States |
"for studies of how institutions are formed and affect prosperity"[62][63] |
London School of Economics |
|
|
|
Simon Johnson (b. 1963) |
United Kingdom United States |
Massachusetts Institute of Technology |
Massachusetts Institute of Technology |
|
|
James A. Robinson (b. 1955) |
United Kingdom United States |
Yale University |
University of Chicago |
|