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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
University of Cambridge
|
University of Cambridge
|
National accounts
|
1985
|
|
Franco Modigliani (1918–2003)
|
Italy
|
"for his pioneering analyses of saving and of financial markets"
|
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"
|
University of Chicago
|
George Mason University
|
Constitutional economics
|
1987
|
|
Robert Solow (1924–2023)
|
United States
|
"for his contributions to the theory of economic growth"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
Princeton University
|
University of Chicago
|
Heckman correction
|
|
Daniel McFadden (b. 1937)
|
"for his development of theory and methods for analyzing discrete choice"
|
University of Minnesota
|
|
Discrete choice models
|
2001
|
|
George Akerlof (b. 1940)
|
United States
|
"for their analyses of markets with information asymmetry"
|
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"
|
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"
|
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)"
|
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)"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
Carnegie Mellon University
|
|
New institutional economics
|
2010
|
|
Peter A. Diamond (b. 1940)
|
United States
|
"for their analysis of markets with search frictions"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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"
|
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
|
|