Recent winners of the Nobel Memorial Prize in Economic Sciences, and their research:

2012- Americans Alvin Roth and Lloyd Shapley for the theory of stable allocations and the practice of market design.

2011- Americans Thomas Sargent and Christopher Sims for their research on cause and effect in the macro economy.

2010- Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, of Britain and Cyprus, for their analysis of markets with search frictions.

2009- Americans Elinor Ostrom and Oliver Williamson for their analysis of economic governance.

2008- American Paul Krugman for his analysis of trade patterns and location of economic activity.

2007- Americans Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson for laying the foundations of mechanism design theory.

2006- American Edmund S. Phelps for furthering the understanding of the trade-offs between inflation and its effects on unemployment.

2005- Robert J. Aumann, of Israel and the United States, and American Thomas C. Schelling, for their work in game-theory analysis.

2004- Finn E. Kydland, Norway, and Edward C. Prescott, United States, for their contribution to dynamic macroeconomics.

2003- Robert F. Engle, United States, and Clive W.J. Granger, Britain, for their use of statistical methods for economic time series.

2002- Daniel Kahneman, United States and Israel, and Vernon L. Smith, United States, for pioneering the use of psychological and experimental economics in decision—making.

2001- George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz, United States, for research into how the control of information affects markets.

2000- James J. Heckman and Daniel L. McFadden, United States, for their work in developing theories to help analyze labor data and how people make work and travel decisions.

1999- Robert A. Mundell, Canada, for innovative analysis of exchange rates that helped lay the intellectual groundwork for Europe’s common currency.

1998- Amartya Sen, India, for contributions to welfare economics, which help explain the economic mechanisms underlying famines and poverty.

1997- Robert C. Merton and Myron S. Scholes, United States, for developing a formula for the valuation of stock options.

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