List of Nobel Memorial Prize laureates in

Year Laureate Country Rationale

Ragnar Frisch

"for having developed and applied dynamic models for the analysis of economic 1969 processes"[2]

Jan Tinbergen

"for the scientific work through which he has developed static and dynamic economic 1970 theory and actively contributed to raising the level of analysis in economic science"[8]

"for his empirically founded interpretation of which has led to new and 1971 United States deepened insight into the economic and social structure and process of development"[9]

"for their pioneering contributions to general theory and welfare 1972 United States theory."[10]

Soviet Union "for the development of the input- method and for its application to important 1973 United States economic problems"[11]

"for their pioneering work in the theory of and economic fluctuations and for their 1974 penetrating analysis of the interdependence of economic, social and institutional phenomena."[12] Year Laureate Country Rationale

Austria United Kingdom

Leonid Kantorovich

1975 "for their contributions to the theory of optimum allocation of resources"[13]

Netherlands United States

"for his achievements in the fields of analysis, monetary history and theory 1976 United States and for his demonstration of the complexity of stabilisation policy"[14]

Bertil Ohlin Sweden "for their pathbreaking contribution to the theory of international and international 1977 movements"[15]

James Meade United Kingdom Year Laureate Country Rationale

"for his pioneering research into the decision-making process within economic 1978 Herbert A. Simon United States organizations"[16]

Theodore Schultz United States "for their pioneering research into research with particular 1979 Saint Lucia [17] Arthur Lewis consideration of the problems of developing countries." United Kingdom "for the creation of econometric models and the application to the analysis of economic 1980 United States fluctuations and economic policies"[18]

"for his analysis of financial markets and their relations to expenditure decisions, 1981 United States , production and "[19]

"for his seminal studies of industrial structures, functioning of markets and causes and 1982 United States effects of public regulation"[20]

"for having incorporated new analytical methods into economic theory and for his rigorous 1983 Gérard Debreu France reformulation of the theory of general equilibrium"[21]

"for having made fundamental contributions to the development of systems of national 1984 United Kingdom accounts and hence greatly improved the basis for empirical economic analysis"[22]

1985 Italy "for his pioneering analyses of and of financial markets"[23]

"for his development of the contractual and constitutional bases for the theory of economic 1986 James M. Buchanan United States and political decision-making"[24] Year Laureate Country Rationale

1987 United States "for his contributions to the theory of economic growth"[25]

"for his pioneering contributions to the theory of markets and efficient utilization of 1988 France resources"[26]

"for his clarification of the foundations of and his analyses 1989 Norway of simultaneous economic structures"[27]

Harry Markowitz

1990 United States "for their pioneering work in the theory of "[28] William F. Sharpe

"for his discovery and clarification of the significance of transaction costs and property 1991 United Kingdom rights for the institutional structure and functioning of the "[29]

"for having extended the domain of microeconomic analysis to a wide range of human 1992 United States behaviour and interaction, including non- behaviour"[30] Year Laureate Country Rationale

Robert Fogel

"for having renewed research in by applying economic theory and 1993 United States quantitative methods in order to explain economic and institutional change"[31]

Douglass North

John Harsanyi

United States John Forbes Nash

1994 "for their pioneering analysis of equilibria in the theory of non-cooperative games."[32]

Reinhard Selten

"for having developed and applied the hypothesis of , and thereby 1995 Robert Lucas, Jr. United States having transformed macroeconomic analysis and deepened our understanding of "[33] United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric 1996 [34] information" United States Year Laureate Country Rationale

Robert C. Merton United States

1997 "for a new method to determine the of derivatives."[35]

Canada United States

1998 India "for his contributions to "[36]

"for his analysis of monetary and under different regimes and 1999 Canada his analysis of optimum areas"[37]

James Heckman United States "for his development of theory and methods for analyzing selective samples"[38]


Daniel McFadden United States "for his development of theory and methods for analyzing discrete choice"[38] Year Laureate Country Rationale

George Akerlof

[39] 2001 United States "for their analyses of markets with asymmetric information"

Joseph E. Stiglitz

Israel "for having integrated insights from psychological research into economic science, United States especially concerning human judgment and decision-making under "[40]


"for having established laboratory experiments as a tool in empirical economic analysis, Vernon L. Smith United States especially in the study of alternative market mechanisms"[40]

2003 Robert F. Engle United States "for methods of analyzing economic with time-varying volatility (ARCH)"[41] Year Laureate Country Rationale

Clive Granger United Kingdom "for methods of analyzing economic time series with common trends ()"[41]

Finn E. Kydland Norway

"for their contributions to dynamic : the time consistency of economic 2004 policy and the driving forces behind business cycles."[42]

Edward C. Prescott United States

United States Robert J. Aumann Israel "for having enhanced our understanding of conflict and cooperation through game-theory 2005 analysis."[43]

Thomas C. Schelling United States

2006 Edmund S. Phelps United States "for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] Year Laureate Country Rationale

Poland United States

Eric S. Maskin 2007 "for having laid the foundations of theory"[45]

United States

Roger B. Myerson

2008 United States "for his analysis of trade patterns and location of economic activity"[46]

Elinor Ostrom "for her analysis of economic governance, especially the commons"[47]

2009 United States

Oliver E. Williamson "for his analysis of economic governance, especially the boundaries of the firm"[47] Year Laureate Country Rationale

Peter A. Diamond

United States

2010 Dale T. Mortensen "for their analysis of markets with search frictions"[48]

Christopher A. Pissarides Cyprus

Thomas J. Sargent

2011 United States "for their empirical research on cause and effect in the macroeconomy"[49]

Christopher A. Sims

2012 Alvin E. Roth United States "for the theory of stable allocations and the practice of market design."[50] Year Laureate Country Rationale

Lloyd S. Shapley

Eugene F. Fama

2013 United States "for their empirical analysis of asset prices."[51]

Robert J. Shiller

2014 France "for his analysis of and regulation".[52]

United Kingdom 2015 "for his analysis of consumption, , and welfare".[53] United States

United Kingdom United States

2016 "for their contributions to ".[54] Bengt Holmström Finland