The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to three Americans:
Eugene F. Fama
University of Chicago, IL, USA
Lars Peter Hansen
University of Chicago, IL, USA
and
Robert J. Shiller
Yale University, New Haven, CT, USA
“for their empirical analysis of asset prices”.
According to CNN, the award was for “their work on the pricing of financial assets. Together they concluded that predicting the price of stocks and bonds in the short term is virtually impossible.”