Nobel Prize Winners in Economics

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American Trio Wins Nobel for Economics 2007

Leonid Hurwicz Eric Maskin Roger Myerson

As per the declaration made by Royal Sweedish Academy of Sciences, US trio economists Leonid Hurwicz, Eric Maskin and Roger Myerson have been selected to win 2007 Nobel Prize in Economics for their pioneering work on how to design solutions for complex economic and social tasks. These economists won Nobel Prize for their work called ‘‘Mechanism Design Theory’’ which explains that how market allocate resources and why they might be the best way of doing so. Their work has provided a foundation for bilateral trade negotiations and design of auction systems for mobile communications.

Nobel Prize Winners in Economics [Introduced in 1967 but First Prize was given in 1969]
Year	Winner	Field
1969	Ragnar Frish Joan Tinbergen	Dynamic Econometric Model of Growth
1970	Paul Samuelson	Contribution in Economic Analysis
1971	Simon Kuznets	Modern Economic Growth Analysis
1972	Kenneth Arrow John Hicko	General Equilibrium and Welfare Economics
1973	W. W. Leontief	Input-output Model
1974	Gunnar Myrdal F. Von Hayek	Contributions in Growth Economics
1975	Tjalling Koopmans Leonid Kontarovich	Optimum Resource Allocation
1976	Milton Friedman	Monetary History and Consumption Analysis
1977	James Meade Bertel Ohlin	International Trade and Capital Flow
1978	Herbert Simon	Decision Process in Organisations
1979	T. Shultz Arthur Lewis	Economic Growth in Backward Nations
1980	Coreinz Klein	Model related to Economic Fluctuations
1981	James Tobin	Analysis of World Financial Markets
1982	George Stigler	Public Regulations
1983	Gerald Debreu	Modification in General Equilibrium Analysis
1984	Richard Stone	National Income Accounting System
1985	Franco Modigliani	Financial Markets and Saving Analysis
1986	James Boochanan	Economic and Political Decision Making
1987	Robert T. Solow	Economic Growth Model
1988	Moris Allies	Optimum Utilisation of Resources
1989	H. Trigway	Use of Probability Theory in Economics
1990	Harry Marco Vitz William Sharp M. Miller	Portfolio Choice Principle, Capital Asset Pricing Model and Principles of Corporate Finance
1991	Ronald Coase	Transaction Costs and Property Rights
1992	Gerry Backer	Micro Economic Analysis of Human Behaviour
1993	Robert Fogal Douglas North	Quantitative Methods in Economic History
1994	Joan Harsanyee John Nash, R. Selton	Theory of Non-operative Games
1995	Robert Lucas	Development of Rational Expectation Theory
1996	James Mirllis William Vickrey	Incentive Structures Analysis
1997	Robert C. Merton M. S. Scollas	Derivatives and Stock Operation
1998	Amtritya Sen (India)	Welfare Economics
1999	Robert Mundell (Canada)	Analysis of Monetary and Financial Policy in Exchange Rate System
2000	James Heckman and Daniel Macfaddan (Both from USA)	To develop solutions to solve the decision-making problem
2001	George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz (All Americans)	Developing theories about financial markets that can be applied to both developing and advanced countries
2002	Daniel Kahneman Vernon L. Smith (Both from USA)	Human judgement and decision-making under uncertainty
2003	Robert Engle (USA) and Clive Granger (Britain)	Methods analysing economic time series with time-varying volatility and common trends
2004	Finn Kydland (Norway) and Edward Prescott (USA)	Ground work for more independent Central Banks and explaining business cycles
2005	Thomas C. Schelling Robert J. Aumann	Game theory analysis
2006	Edmund Phelps	Intertemporal Trade-off between inflation and unemployment
2007	Leonid, Hurwicz, Eric Maskin, Roger Myerson	Mechanism Design Theory