The Canadian David Card and the Americans Joshua D. Angrist and the Dutch-American Guido W. Imbens are the winners of the Nobel Prize in Economy 2021. Card has been awarded by “their empirical contributions” to the labor economy, while Angrist and Imbens
They receive the award for “their methodological contributions to the analysis of causal relationships”.
The three awarded thus occurs to the economists Paul R. Milgrom and Robert B. Wilson, who won the prize, created in 1968, in 2020.
The Royal Academy of Swedish Sciences valued that the award-winning “have shown that many of the great questions of society can be answered,” according to EFE.
“Your solution is to use natural experiments, situations that arise in real life that resemble random experiments,” explains the institution.
Likewise, they consider that the three “have provided new knowledge about the labor market and have shown what conclusions on cause and effect can be extracted from natural experiments,” an approach that “has spread to other fields” and “has revolutionized research
Empiric “.
David Card was a doctorate in Economics in 1983 at Princeton University.
He has developed much of his academic career and researcher at this institution.
With the experiments of him, he has analyzed “the effects of minimum wage, immigration and education in the labor market”, argues the institution.
Card, in addition, won in 2014 the BBVA Frontiers of Knowledge Border Award in Economics.
For its part, Angrist and Imbens “showed what conclusions about cause and effect can be extracted from natural experiments.”
“The framework developed by them has been widely adopted by researchers working with observation data,” continues the Academy.