Eugene F. Fama Ph.D., MBA

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013

Nobel co-recipients Lars Peter Hansen, Robert J. Shiller

Economist. Empirical analysis of asset prices. Influenced development of index funds. Father of modern finance. Idea is ‘how do you measure risk?’ Windsurfing, golf, opera.

In University of Chicago – Economics. Environment so productive. “We have good people, you need that; very interactive environment; people help one another out a lot. I couldn’t do what I did without the help of my professors, colleagues and students. Everybody contributes to everybody else.”

Elinor Ostrom

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009

Co-nobelists: Oliver E. Williamson

Award “for her analysis of economic governance, especially the commons.”

Oliver E. Williamson Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009

Nobel co-recipient Elinor Ostrom

Economist and Founding Editor of the Journal of Law, Economics and Organization. His book, The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting, is said to be the most frequently cited work in social science research.

Paul Krugman

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008

Prize: “for his analysis of trade patterns and location of economic activity.”

Robert J. Aumann Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005

Nobel co-recipient: Thomas C. Schelling

Mathematician. Game Theory. Interest: Talmud.

“Science is exploration for the sake of exploration.”

Thomas C. Schelling

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005

Co-nobelists: Robert J. Aumann

Prize: “for having enhanced our understanding of conflict and cooperation through game-theory analysis.”

Vernon L. Smith BSEE, Ph.D.[Economics]

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002

Nobel co-recipient Daniel Kahneman

Electrical Engineer, Experimental Economist. Founder, International Foundation for Research in Experimental Economics; Founder Economic Science Institute at Chapman University.

“… If I am ever reborn, I hope to be a madman yet again …”

Joseph E. Stiglitz

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001

Co-nobelists:George A. Akerlof, A. Michael Spence

Prize: “for their analyses of markets with asymmetric information.”

William S. Vickrey Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1996

Co-nobelist: James A. Mirrlees

Economist, Mathematician. ‘Fundamental contributions to economic theory of incentives under asymmetric information.’ Solve real world problems. Interests: efficiency of public services, irrational budget accounting, excessive concern with inflation, insufficient attention to wasteful unemployment, macroeconomic stabilization, ethics, philosophy, world peace.

Rip van Winkle award for deep, uninterrupted concentration while attending seminars.

John C. Harsanyi Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1994

Co-Nobelists: John F. Nash Jr., Reinhard Selten

Economist. Contributed to developing game theory. Hungarian-American.

Robert W. Fogel

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1993

Co-nobelists: Douglass C. Nort

Award: “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change”

Gary Becker

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992

Award: “for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour”

Harry M. Markowitz

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990

Co-nobelists: Merton H. Miller, William F. Sharpe

Award “for their pioneering work in the theory of financial economics”

William F. Sharpe

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990

Co-nobelists: Harry M. Markowitz, Merton H. Miller

Award “for their pioneering work in the theory of financial economics”

Merton H. Miller

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990

Co-nobelists: Harry M. Markowitz, William F. Sharpe

Award “for their pioneering work in the theory of financial economics”

Trygve Haavelmo

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1989

Award: “for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures”

James M. Buchanan Jr.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1986

Award: “for his development of the contractual and constitutional bases for the theory of economic and political decision-making”

Franco Modigliani

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1985

Award: “for his pioneering analyses of saving and of financial markets”

Gerard Debreu

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983

Award: “for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium”

George J. Stigler Ph.D., M.B.A.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982
The President’s National Medal of Science – Behavior and Social Science 1987

Economist – industrial organization. ‘Seminal studies of industrial structures; functioning of markets; causes, effects of public regulation.’ Great teacher. Writings easy to admire, joy to read, impossible to imitate. Interest: many areas of economics; history of economics. Very Humorous.

Chicago Economics Department intellectual ferment – intense intellectual atmosphere; captivated him.”

James Tobin

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1981

Prize: “for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices”

Lawrence Klein

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1980

“for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies”

Theodore W. Schultz Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1979

Agricultural economist. Pioneered ‘human capital’ research. Population quality, knowledge matter. Concern for poor. Keen observer of world in which he lived. Very Humorous.

“Mankind’s future is not foreordained by space, energy, cropland. Will be determined by intelligent evolution of humanity. Agree with Margaret Mead: “Future of mankind is open ended.””

Herbert Simon

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978
National Medal of Science – Behavioral and Social Science, 1986

Award: “for his pioneering research into the decision-making process within economic organizations”

Bertil Ohlin

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977

Co-nobelist: James E. Meade

Award: “for their pathbreaking contribution to the theory of international trade and international capital movements”

James E. Meade

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977

Co-nobelist: Bertil Ohlin

Award: “for their pathbreaking contribution to the theory of international trade and international capital movements”

Milton Friedman

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976

Award: “for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy”

Tjalling C. Koopmans Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975

Co-Nobelists Leonid Vitaliyevich Kantorovich

Mathematician, Theoretical Physicist and Economist. Prize for theory of optimal allocation of resources. Other interest: econometrics and statistics. Hobby: writing music.

Described collaborator and friend Jacob Marschak as being able to discern both pretense and timidity!

Friedrich von Hayek

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974

Co-nobelist: Gunnar Myrdal

Award: “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena”

Gunnar Myrdal

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974

Co-nobelist: Friedrich von Hayek

Award “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena”

Wassily Leontief

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973

Award: “for the development of the input-output method and for its application to important economic problems”

John R. Hicks

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972

Co-nobelists: Kenneth J. Arrow

Award: “for their pioneering contributions to general economic equilibrium theory and welfare theory”

Kenneth J. Arrow

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972
National Medal of Science – Behavioral and Social Science 2004

Co-nobelists: John R. Hicks

Award: for their pioneering contributions to general economic equilibrium theory and welfare theory”

Simon S. Kuznets Ph.D.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971

Economist and Statistician. Interpreted economic growth in a manner which helped better understand economic and social structure.

Paul A. Samuelson

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970

Award: “for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science”

Jan Tinbergen

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969

Co-nobelist Ragnar Frisch

Award: “for having developed and applied dynamic models for the analysis of economic processes”