The Nobel Prize in Economics (or, actually, Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) goes this year to Peter Diamond, Dale Mortensen and Christopher Pissandes, “for their analysis of markets with search frictions”.
I must admit, I haven’t heard much about them, yet. But the Internet is a great source of information;-)
Peter Arthur Diamond, aged 70, is known especially for the Diamond-Mirlees Efficiency Theorem, which is part of the economic analysis of markets with search frictions (see the rationale above). He currently teaches at the MIT and UC Berkley.
Dale Thomas Mortensen, aged 71, currently teaches at the Northwestern University. He is known mostly for his work to study labor turnover and reallocation, research and development, and personal relationships.
Christopher Antoniou Pissarides, aged 62, comes from Cyprus, but is also citizen of the UK. He teaches at the London School for Economics. His research also concentrates on the interactions between the labor market and the macroeconomy, on which he worked inter alia together with Mortensen.
The Prize is another one example of honouring work on imperfect markets, after e.g. 2001 (Stiglitz, Spence, Akerlof) or 1996 (Mirlees – see above -, Vickrey), and in this context welcome, after all the prizes to the disciples of the neoliberal Chicago School in earlier years.
Nevertheless, I am a bit disappointed – I hoped for Robert Shiller to be awarded. But you can’t have everything you want. Maybe next year?