Nobel Prize In Economics 2016: Winner, Predictions And Announcement Details

Posted: Oct 10 2016, 1:03am CDT | by , Updated: Oct 10 2016, 5:07am CDT, in News | Latest Science News


Nobel Prize in Economics 2016: Winner, Predictions and Announcement Details
Credit: Nobel Prize

The 2016 Nobel Prize in Economics will be announced Monday, October 10.


The Nobel Prize in Economics 2016 goes to Oliver Hart, Harvard University, Cambridge, MA, and Bengt Holmström, Massachusetts Institute of Technology, Cambridge, MA for their contributions to contract theory. Read the details of their achievements.

The Nobel Prize 2016 announcements are almost coming to an end. The Nobel Prize in Economics 2016 will be announced today in Stockholm at 11:45am (6:45am ET). This is the next-to-last Nobel Prize of 2016. The final Nobel Prize 2016 is in Literature. The Swedish Academy will set the date for its announcement of the Nobel Prize in Literature later.

The official name of the Nobel Prize in Economics is "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel." Angus Deaton has won the Economics Nobel Prize last year for his analysis of consumption, poverty, and welfare.

A video live stream of the Nobel Prize in Economics 2016 announcement is available.

Predictions of the Nobel Prize in Economics 2016 winner are hard to make. One name that pops up in media is the former chief economist of the International Monetary Fund, Oliver Blanchard.

The process of selecting a winner starts in February, when the committee have received this year’s nominations. Apart from the nominations, they also rely on invited reports from outside experts. In the prize committee sets in theFebruary meeting a long list of candidate prizes that is gradually narrowed down until the final decision is made. The committee also discusses its  priorities with the Class of Social Sciences in the Academy of Sciences.

In 1968, Sveriges Riksbank (Sweden's central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank's 300th anniversary. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.

The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901. Göran K. Hansson, Secretary General of the Royal Swedish Academy of Sciences will make the announcement of the Nobel Prize in Economic Sciences 2016.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
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