Tag Archive: Lars Peter Hansen

The Mises View: “Fama, Hansen, and Shiller” | Mark Thornton

Published on Oct 14, 2013

” Mark Thornton discusses the three American winners of the 2013 Nobel Memorial Prize in Economic Sciences. Thornton is a Senior Fellow at the Mises Institute. For more information, visit the Mises Institute online at mises.org.”










Meet Nobel Laureates Hansen , Shiller & Fama






Lars Peter Hansen Nobelist

” Hansen’s work is the most technical and most difficult to explain to a layperson. The brief version is that in 1982 Hansen developed the Generalized Method of Moments a new and elegant way to estimate many economic models that requires fewer assumptions and is often more powerful than other methods.”



Robert Shiller, Nobel Laureate

” Robert Shiller spent much of his career at Yale University.  He is a famous economist for his analysis of speculative bubbles and price overreaction to new information, first in stock markets and then later in real estate markets.  He has been a leading candidate for a Nobel Prize for some time now.

Here is Shiller’s home page.  Here is Shiller on Wikipedia.  Here are short columns by Shiller on Project Syndicate.  He also writes regularly for the Sunday New York Times, and some of his columns are here.  Here is a 2005 David Leonhardt profile of Shiller.”



Eugene Fama, Nobel Prize Laureate

” Fama has been long-deserving for some time now.  He won basically for his empirical work on asset prices.

Here is Fama on Wikipedia.  Here is Fama on scholar.google.com.

Fama teaches at the Booth School of Business at the University of Chicago and he is very much in the classic mold of a Chicago School economist.  I feared that with the financial crisis Fama would be too unpopular a pick, because many people misinterpret “efficient markets theory,” so this was a prize which valued the economic impact of the research over the trendiness.  That said, giving the prize to Shiller as well is a nod in the direction of behavioral finance and inefficient markets theory, so the committee covered all the bases.”