Monday, October 14, 2013

Nobel prize in economics - Fama, Hansen, and Schiller

The Nobel prize in economics was announced with three winners, Eugene Fama, Lars Hansen, and Robert Schiller. There is a sense of humor that they would pick Eugene Fama, the father of modern finance and keeper of the efficient market hypothesis flame, and Robert Schiller who has spent his career trying to show that markets are not efficient and there is the potential for speculative bubbles. Lars Hansen is the serious statistical master which was a criticism by some of Fama. All are important innay discussion of economics and finance over the last few decades. 

There are clear reasons to honor them, but I do find the irony in the choices.  

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