Some of the most insightful — and now most celebrated — studies of such major social issues as minimum wages and immigration have seized on naturally occurring events. Pioneering efforts by three economists to study the effects of real-life economic events that mimic controlled laboratory investigations have won the Nobel Memorial Prize in Economic Sciences.
David Card of the University of California, Berkeley will receive half of the prize of 10 million Swedish kronor (or half of about $1.14 million). The other half will be split by Joshua Angrist of MIT and Guido Imbens of Stanford University. The Royal Swedish Academy of Sciences announced the prize October 11.
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