Year Portrait Laureate Country Rationale PhD (or equivalent) alma mater Institution (most significant tenure/at time of receipt) Key contributions (non-exhaustive) 1969 Ragnar Frisch Norway "for having developed and applied dynamic models for the analysis of economic processes"[2] University of Oslo University of Oslo Frisch–Waugh–Lovell theorem , Conjectural variation Jan Tinbergen Netherlands Leiden University Erasmus University Econometrics , Policy instruments 1970 Paul Samuelson United States "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science"[8] Harvard University Massachusetts Institute of Technology Revealed preference , Samuelson condition , Social Welfare Function , Efficient-market hypothesis , Turnpike theory , Balassa–Samuelson effect , Stolper–Samuelson theorem , Overlapping generations model 1971 Simon Kuznets United States "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development"[9] Columbia University Harvard University Gross domestic product , Capital formation , Kuznets cycle , Kuznets curve 1972 John Hicks United Kingdom "for their pioneering contributions to general economic equilibrium theory and welfare theory"[10] University of Oxford University of Oxford IS–LM model , Hicksian demand function , substitution effect , income effect , Kaldor–Hicks efficiency Kenneth Arrow United States Columbia University Harvard University Fundamental theorems of welfare economics , Arrow's impossibility theorem , Arrow–Debreu model , Endogenous growth theory ,1973 Wassily Leontief Soviet Union United States "for the development of the input-output method and for its application to important economic problems"[11] University of Berlin Harvard University Input–output model , Leontief paradox 1974 Gunnar Myrdal Sweden "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena"[12] Stockholm University Stockholm University Circular cumulative causation Friedrich Hayek Austria United Kingdom University of Vienna Austrian business cycle theory , Economic calculation problem , Spontaneous order , Information economics 1975 Leonid Kantorovich Soviet Union "for their contributions to the theory of optimum allocation of resources"[13] Leningrad State University Novosibirsk State University Linear programming , Kantorovich theorem , Kantorovich inequality , Kantorovich metric Tjalling Koopmans Netherlands United States University of Leiden Linear programming 1976 Milton Friedman United States "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy"[14] Columbia University University of Chicago Monetarism , Permanent income hypothesis , Natural rate of unemployment , Sequential analysis , Helicopter money , Great Contraction , Friedman rule , Friedman–Savage utility function , Friedman test 1977 Bertil Ohlin Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements"[15] Stockholm University Stockholm School of Economics Heckscher–Ohlin model James Meade United Kingdom University of Cambridge University of Cambridge Nominal income target 1978 Herbert A. Simon United States "for his pioneering research into the decision-making process within economic organizations"[16] University of Chicago Carnegie Mellon University Bounded rationality , satisficing , preferential attachment 1979 Theodore Schultz United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries "[17] University of Wisconsin-Madison University of Chicago Human Capital Theory Arthur Lewis Saint Lucia United Kingdom London School of Economics Princeton University Lewis model , Lewis turning point 1980 Lawrence Klein United States "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies"[18] Massachusetts Institute of Technology University of Pennsylvania Macroeconomic forecasting (LINK project )1981 James Tobin United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices"[19] Harvard University Yale University Tobin tax , Tobit model , Tobin's q , Baumol–Tobin model 1982 George Stigler United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation "[20] University of Chicago University of Chicago Regulatory capture 1983 Gérard Debreu France "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium "[21] University of Paris University of California, Berkeley Arrow–Debreu model , Sonnenschein–Mantel–Debreu theorem 1984 Richard Stone United Kingdom "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis"[22] University of Cambridge University of Cambridge National accounts 1985 Franco Modigliani Italy "for his pioneering analyses of saving and of financial markets "[23] The New School for Social Research Massachusetts Institute of Technology Modigliani–Miller theorem , Life-cycle hypothesis 1986 James M. Buchanan United States "for his development of the contractual and constitutional bases for the theory of economic and political decision-making "[24] University of Chicago George Mason University Constitutional economics 1987 Robert Solow United States "for his contributions to the theory of economic growth"[25] Harvard University Massachusetts Institute of Technology Solow–Swan model 1988 Maurice Allais France "for his pioneering contributions to the theory of markets and efficient utilization of resources "[26] École Polytechnique OLG model , Allais paradox , Golden Rule savings rate 1989 Trygve Haavelmo Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"[27] University of Oslo University of Oslo Balanced budget multiplier 1990 Harry Markowitz United States "for their pioneering work in the theory of financial economics "[28] University of Chicago City University of New York Modern portfolio theory , Markowitz model , Efficient frontier Merton Miller Johns Hopkins University Modigliani–Miller theorem William F. Sharpe University of California, Los Angeles Stanford University Sharpe Ratio , Binomial options pricing model , Returns-based style analysis 1991 Ronald Coase United Kingdom "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy"[29] London School of Economics Transaction costs , Coase theorem , Coase conjecture 1992 Gary Becker United States "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour"[30] University of Chicago University of Chicago Human Capital Theory 1993 Robert Fogel United States "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"[31] Johns Hopkins University University of Chicago Cliometrics Douglass North University of California, Berkeley Washington University in St. Louis 1994 John Harsanyi Hungary United States "for their pioneering analysis of equilibria in the theory of non-cooperative games "[32] Stanford University University of California, Berkeley Bayesian game , Preference utilitarianism , Equilibrium selection John Forbes Nash United States Princeton University Princeton University Nash equilibrium , Nash embedding theorem , Nash functions , Nash–Moser theorem Reinhard Selten Germany Goethe University Frankfurt University of Bonn Experimental economics 1995 Robert Lucas, Jr. United States "for having developed and applied the hypothesis of rational expectations , and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy"[33] University of Chicago University of Chicago Rational expectations , Lucas critique , Lucas paradox , Lucas aggregate supply function , Uzawa–Lucas model 1996 James Mirrlees United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information"[34] University of Cambridge Optimal labor income taxation William Vickrey Canada United States Columbia University Columbia University Vickrey auction , Revenue equivalence , Congestion pricing 1997 Robert C. Merton United States "for a new method to determine the value of derivatives "[35] Massachusetts Institute of Technology Massachusetts Institute of Technology Black–Scholes–Merton model , ICAPM , Merton's portfolio problem Myron Scholes Canada United States University of Chicago Stanford University Black–Scholes–Merton model 1998 Amartya Sen India "for his contributions to welfare economics "[36] University of Cambridge Human development theory , Capability approach 1999 Robert Mundell Canada "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas"[37] Massachusetts Institute of Technology Columbia University Optimum currency area , Supply-side economics , Mundell–Fleming model , Mundell–Tobin effect 2000 James Heckman United States "for his development of theory and methods for analyzing selective samples"[38] Princeton University University of Chicago Heckman correction Daniel McFadden "for his development of theory and methods for analyzing discrete choice "[38] University of Minnesota Discrete choice models 2001 George Akerlof United States "for their analyses of markets with information asymmetry "[39] Massachusetts Institute of Technology Adverse selection (The Market for Lemons ), Efficiency wage , Identity economics Michael Spence Harvard University Harvard University Signalling theory Joseph Stiglitz Massachusetts Institute of Technology Screening theory , Henry George theorem , Shapiro–Stiglitz theory 2002 Daniel Kahneman Israel United States "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"[40] University of California, Berkeley Behavioral economics , Prospect theory , loss aversion , cognitive biases Vernon L. Smith United States "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"[40] Harvard University University of Arizona Experimental economics , Combinatorial auction 2003 Robert F. Engle United States "for methods of analyzing economic time series with time-varying volatility (ARCH )"[41] Cornell University University of California, San Diego ARCH Clive Granger United Kingdom "for methods of analyzing economic time series with common trends (cointegration )"[41] University of Nottingham University of California, San Diego Cointegration , Granger causality 2004 Finn E. Kydland Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles "[42] Carnegie Mellon University University of California, Santa Barbara RBC theory , Dynamic inconsistency in monetary policyEdward C. Prescott United States Carnegie Mellon University Hodrick-Prescott filter 2005 Robert J. Aumann United States Israel "for having enhanced our understanding of conflict and cooperation through game-theory analysis"[43] Massachusetts Institute of Technology Hebrew University of Jerusalem Correlated equilibrium , Aumann's agreement theorem Thomas C. Schelling United States Harvard University Schelling point , Egonomics 2006 Edmund S. Phelps United States "for his analysis of intertemporal tradeoffs in macroeconomic policy"[44] Yale University Columbia University Golden Rule savings rate , Natural rate of unemployment , Statistical discrimination 2007 Leonid Hurwicz Poland United States "for having laid the foundations of mechanism design theory"[45] London School of Economics Mechanism design Eric S. Maskin United States Harvard University Harvard University Roger Myerson Harvard University Northwestern University 2008 Paul Krugman United States "for his analysis of trade patterns and location of economic activity"[46] Massachusetts Institute of Technology Princeton University New trade theory , New Economic Geography , Home market effect 2009 Elinor Ostrom United States "for her analysis of economic governance, especially the commons "[47] University of California, Los Angeles Indiana University Institutional Analysis and Development framework Oliver E. Williamson "for his analysis of economic governance, especially the boundaries of the firm"[47] Carnegie Mellon University New institutional economics 2010 Peter A. Diamond United States "for their analysis of markets with search frictions "[48] Massachusetts Institute of Technology Massachusetts Institute of Technology Diamond–Mirrlees efficiency theorem , Diamond coconut model Dale T. Mortensen Carnegie Mellon University Northwestern University Matching theory Christopher A. Pissarides Cyprus United Kingdom London School of Economics London School of Economics Matching theory 2011 Thomas J. Sargent United States "for their empirical research on cause and effect in the macroeconomy"[49] Harvard University Policy-ineffectiveness proposition Christopher A. Sims Harvard University Princeton University Vector autoregression in macroeconomics, Fiscal theory of the price level , Rational inattention 2012 Alvin E. Roth United States "for the theory of stable allocations and the practice of market design"[50] Stanford University Stable marriage problem , Repugnancy costs Lloyd S. Shapley Princeton University University of California, Los Angeles Shapley value , stochastic game , Potential game , Shapley–Shubik power index , Bondareva–Shapley theorem , Gale–Shapley algorithm , Shapley–Folkman lemma 2013 Eugene F. Fama United States "for their empirical analysis of asset prices"[51] University of Chicago University of Chicago Fama–French three-factor model , Weak, semi-strong, and strong efficient-market hypothesis Lars Peter Hansen University of Minnesota University of Chicago Generalized method of moments Robert J. Shiller Massachusetts Institute of Technology Yale University Case–Shiller index , CAPE Index 2014 Jean Tirole France "for his analysis of market power and regulation"[52] Massachusetts Institute of Technology Markov perfect equilibrium , Two-sided market 2015 Angus Deaton United Kingdom United States "for his analysis of consumption, poverty, and welfare"[53] University of Cambridge Princeton University Almost ideal demand system , Pseudo panels, Household surveys in developing countries2016 Oliver Hart United Kingdom United States "for their contributions to contract theory "[54] Princeton University Harvard University Moral Hazard , Incomplete contracts Bengt Holmström Finland Stanford University Massachusetts Institute of Technology Informativeness Principle 2017 Richard Thaler United States "for his contributions to behavioural economics "[55] University of Rochester Nudge Theory , Mental Accounting , Choice Architecture 2018 William Nordhaus United States "for integrating climate change into long-run macroeconomic analysis"[56] Massachusetts Institute of Technology Yale University DICE model Paul Romer "for integrating technological innovations into long-run macroeconomic analysis" University of Chicago New York University Incorporation of R&D to the Endogenous growth theory 2019 Abhijit Banerjee United States "for their experimental approach to alleviating global poverty"[57] Harvard University Massachusetts Institute of Technology Use of RCTs in development economics Esther Duflo France United States Massachusetts Institute of Technology Massachusetts Institute of Technology Michael Kremer United States Harvard University Harvard University 2020 Paul Milgrom United States "for improvements to auction theory and inventions of new auction formats "[58] Stanford University Stanford University Simultaneous multiple round auctions (SMRA), No-trade theorem , Market design , Reputation effects (game theory), supermodular games, monotone comparative statics , Linkage principle , Deferred-acceptance auction Robert B. Wilson Harvard University Stanford University Simultaneous multiple round auctions (SMRA), Common value auction , Reputation effects (game theory), Wilson doctrine 2021 David Card Canada United States "for his empirical contributions to labour economics"[59] Princeton University University of California, Berkeley Natural experiments on labour economics (incl. Difference in differences )Joshua Angrist United States Israel "for their methodological contributions to the analysis of causal relationships"[59] Princeton University Massachusetts Institute of Technology Local average treatment effect , natural experiments to estimate causal linksGuido Imbens United States Netherlands Brown University Stanford University 2022 Ben Bernanke United States "for research on banks and financial crises"[60] Massachusetts Institute of Technology Analysis of the Great Depression Douglas Diamond Yale University University of Chicago Diamond–Dybvig model Philip H. Dybvig Yale University Washington University in St. Louis 2023 Claudia Goldin United States "for having advanced our understanding of women's labour market outcomes"[61] University of Chicago Harvard University Analysis of historical experience of women in the economy 
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