3 US-based academics win Nobel Economics Prize

Three US-based academics on Monday won the Nobel Economics Prize for research on the labour market using "natural experiments", or observational studies, that have revolutionised empirical research in the field, the jury said.Canadian-American David Card, Israeli-American Joshua Angrist and Dutch-American Guido Imbens shared the prize for providing "new insights about the labour market" and showing "what conclusions about cause and effect can be drawn from natural experiments," the Nobel committee said in a statement.The Economics Prize wrapped up a male-dominated 2021 Nobel season which saw a total of 12 men win prizes and only one woman.Card won half of the 10-million-kronor ($1.1mn) prize for work focused on the labour market effects of minimum wages, immigration and education.The Canadian-born professor at University of California at Berkeley commented on the honour in a self-effacing manner, saying in a statement that his "contributions are pretty modest."In natural experiments, researchers study the result of chance events or policy changes on groups of people, unlike other experiments where scientists have control over their subjects.