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Three U.S.-based economists share Nobel prize for natural experiment work

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STOCKHOLM (AP) — Three U.S-based economists gained the 2021 Nobel prize for economics on Monday for work on drawing conclusions from unintended experiments, or so-called “natural experiments.”

David Card of the University of California at Berkeley was awarded one half of the prize, whereas the opposite half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Guido Imbens from Stanford University.

The Royal Swedish Academy of Sciences mentioned the three have “completely reshaped empirical work in the economic sciences.”

“Card’s studies of core questions for society and Angrist and Imbens’ methodological contributions have shown that natural experiments are a rich source of knowlege,” mentioned Peter Fredriksson, chair of the Economic Sciences Committee. “Their research has substantially improved our ability to answer key causal questions, which has been of great benefit for society.”

Unlike the opposite Nobel prizes, the economics award wasn’t established within the will of Alfred Nobel however by the Swedish central financial institution in his reminiscence in 1968, with the primary winner chosen a yr later. It is the final prize introduced every year.

Last week, the 2021 Nobel Peace Prize was awarded to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia for their battle for freedom of expression in nations the place reporters have confronted persistent assaults, harassment and even homicide.

Ressa was the one lady honored this yr in any class.

The Nobel Prize for literature was awarded to U.Okay.-based Tanzanian author Abdulrazak Gurnah, who was acknowledged for his “uncompromising and compassionate penetration of the effects of colonialism and the fate of the refugee.”

The prize for physiology or drugs went to Americans David Julius and Ardem Patapoutian for their discoveries into how the human physique perceives temperature and contact.

Three scientists gained the physics prize for work that discovered order in seeming dysfunction, serving to to elucidate and predict advanced forces of nature, together with increasing our understanding of local weather change.

Benjamin List and David W.C. MacMillan gained the chemistry prize for discovering a better and environmentally cleaner solution to construct molecules that can be utilized to make compounds, together with medicines and pesticides.