MIT Alum Wins Nobel Prize in Economic Sciences

by Jay London on November 13, 2013

in Alumni Life, Economics, In the News, Research


Robert Shiller SM ’68, PhD ‘72. Courtesy MIT News

Robert J. Shiller SM ’68, PhD ‘72, whose empirical analysis of asset prices has shown that stock prices are less-tightly linked to future dividends than previously thought, will share the 2013 Nobel Prize in economic sciences.

Shiller, a professor of economics at Yale University who the New York Times calls “an innovator in incorporating psychology into economics,” will receive the award on December 10 in Stockholm.

Alumnus Robert J. Shiller wins Nobel Prize in economic sciences,” MIT News

The academy cited Shiller’s work, dating to the early 1980s, showing that stock prices are not as tightly linked to future dividends as the previous theory had held, but can become rapidly inflated. However, Shiller found, such swings in the market also lend themselves to a level of long-term predictability, since market corrections tend to ensue.

Listen to a telephone interview with Shiller recorded immediately following the announcement. His Nobel lecture, which will be webcast live, will take please on Sunday, December 8, 2013 at 7:30 a.m. EST.

Shiller and post-doctoral researcher James Rothman, who will share a 2013 Nobel in medicine/physiology, become the 79th and 80th MIT-connected Nobel winners. Shiller is the 31st MIT alumnus to win the Nobel Prize and the first alumnus since Adam G. Riess ’92 won the 2011 prize in physics for his observations of distant supernovae that helped reveal that the universe is rapidly expanding.

The full list of Nobel Prize-winning MIT alumni, descending by award year, is listed below.

2013: Shiller
2011: Riess
2009: Oliver E. Williamson ’55, economics sciences
2008: Paul Krugman PhD ’77, economic sciences
2007: Wei M. Hao SM ’12, peace
2006: Andrew Fire PhD ’83, medicine/physiology; George Smoot ’66, PhD ’71, physics
2005: Robert Aumann SM ’52, PhD ’55, economics sciences
2002: Robert Horvitz ’68, medicine/physiology
2001: George Akerlof PhD ’66, economic sciences; Kofi Annan SM ’72, peace; Eric Cornell PhD ’90, physics; Leland Hartwell PhD ’64, medicine/physiology; Joseph Stiglitz PhD ’66, economics sciences; Carl Wieman ’73, physics
1999: Robert Mundell ’99, economics sciences
1998: Robert Laughlin PhD ’79, physics
1997: Robert Merton PhD ’70, economic sciences; William Phillips ’76, physics
1990: Elias Corey, Jr. ’48, PhD ’51, chemistry; Henry Kendall PhD ’55, physics
1989: Sidney Altman ’60, chemistry
1987: Charles J. Pedersen SM ’27, chemistry
1980: Lawrence Klein PhD ’44, economic sciences
1976: Burton Richter ’52, PhD ’56, physics
1972: John Schrieffer ’53, physics
1969: Murray Gell-Man PhD ’51, physics
1966: Robert Mulliken ’17, chemistry
1965: Richard Feynman ’39, physics; Robert Burns Woodward ’36, PhD ’37, chemistry
1956: William Shockley PhD ’36, physics

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