Bitcoin, the Nobel Prize in Economics
The concept of bitcoin was founded by Nakamoto
On December 12, 2010, when bitcoin graally became a hot topic, he quietly left and disappeared from the Internet As a descendant of samurai, Nakamoto was born in 1949 in Beppu, Japan. His mother, quanzi, was a Buddhist and brought him up in poverty When his parents divorced in 1959, Nakamoto's mother remarried and immigrated to California with her three sons. Nakamoto and his stepfather don't get along well, but according to his younger brother Arthur, Nakamoto showed his talent in mathematics and science when he was very young, but also showed his "fickle and strange interest"Nakamoto graated from Caltech, majoring in physics. Upon graation, he joined Hughes Aircraft and worked in defense and electronic communications. Later, Nakamoto worked for the U.S. military, and his experience was classified as a state secret. Now searching his files, his life is a blank
In 2008, in an e-mail group discussing information encryption on the Internet, he published an article outlining the basic framework of the bitcoin system. In 2009, he established an open source project for the system, officially announcing the birth of bitcoin. On December 12, 2010, when bitcoin graally became the climate, he quietly left and disappeared from the InternetRobert Schiller, a well-known economist and Nobel Laureate in economics, recently accepted an interview with CNBC's trading nation column and expressed his views on BTC. He believes that bitcoin may be a bubble, but that does not mean that it will burst or disappear forever. p>
recently, Tim Draper, a well-known investor in Silicon Valley, predicted that the price of bitcoin could reach US $250000 by 2022
Nobel Laureates in Economics:
1960s
< UL >1969
Ragnar Frisch, Norwegian (1895-1973)
Jan Tinbergen, Dutch (1903-1994)
they developed dynamic models to analyze the economic process, The latter is the father of econometric model builder
1970s
1970
Paul A. Samuelson, American (1915-2009)
he developed mathematical and dynamic economic theory, and raised economic science to a new level. His research covers all fields of economics
In 1971, Simon Kuznets, a Ukrainian, was naturalized in the United States (1901-1985).
he made great contributions to the study of population development trend and the relationship between population structure and economic growth and income distribution
In 1972, John R. Hicks, British (1904-1989), Kenneth J. arrow, American (1921 -), deeply studied economic equilibrium theory and welfare theory In 1973, Wassily Leontief (1906-1999) developed the input-output method, which has been used in many important economic problems In 1974, Friedrich August von Hayek, Austrian (1899-1992) and Gunnar Myrdal, Swede (1898-1987) studied monetary theory and economic fluctuation, and analyzed the interdependence of economic, social and institutional phenomena In 1975, Leonid vitaliyevich Kantorovich, Soviet Union (1912-1986), Tjalling C. Koopmans, American (1910-1985), established the world-famous linear planning points in 1939, while the latter successfully applied mathematical statistics to econometrics. They contributed to the theory of optimal allocation of resources In 1976, Milton Friedman (1912-2006) founded the monetarism theory and put forward the permanent income hypothesis1977
Bertil Ohlin, Swede (1899-1979)
James E. Meade, British (1907-1995)
made a pioneering research on international trade theory and international capital flow
In 1978, Herbert A. Simon, an American (1916-2001), studied the decision-making process in economic organizations. This basic theory of decision-making process is recognized as an original solution to the actual decision-making of companies In 1979, Sir Arthur Lewis, an Englishman, was naturalized in the United States (1915-1991) and made great achievements in the field of development economics. He proposed a al economic model and a price comparison model of import and export Theodore W. Schultz, American (1902-1998)made a pioneering research on economic development, and deeply studied the problems that developing countries should pay special attention to in economic development
In 1980, Lawrence R. Klein (1920 -) American (1920 -) established a mathematical model of economic system based on economic theory and empirical estimation of real economic data In 1981, James Tobin, an American (1918-2002), elaborated and developed Keynesian series of theories and macro models of fiscal and monetary policies. He has made important contributions to the analysis of financial markets and related expenditure decisions, employment, procts and prices In 1982, George J. Stigler, American (1911-1991), made great contributions to instrial structure, the role of market and the role and influence of public economic laws and regulations In 1983, Gerard Debreu (1921-2004) summarized the Pareto Optimality Theory and established the existence theorem of economic and social equilibrium of related commodities In 1984, Richard Stone, the father of national economic statistics of the British (1913-1991), made a fundamental contribution to the development of the system of national accounts and greatly improved the basis of economic empirical analysis In 1985, Franco Modigliani, Italy (1918 -) was the first to put forward the life cycle hypothesis of savings. This hypothesis has been widely used in the study of household and enterprise savings In 1986, James M. Buchanan Jr. American (1919 -) combined the analysis of political decision-making with economic theory, which expanded and applied economic analysis to the choice of social political laws and regulations In 1987, Robert M. Solow, an American (1924 -) contributed to the theory of economic growth. It is proposed that the long-term economic growth mainly depends on technological progress rather than capital and labor input In 1988, Maurice Allais, French (1911 -) made a pioneering contribution to market theory and effective utilization of resources. The general equilibrium theory is expounded systematically again In 1989, Trygve Haavelmo, a Norwegian (1911-1999), established the basic guiding principles of modern econometrics
1990s
1990
Merton h. Miller American (1923-2000)
Harry M. Markowitz American (1927 -)
William F. Sharpe American (1934 -)
they have made pioneering work in financial economics
In 1991, Ronald h. Coase revealed and clarified the importance of transaction costs and property rights in the structure and function of economic system In 1992, Gary S. Becker (1930 -) extended the theory of microeconomics to the analysis of human behavior, including non market economic behavior In 1993, Douglass C. North American (1920 -)Robert W. Fogel American (1926 -)
the former established the "theory of institutional change" including property rights theory, state theory and ideology theory. The latter reinterprets the past process of economic development with new theories and mathematical tools of economic history
1994
John F. Nash Jr. American (1928 -)
John C. Harsanyi American (1920-2000)
Reinhard Selten German (1930 -)
these three mathematicians made a pioneering contribution to the equilibrium analysis theory of non cooperative games It has made great contributions to game theory and economics
In 1995, Robert E. Lucas Jr. (1937 -) advocated and developed the application theory of rational expectation and macroeconomic research, deepened people's understanding of economic policy, and put forward unique views on the theory of economic cycle1996
James A. Mirrlees, British (1936 -)
William Vickrey, American (1914-1996)
the former made great contributions in the field of information economics, especially in the economic incentive theory under the condition of asymmetric information. The latter has made great contributions to information economics, incentive theory and game theory
1997
Robert C. Merton, American (1944 -)
Myron S. Scholes, American (1941 -)
the former further weakens the assumptions on which Black Scholes formula depends, and promotes it in many aspects. The latter gives the famous Black Scholes option pricing formula, which has become the thinking method for financial institutions to deal with new financial procts
In 1998, Amartya Sen Indian (1933 -) contributed to several major issues of welfare economics, including the theory of social choice, the definition of welfare and poverty standards, and the study of scarcity In 1999, Robert A. Mundell, a Canadian (1923 -) won this honor for his analysis of monetary and fiscal policies under different exchange rate systems and the most suitable currency circulation area James J. Heckman was born in Chicago in 1944 and studied in Colorado College. He received his doctorate in economics from Princeton University in 1971. He is now a professor at the University of ChicagoDaniel L. McFadden was born in 1937 in Raleigh, North Carolina, and studied at the University of Minnesota. He received his doctorate from the University of Minnesota in 1962. He is now a professor at the University of California, Berkeley
in the field of micro econometrics, they have developed theories and methods widely used in the empirical analysis of indivial and family behavior
2001
George A. Akerlof was born in 1940, A. Michael Spence was born in 1943, and Joseph E. Stiglitz was born in 1943, Professor of Columbia University in New York has laid a foundation for the general theory of asymmetric information market. Their theories have been applied rapidly, from the traditional agricultural market to the modern financial market. Their contribution comes from the core of modern information economics
Daniel Kahneman, born in 1934, is a professor of psychology and public affairs at Princeton Universityborn in 1927, Vernon L. Smith is a professor of economics and law at George Mason University
traditionally, economic research is mainly based on the assumption that people are driven by their own interests and can make rational decisions. For a long time, economics has been generally regarded as an empirical science relying on practical observation, or a speculative philosophy based on dection and reasoning methods
So far, the Nobel Prize in economics has been awarded to behavioral economics, which are as follows:
(1) Daniel Kahneman, the founder of behavioral economics, who won the prize in 2002, laid the foundation of behavioral economics research with the KT model proposed by him and the late scholar towelsky
(2) in 2013, brought forward the theoretical framework of irrational analysis and his irrational prosperity, which successfully predicted the three big bubbles in the Internet, stock market and property market in the United States. p>
(3) Richard seller, who won the prize in 2017, put forward the famous theory of psychological account
behavioral economics, as a practical economics, organically combines behavioral analysis theory with economic operation law, psychology and economic science to find out the mistakes or omissions in current economic models, and then correct the deficiencies of the basic assumptions of human rationality, self-interest, complete information, utility maximization and preference consistency in mainstream economics
behavioral economics is not a new study in western mainstream economics, but it has been silent for decades from 1950s to 1990s
On October 12, the 2020 Nobel Prize in economics was announced, and the winner was Paul middot; Milgrom and Robert middot; Wilson, they are both Stanford University professors. The Nobel Prize was awarded to them in recognition of their & lt; The improvement of auction theory and the invention of new forms of auction; We have made a great contribution to the development of science and technology
it is worth mentioning that, in addition to Milgrom, who won this year's prize together, homstrand and rose, who won the prize before, are also students of Wilson, one of the winners of this prize. So, three of Wilson's students have won the Nobel Prize
According to the official website of the Nobel Prize, the 2020 Nobel Prize in economics was officially announced at about 17:00 Beijing time on October 12. It was won by two economists from the United States, Paul R. Milgrom and Robert B . The reason for winning the prize is "the improvement of auction theory and the invention of new auction forms"
Paul R. Milgrom was born in 1948 in Detroit, Michigan, USA. in his early years, he studied at Stanford University and obtained a master's degree in statistics and a doctor's degree in economics. When studying at Stanford, Milgrom studied under Professor Robert Wilson, one of the "Gang of four in game theory", and completed his doctoral dissertation on auction under his guidance
Robert B. Wilson , economist
the full name of the Nobel Prize in economics should be "in memory of Alfred Nobel Prize in Swedish bank economics". It is not one of the five fields mentioned in Nobel's will. It was added by the Swedish bank in 1968 to commemorate Nobel Prize. Its selection criteria are the same as other awards. The winners were selected by the Royal Swedish Academy of Sciences and awarded for the first time in 1969, It was jointly won by Norwegian Friedrich and Dutch Ding Bergen. American economists such as Samuelson and Friedman have won the award
the list of previous awards is as follows:
1. In 1969, Jane dingbergen (Netherlands)
ragner Frisch (Norway) developed a dynamic model to analyze the economic process. Ragner Frisch is the founder of econometrics, and Jane dingbergen is the father of the model builder of econometrics
In 1970, Paul Ann Summerson (USA) developed mathematical and dynamic economic theory, which raised economic science to a new level. His research covers all fields of economics< In 1971, Simon kuzlets (USA) made a great contribution to the study of population development trend and the relationship between population structure and economic growth and income distribution In 1972, John Hicks (UK)Kenneth Joseph arrow (USA) deeply studied the economic equilibrium theory and welfare theory
In 1973, Vassily Leontief (former Soviet Union) developed the input-output method, which has been used in many important economic problems In 1974, F. von Hayek (Australia)Guna mudar (Sweden) deeply studied the monetary theory and economic fluctuation, and deeply analyzed the interdependence of economic, social and institutional phenomena
In 1975, Leonid Kantorovich (former Soviet Union) founded the world-famous key points of linear planning Jialin kupmans (USA) successfully applied mathematical statistics to econometrics and made a contribution to the theory of optimal allocation of resources In 1976, Milton Friedman (USA) founded the monetarism theory and put forward the permanent income hypothesis In 1977, Gotthard Betty Olin (Sweden) and James Edwards Mead (Britain) made pioneering research on international trade theory and international capital flow In 1978, Herbert yah Simon (USA) studied the decision-making process in economic organizations. This basic theory of decision-making process is generally accepted as an opinion on the actual decision-making of enterprises In 1979, William Arthur Lewis (USA) made a pioneering research on economic development, and deeply studied the issues that developing countries should pay special attention to in economic development In 1980, Lawrence Rowe Klein (USA) established a mathematical model of economic system on the basis of economic theory and empirical estimation based on real economic data In 1981, James Tobin (USA) expounded and developed Keynesian series of theories and macro models of fiscal and monetary policies, and made important contributions to the analysis of financial market and related expenditure decisions, employment, procts and prices In 1982, George Stigler (USA) made great contributions to instrial structure, the role of market and the role and influence of public economic laws and regulations In 1983, Loral Debreu (USA) generalized Pareto's optimal theory and established the existence theorem of economic and social equilibrium of related commodities In 2006, American economist Edmund Phelps. In the late 1960s, Phelps challenged the prevailing "Phillips curve" theory39, 2007, American economists Leonid hurwich, Eric Maskin and Roger Myerson. They have contributed to the creation and development of mechanism design theory
American economist Paul Krugman in 2008. Krugman integrated the previous studies on international trade and geoeconomics, and formed a set of theories on free trade, globalization and the driving forces of urbanization worldwide American economists Eleanor Ostrom and Oliver Williamson in 2009. Ostrom won the prize for "analysis of economic management, especially of public resource management", while Williamson won the prize for "analysis of economic management, especially of corporate boundary issues" In 2010, American economists Peter Diamond and dale Mortensen, and economist Christopher Pissarides, who has al nationality of Britain and Cyprus. The three economists won the Nobel Prize in economics in 2010 for their further analysis of the theory of how economic policies affect the unemployment rate In 2011, Christopher Simms of Princeton University and Thomas Sargent of New York University“ To some extent, economic crisis is policy crisis, so we need to study the role of policy variables in macroeconomic operation. " In 2012, American economists Alvin Roth and Lloyd Shapley won the 2012 Nobel Prize in economics for their practical theory of stable distribution and market design In 2013, American economist Eugene Fama, University of Chicago Professor Lars Pitt Hansen and American economist Robert J. Schiller won the 2013 Nobel Prize in economics for their pioneering work in financial markets, asset prices and the operation of behavioral economics46. In 2014, the "National Bank of Sweden Prize in economics in memory of Alfred Nobel" was announced on the afternoon of October 13 local time, and Professor Jean Tirole won the prize
In 2015, the British economist Angus Deaton won the 2015 Nobel Prize in economics for his research on consumption, poverty and welfare In 2016, American economists Oliver Hart and Bengt Holmstrom won the 2016 Nobel Prize in economics for their contributions to contract theory49. In 2017, Richard Thaler, an American economist, won the 2017 Nobel Prize in economics for his contribution in the field of behavioral economics
In 2018, American economists William Nordhaus and Paul Romer won the Nobel Prize in economics for integrating climate change and integrated technological innovation into long-term macroeconomic analysis, respectively51. In 2019, American economist, abigit Banerjee, Professor of international economics of Ford Foundation of Massachusetts Institute of technology, French economist, Esther fro, co-founder of j-pal and American development economist, Michael Kramer, currently professor of gates of Harvard University Development Association, won the Nobel Prize in economics in 2019 for his experimental approach to recing global poverty
1. Richard seller, 2017 Nobel Prize winner in economics, founder of behavioral finance, Professor of University of Chicago, 2017 Nobel Prize winner in economics. His main research fields are behavioral economics, behavioral finance and decision psychology. In the aspect of behavioral finance, Seiler studies the influence of human bounded rational behavior on financial market and makes many important contributions
2. Hartoliver Simon Arcy Hart, 2016 Nobel Prize winner in economics, American economist. Focusing on contract theory, enterprise theory, corporate finance and legal economics, he is one of the founders of contract theory, modern manufacturer theory and corporate finance theory
3. Homestrom, winner of the 2016 Nobel Prize in economics, is currently professor of economics Paul Samuelson at MIT. He is a famous micro economist. His most famous research field is contract and incentive theory, especially the application of related theories in the study of corporate governance and liquidity ring the financial crisis
The Nobel laureates Angus Deaton and Angus Deaton won the 2015 Nobel Prize in economics for their research on consumption, poverty and welfare. His main point is that the main reason for poverty is the incompetence of the governmentAt 17:45 on October 9, Beijing time, the 2017 Nobel Prize in economics was officially announced. The Royal Swedish Academy of Sciences announced that Richard Thaler, a professor at the University of Chicago Booth School of business, won the Nobel Prize in economics for his contribution to "behavioral economics."
Taylor has studied many abnormal phenomena in the real economic world, but he himself admits that the purpose of his research is not to subvert the traditional economic theory, but to hope that scholars can have a cognition of abnormal things and promote the continuous improvement of the traditional economic theory. Taylor's thinking on abnormal phenomena also leads to people's thinking on economic theory, that is, when the existing economic theory can not guide decision-making well, people begin to pay more attention to people's behavior, constantly question and think, and make up for the defects of the existing economic theoryThe Nobel Prize in economics is a prize set up by the Swedish National Bank in memory of Alfred Nobel, also known as the Swedish bank economics prize
the economics prize is not established according to Alfred Nobel's will, but it is similar to the Nobel Prize in the selection process and award ceremony
Since 1968, the awards have been awarded by the Royal Swedish Academy of Sciences once a year, following the principle of making the greatest contribution to the interests of mankind. In 1969, the first prize was awarded by Norwegian Friedrich and Dutch Jan timbergen. American economists such as Samuelson and Friedman won the prize On October 8, 2018, Paul Romer and William Nordhaus won the Nobel Prize in economics for their outstanding contributions to innovation, climate and economic growth
extended data:
the common argument that the economics prize is questioned is that economics has a broad theoretical basis and is as rigorous as mathematics
The issue of economics prize is often questioned, which violates the requirement of "making great contribution to the whole mankind" in the Nobel will. Because the contribution of economists does not match the name, and the neoclassical school, which has won the most awards, does not have a "knowledge system to deal with financial disasters"as early as 2001, members of the Nobel family published an open letter in the Swedish daily, criticizing the Nobel Prize in economics, believing that the establishment of the Nobel Prize in economics reced the style of the Nobel Prize
In an interview with reporters, members of the Nobel family even pointed out that the Nobel Prize in economics is just a "public relations strategy" adopted by some economists in order to improve their popularity. However, e to the financial strength of Swedish banks, the Nobel Prize in economics attracts economists from all over the world every year2. Review of the previous Nobel Prize in Economics (1969-2013): in 1969, Jane dingbergen (Netherlands) and ragner Frisch (Norway) contributed to the development of dynamic models to analyze the economic process. Ragner Frisch is the founder of econometrics, and Jane dingbergen is the father of the model builder of econometrics. In 1970, Paul Ann Summerson (USA) contributed to the development of mathematical and dynamic economic theory, which raised economic science to a new level. His research covers all fields of economics. In 1971, Simon kuzletz (USA) made a great contribution to the study of population development trend and the relationship between population structure and economic growth and income distribution. In 1972, John Hicks (UK) and Kenneth Joseph arrow (USA) made contributions to the in-depth study of economic equilibrium theory and welfare theory. In 1973, Vassily Leontief (former Soviet Union) contributed to the development of the input-output method, which has been used in many important economic problems. In 1974, F. von Hayek (Australia) and J. M. murdar (Sweden) made contributions to the in-depth study of monetary theory and economic fluctuations, and the in-depth analysis of the interdependence of economic, social and institutional phenomena. In 1975, Leonid Kantorovich (former Soviet Union) and Jialin kupmans (United States) made contributions: Kantorovich founded the world-famous key points of linear planning; Kupmans successfully applied mathematical statistics to econometrics and made a contribution to the theory of optimal allocation of resources. In 1976, Milton Friedman (USA) contributed to the creation of monetarism theory and put forward the permanent income hypothesis. In 1977, Gotthard Betty Olin (Sweden) and James Edward Mead (Britain) made a pioneering research on international trade theory and international capital flow. In 1978, Herbert yah Simon (USA) made a contribution: he studied the decision-making process in economic organizations. This basic theory about decision-making process is generally recognized as an opinion about the actual decision-making of companies. In 1979, William Arthur Lewis (United States) and Theodore Schultz (United States) made a pioneering research on economic development and deeply studied the issues that developing countries should pay special attention to in economic development. In 1980, Lawrence Rowe Klein (USA) made a contribution: Based on the economic theory, according to the empirical estimation made by the real data in the real economy, he established the mathematical model of the economic system. In 1981, James Tobin (USA) made an important contribution to the analysis of financial market and related expenditure decisions, employment, procts and prices. In 1982, George Stigler (USA) made a creative contribution to instrial structure, the role of market and the role and influence of public economic regulations. In 1983, Loral Debreu (USA) made a contribution: he generalized Pareto's optimal theory and established the existence theorem of economic and social equilibrium of related commodities. In 1984, Richard John stone, the father of national economic statistics, made a fundamental contribution to the development of the system of national accounts and greatly improved the basis of economic practice analysis. Franco Modigliani (Italy) contributed in 1985: he was the first to put forward the life cycle hypothesis of savings, which has been widely used in the study of household and enterprise savings. In 1986, James Buchanan (USA) made a contribution: combining the analysis of political decision-making with economic theory, expanding and applying economic analysis to the choice of socio political laws and regulations. In 1987, Robert Solow (USA) contributed to the growth theory and proposed that long-term economic growth mainly depends on technological progress rather than capital and labor input. In 1988, Maurice ares (France) made a pioneering contribution to the market theory and the effective utilization of resources, and systematically expounded the general equilibrium theory. In 1989, Trevor havemer (Norway) made a contribution to establish the basic guiding principles of modern econometrics. In 1990, Merton Miller (USA), Harry Markowitz (USA) and William sharp (USA) made pioneering work in financial economics. In 1991, Ronald Coase (UK) made a contribution: revealing and clarifying the importance of transaction costs and property rights in the structure and function of economic system. In 1992, Gary Beck (USA) extended microeconomic theory to the analysis of human interaction, including market behavior. In 1993, Douglas North (the United States) and Robert Fogel (the United States) made contributions: Douglas North established the "theory of institutional change" including the theory of property rights, the theory of state and the theory of ideology; Robert Fogel reinterprets the past process of economic development with new theories and mathematical tools of economic history. In 1994, John Nash (USA), John hessani (USA) and Reinhard zeerten (Germany) made a pioneering contribution to the equilibrium analysis theory of non cooperative game, which had a significant impact on game theory and economics. In 1995, Robert Lucas (USA) made a contribution: he advocated and developed the application theory of rational expectation and macroeconomic research, deepened people's understanding of economic policy, and put forward unique views on the theory of economic cycle. In 1996, James Morris (UK) and William Vickery (USA) made great contributions: James Morris made great contributions in the field of information economics, especially in the economic incentive theory under the condition of asymmetric information; William Vickery has made great contributions to information economics, incentive theory and game theory. In 1997, Robert Merton (USA) and Myron Scholes (USA) contributed: Robert Merton further weakened the assumptions on which the Black Scholes formula depends, and promoted it in many aspects; Myron Scholes gave the famous Black Scholes option pricing formula, which has become the thinking method of financial institutions involved in new financial procts. In 1998, Amartya Sen (India) contributed to several major issues of welfare economics, including the theory of social choice, the definition of welfare and poverty standards, and the study of scarcity. In 1999, Robert Mendel (Canada) won this award for his contribution to the analysis of monetary and fiscal policies under different exchange rate systems and the most suitable currency circulation area. In 2000, James J. Heckman (USA) and Daniel L. McFadden (USA) contributed to the development of theories and methods widely used in economics and other social sciences for statistical analysis of indivial and household behaviors. In particular, the development of Heckman's theory and method of analyzing selective samples and McFadden's theory and method of analyzing discrete choices. In 2001, Michael Spence (USA), George Akerlof (USA) and Joseph Stiglitz (USA) made important contributions in the field of "analysis of markets full of asymmetric information" Vernon Smith (USA) contribution: pioneering work in psychological and experimental economics research. In 2003, Robert Engel (USA) and Clive Granger (UK) contributed to the statistical analysis of two key properties of economic time series: time-varying volatility and nonstationarity. In 2004, Finn kidland (Norway) and Edward Prescott (USA) made important contributions in the field of dynamic macroeconomics. In 2005, Robert Auman (Israel) and Thomas Schelling (USA) contributed to deepen the understanding of conflict and cooperation through the analysis of game theory. In 2006, Edmund Phelps (USA) made a contribution: in the late 1960s, he challenged the prevailing "Phillips curve" theory. 2007 Leonid hurwich (USA), Eric Maskin (USA) and Roger Myerson (USA) contributed to the creation and development of "mechanism design theory". In 2008, Paul Krugman (USA) made a contribution: integrating the previous research on international trade and geoeconomics, forming a set of theories on free trade, globalization and the driving forces of urbanization worldwide. In 2009, Eleanor Ostrom (USA) and Oliver Williamson (USA) won the prize for "analysis of economic management, especially of public resource management"; Williamson, on the other hand, won the prize for his "analysis of economic management, especially the analysis of corporate boundary issues". In 2010, Peter Diamond (USA), Dale Mortensen (USA) and Christopher Pissarides (Cyprus) contributed to the further analysis of the theory of "how economic policies affect the unemployment rate". In 2011, Christopher Simms (USA) and Thomas Sargent (USA) contributed to the research on the role of policy variables in macroeconomic operation, and concted empirical research on the causes and effects in macroeconomics. In 2012, American economists Elvin Ross (USA) and Lloyd Shapley (USA) contributed to the establishment of "stable distribution" theory and the practice of "market design". In 2013, Eugene Fama (USA), Lars Pitt Hansen (USA) and Robert shearer (USA) made contributions: in recognition of their empirical analysis of asset prices.