Eugene Fama and Lars Peter Hansen of the University of Chicago and Robert Shiller of Yale University were awarded the Nobel Prize in economics. Their research, when fused together, helped answer the critical question of what determines the prices of an asset, whether a stock, bond or house.
Oct. 14, 2013 From left, Torsten Persson, Per Krusell, Staffan Normark and Per Stromberg of the Royal Swedish Academy of Sciences announce the Nobel Prize for economics during a news conference at the academy in Stockholm. The pictures on the screen show, from left, winners Eugene Fama, Lars Peter Hansen and Robert Shiller, all of the United States. Their research, when fused together, helped answer the question of what determines the prices of an asset. Claudio Bresciani/European Pressphoto Agency Buy Photo