Nobel Prize in Economics for Card, Angrist and Imbens for their analysis of the labor market

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Economists David Card, Joshua D Angrist and Guido W. Imbens received the Nobel Prize in Economics on Monday for "drawing conclusions from unexpected experiments" and applying them to the analysis of the labor market, reported the Royal Swedish Academy of Sciences.

The three experts reside in the United States: Card, works at the University of California at Berkeley;

Joshua Angrist, at the Massachusetts Institute of Technology;

and Guido Imbens, at Stanford University.

The Royal Swedish Academy of Sciences reported that all three have "completely reshaped empirical work in economics."

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The trio "has provided us with new insights into the labor market and demonstrated what conclusions about cause and effect can be drawn from natural experiments," according to the ad.

"His approach has spread to other fields and has revolutionized empirical research."

Unlike the other Nobel prizes, the one in economics was not established in Alfred Nobel's will, but by the Swedish central bank in his memory in 1968, and the first winner was selected a year later.

It is the last award to be announced each year.

Last year the award went to two Stanford University economists who tackled the tricky problem of making auctions work more efficiently.

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It also created an endearing moment when one of them had to knock on the other's door in the middle of the night to wake him up and tell him that they had won.

Last week, journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia were awarded the 2021 Nobel Peace Prize for their fight for freedom of expression in countries where reporters have faced persistent attacks, harassment and even murders.

The Nobel Prize in Literature was awarded to the UK-based Tanzanian writer Abdulrazak Gurnah, who was recognized for his "uncompromising and compassionate insight into the effects of colonialism and the fate of the refugee."

The Medicine Prize went to the Americans David Julius and Ardem Patapoutian for their discoveries about how the human body perceives temperature and touch.

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Three scientists won the Physics award for their work that found order in apparent disorder, helping to explain and predict complex forces in nature, including expanding our understanding of the climate emergency.

Benjamin List and David WC MacMillan won the Chemistry award for finding an easier and environmentally cleaner way to build molecules that can be used to make compounds, including medicines and pesticides.