Three American economists were awarded the Nobel Memorial Prize in Economic Science on Monday for theoretical work that demonstrated the importance — and the limitations — of the idea that markets for assets such as stocks and housing are too efficient for most investors and policymakers to outsmart.
Eugene Fama and Lars Peter Hansen of the University of Chicago, along with Yale's Robert Shiller, received the award from the Stockholm-based Royal Swedish Academy of Sciences on Monday.
Read more...U.S. economists' insights on markets win Nobel
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