Peter A. Diamond, Dale T. Mortensen, Christopher A. Pissarides

They are the new winners of the Nobel Prize.  I'll be adding updated information for the next hour or two, so if you use RSS please visit the blog's home site for the latest!

This is a prize for search theory and labor markets and job matching, all very important ideas today, especially in the United States.  It is a well deserved prize and all authors have produced very well-cited and very influential papers.  It is a theory prize, although Diamond in particular also has some empirical papers.  I'll write a separate post for each economist.


You scooped even CNN.

So, unemployment problems will be over if policymakers apply the theories of the 3 laureates? I thank the Nobel Committee heartily on behalf of millions of unemployed around the world.

The Swedish Central Bank prize for irrelevance in economics goes to...

Once again, with the exception of a few people mentioning Diamond, the prize went to the unforecasted and unexpected, although not undeserving. This is one item for which all the betting pools and prediction markets just do not work at all.

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