Two Americans Win Nobel Economics Prize

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Last updated at: (Beijing Time) Thursday, October 10, 2002

Two Americans Win Nobel Economics Prize

Two Americans won the 2002 Nobel Memorial Prize in Economic Sciences on Wednesday for pioneering the use of psychological and experimental economics in decision-making.

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Two Americans won the 2002 Nobel Memorial Prize in Economic Sciences on Wednesday for pioneering the use of psychological and experimental economics in decision-making.

Daniel Kahneman, 68, who holds Israeli and US citizenship, and Vernon L. Smith, 75, of George Mason University in the United States will share the 10 million kronor (one million US dollars) prize.

Kahneman born in Tel Aviv and based at Princeton University, was lauded for having "integrated insights from psychological research into economic science", and Smith for having "established laboratory experiments as a tool in empirical economic analysis, according to the Royal Swedish Academy of Sciences.

Smith laid the foundation for the field of experimental economics, demonstrating the importance of alternative institutions.

The academy singled out Smith's use of "wind-tunnel tests," where trials of new, alternative market designs are carried out in the laboratory before being implemented. That could be useful, for example, in deciding on deregulating electricity markets and the privatization of public monopolies, the academy said in its citation.

Wednesday's announcement of the economics prize was the second Nobel of the day after the chemistry award, which went to American John B. Fenn, Koichi Tanaka of Japan and Kurt Wuethrich of Switzerland for inventing techniques used to identify and analyze proteins that have revolutionized the search for new medicines.

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