Columbia University Faculty – Nobel Memorial Prize in Economic Sciences Laureates
Edmund S. Phelps
McVickar Professor of Political Economy, Columbia University
Appointment with Columbia University: Professor of Economics, 1971-present
Prize Motivation: “for his analysis of intertemporal tradeoffs in macroeconomic policy”
Contribution: Deepened our understanding of the relation between short-run and long-run effects of macroeconomic policy.
Prize Year: 2006
Joseph E. Stiglitz (George A. Akerlof, A. Michael Spence)
University Professor, Columbia University
Appointment with Columbia University: Professor of Economics, 2001-present
Prize Motivation: “for their analyses of markets with asymmetric information.”
Contribution: Showed that asymmetric information can provide the key to understanding many observed market phenomena, including unemployment and credit rationing.
Prize Year: 2001
James J. Heckman
Appointment with Columbia University: Professor of Economics, 1970 – 1974
Prize Motivation: “for his development of theory and methods for analyzing selective samples”
Contribution: Developed methods for handling selective samples in a statistically satisfactory way. He also showed how similar methods can be used to evaluate the effect of public labor market programs and educational programs, and to estimate the effect of length of unemployment on the probability of getting a job.
Prize Year: 2000
Robert A. Mundell
Appointment with Columbia University: Professor of Economics, 1974-present
Prize Motivation: “for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas”
Contribution: Analysed international macroeconomic policy and demonstrated the importance of the exchange rate regime, and how barriers to migration and capital movements stimulate commodity trade.
Prize Year: 1999
William Vickrey (James A. Mirrlees)
Appointment with Columbia University: Professor of Economics, 1958 – 1982
Prize Motivation: “for their fundamental contributions to the economic theory of incentives under asymmetric information”
Contribution: Developed methods of analyzing the problems of incomplete, or asymmetrical, information. Specialized in auction theory.
Prize Year: 1996
Appointment with Columbia University: Professor of Economics, 1957 –1969.
Prize Motivation: “for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior”
Contribution: Extended the domain of economic theory to aspects of human behavior which had previously been dealt with by other social science disciplines such as sociology, demography and criminology.
Prize Year: 1992
Becker Friedman Institute
Appointment with Columbia University: Instructor, 1942
Prize Motivation: “for his pioneering analyses of saving and financial markets”
Contribution: Developed sub models of private consumption and the financial sector, studied the consequences for household saving of changes in demography and economic growth, and laid the foundation for the field “corporate finance”.
Prize Year: 1985
George J. Stigler
Appointment with Columbia University: Professor of Economics, 1947 – 1958.
Prize Motivation: “for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation”
Contribution: Fundamental contributions to the study of market processes and the analysis of the structure of industries.
Prize Year: 1982