The Nobel Prize for Economics has been given to economists Guido W. Imbens, Joshua D. Angrist, and David Card.

Card received recognition for his work in labor economics. Angrist was awarded for the contribution to analysis of causal relationships, and Imbens for the same.

The Stanford University economists were elected to the Stanford University faculty last year Paul R. Milgrom and Robert B. Wilson were awarded the prizeThey were praised for “improvements to the theory of auctions and inventing new forms of auction.”

Sveriges’ Riksbank Prize for Economic Sciences in Memory Alfred Nobel comes with a cash award of 10,000,000 Swedish Krona ($1.1 Million) and a gold-plated medal.

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