2013: Shiller, Fama & Hansen

The 2013 Prize was awarded jointly to Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller "for their empirical analysis of asset prices".

To understand the way in which the financial market operates is the dream of many, and for now there is no theory able to correctly predict asset price movements. This year laureates' devoted their investigation to analyzing empirically the movements of the stock market, revolutionizing the way that the stock market is treated in academia. They have proved that there is no predictability in the short run, although in the long run there seems to be some predictability.