In September 2021, three economists, David Card, Joshua Angrist, and Guido Imbens, were awarded the Nobel Prize in Economics for their contributions to the field of “natural experiments” in economics.
David Card, an American economist and professor at the University of California, Berkeley, has made significant contributions to labor economics and the study of immigration. His research often involves the use of natural experiments to analyze the impacts of policy interventions and economic shocks.
Joshua Angrist, an American economist and professor at the Massachusetts Institute of Technology (MIT), has focused his research on empirical methods in labor economics and education economics. He has extensively used natural experiments, such as instrumental variables, to examine causal relationships in economic research.
Guido Imbens, a Dutch-American economist and professor at Stanford University, has made influential contributions to econometrics and causal inference. His work has advanced the use of natural experiments and instrumental variable techniques to address endogeneity and selection bias in empirical studies.
The research conducted by these economists has provided valuable insights into the effects of various economic policies and interventions. Their use of natural experiments, which exploit random variations and policy changes, has helped identify causal relationships and improve the understanding of complex economic phenomena.
The Nobel Prize recognition highlights the importance of rigorous empirical analysis and the impact of “natural experiments” in shaping economic research and policy.