Wednesday, December 08, 2021
image 12 Oct
  • 12 Oct 2021
Nobel Economics Prize 2021

Nobel Economics Prize 2021

The work of David Card, Joshua Angrist and Guido Imbens, who were awarded the Nobel Prize in Economics on Monday, is based on "natural experiments", an innovative method of empirical research developed in the 1990s.Natural experiments are real-life situations that economists study and analyse to determine cause-and-effect relationships.In some ways they are similar to clinical trials, in which researchers evaluate the effectiveness of new drugs by separating test and control groups at random. "We are replicating something that could be done in a laboratory," says Julien Pinter, a researcher at the University of Minho in Portugal and an economist at BSI Economics.  

Credit To amarisatya

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