2013 Nobel Prize for Economics

The 2013 Nobel Prize in economics has been awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller.for their "empirical analysis of asset prices", according to the awarding committee

The prize is worth 8m Swedish krona (£775,000; $1.2m), which will be shared equally among the three winners.

Eugene Fama from the University of Chicago was praised for demonstrating that share prices are extremely difficult to predict in the short run, with new information quickly incorporated into prices.

Lars Peter Hansen, also from the University of Chicago, was awarded the prize for his development of a statistical method that was able to test theories on asset pricing.

Robert Shiller, from Yale University, was included for his 1980s discovery that stock prices fluctuate much more than corporate dividends.