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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013
Eugene F. Fama, Lars Peter Hansen, Robert J. Shiller

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Lars Peter Hansen - Facts

Lars Peter Hansen

Lars Peter Hansen

Born: 26 October 1952, Urbana, IL, USA

Affiliation at the time of the award: University of Chicago, Chicago, IL, USA

Prize motivation: "for their empirical analysis of asset prices"

Field: econometrics, financial economics

Prize share: 1/3

Trendspotting in Asset Markets

For many of us, the rise and fall of stock prices symbolizes economic development. Eugene Fama demonstrated that stock price movements are impossible to predict in the short-term, while Robert Shiller discovered that stock prices can be predicted over a longer period. In 1982, Lars Peter Hansen developed a statistical method for testing this type of theory. He demonstrated that Shiller's results could not be fully explained within the then-current models and Hansen's method is now used within all economics research.

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