Nobel Prize

Your Majesties, Your Royal Highnesses, Ladies and Gentlemen My remarks in connection with the 2009 award to Professor Ostrom and myself of the Nobel Prize in Economic Sciences in memory of Alfred Nobel are in three parts. First, Professor Ostrom and I deeply appreciate the honor that the Nobel Committee has conferred…

Your Majesties, Your Royal Highnesses, Laureates, Ladies and Gentlemen: I am sure that my first thought, when I received the call telling me that I would receive the Prize in Economic Sciences, was the same as the first thought of many previous recipients – namely, to wonder which of my colleagues had…

.ברוך אתה יי אלוהינו מלך העולם הטוב והמיטיב Blessed are you, God, our Lord, Monarch of the Universe, who is good and does good. After partaking of a meal with fine wines, we recite this benediction when we are served with a superb wine. Your Royal Highnesses, we have, over the years,…

Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, One of the great joys of research – whether it be in economics, physics, chemistry or any academic discipline – is the act of discovery, those moments when we are surprised by what we have found … when our original ideas are turned upside…

Clive W.J. Granger’s speech at the Nobel Banquet, December 10, 2003 Rob Engle and I are concerned with extracting useful implications from economic data, and so the properties of the data are of particular importance. Rob deals with financial markets which produce…

Vernon L. Smith’s speech at the Nobel Banquet, December 10, 2002 Vernon L. Smith delivering his banquet speech. © Nobel Media AB 2002. Photo: Hans Mehlin Toast I wish to celebrate: The Royal Family for their grace and charm in this magnificent affirmation of the dignity of humankind. Daniel Kahneman for his ingenuity in the…

George A. Akerlof ‘s speech at the Nobel Banquet, December 10, 2001 My colleagues and I would like to express our deepest gratitude for the prize bestowed upon us for our work on asymmetric information. Asymmetric information occurs where buyers and sellers have different information. It has been present since the dawn of trade. In…

Daniel L. McFadden’s speech at the Nobel Banquet, December 10, 2000 Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, The term “economics”, in its original Greek, means “of the hearth”, the ancient and practical science of household management. Over the millennia, the discipline has transformed itself into a grander enterprise, speaking sagely of the organization…

Your Majesties, Your Royal Highness, Ladies and Gentlemen, More than two millennia ago, the poet Horace said, “It is lovely to be silly at the right moment.” Well, I plead silliness in taking this to be the right moment. Here is my first silly thought. Disciplinary boundaries can generate giddy suspicions. Physicists…

Robert C. Merton’s speech at the Nobel Banquet, December 10, 1997 Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, Myron Scholes, my colleague and dear friend of some thirty years, and I are deeply grateful to the Royal Swedish Academy of Sciences for this ultimate honour. But for us this is also a bittersweet moment…