<P> The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is awarded annually by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences . The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen . Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years . In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007 . The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death . </P> <P> As of the awarding of the 2018 prize, 50 Nobel Memorial Prizes in Economic Sciences have been given to 81 individuals . Up to 2007, nine awards had been given for contributions to the field of macroeconomics, more than any other category . The institution with the most affiliated laureates in economic sciences is the University of Chicago, which has 30 affiliated laureates . </P> <Table> <Tr> <Th> Year </Th> <Th> </Th> <Th> Laureate </Th> <Th> Country </Th> <Th> Rationale </Th> <Th> Alma mater </Th> <Th> Institution (most significant tenure / at time of receipt) </Th> </Tr> <Tr> <Td> 1969 </Td> <Td> </Td> <Td> Ragnar Frisch </Td> <Td> Norway </Td> <Td> "for having developed and applied dynamic models for the analysis of economic processes" </Td> <Td> University of Oslo </Td> <Td> University of Oslo </Td> </Tr> <Tr> <Td> </Td> <Td> Jan Tinbergen </Td> <Td> Netherlands </Td> <Td> Leiden University </Td> <Td> Erasmus University </Td> </Tr> <Tr> <Td> 1970 </Td> <Td> </Td> <Td> Paul Samuelson </Td> <Td> United States </Td> <Td> "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science" </Td> <Td> Harvard University </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 1971 </Td> <Td> </Td> <Td> Simon Kuznets </Td> <Td> United States </Td> <Td> "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development" </Td> <Td> Columbia University </Td> <Td> Harvard University </Td> </Tr> <Tr> <Td> 1972 </Td> <Td> </Td> <Td> John Hicks </Td> <Td> United Kingdom </Td> <Td> "for their pioneering contributions to general economic equilibrium theory and welfare theory ." </Td> <Td> University of Oxford </Td> <Td> University of Oxford </Td> </Tr> <Tr> <Td> </Td> <Td> Kenneth Arrow </Td> <Td> United States </Td> <Td> Columbia University </Td> <Td> Stanford University </Td> </Tr> <Tr> <Td> 1973 </Td> <Td> </Td> <Td> Wassily Leontief </Td> <Td> Soviet Union United States </Td> <Td> "for the development of the input - output method and for its application to important economic problems" </Td> <Td> University of Berlin </Td> <Td> Harvard University </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Gunnar Myrdal </Td> <Td> Sweden </Td> <Td> "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena ." </Td> <Td> Stockholm University </Td> <Td> Stockholm University </Td> </Tr> <Tr> <Td> </Td> <Td> Friedrich Hayek </Td> <Td> Austria United Kingdom </Td> <Td> University of Vienna </Td> <Td> London School of Economics, University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Leonid Kantorovich </Td> <Td> Soviet Union </Td> <Td> "for their contributions to the theory of optimum allocation of resources" </Td> <Td> Leningrad State University </Td> <Td> Novosibirsk State University </Td> </Tr> <Tr> <Td> </Td> <Td> Tjalling Koopmans </Td> <Td> Netherlands United States </Td> <Td> University of Leiden </Td> <Td> University of Chicago, Yale University </Td> </Tr> <Tr> <Td> 1976 </Td> <Td> </Td> <Td> Milton Friedman </Td> <Td> United States </Td> <Td> "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy" </Td> <Td> Columbia University </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> 1977 </Td> <Td> </Td> <Td> Bertil Ohlin </Td> <Td> Sweden </Td> <Td> "for their pathbreaking contribution to the theory of international trade and international capital movements" </Td> <Td> Stockholm University </Td> <Td> Stockholm School of Economics </Td> </Tr> <Tr> <Td> </Td> <Td> James Meade </Td> <Td> United Kingdom </Td> <Td> University of Cambridge </Td> <Td> University of Cambridge </Td> </Tr> <Tr> <Td> 1978 </Td> <Td> </Td> <Td> Herbert A. Simon </Td> <Td> United States </Td> <Td> "for his pioneering research into the decision - making process within economic organizations" </Td> <Td> University of Chicago </Td> <Td> Carnegie Mellon University </Td> </Tr> <Tr> <Td> 1979 </Td> <Td> </Td> <Td> Theodore Schultz </Td> <Td> United States </Td> <Td> "for their pioneering research into economic development research with particular consideration of the problems of developing countries ." </Td> <Td> South Dakota State University, University of Wisconsin - Madison </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> Arthur Lewis </Td> <Td> Saint Lucia United Kingdom </Td> <Td> London School of Economics </Td> <Td> Princeton University </Td> </Tr> <Tr> <Td> 1980 </Td> <Td> </Td> <Td> Lawrence Klein </Td> <Td> United States </Td> <Td> "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> University of Pennsylvania </Td> </Tr> <Tr> <Td> 1981 </Td> <Td> </Td> <Td> James Tobin </Td> <Td> United States </Td> <Td> "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices" </Td> <Td> Harvard University </Td> <Td> Yale University </Td> </Tr> <Tr> <Td> 1982 </Td> <Td> </Td> <Td> George Stigler </Td> <Td> United States </Td> <Td> "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation" </Td> <Td> University of Chicago </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Gérard Debreu </Td> <Td> France </Td> <Td> "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium" </Td> <Td> École Normale Supérieure University of Paris </Td> <Td> University of California, Berkeley </Td> </Tr> <Tr> <Td> 1984 </Td> <Td> </Td> <Td> Richard Stone </Td> <Td> United Kingdom </Td> <Td> "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis" </Td> <Td> University of Cambridge </Td> <Td> University of Cambridge </Td> </Tr> <Tr> <Td> 1985 </Td> <Td> </Td> <Td> Franco Modigliani </Td> <Td> Italy </Td> <Td> "for his pioneering analyses of saving and of financial markets" </Td> <Td> The New School for Social Research </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 1986 </Td> <Td> </Td> <Td> James M. Buchanan </Td> <Td> United States </Td> <Td> "for his development of the contractual and constitutional bases for the theory of economic and political decision - making" </Td> <Td> University of Chicago </Td> <Td> George Mason University </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Robert Solow </Td> <Td> United States </Td> <Td> "for his contributions to the theory of economic growth" </Td> <Td> Harvard University </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 1988 </Td> <Td> </Td> <Td> Maurice Allais </Td> <Td> France </Td> <Td> "for his pioneering contributions to the theory of markets and efficient utilization of resources" </Td> <Td> École Polytechnique </Td> <Td> École Nationale Supérieure des Mines de Paris, Paris Nanterre University </Td> </Tr> <Tr> <Td> 1989 </Td> <Td> </Td> <Td> Trygve Haavelmo </Td> <Td> Norway </Td> <Td> "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures" </Td> <Td> University of Oslo </Td> <Td> University of Oslo </Td> </Tr> <Tr> <Td> 1990 </Td> <Td> </Td> <Td> Harry Markowitz </Td> <Td> United States </Td> <Td> "for their pioneering work in the theory of financial economics" </Td> <Td> University of Chicago </Td> <Td> City University of New York </Td> </Tr> <Tr> <Td> </Td> <Td> Merton Miller </Td> <Td> Johns Hopkins University </Td> <Td> Carnegie Mellon University, University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> William F. Sharpe </Td> <Td> University of California, Los Angeles </Td> <Td> Stanford University </Td> </Tr> <Tr> <Td> 1991 </Td> <Td> </Td> <Td> Ronald Coase </Td> <Td> United Kingdom </Td> <Td> "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy" </Td> <Td> London School of Economics </Td> <Td> University of Chicago, London School of Economics </Td> </Tr> <Tr> <Td> 1992 </Td> <Td> </Td> <Td> Gary Becker </Td> <Td> United States </Td> <Td> "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour" </Td> <Td> University of Chicago </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> 1993 </Td> <Td> </Td> <Td> Robert Fogel </Td> <Td> United States </Td> <Td> "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change" </Td> <Td> Johns Hopkins University </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> Douglass North </Td> <Td> University of California, Berkeley </Td> <Td> Washington University in St Louis </Td> </Tr> <Tr> <Td> 1994 </Td> <Td> </Td> <Td> John Harsanyi </Td> <Td> United States </Td> <Td> "for their pioneering analysis of equilibria in the theory of non-cooperative games ." </Td> <Td> Stanford University </Td> <Td> University of California, Berkeley </Td> </Tr> <Tr> <Td> </Td> <Td> John Forbes Nash </Td> <Td> Princeton University </Td> <Td> Princeton University </Td> </Tr> <Tr> <Td> </Td> <Td> Reinhard Selten </Td> <Td> Germany </Td> <Td> Goethe University Frankfurt </Td> <Td> University of Bonn </Td> </Tr> <Tr> <Td> 1995 </Td> <Td> </Td> <Td> Robert Lucas, Jr . </Td> <Td> United States </Td> <Td> "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy" </Td> <Td> University of Chicago </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> James Mirrlees </Td> <Td> United Kingdom </Td> <Td> "for their fundamental contributions to the economic theory of incentives under asymmetric information" </Td> <Td> University of Cambridge </Td> <Td> University of Oxford, University of Cambridge </Td> </Tr> <Tr> <Td> </Td> <Td> William Vickrey </Td> <Td> Canada United States </Td> <Td> Columbia University </Td> <Td> Columbia University </Td> </Tr> <Tr> <Td> 1997 </Td> <Td> </Td> <Td> Robert C. Merton </Td> <Td> United States </Td> <Td> "for a new method to determine the value of derivatives ." </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> </Td> <Td> Myron Scholes </Td> <Td> Canada United States </Td> <Td> University of Chicago </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 1998 </Td> <Td> </Td> <Td> Amartya Sen </Td> <Td> India </Td> <Td> "for his contributions to welfare economics" </Td> <Td> University of Cambridge </Td> <Td> Harvard University, University of Cambridge </Td> </Tr> <Tr> <Td> 1999 </Td> <Td> </Td> <Td> Robert Mundell </Td> <Td> Canada </Td> <Td> "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Columbia University </Td> </Tr> <Tr> <Td> 2000 </Td> <Td> </Td> <Td> James Heckman </Td> <Td> United States </Td> <Td> "for his development of theory and methods for analyzing selective samples" </Td> <Td> Princeton University </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> Daniel McFadden </Td> <Td> United States </Td> <Td> "for his development of theory and methods for analyzing discrete choice" </Td> <Td> University of Minnesota </Td> <Td> University of California Berkeley, Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 2001 </Td> <Td> </Td> <Td> George Akerlof </Td> <Td> United States </Td> <Td> "for their analyses of markets with asymmetric information" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Georgetown University, University of California Berkeley </Td> </Tr> <Tr> <Td> </Td> <Td> Michael Spence </Td> <Td> Harvard University </Td> <Td> Harvard University </Td> </Tr> <Tr> <Td> </Td> <Td> Joseph E. Stiglitz </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Princeton University, Columbia University </Td> </Tr> <Tr> <Td> 2002 </Td> <Td> </Td> <Td> Daniel Kahneman </Td> <Td> Israel United States </Td> <Td> "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision - making under uncertainty" </Td> <Td> University of California, Berkeley </Td> <Td> Princeton University, University of British Columbia </Td> </Tr> <Tr> <Td> </Td> <Td> Vernon L. Smith </Td> <Td> United States </Td> <Td> "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms" </Td> <Td> Harvard University </Td> <Td> University of Arizona </Td> </Tr> <Tr> <Td> 2003 </Td> <Td> </Td> <Td> Robert F. Engle </Td> <Td> United States </Td> <Td> "for methods of analyzing economic time series with time - varying volatility (ARCH)" </Td> <Td> Cornell University </Td> <Td> University of California, San Diego </Td> </Tr> <Tr> <Td> </Td> <Td> Clive Granger </Td> <Td> United Kingdom </Td> <Td> "for methods of analyzing economic time series with common trends (cointegration)" </Td> <Td> University of Nottingham </Td> <Td> University of California, San Diego </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Finn E. Kydland </Td> <Td> Norway </Td> <Td> "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles ." </Td> <Td> Carnegie Mellon University </Td> <Td> Carnegie Mellon University </Td> </Tr> <Tr> <Td> </Td> <Td> Edward C. Prescott </Td> <Td> United States </Td> <Td> Carnegie Mellon University </Td> <Td> Carnegie Mellon University </Td> </Tr> <Tr> <Td> 2005 </Td> <Td> </Td> <Td> Robert J. Aumann </Td> <Td> United States Israel </Td> <Td> "for having enhanced our understanding of conflict and cooperation through game - theory analysis ." </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Hebrew University of Jerusalem </Td> </Tr> <Tr> <Td> </Td> <Td> Thomas C. Schelling </Td> <Td> United States </Td> <Td> Harvard University </Td> <Td> Yale University, Harvard University </Td> </Tr> <Tr> <Td> 2006 </Td> <Td> </Td> <Td> Edmund S. Phelps </Td> <Td> United States </Td> <Td> "for his analysis of intertemporal tradeoffs in macroeconomic policy" </Td> <Td> Yale University </Td> <Td> Columbia University </Td> </Tr> <Tr> <Td> 2007 </Td> <Td> </Td> <Td> Leonid Hurwicz </Td> <Td> Poland United States </Td> <Td> "for having laid the foundations of mechanism design theory" </Td> <Td> London School of Economics </Td> <Td> University of Minnesota, Iowa State University </Td> </Tr> <Tr> <Td> </Td> <Td> Eric S. Maskin </Td> <Td> United States </Td> <Td> Harvard University </Td> <Td> Harvard University </Td> </Tr> <Tr> <Td> </Td> <Td> Roger B. Myerson </Td> <Td> Harvard University </Td> <Td> Northwestern University </Td> </Tr> <Tr> <Td> 2008 </Td> <Td> </Td> <Td> Paul Krugman </Td> <Td> United States </Td> <Td> "for his analysis of trade patterns and location of economic activity" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> 2009 </Td> <Td> </Td> <Td> Elinor Ostrom </Td> <Td> United States </Td> <Td> "for her analysis of economic governance, especially the commons" </Td> <Td> University of California, Los Angeles </Td> <Td> Indiana University </Td> </Tr> <Tr> <Td> </Td> <Td> Oliver E. Williamson </Td> <Td> "for his analysis of economic governance, especially the boundaries of the firm" </Td> <Td> Carnegie Mellon University </Td> <Td> University of Pennsylvania, University of California Berkeley </Td> </Tr> <Tr> <Td> </Td> <Td> </Td> <Td> Peter A. Diamond </Td> <Td> United States </Td> <Td> "for their analysis of markets with search frictions" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Massachusetts Institute of Technology </Td> </Tr> <Tr> <Td> </Td> <Td> Dale T. Mortensen </Td> <Td> Carnegie Mellon University </Td> <Td> Northwestern University </Td> </Tr> <Tr> <Td> </Td> <Td> Christopher A. Pissarides </Td> <Td> Cyprus </Td> <Td> London School of Economics </Td> <Td> London School of Economics </Td> </Tr> <Tr> <Td> 2011 </Td> <Td> </Td> <Td> Thomas J. Sargent </Td> <Td> United States </Td> <Td> "for their empirical research on cause and effect in the macroeconomy" </Td> <Td> Harvard University </Td> <Td> Hoover Institution, University of Minnesota </Td> </Tr> <Tr> <Td> </Td> <Td> Christopher A. Sims </Td> <Td> Harvard University </Td> <Td> University of Minnesota </Td> </Tr> <Tr> <Td> 2012 </Td> <Td> </Td> <Td> Alvin E. Roth </Td> <Td> United States </Td> <Td> "for the theory of stable allocations and the practice of market design ." </Td> <Td> Stanford University </Td> <Td> Stanford University, Harvard University </Td> </Tr> <Tr> <Td> </Td> <Td> Lloyd S. Shapley </Td> <Td> Princeton University </Td> <Td> University of California, Los Angeles </Td> </Tr> <Tr> <Td> 2013 </Td> <Td> </Td> <Td> Eugene F. Fama </Td> <Td> United States </Td> <Td> "for their empirical analysis of asset prices ." </Td> <Td> University of Chicago </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> Lars Peter Hansen </Td> <Td> University of Minnesota </Td> <Td> University of Chicago </Td> </Tr> <Tr> <Td> </Td> <Td> Robert J. Shiller </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Yale University </Td> </Tr> <Tr> <Td> 2014 </Td> <Td> </Td> <Td> Jean Tirole </Td> <Td> France </Td> <Td> "for his analysis of market power and regulation". </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Massachusetts Institute of Technology Toulouse School of Economics École des hautes études en sciences sociales </Td> </Tr> <Tr> <Td> 2015 </Td> <Td> </Td> <Td> Angus Deaton </Td> <Td> United Kingdom United States </Td> <Td> "for his analysis of consumption, poverty, and welfare". </Td> <Td> University of Cambridge </Td> <Td> University of Bristol, Princeton University </Td> </Tr> <Tr> <Td> 2016 </Td> <Td> </Td> <Td> Oliver Hart </Td> <Td> United Kingdom United States </Td> <Td> "for their contributions to contract theory". </Td> <Td> Princeton University </Td> <Td> Massachusetts Institute of Technology, Harvard University </Td> </Tr> <Tr> <Td> </Td> <Td> Bengt Holmström </Td> <Td> Finland </Td> <Td> Stanford University </Td> <Td> Massachusetts Institute of Technology, Yale University </Td> </Tr> <Tr> <Td> 2017 </Td> <Td> </Td> <Td> Richard Thaler </Td> <Td> United States </Td> <Td> "for his contributions to behavioural economics". </Td> <Td> University of Rochester </Td> <Td> Cornell University, University of Chicago </Td> </Tr> <Tr> <Td> 2018 </Td> <Td> </Td> <Td> William Nordhaus </Td> <Td> United States </Td> <Td> "for integrating climate change into long - run macroeconomic analysis" </Td> <Td> Massachusetts Institute of Technology </Td> <Td> Yale University </Td> </Tr> <Tr> <Td> </Td> <Td> Paul Romer </Td> <Td> "for integrating technological innovations into long - run macroeconomic analysis" </Td> <Td> University of Chicago </Td> <Td> New York University </Td> </Tr> </Table> <Tr> <Th> Year </Th> <Th> </Th> <Th> Laureate </Th> <Th> Country </Th> <Th> Rationale </Th> <Th> Alma mater </Th> <Th> Institution (most significant tenure / at time of receipt) </Th> </Tr>

Who has been awarded with the nobel prize 2018 in the field of economics