Richard Thaler’s Nobel Prize

by Mario Rizzo Richard Thaler has won the Nobel Prize for initiating the behavioral moment in economics. My view of the Nobel Prize in economics is much like Time magazine’s view of its “Person of the Year.” It is awarded to the economist who "for better or for worse... has done the most to influence” … Continue reading Richard Thaler’s Nobel Prize


by Mario Rizzo I have very little to say directly about this year’s Nobel Prize in Economics. I do not know whether the seemingly-technical contributions of Alvin E. Roth and Lloyd S. Shapley rise to the level of a Nobel Prize. However, I am mindful that the Nobel Committee has to give the award every year. … Continue reading “ECONOMICS” NOBEL PRIZE – 2012 Edition

Elinor Ostrom and the Relevance of Economics

by Mario Rizzo   The work of Elinor Ostrom, the first woman to receive the Nobel Prize in economics, is not very well-known among economists. In fact, I would venture the guess than most economists had not heard of her before the prize was announced yesterday morning.   Two reasons for this are that her degree is … Continue reading Elinor Ostrom and the Relevance of Economics