The Nobel committee granted its last award to the American Economists Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller, for their “empirical analysis of asset prices.”
Although there is no way to predict the prices of stocks and bonds in a short term, the committee says it is “certainly possible to predict the course of prices in large long periods” between three or five years , such as stock, sovereign bonds and real estate.
“These findings, which appear surprising and contradictory, were made and analyzed by the winners of this year ” , adds the academy.
The winners were awarded eight million kronor ( 922,000 euros , or $ 1.3 million.) With the Nobel of economics this year’s edition of the awards is officially closed. The awards ceremony will be held on December 10 in Oslo and Stockholm, at the same time.