The card was recognized for its groundbreaking work on the minimum wage, market effects of immigration and education. For example, he showed that raising the minimum wage does not necessarily lead to fewer jobs.
The other half of the prize was given to Angrist and Imbens for demonstrating how to draw accurate conclusions about cause and effect from natural experiments – or situations arising from real life.
“The study of the card of key questions for society and the methodological contributions of Angrist and Imbens have shown that natural experiments are a rich source of knowledge. Their research has greatly improved our ability to answer important causal questions, which It has been very beneficial to the society.” Peter Fredrickson, chairman of the Economic Sciences Prize Committee, said in a statement.
Card was born in Guelph, Canada and is a professor at the University of California, Berkeley. Angrist is a professor at the Massachusetts Institute of Technology. Imbens was born in Eindhoven, Netherlands and is a professor at Stanford University in California.
The prize, officially known as the Sveriges Riksbank Prize in Economic Sciences, was not instituted by Alfred Nobel. It was established by the central bank of Sweden and is awarded in memory of Nobel.
The card will receive half of the 10 million Swedish kronor ($1.1 million) prize. Half of the prize money will be divided between Angrist and Imbans.
Professors at Stanford University were recognized for theoretical discoveries that improved the way auctions worked and made it easier to allocate scarce resources.
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Credit : edition.cnn.com