**ROBERT A. MUNDELL** for his analysis of monetary and fiscal
policy under different exchange rate regimes and his analysis of optimum
currency areas.

**AMARTYA SEN** for his
contributions to welfare economics.

**ROBERT C. MERTON** and **MYRON S. SCHOLES** for a new
method to determine the value of derivatives.

**JAMES A. MIRRLEES** and **WILLIAM VICKREY** for their
fundamental contributions to the economic theory of incentives under asymmetric
information.

**ROBERT LUCAS** for having
developed and applied the hypothesis of rational expectations, and thereby
having transformed macroeconomic analysis and deepened our understanding of
economic policy.

The prize was awarded jointly to:

**JOHN C. HARSANYI** , **JOHN F. NASH** and **REINHARD SELTEN** for their
pioneering analysis of equilibria in the theory of non-cooperative games.

The prize was awarded jointly to:

**ROBERT W. FOGEL** and **DOUGLASS C. NORTH** for having renewed research in economic history
by applying economic theory and quantitative methods in order to explain
economic and institutional change.

**GARY S. BECKER** for having extended the domain of
microeconomic analysis to a wide range of human behaviour and interaction,
including nonmarket behaviour.

**RONALD H. COASE** for his discovery and clarification of the
significance of transaction costs and property rights for the institutional
structure and functioning of the economy.

The prize was awarded with one third each to:

**HARRY M. MARKOWITZ** , **MERTON M. MILLER** and **WILLIAM F. SHARPE** for their pioneering work in the theory of
financial economics.

**TRYGVE HAAVELMO** for his
clarification of the probability theory foundations of econometrics and his
analyses of simultaneous economic structures.

**MAURICE ALLAIS** for his
pioneering contributions to the theory of markets and efficient utilization of
resources.

**ROBERT M. SOLOW** for his contributions to the theory of economic
growth.

**JAMES M. BUCHANAN,
JR.** for his development of the contractual and
constitutional bases for the theory of economic and political decision-making.

**FRANCO MODIGLIANI** for his
pioneering analyses of saving and of financial markets.

**SIR RICHARD STONE** for having made fundamental contributions to
the development of systems of national accounts and hence greatly improved the
basis for empirical economic analysis.

**GERARD DEBREU** for having
incorporated new analytical methods into economic theory and for his rigorous
reformulation of the theory of general equilibrium.

**GEORGE J. STIGLER** for his seminal studies of industrial
structures, functioning of markets and causes and effects of public regulation.

**JAMES TOBIN** for his analysis of
financial markets and their relations to expenditure decisions, employment,
production and prices.

**LAWRENCE R. KLEIN** for the creation of econometric models and the
application to the analysis of economic fluctuations and economic policies.

The prize was divided equally between:

**THEODORE W. SCHULTZ** and **SIR ARTHUR LEWIS** for their pioneering research into economic
development research with particular consideration of the problems of developing
countries.

**HERBERT A. SIMON** for his pioneering research into the
decision-making process within economic organizations.

The prize was divided equally between:

**BERTIL OHLIN** and **JAMES E MEADE** for their pathbreaking contribution to the
theory of international trade and international capital movements.

**MILTON FRIEDMAN** for his
achievements in the fields of consumption analysis, monetary history and theory
and for his demonstration of the complexity of stabilization policy.

The prize was awarded jointly to:

**LEONID VITALIYEVICH KANTOROVICH **and **TJALLING C. KOOPMANS** for their contributions to the theory of
optimum allocation of resources.

The prize was divided equally between:

**GUNNAR MYRDAL** and **FRIEDRICH AUGUST VON
HAYEK** 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.

**WASSILY LEONTIEF** for the
development of the input-output method and for its application to important
economic problems.

The prize was awarded jointly to:

**SIR JOHN R. HICKS** and **KENNETH J. ARROW** for their pioneering contributions to general
economic equilibrium theory and welfare theory.

**SIMON KUZNETS** 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.

**PAUL A SAMUELSON** 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.

The prize was awarded jointly to:

**RAGNAR FRISCH** and **JAN TINBERGEN** for having
developed and applied dynamic models for the analysis of economic processes.

[Prizes in Literature * Peace * Chemistry * Physics * Medicine ]