David Card, Joshua D. Angrist, and Guido W. Imbens made their careers studying unintentional experiments: Mr. Card studied labor economics, and Mr. Angrist and Mr. Imbens analyzed causality.
Their work earned them the 2021 Nobel Prize in economics on Monday.
All three winners are based in the United States. Born in Canada, Mr. Card works at the University of California, Berkeley. Mr. Angrist, who was born in the USA, studies at the Massachusetts Institute of Technology, and Mr. Imbens, who was born in the Netherlands, studies at Stanford University.
“Identifying causal relationships is a major challenge,” said Peter Fredriksson, chairman of the award committee. “Sometimes changes in character or politics create situations that resemble randomized experiments. This year’s laureates have shown that such experiments in nature help to answer important questions for society. ”
Mr. Card’s work challenged conventional wisdom in labor economics, including the idea that higher minimum wages lead to lower employment. He co-authored influential research on the topic with Alan B. Kruger, who died in 2019, including a study that used the natural geographic boundary between New Jersey and Pennsylvania to test the impact of changing minimum wages. Comparing results between states, the study found that employment in fast food restaurants was not affected increase in the minimum wage in New Jersey.
Mr. Angrist and Mr. Imbens have contributed to the way researchers think and analyze natural experiments.
They showed that it was possible to find a clear effect of interventions on people’s behavior – for example, a subsidy that could encourage people to cycle to work – even if the researcher has no control over who participates in the experiment, and even if the impact varies. between people. The couple also developed a transparent framework for such research, which increased trust in it.
“The challenge for me has always been to try to understand when people are doing empirical work, what exactly are the methodological problems,” said Mr. Imbens, speaking at a press conference that was announced over the phone.
Mr Imbens said he was asleep when he received a call from the prize committee – around 2 a.m. – and was “completely stunned” to hear the news. He noted that Mr. Angrist was best man at his wedding.
Two American economists affiliated with Stanford University, Paul R. Milgrom and Robert B. Wilson, received the 2020 Nobel Prize in Economics for their improvements in auction theory. Abhijit Banerjee and Esther Duflo of MIT and Michael Kremer of Harvard won 2019 for their experimental research in development economics.
The award, officially known as the Alfred Nobel Sveriges Riksbank Award in Economics, has been awarded since 1969.
Who Else Will Be the 2021 Nobel Prize Laureate?
The Nobel Prize in Physiology or Medicine was jointly awarded to David Julius and Ardem Pataputian, who independently discovered the key mechanisms of how people feel heat, cold, touch and movement of their own bodies.
Shukuro Manabe, Klaus Hasselmann and Giorgio Parisi were awarded the Nobel Prize in Physics for their work that “laid the foundation for our knowledge of the Earth’s climate and how humanity affects it.”
The Nobel Prize in Chemistry went to Benjamin List and David W.C. McMillan for developing a new tool for making molecules, work that spurred advances in pharmaceutical research and enabled scientists to create catalysts with significantly lower environmental impact.
Abdulrazak Gurna was awarded the Nobel Prize in Literature for “his uncompromising and compassionate insight into the aftermath of colonialism and the fate of a refugee in the chasm between cultures and continents.”
Two journalists thousands of miles apart, Maria Ressa from the Philippines and Dmitry A. Muratov from Russia, were awarded the Nobel Peace Prize for their tireless efforts to hold the mighty accountable.
Travelers flying Southwest Airlines over the weekend faced hundreds of canceled flights, as well as unpleasant delays, with the airline canceling about a quarter of all its flights on Saturday and Sunday.
According to the FlightAware tracking service, the airline canceled just over 800 flights on Saturday, or 24% of all scheduled flights. By Sunday afternoon, Southwest had canceled more than 1,000 flights, or 28 percent of its schedule, and hundreds more were delayed.
“At the start of the weekend, we faced weather conditions at our Florida airports, exacerbated by unexpected air traffic control problems in the same region, causing delays and significant flight cancellations,” the airline said in a statement on Sunday. “We continued painstaking work over the weekend to reboot our work, with a focus on rearranging aircraft and crews to take care of our customers.”
Southwest added that recovering from the disaster was more difficult than usual because it operates fewer flights than it did before the pandemic, making it harder to relocate passengers.
The latest James Bond performance, No Time to Die, brought Hollywood its third box office success in a month.
But the box office remains extremely fragile in the pandemic era, analysts say, and the only films gaining significant attention in theaters are big-budget franchised films, Brooks Barnes reports in The New York Times. Audiences for small dramas and comedies appear to be – at least for now – satisfied with home viewing, either buying movies via video-on-demand or watching them on streaming services.
“Superhero, action and horror films perform well in theaters, especially when they are offered exclusively and not simultaneously available for streaming,” said David A. Gross, chief executive of Franchise Entertainment Research, a consultancy.
No Time to Die gave Hollywood hope that the worst times of the pandemic were in the past. Billed as the 25th issue of the Bond franchise and starring Daniel Craig in his fifth and final role as 007, No Time to Die has grossed nearly $ 56 million in 4,407 theaters in the US and Canada according to Comscore estimates. According to Metro-Goldwyn-Mayer and its overseas distribution partner, Universal Pictures International, the Bond film grossed an additional $ 257 million with partial overseas release.