Nobel Prize in economics awarded to David Card, Joshua D. Angrist and Guido W. Imbens

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Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.

Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.

The award — the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.

Card, 65, is a professor of economics at the University of Berkeley, California. Angrist, 61, is Ford professor of economics at the Massachusetts Institute of Technology, and Imbens, 58, is a professor of economics at the Stanford Graduate School of Business.  

The Nobel Institute said in a statement that the three laureates had “provided us with new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments.” 

Last year, Stanford University economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for their “improvements to auction theory and invention of new auction formats.”

This is a breaking news story and will be updated shortly.

(With Inputs from cnbc)

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