U of M grad wins Nobel Prize for economics


Lars Peter Hansen, who got his Ph.D. at the University of Minnesota in 1978, was one of three awarded the Nobel Prize for economics early Monday morning, the Nobel Prize academy announced.

The other winners were fellow University of Chicago professor Eugene F. Fama and Yale University professor Robert J. Shiller.

The three were honored for discovering that, while stock and bond prices can't be predicted over days or weeks, it is quite possible to foresee the broad course of prices over longer periods, such as three- to five-year spans, the Nobel committee noted.

The academy says, "The Laureates have laid the foundation for the current understanding of asset prices. It relies in part on fluctuations in risk and risk attitudes, and in part on behavioral biases and market frictions."

Hansen, 60, is an economics and statistics professor at University of Chicago. There's more information about him at his University of Chicago bio page, which says Hansen is "an internationally known leader in economic dynamics."

The main theme of his research has been "to devise and apply econometric methods that are consistent with the probabilistic framework of the economic models under investigation. His work has implications for consumption, savings investment, and asset pricing," his bio says.

The U of M Department of Economics has other Nobel Laureates. Longtime U of M professor Leo Hurwicz won in 2007, according to the U. Daniel McFadden, a graduate of the U of M's Ph.D. program, received the Nobel Prize in 2000.

The U of M was recently ranked No. 11 in the nation for best schools of economics.

The Nobel economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968, and was not originally part of the group of awards established in dynamite tycoon Nobel's 1895 will, Reuters notes.

Next Up


Here's how much snow fell in Minnesota on Sunday

Some localized areas saw more than expected.

Lindsay Guentzel

For The Week: What's harder than making a meal plan? Sticking to it!

Lindsay Guentzel says you shouldn't give up on your meal planning routines.

Screen Shot 2019-12-17 at 11.15.34 AM

Two people fatally shot by police in Wadena County, two officers injured

Another man was shot in the altercation, which police claim started when one of the suspects opened fire on officers.

snow, plow

Winter storm warnings issued as snow system shifts in Minnesota

The worst of the snow will now hit further north, affecting areas including St. Cloud and the I-94 corridor.

Matt Dumba

Matt Dumba beats the clock to give Wild sixth straight win

Dumba scored as overtime came to a close for another Wild victory.

Karl-Anthony Towns

Bradley Beal terrorizes Timberwolves in loss to Wizards

Beal and the Wizards handed the Wolves their seventh straight defeat.

Marcus Carr / Gopher basketball

Gophers tourney hopes take another blow with loss to Nebraska

Marcus Carr scored a career-high 41 points, but Minnesota is still winless on the road.

St. Paul police

St. Paul police arrest teenage boy in carjacking crackdown

This comes amid a dramatic spike in Twin Cities carjackings.


Snow latest: Twin Cities set for up to 4 inches

A narrow system will travel across Minnesota overnight.


Former U of M educators win Nobel Prize in economics

Thomas Sargent and Christopher Sims were selected for their research into why economies respond the way they do to intervention by central banks or other government authorities.

Nobel chemistry prize winner has Minnesota roots

University of Minnesota-Duluth graduate Brian Kobilka and another scientist won the 2012 Nobel Prize in chemistry Wednesday for research into protein receptors, studies that are important in the quest for better drugs, the Associated Press reports. He grew up in the Little Falls, Minn., area.