Description

Below is a list of the prizewinners during the period 1991 - 1995 with a description of the works which won them their prizes: (1991) R 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; (1992) G S BECKER -- for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour; (1993) R W FOGEL & D C NORTH - for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change; (1994) J C HARSANYI, J F NASH & R SELTEN - for their pioneering analysis of equilibria in the theory of non-cooperative games; (1995) R E LUCAS - for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.