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U.S. Trio Wins Nobel Economics Prize

Economist Robert Shiller speaks at a hearing on the mortgage crisis on Capitol Hill in Washington, D.C., in September 2007.

The U.S. trio of Lars Peter Hansen, Eugene Fama, and Robert Shiller have won the Nobel economics prize for their groundbreaking work on trend spotting in asset markets.

Fama and Hansen are both professors at the University of Chicago, while Shiller is a professor at Yale University in Connecticut.

Americans have dominated the list of economics laureates, with 17 out of 20 laureates coming from the United States in the past 10 years.

The economics award is not a Nobel Prize in the same sense as the medicine, chemistry, physics, literature, and peace prizes, which were created by Swedish industrialist Alfred Nobel in 1895.

Sweden's central bank added the economics prize in 1968 as a memorial to Nobel.

The Nobel committees have now announced all six of the annual $1.2 million awards for 2013.

Based on reporting by AFP, Reuters, and AP