Americans Robert Shiller, Eugene Fama, and Lars Peter Hansen have won the Nobel Memorial Prize in Economic Sciences.
The Royal Swedish Academy of Sciences on Monday honored the three "for their empirical analysis of asset prices." The Nobel committees have now announced all six of the annual $1.2 million awards for 2013.
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.
Shiller is a Yale economist whose name is best known for the Case-Shiller home price index. Last week, James Rothman of Yale shared in the Nobel Prize in Medicine or Physiology. According to Binyamin Appelbaum of the New York Times, Shiller's family wasn't really paying attention to the possibility of the Michigan native getting a Nobel.
Shiller called his brother after winning the Nobel Prize and said, "Did you hear the news?" Brother: "Yeah, the Tigers lost."
— Binyamin Appelbaum (@BCAppelbaum) October 14, 2013
Last week, Yale's James Rothman shared in the Nobel Prize in Physiology or Medicine.
This story contains information from The Associated Press.