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ASU on short list of universities with multiple Nobels in economics


October 13, 2015

The Nobel Prize in economics was awarded for the 47th time this week, to a professor at Princeton University who researches public-policy responses to poverty.

It was the sixth time a Princeton professor has received the award. That type of repetition is not unusual. In the nearly five decades of the award's existence, "Nobel Prize-winning economists have been clustered among a small group of prestigious universities," writes the Associated Press.

Among them is Arizona State University.

ASU joins the likes of Harvard, Yale, Stanford, Columbia, the Massachusetts Institute of Technology and the University of Cambridge in the United Kingdom as one of only 14 institutions with multiple Nobel laureates in economics.

Two ASU professors have won the award.

In 2004, Edward Prescott, Regents' Professor in the W.P. Carey School of Business, was honored for his work studying how economic policies are "plagued by problems of time inconsistency," according to the Nobel committee. Prescott's work demonstrated that societies would "gain from prior commitment to economic policy."

In 2009, Elinor Ostrom, who was an ASU research professor, was awarded the Nobel for her work challenging the conventional wisdom, in the words of the Nobel committee, "by demonstrating how local property can be successfully managed by local commons without any regulation by central authorities or privatization."

The Associated Press detailed the universities that have had multiple Nobel economics winners.

Article source: ABC News

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