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U of M alumnus awarded Nobel Prize for economics

October 14, 2013

University of Minnesota alumnus Lars Peter Hansen, former Department of Economics faculty member Robert Shiller, and Eugene Fama have been awarded the 2013 Nobel Memorial Prize in Economic Sciences "for their empirical analysis of asset prices."

Hansen received his Ph.D. in economics from the University of Minnesota in 1978, and is a professor at the University of Chicago. Shiller began his career at the University of Minnesota as an assistant professor from 1972-74, and is a professor at Yale University. Fama is a professor at the University of Chicago. Together their research has laid the foundation for the current understanding of asset prices.

"Lars Peter Hansen is one of our own, and, once again, we proudly celebrate a Nobel Prize won by another of our remarkable alumni," university President Eric Kaler said. "As the state's only public research university, we prepare scholars to create new knowledge and leaders to help change Minnesota and the world for the better. Dr. Hansen's Nobel Prize recognizes his groundbreaking work, and it confirms the exceptional strength of our world-class economics department and of a University of Minnesota education."

 About the U of M Department of Economics and Heller-Hurwicz Economics Institute
The U of M College of Liberal Arts’ Department of Economics consistently ranks among the nation’s top economics programs. Several of the department's alumni, faculty members, and former faculty members  have received the Nobel Prize. Most recently, Thomas Sargent and Christopher Sims, both former University of Minnesota Department of Economics faculty members, received the Nobel Prize in 2011 (link). University of Minnesota Professor Leonid Hurwicz was a co-winner of the Nobel Prize in 2007 (link).

The Heller-Hurwicz Economics Institute (named after world-leading economics scholars Leo Hurwicz and Walter Heller) is a global initiative in the Department of Economics, created to inform and influence public policy by supporting and promoting frontier economic research and by communicating its findings to leading academics, policymakers and business executives around the world.

For more information about HHEI, visit

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