US trio win Nobel economics award

STOCKHOLM: US trio Lars Peter Hansen, Eugene Fama and Robert Shiller won the Nobel Economics Prize on Monday for groundbreaking work on spotting trends in asset markets, the jury said.

The three “have laid the foundation for the current understanding of asset prices. It relies in part on fluctuations in risk and risk attitudes, and in part on behavioral biases and market frictions,” the Royal Swedish Academy of Sciences said.