Trio win Nobel Economics Prize for 'natural experiments'

THREE US-based academics on Monday won the Nobel Economics Prize for research that "revolutionized" empirical work in their field and brought better understanding of how labor markets work, the jury said.

Canadian David Card, Israeli-American Joshua Angrist and Dutch-American Guido Imbens shared the prize for providing "new insights about the labor market" and showing "what conclusions about cause and effect can be drawn from natural experiments," the Nobel committee said in a statement.