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The Nobel Prize was established by the will of Alfred Nobel (1833-1896), the Swedish chemist who invented dynamite, to recognize humanitarian endeavors in physics, chemistry, physiology or medicine, literature, and peace. A prize in economics was introduced in 1969 after the Bank of Sweden donated funds for its monetary awards. In 1992 the economic prize carried a cash award of $1.2 million.
Nominations for the prize are solicited through invitation only, with over a thousand invitations per prize category, and require a written statement in support of the nomination. Committees then evaluate the nominees and make their recommendations to the appropriate prize-awarding organization. All the selection work for the Nobel Prize is conducted in secrecy. In economics the prize is awarded by the Royal Swedish Academy of Sciences. To date, thirty-two Americans have been honored with the prize.
The following individuals were awarded the Nobel Prize in economics:
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Nobel Memorial Prize Winners in Economic Science
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1990: Harry Markowitz, Merton Miller, William Sharpe
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1991: Ronald H. Coase
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1992: Gary S. Becker
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1993: Robert W. Fogel, Douglass C. North
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1994: John C. Harsanyi, John F. Nash Jr., Reinhard Selten
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1995: Robert E. Lucas Jr.
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1996: James A. Mirrlees, William Vickrey
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1997: Robert C. Merton, Myron S. Scholes
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1998: Amartya Sen
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1999: Robert A. Mundell
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2000: James J. Heckman, Daniel L. McFadden
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2001: George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
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2002: Daniel Kahneman, Vernon L. Smith
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2003: Robert F. Engle, Clive W. J. Granger
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2004: Finn E. Kydland, Edward C. Prescott
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2005: Robert J. Aumann, Thomas C. Schelling
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2006: Edmund S. Phelps
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