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Three Americans Win Nobel Prize for Economics

Prize awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller 'for their empirical analysis of asset prices.'

Three American scientists won the 2013 Nobel Prize in Economic Sciences on Monday "for their empirical analysis of asset prices," the award-giving body said.

The Royal Swedish Academy of Sciences gave the 8 million crown ($1.25 million) prize to Eugene Fama, Lars Peter Hansen and Robert Shiller.

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

Earlier this month the Nobel Prize committee awarded the Nobel Peace Prize to the Organization for the Prohibition of Chemical Weapons (OPCW), the Nobel Prize in Physics to François Englert and Peter W. Higgs, the Nobel Prize in Chemistry to Martin Karplus, Michael Levitt and Arieh Warshel, the Nobel Prize in Physiology or Medicine and the Nobel Prize in Literature to Alice Munro.