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Nobel Prize for Economic Sciences 2010


The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010
Peter A. Diamond, Dale T. Mortensen, Christopher A. Pissarides for (for their analysis of markets with search frictions )

“The three Laureates have formulated a theoretical framework for search markets. Peter Diamond has analyzed the foundations of search markets. Dale Mortensen and Christopher Pissarides have expanded the theory and have applied it to the labour market. The Laureates' models help us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy. This may refer to benefit levels in unemployment insurance or rules in regard to hiring and firing. One conclusion is that more generous unemployment benefits give rise to higher unemployment and longer search times.”

The Academy described the model as an important policy tool that can be used to interpret data and implement better policies regarding unemployment and housing
Peter A. Diamond
1- Peter A. Diamond
American economist Professor Diamond was born on April 29, 1940. He received the B.A. degree in mathematics summa cum laude from Yale University in 1960, and the Ph.D. degree in economics from MIT in 1963. He began his teaching career as an assistant professor of economics at the University of California at Berkeley in 1963 and was there until 1966, when he joined the MIT faculty as an associate professor. He was promoted to professor in 1970. He was head of the MIT economics department from 1985-86, held the John and Jennie S. MacDonald Professor of Economics chair from 1989-91, and in 1991 he was selected to hold the first Paul Samuelson Professorship in Economics.
Peter A. Diamond
In June, 1997, Professor Diamond was named an Institute Professor, the highest honor the MIT faculty can bestow upon a colleague. MIT President Charles Vest summarized Professor Diamond’s achievements then, saying, “As one of the world’s most distinguished economic theorists, you have enhanced our understanding of modern public finance, the role of search processes in the macroeconomy, the functioning of financial markets and the significance of fiscal policy in a growing economy. You have the respect of theorists and practitioners alike and have brought clarity and rigor to the debate over the future of Social Security in this country.”
In 1998, Professor Diamond was named co-chair of a panel convened by the National Academy of Social Insurance to study proposals to privatize Social Security. He served on the Senate Finance Committee’s Panel on Social Security Financing in the mid-1970s and on panels of technical experts consulting to the President’s Advisory Councils on Social Security.
Peter A. Diamond
Professor Diamond’s earliest work, published in the 1960s, analyzed the long-term effects of the growing national debt on the behavior of the economy. His second major publication (together with James Mirrlees) revolutionized the analysis of commodity taxes to combine issues of income distribution along with economic efficiency. Later research on prosperity and recession emphasized how the actions of each producer “spill over” and enlarge (or shrink) the market for other goods.
Professor Diamond lives in Lexington, Mass. with his wife. He has two sons.
Peter A. Diamondnobelwinner
Peter A. Diamond Books
Pension Reform: A Short Guide
with Nicholas Barr
Oxford University Press, forthcoming October 2009
Reforming Pensions: Principles and Policy Choices
with Nicholas Barr
Oxford University Press, 2008
Behavioral Economics and Its Applications
edited with Hannu Vartiainen
Princeton University Press, 2007
Saving Social Security: A Balanced Approach (Revised Edition)
with Peter Orszag
Brookings Institution Press, 2005
Taxation, Incomplete Markets, and Social Security
MIT Press, 2002
Social Security Reform
Oxford University Press, 2002
Issues in Privatizing Social Security: Report of an Expert Panel of the National Academy of Social Insurance
MIT Press, 1999
Social Security: What Role for the Future?
edited with David C. Lindeman and H Peyton Young
Brookings Institution Press, 1996
On Time: Lectures on Models of Equilibrium
Churchill Lectures in Economics Series
Cambridge University Press, 1994
Growth, Productivity, Unemployment: Essays to Celebrate Bob Solow's Birthday
MIT Press, 1990
A Search-Equilibrium Approach to the Micro Foundations of Macroeconomics
MIT Press, 1984
Uncertainty in Economics, Readings and Exercises
edited with Michael Rothschild
Academic Press, 1989
Peter A. Diamond  Honors Awards, and Grants
·        The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 
2010 along with Dale T. Mortensen and Christopher A. Pissarides.
·        Doctor Honoris Causa, Hebrew University, Jerusalem,2010
·        Robert M. Ball Award,2008
·        Jean – Jacques Laffont Prize ,2005
·        Samuelson Award From TIAA – CREF, 2003
·        Killian Award ,MIT, 2003 -4
·        Distinguished CES Fellow,2000
·         Fulbright Fellow ,University of Siena,2000 
·        Nemmers Prize,1994
·        Founding Member, National Academy of Social Insurance,1988
·        Member ,National Academy of  Sciences, elected 1984
·        Mahalanobis Memorial Award,1980
·        Fellow , American Academy of Arts And Sciences, elected 1978
·        Fellow, Econometric Society, elected  1968
·        National Science  Foundation Research Grants, 1965 to date
·        Guggenheim Fellow, 1/66-9/66,9/82 – 6/83
·        Social Science Research Fellow, 6/65-12/65

2- Dale T. Mortensen (February 2, 1939 )
Dale T. Mortensen 
Mortensen, , was born in Enterprise, the oldest of three boys. They were raised in Hood River, where Mortensen's father was a forester with a local lumber company. Irving Mortensen, Dale Mortensen's youngest brother, said Dale was the most serious of the three kids and loved books, but wasn't shy.

"Dale had a wonderful singing voice," Irving Mortensen said. "When I was young, I began to love all these old musicals because Dale would sing all over the house, songs from Showboat and My Fair Lady."
After graduating from Wy'East High School in 1957, Mortensen earned a full scholarship to Willamette University in Salem. There, Mortensen was one of the first students to pursue a bachelor's degree in economics with a mathematical approach to it, said Stewart Butler, who was Mortensen's classmate and roommate at the university.
Dale T. Mortensen  pioneered the theory of job search and search unemployment and extended it to study labor turnover, research and development, personal relationships, and labor reallocation. The model he helped develop has become the leading technique for the analysis of labor market fluctuations and the effects of labor market policy. The development of equilibrium dynamic models designed to account for wage dispersion, the time series behavior of job and worker flows, and the role of reallocation in the determination of aggregate growth and productivity found in Danish micro data are the principal topics of his current research. His publications include over fifty scientific articles.
1.      Wage Dispersion: Why are Similar People Paid Differently? MIT Press. Hardback edition, 2003.
            Paper back edition, 2004. Translated to Polish 2011.

2.      Search, Matching, Wage Dispersion, and Unemployment (with C.A. Pissarides),
            Oxford University Press, 2011.
Dale T. Mortensen nobelprizewinner2010
            Member of American Economics Association, Econometric Society, Society of Economic Dynamics,
                    Society of Labor Economics       
            American Economic Review Board of Editors, 1988-90.
            AEA Advisory Board to the U.S. Bureau of Census, 1987-1993.
            Advisory Board of the Tinbergen Institute, Amsterdam, The Netherlands, 1995-2001.
            President of the Society for Economic Dynamics, 1995-2000.
            Editoral Advisory Board, Review of Economic Dynamics, 1997.

            Fellow of the Institute of Advanced Studies, Hebrew University 1977‑78.                    
            Fellow of the Econometric Society, elected in 1979.
            Plenary Speaker, 1992 Meeting of the Society for Economic Dynamics and Control, Montreal, Canada,
                June 1992.

          President of the Society for Economic Dynamics and Control, 1995-2000

            Invited Speaker, 1996 Meeting of the New Zealand Association of Economics, Auckland New Zealand,
                and August, 1996.
            Keynote Speaker, 1996 Meeting of the European Association of Labor Economics, Chania, Crete,
                September 1996.
            Fellow of American Academy of Arts and Sciences, elected 2000.
            Zeuthen Lecturer, University of Copenhagen, November 2000.
            Mackintosh Lecture, Queens University, March 2002.
            Schumpeter Lecture Series, Humboldt University, June 2002.
            Klein Lecture, University of Pennsylvania, April 2004.
            Marshall Lecture, European Economic Association Meeting, Madrid Spain, August 2004.
            Fellow of the European Economic Association, elected in 2005.
            Lansdowne Lecture, University of Victoria, March 2005.
            Fellow of the Society for Labor Economics, elected in 2005.
            IZA Labor Economics Prize, 2005.
            Society of Labor Economics Mincer Prize, 2007.
            American Economic Association Distinguished Fellow, 2008.
            David H. Steine Memorial Lecture, Vanderbilt University,  April 2009
            Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2010.

 3- Christopher A. Pissarides
Christopher A. Pissarides
"What we should really be doing is make sure the unemployed do not stay unemployed for too long, to try to give them direct work experience, so that they don’t lose their attachment to the labor force."
Christopher A Pissarides
was born in Cyprus 1948, and is a British and Greek Cypriot economist. On October 11 2010 he was awarded the 2010 Nobel Memorial Prize in Economic Sciences, which he shared with Dale Mortensen and Peter Diamond. Mr Pissarides currently holds the Norman Sosnow Chair in Economics at the London School of Economics. He is mostly known for his contributions to the search and matching theory for studying the interactions beteen the labor market and the macro economi.
Christopher A. Pissarides
Peter Diamond, Dale Mortensen and Christopher Pissarides won the 2010 Nobel Prize in Economics on Oct 11th 2010 "for their analysis of markets with search frictions," the Royal Swedish Academy of Sciences said.
According to the citation from the prize committee, Christopher Pissarides and the other Laureates’ ”models help us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy.”
  Christopher A. Pissarides


Equilibrium Unemployment Theory - 2nd Edition

Women at Work: An Economic Perspective

NBER International Seminar on Macroeconomics 2008
•    Nobel Prize in Economics in 2010, jointly with Dale Mortensen, Peter A. Diamond, for "analysis of markets with search frictions
•    Vice President of the European Economic Association - President in 2011
•    IZA Prize in Labor Economics, jointly with Dale Mortensen, 2005
•    Fellow of the European Economic Association, 2005
•    Fellow of the European Economic Association, 2005
•    Fellow of the British Academy, 2002
Fellow of the Econometric Society, 1997
Sources :
Short Biography for  Peter A. Diamond
 by Sarah H. Wright
‘Markets with search frictions’ theory creators win the Nobel Prize in Economic Sciences article by AlphaGalileo Foundation