Year Laureate Country Rationale Alma mater Institution (most significant tenure / at time of receipt) 1969 Ragnar Frisch Norway "for having developed and applied dynamic models for the analysis of economic processes '' University of Oslo University of Oslo Jan Tinbergen Netherlands Leiden University Erasmus University 1970 Paul Samuelson United States "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science '' Harvard University Massachusetts Institute of Technology 1971 Simon Kuznets United States "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development '' Columbia University Harvard University 1972 John Hicks United Kingdom "for their pioneering contributions to general economic equilibrium theory and welfare theory. '' University of Oxford University of Oxford Kenneth Arrow United States Columbia University Stanford University 1973 Wassily Leontief Soviet Union United States "for the development of the input - output method and for its application to important economic problems '' University of Berlin Harvard University Gunnar Myrdal Sweden "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena. '' Stockholm University Stockholm University Friedrich Hayek Austria United Kingdom University of Vienna London School of Economics, University of Chicago Leonid Kantorovich Soviet Union "for their contributions to the theory of optimum allocation of resources '' Leningrad State University Novosibirsk State University Tjalling Koopmans Netherlands United States University of Leiden University of Chicago, Yale University 1976 Milton Friedman United States "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy '' Columbia University University of Chicago 1977 Bertil Ohlin Sweden "for their pathbreaking contribution to the theory of international trade and international capital movements '' Stockholm University Stockholm School of Economics James Meade United Kingdom University of Cambridge University of Cambridge 1978 Herbert A. Simon United States "for his pioneering research into the decision - making process within economic organizations '' University of Chicago Carnegie Mellon University 1979 Theodore Schultz United States "for their pioneering research into economic development research with particular consideration of the problems of developing countries. '' South Dakota State University, University of Wisconsin - Madison University of Chicago Arthur Lewis Saint Lucia United Kingdom London School of Economics Princeton University 1980 Lawrence Klein United States "for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies '' Massachusetts Institute of Technology University of Pennsylvania 1981 James Tobin United States "for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices '' Harvard University Yale University 1982 George Stigler United States "for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation '' University of Chicago University of Chicago Gérard Debreu France "for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium '' École Normale Supérieure University of California, Berkeley 1984 Richard Stone United Kingdom "for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis '' University of Cambridge University of Cambridge 1985 Franco Modigliani Italy "for his pioneering analyses of saving and of financial markets '' The New School for Social Research Massachusetts Institute of Technology 1986 James M. Buchanan United States "for his development of the contractual and constitutional bases for the theory of economic and political decision - making '' University of Chicago George Mason University Robert Solow United States "for his contributions to the theory of economic growth '' Harvard University Massachusetts Institute of Technology 1988 Maurice Allais France "for his pioneering contributions to the theory of markets and efficient utilization of resources '' École Polytechnique École Nationale Supérieure des Mines de Paris, Paris Nanterre University 1989 Trygve Haavelmo Norway "for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures '' University of Oslo University of Oslo 1990 Harry Markowitz United States "for their pioneering work in the theory of financial economics '' University of Chicago City University of New York Merton Miller Johns Hopkins University Carnegie Mellon University, University of Chicago William F. Sharpe University of California, Los Angeles Stanford University 1991 Ronald Coase United Kingdom "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy '' London School of Economics University of Chicago, London School of Economics 1992 Gary Becker United States "for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour '' University of Chicago University of Chicago 1993 Robert Fogel United States "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change '' Johns Hopkins University University of Chicago Douglass North University of California, Berkeley Washington University in St Louis 1994 John Harsanyi United States "for their pioneering analysis of equilibria in the theory of non-cooperative games. '' Stanford University University of California, Berkeley John Forbes Nash Princeton University Princeton University Reinhard Selten Germany Goethe University Frankfurt University of Bonn 1995 Robert Lucas, Jr. United States "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy '' University of Chicago University of Chicago James Mirrlees United Kingdom "for their fundamental contributions to the economic theory of incentives under asymmetric information '' University of Cambridge University of Oxford, University of Cambridge William Vickrey Canada United States Columbia University Columbia University 1997 Robert C. Merton United States "for a new method to determine the value of derivatives. '' Massachusetts Institute of Technology Massachusetts Institute of Technology Myron Scholes Canada United States University of Chicago Massachusetts Institute of Technology 1998 Amartya Sen India "for his contributions to welfare economics '' University of Cambridge Harvard University, University of Cambridge 1999 Robert Mundell Canada "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas '' Massachusetts Institute of Technology Columbia University 2000 James Heckman United States "for his development of theory and methods for analyzing selective samples '' Princeton University University of Chicago Daniel McFadden United States "for his development of theory and methods for analyzing discrete choice '' University of Minnesota University of California Berkeley, Massachusetts Institute of Technology 2001 George Akerlof United States "for their analyses of markets with asymmetric information '' Massachusetts Institute of Technology Georgetown University, University of California Berkeley Michael Spence Harvard University Harvard University Joseph E. Stiglitz Massachusetts Institute of Technology Princeton University, Columbia University 2002 Daniel Kahneman Israel United States "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision - making under uncertainty '' University of California, Berkeley Princeton University, University of British Columbia Vernon L. Smith United States "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms '' Harvard University University of Arizona 2003 Robert F. Engle United States "for methods of analyzing economic time series with time - varying volatility (ARCH) '' Cornell University University of California, San Diego Clive Granger United Kingdom "for methods of analyzing economic time series with common trends (cointegration) '' University of Nottingham University of California, San Diego Finn E. Kydland Norway "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles. '' Carnegie Mellon University Carnegie Mellon University Edward C. Prescott United States Carnegie Mellon University Carnegie Mellon University 2005 Robert J. Aumann United States Israel "for having enhanced our understanding of conflict and cooperation through game - theory analysis. '' Massachusetts Institute of Technology Hebrew University of Jerusalem Thomas C. Schelling United States Harvard University Yale University, Harvard University 2006 Edmund S. Phelps United States "for his analysis of intertemporal tradeoffs in macroeconomic policy '' Yale University Columbia University 2007 Leonid Hurwicz Poland United States "for having laid the foundations of mechanism design theory '' London School of Economics University of Minnesota, Iowa State University Eric S. Maskin United States Harvard University Harvard University Roger B. Myerson Harvard University Northwestern University 2008 Paul Krugman United States "for his analysis of trade patterns and location of economic activity '' Massachusetts Institute of Technology Massachusetts Institute of Technology 2009 Elinor Ostrom United States "for her analysis of economic governance, especially the commons '' University of California, Los Angeles Indiana University Oliver E. Williamson "for his analysis of economic governance, especially the boundaries of the firm '' Carnegie Mellon University University of Pennsylvania, University of California Berkeley Peter A. Diamond United States "for their analysis of markets with search frictions '' Massachusetts Institute of Technology Massachusetts Institute of Technology Dale T. Mortensen Carnegie Mellon University Northwestern University Christopher A. Pissarides Cyprus London School of Economics London School of Economics 2011 Thomas J. Sargent United States "for their empirical research on cause and effect in the macroeconomy '' Harvard University Hoover Institution, University of Minnesota Christopher A. Sims Harvard University University of Minnesota 2012 Alvin E. Roth United States "for the theory of stable allocations and the practice of market design. '' Stanford University Stanford University, Harvard University Lloyd S. Shapley Princeton University University of California, Los Angeles 2013 Eugene F. Fama United States "for their empirical analysis of asset prices. '' University of Chicago University of Chicago Lars Peter Hansen University of Minnesota University of Chicago Robert J. Shiller Massachusetts Institute of Technology Yale University 2014 Jean Tirole France "for his analysis of market power and regulation ''. Massachusetts Institute of Technology Massachusetts Institute of Technology, Toulouse School of Economics, École des hautes études en sciences sociales 2015 Angus Deaton United Kingdom United States "for his analysis of consumption, poverty, and welfare ''. University of Cambridge University of Bristol, Princeton University 2016 Oliver Hart United Kingdom United States "for their contributions to contract theory ''. Princeton University Massachusetts Institute of Technology, Harvard University Bengt Holmström Finland Stanford University Massachusetts Institute of Technology, Yale University 2017 Richard Thaler United States "for his contributions to behavioural economics ''. University of Rochester Cornell University, University of Chicago
who won the nobel prize for economics in 2009
Elinor Ostrom Oliver E. Williamson