3 Americans win 2013 Nobel Prize in Economics
Eugene Fama, Lars Peter Hansen and Robert Shiller, all Americans, won the Nobel Prize in Economics, for developing methods to study trends in stock, bond and housing markets. The Royal Swedish Academy of Sciences said that through their separate research, the three had laid the foundation of the current understanding of asset prices and changed the way people invest. While it's hard to predict whether stock or bond prices will go up or down in the short term, it's possible to foresee movements over periods of three years or longer, the academy said. "These findings, which might seem surprising and contradictory, were made and analyzed by this year's laureates," the academy said.

The Sveriges Riksbanks Prize in Economic Sciences in Memory of Alfred Nobel...