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News Summary: Economics Nobel won by 3 Americans

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The Associated Press | October 14, 2013 11:37 AM EST | AP


DISRUPTORS: Three Americans won the Nobel prize for economics for developing methods to study trends in stock, bond and house prices — work that has changed the way people invest.

THREE PATHS: Eugene Fama showed in the 1960s how hard it is to predict markets in the short run, while Robert Shiller two decades later showed how it can be done in the long run. Lars Peter Hansen developed a statistical method to test theories of asset pricing.

SEVEN FIGURES: For their separate research, the three economists shared the $1.2 million prize — the last of this year's Nobel awards to be announced.