Privatizing Transportation Systems

To explore the relation between early career performance or recognition and receiving the Nobel Prize in Economic Sciences, we compare winners of the John Bates Clark Medal, the most prestigious early career recognition for economists, with other successful scholars. The initial comparison combines JBCM winners with scholars published in leading economics journals, controlling for educational background (institution conferring the Ph.D.) and publication and citation success. We then narrow the comparison group down to those given relatively early recognition (based on age category) in the form of other major awards. Lastly, we compare the JBCM awardees with synthetic counterfactuals that best resemble their pre-award academic career performance. All three analyses provide strong support for the notion that winning the JBCM is related to receiving the Nobel Prize, the award of which is also correlated with early career performance success as measured by number of publications and citations.

Editorial

James M. Buchanan, winner of the Nobel Prize in Economics in 1986, was a pioneer of public choice and constitutional political economy, as well as contributing to many fields of study, including philosophy, political science, and public finance. Each chapter in this volume seeks to explore, critique, and emphasize the continuing relevance of the vast contributions of Buchanan to our understanding of political economy and social philosophy. The diversity in topics and approaches will make the volume of interest to readers in a variety of fields, and accessible to scholars from a variety of backgrounds providing the opportunity to further a cross-disciplinary exploration and discussion on market process theory.

The Matthew effect has become a standard concept in science studies and beyond to describe processes of cumulative advantage. Despite its wide success, a rigorous quantitative analysis for Merton’s original case for Matthew effects—the Nobel Prize—is still missing. This paper aims to fill this gap by exploring the causal effect of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (hereafter the Nobel Prize in Economics). Furthermore, we test another of Merton’s ideas: successful papers can draw attention to cited references, leading to a serial diffusion of ideas. Based on the complete Web of Science 1900–2011, we estimate the causal effects of Nobel Prizes compared to a synthetic control group which we constructed by combining different matching techniques. We find clear evidence for a Matthew effect upon citation impacts, especially for papers published within 5 years before the award. Further, scholars from the focal field of the award are particularly receptive to the award signal. In contrast to that, we find no evidence that the Nobel Prize causes a serial diffusion of ideas. Papers cited by future Nobel laureates do not gain in citation impact after the award.

Studying the research results by Nobel prize-winning economists is a fundamentally important task for determining the most promising areas of development of Russian economic science. The author traces the connections between all these works and their predecessors’ work, many of whom were also awarded the Nobel prize in economics. Three lines of development of the predecessors’ achievements are identifid: information asymmetry, limited rationality, the design of market mechanism and new institutionalism. The article does not address the problems of auction theory related to its formal justifiation, which is part of mathematical economics and game theory. However, it is noted that this is an essential part of the laureates’ achievements. The article’s main conclusions are that the prize received for “improving the theory of auctions” fis into the broader economic research context. The winners solved the problems of maintaining free competition and reducing the market’s likelihood of monopolization. The author pays special attention to the results of the empirical analysis of actually implemented auctions. This analysis is divided into three parts, corresponding to the three stages of each auction: starting problems (distrust, the reputation of participants, etc.), the course of the auction (behaviour of participants and results, in particular, the “winner’s curse”.

This chapter is devoted to briefly explaining Linear Programming (LP) and the SIMUS method. The first was developed in the mid-twentieth century (1940), during the WW2 to determine the best use of Russian resources to repel German invasion. It was so successful that its creators were awarded the Nobel Prize in Economics. It was the first rational method developed for decision-making, but it had serious difficulties in modelling problems because of its complexity.

In 1994, John Forbes Nash Jr received the Nobel Prize in Economics for a one-page note published in 1950. It introduced what today is called the Nash equilibrium, arguably the most basic concept, not just for game theory, but for every model of a social situation where the consequences, for each agent involved, depend not only on their own actions but also on those of the others. In a Nash equilibrium, none of the 'players' has an incentive to change strategy as long as the other players keep to theirs...

The Nobel Prize in Economics celebrates decades of research in specific fields that have helped to improve the fundamental understanding of the subject and in many cases led to applications for attaining superior conditions of life. Since many parallel ideas emerge during the course of research, the relevance and criticality of these in addressing core concerns of the human being and the nature gets prominence for the award of the greatest accolade. Understanding sources of financial crisis and policies to lessen its impacts is a natural candidate for Nobel Prize, as has been the case for the award in 2022.

The paper presents the Chicago School economist Theodore Schultz's contributions to economic theory. Schultz is the only agricultural economist to have been awarded the Nobel Prize in Economics. The first part briefly describes the life of Theodore Schultz. The second part deals with his works in the economics of agriculture. The third part discusses his book The Economic Value of Education (Schultz, 1963). The fourth part analyses his work Investing in People (Schultz, 1981). The fifth part explores the book The Economics of Being Poor (Schultz, 1993). The sixth part outlines the book Origin of Increasing Returns (Schultz, 1993). The seventh part discusses his Nobel Prize lecture.

This article reflects on the importance of the theory of mechanism design as a tool to achieve socially desirable goals. The overall purpose is to explain how this advanced topic of economics allows optimal allocations of resources when the exchange is subject to the existence of asymmetric information between the parties. First, we present the conceptual foundations of mechanism design and theoretical contributions by which Leonid Hurwicz, Eric Maskin and Roger Myerson were awarded the Nobel Prize in Economics in 2007. Secondly, we expose the methodological foundations of the theory. The literature shows that to guide transactions and achieve predetermined outcomes is necessary that the principal to implement institutional arrangements that induce agents to reveal their private information for reconciling their incentives.

The story of the Nobel Prize in economics for 1976 has entered history. The reasons officially presented by the committee need not be repeated. I had the honor and pleasure of describing Milton Friedman’s contributions to monetary theory, aggregative analysis, and statistical theory in Science at the time. They have been discussed by many others, and they are, in any case, so well known and so much in the mainstream of economics as to obviate further discussion at this time, in this place, and for this group.KeywordsSocial InstitutionSocial RealityPrice TheoryFinancial PolicyMetaphysical ViewThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

The article analyzes the scientific achievements of J. Mokira, F. Agyona, and P. Howitt, who were awarded the 2025 Nobel Prize in Economics for their contributions to explaining the mechanisms of innovative growth. The purpose of the work. The historical, evolutionary-institutional and theoretical-model foundations of sustainable development developed by the laureates are considered. Special attention is paid to the concept of «creative destruction» as a source of technological renewal and structural restructuring of the economy. Methodology. The research uses methods of historical and economic analysis, theory of industrial and technological balance of the economy, system paradigm, evolutionary and institutional theory, expert and analytical assessments. Results. Based on the ideas of the laureates, the analysis of modern economic challenges is carried out, from stagnation of growth and rising inequality to global environmental threats and labor market transformation. A separate section of the article is devoted to assessing the state of Russia's innovative economy in 2024-2025, as well as discussing the prospects for adapting the theoretical approaches of Nobel laureates in the Russian evolutionary and institutional context. Conclusions. The conclusion is made about the importance of evolutionary and institutional reforms and the formation of conditions for scalable innovative development.

Herbert Alexander Simon was archived Turning Award in 1995 and Nobel prize in economics in 1978 defined learning as any process by which a system improves performance from experience [2].

Kantorovich was a gifted Soviet mathematician and the intellectual inspiration of the optimal planning school in Soviet economics. The range of his work was unusually wide. He contributed to both pure and applied mathematics; taught, first, students of engineering, then also of mathematics, and later of mathematical economics; managed research projects; helped the Soviet atom bomb project; invented calculating machines; criticised the Soviet systems of planning and price determination; worked out the best method for calculating urban public transport fares; and invented linear programming. He was (jointly) awarded the 1975 Nobel Prize in economics for his work on the optimal allocation of resources. His career combined mathematics with (micro)economics. He influenced mathematical and economic thought throughout the world but was unable to realise his ambition to fundamentally reform Soviet planning and pricing.KeywordsKantorovichLinear programmingOptimal allocation of resourcesJEL ClassificationB23C61D61

Surveillance in Barrett's Esophagus: Lessons from Behavioral Economics