Three Americans win Nobel Prize for their revolutionary stock market research

Americans Eugene Fama, Robert Shiller and Lars Peter Hansen shared the 2013 Nobel Prize in Economic Sciences, the Royal Swedish Academy of Sciences announced in a release today.

These three economists are awarded for their research on how the market prices of assets such as stocks move, the release reads.

Fama, Shiller and Hansen “laid the foundation for the current understanding of asset prices,” which relies in part on fluctuations in risk and risk attitudes, the Royal Swedish Academy of Sciences explained.

Mr Fama and Mr Hansen are associated with the University of Chicago, while Shiller is a professor at Yale University in Connecticut.