The three Americans were awarded the Nobel Prize in economics for their______.

(25)This week, the Royal Swedish Academy of Sciences awarded the Nobel Prize in economics to three Americans. The academy recognizes the three men for their work in the study and understanding of how things are priced in financial markets. Eugene Fama and Lars Peter Hansen are both professors at the University of Chicago. Robert Shiller is a professor at Yale University.(26)They will share the prize worth about 1. 2 million dollars. The academy’s permanent secretary Staffan Normark offered a short explanation of why the men won the award. "This year’s prize in economic sciences is about predictions. " Predicting prices is something everyone involved in markets wants to do. This is especially true for financial markets when money managers invest millions of dollars for their clients and customers. All three of this year’s prize winners are mainly known for their research and explanations of pricing forces in financial markets.