ROBERT A. MUNDELL for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas.

AMARTYA SEN for his contributions to welfare economics.

ROBERT C. MERTON and MYRON S. SCHOLES for a new method to determine the value of derivatives.

JAMES A. MIRRLEES and WILLIAM VICKREY for their fundamental contributions to the economic theory of incentives under asymmetric information.

ROBERT LUCAS for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.

The prize was awarded jointly to:

JOHN C. HARSANYI , JOHN F. NASH and REINHARD SELTEN for their pioneering analysis of equilibria in the theory of non-cooperative games.

The prize was awarded jointly to:

ROBERT W. FOGEL and DOUGLASS C. NORTH for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.

GARY S. BECKER for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour.

RONALD H. COASE for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy.

The prize was awarded with one third each to:

HARRY M. MARKOWITZ , MERTON M. MILLER and WILLIAM F. SHARPE for their pioneering work in the theory of financial economics.

TRYGVE HAAVELMO for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures.

MAURICE ALLAIS for his pioneering contributions to the theory of markets and efficient utilization of resources.

ROBERT M. SOLOW for his contributions to the theory of economic growth.

JAMES M. BUCHANAN, JR. for his development of the contractual and constitutional bases for the theory of economic and political decision-making.

FRANCO MODIGLIANI for his pioneering analyses of saving and of financial markets.

SIR RICHARD STONE for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis.

GERARD DEBREU for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium.

GEORGE J. STIGLER for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation.

JAMES TOBIN for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices.

LAWRENCE R. KLEIN for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies.

The prize was divided equally between:

THEODORE W. SCHULTZ and SIR ARTHUR LEWIS for their pioneering research into economic development research with particular consideration of the problems of developing countries.

HERBERT A. SIMON for his pioneering research into the decision-making process within economic organizations.

The prize was divided equally between:

BERTIL OHLIN and JAMES E MEADE for their pathbreaking contribution to the theory of international trade and international capital movements.

MILTON FRIEDMAN for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.

The prize was awarded jointly to:

LEONID VITALIYEVICH KANTOROVICH and TJALLING C. KOOPMANS for their contributions to the theory of optimum allocation of resources.

The prize was divided equally between:

GUNNAR MYRDAL and FRIEDRICH AUGUST VON HAYEK for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.

WASSILY LEONTIEF for the development of the input-output method and for its application to important economic problems.

The prize was awarded jointly to:

SIR JOHN R. HICKS and KENNETH J. ARROW for their pioneering contributions to general economic equilibrium theory and welfare theory.

SIMON KUZNETS for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development.

PAUL A SAMUELSON for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science.

The prize was awarded jointly to:

RAGNAR FRISCH and JAN TINBERGEN for having developed and applied dynamic models for the analysis of economic processes.