Three American economists were awarded the Nobel Prize in economics for their work on determining how asset prices change over time.
The Royal Swedish Academy of Sciences, in a statement Monday, named Eugene Fama, Lars Peter Hansen and Robert Shiller as recipients of the 2013 award for their "empirical analysis of asset prices."
The academy said that while it is hard to predict the price of stocks and bonds over the next few days or weeks, the work by these economists make it possible to foresee the broad course of these prices over longer periods, such as the next three to five years.
Fama and Hansen are professors at the University of Chicago, in Illinios, while Shiller teaches at Yale University in Connecticut.