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Economics and the Nobel Prize

Which organisation instituted the Nobel Prize for Economics?
Take the Rediff Biz Quiz and find out how much you know about the Nobel Prize in Economics.

1. Which organisation instituted the Nobel Prize for Economics?
a) Sveriges Riksbank
b) Royal Swedish Academy of Sciences
c) Karolinska Institute

2. Who is the first Asian to win the Nobel Prize for Economics?
a) Amartya Sen
b) Jesse Robredo
c) Park Donghyun

Wrong! Try again..
Wrong!
The correct answer is Amartya Sen.
Amartya Sen won the Nobel Prize in 1998 for his contributions to welfare economics. He is renowned for his research into famine in India, China, Bangladesh and the sub-Saharan Africa. He is the sixth Indian Nobel laureate. The other Indians to win the Nobel were Rabindranath Tagore (literature), Mother Teresa (peace), Hargobind Khorana (medicine), C V Raman (physics), and S Chandrashekar (physics).
Correct!
Amartya Sen won the Nobel Prize in 1998 for his contributions to welfare economics. He is renowned for his research into famine in India, China, Bangladesh and the sub-Saharan Africa. He is the sixth Indian Nobel laureate. The other Indians to win the Nobel were Rabindranath Tagore (literature), Mother Teresa (peace), Hargobind Khorana (medicine), C V Raman (physics), and S Chandrashekar (physics).

3. How many women have won the Nobel Prize for Economics since 1969?
a) 3
b) None
c) 2

Wrong! Try again..
Wrong! The correct answer is None.
Though women have bagged around 30 Nobel prizes in categories including physics, chemistry, medicine, peace and literature, none of them yet has been successful in bagging the coveted prize in economics.
Correct!
Though women have bagged around 30 Nobel prizes in categories including physics, chemistry, medicine, peace and literature, none of them yet has been successful in bagging the coveted prize in economics.

4. Who is the oldest recipient of the Nobel Prize for Economics?
a) William Vickrey
b) Kenneth Arrow
c) Herbert Simon

Wrong! Try again..
Wrong! The correct answer is William Vickrey.
When William Vickrey (born in Victoria, British Columbia in 1914) won the award in 1996, he was 82 years old. Vickrey, widely recognised as the founder of the auction theory, died shortly after the Nobel Prize announcement, and was awarded the prize posthumously. Similarly, the youngest recipient of the economics award was Kenneth Arrow (born in New York in 1921), who was 51 when he bagged the prize in 1972.
Correct!
When William Vickrey (born in Victoria, British Columbia in 1914) won the award in 1996, he was 82 years old. Vickrey, widely recognised as the founder of the auction theory, died shortly after the Nobel Prize announcement, and was awarded the prize posthumously. Similarly, the youngest recipient of the economics award was Kenneth Arrow (born in New York in 1921), who was 51 when he bagged the prize in 1972.

5. How many times have three people shared the Nobel Prize for Economics?
a) Five times.
b) Twice
c) Three times

Wrong! Try again..
Wrong! The correct answer is 3.
In 1990, Harry Markowitz, Merton Miller, William Sharpe shared the award for the first time. Reinhard Selten, John Forbes Nash, John Harsanyi were the winners in 1994. In 2001, the prize was awarded to George A Akerlof, Michael Spence and Joseph E Stiglitz. Two people shared the award 11 times, while 20 bagged it alone.
Correct!
In 1990, Harry Markowitz, Merton Miller, William Sharpe shared the award for the first time. Reinhard Selten, John Forbes Nash, John Harsanyi were the winners in 1994. In 2001, the prize was awarded to George A Akerlof, Michael Spence and Joseph E Stiglitz. Two people shared the award 11 times, while 20 bagged it alone.

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Compiled by: Adur Pradeep



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