Kellogg School and NU Economics faculty predict the 2012 Nobel Economics laureates
Skip to content
Oct 11, 2012

Kellogg School and NU Economics faculty predict the 2012 Nobel Economics laureates

By Patricia Ledesma

Nobel Prize season is upon us. For the fourth year, we polled faculty members in the Kellogg School of Management as well as the Economics Department in the Weinberg College of Arts & Sciences at Northwestern University about their predictions for this year’s Nobel Prize in Economics. In over a week of voting, 42 faculty members responded with far-ranging predictions: 39 different prospective Nobel candidates were selected. Two names top the list this year – Oliver Hart and Jean Tirole, each with 7 votes.  Jean Tirole has a been a long standing favorite of our faculty, included among the top three names each year we have run the survey.  He is a faculty member at the Toulouse School of Economics and has published widely in the areas of industrial organization, finance, corporate governance, and contract theory.  Oliver Hart, a professor in Harvard University, is widely known for his work in contract theory, theory of the firm, and law and economics.  Hart and Tirole were the only names that garnered votes across four academic departments (out of seven), which might be interpreted as an indication of how influential their body of work has been across fields.

Click on the chart to see a larger version.

On many occasions, the Nobel prize has been awarded to more than one scholar. One duo that surfaced in the survey was that of Bengt Holmström and Jean Tirole.  Both have co-authored a number of influential papers on financial intermediation, theory of the firm, and liquidity.

Attempting  to further read the tea leaves provided by the survey would indicate that there is some expectation that mechanism design deserves another prize (the previous one was bestowed in 2007), with scholars such Robert Wilson, Paul Milgrom and Alvin Roth making it onto our list.

In 2009, many were surprised that a non-economist (the late Elinor Ostrom) was among the Nobel winners that year. Could 2012 bring another surprise? One faculty member thought Mark Granovetter, an economic sociologist noted for his work on social networks and embeddedness, might be this year’s Nobel dark horse. The Nobel Prize in Economics will be announced on Monday, October 15 at 6:00AM CDT. Set your alarms!

Editor’s Picks

A mentor puts capes on mentees.
Careers

Podcast: How to Be a Great Mentor

Plus, some valuable career advice that applies to just about everyone.

Kids decide whether to buy water or soda.
Marketing

A New Way to Persuade Kids to Drink More Water and Less Soda

Getting children to make healthy choices is tricky—and the wrong message can backfire.

Computational Social Scientists discuss solutions.
Innovation

How Can Social Science Become More Solutions-Oriented?

A conversation between researchers at Kellogg and Microsoft explores how behavioral science can best be applied.

An entrepreneur enters an established company.
Innovation

Buying a Company for Its Talent? Beware of Hidden Legal Risks.

Acquiring another firm’s trade secrets—even unintentionally—could prove costly.

Careers

Take 5: Tips for Widening—and Improving—Your Candidate Pool

Common biases can cause companies to overlook a wealth of top talent.

Drug innovation at a pharmaceutical company
Innovation

Everyone Wants Pharmaceutical Breakthroughs. What Drives Drug Companies to Pursue Them?

A new study suggests that firms are at their most innovative after a financial windfall.

How to be prepared
Careers

4 Key Steps to Preparing for a Business Presentation

Don’t let a lack of prep work sabotage your great ideas.

Healthcare workers meet in a hospital corridor.
Healthcare

Video: How Open Lines of Communication Can Improve Healthcare Outcomes

Training physicians to be better communicators builds trust with patients and their loved ones.

A man tries to improve OR scheduling.
Operations

Here’s a Better Way to Schedule Surgeries

A new tool could drive savings of 20 percent while still keeping surgeons happy.

Voters who do not trust each other.
Politics & Elections

Why Economic Crises Trigger Political Turnover in Some Countries but Not Others

The fallout can hinge on how much a country’s people trust each other.

A clerk scans brand trademarks.
Marketing

Building Strong Brands: The Inside Scoop on Branding in the Real World

Tim Calkins’s blog draws lessons from brand missteps and triumphs.

Two coffee growers harvest safely
Economics

How the Coffee Industry Is Building a Sustainable Supply Chain in an Unstable Region

Three experts discuss the challenges and rewards of sourcing coffee from the Democratic Republic of Congo.