Robert Shiller, World Economic Forum Annual Meeting (Wikipedia Commons)

READ MORE: Noble Prize 2013- The Winners So Far

According to CBS News, The Royal Swedish Academy of Sciences said the economists have created a foundation of asset prices and changed the way people invest.

“Their methods have shaped subsequent research in the field and their findings have been highly influential both academically and practically,” the academy stated.

Fama and Hansen have strong ties to the University of Chicago while Shiller is a professor at Yale University.

 Fama, who is deemed the “father of modern finance” is the chairman of the Center for Research in Security Prices at the University of Chicago’s Booth School of Business. Hansen, who chairs the Institute Research Council studied the economic models in environment. Shiller is a well-known economist who created a measure on residential real estate prices.

The trio was the last of this year’s Noble awards to be announced. They will now share the prize of $1.2 million dollars.

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