Ragnar Frisch and Jan Tinbergen

Awarded for

Developing and applying dynamic mathematical models to analyse economic processes (econometrics)

The story behind the prize

Econometrics combines economics, mathematics and statistics to test economic theories with data. Frisch coined the term and modelled business cycles; Tinbergen built the first models of whole national economies, which governments used for planning.

About

Frisch (Norway) and Tinbergen (Netherlands) were pioneers of econometrics.

Exam facts

• First winners of the Economics prize, which was created in 1968 by Sweden's central bank and is not one of Alfred Nobel's original five