This year the name of the Spanish teacher Manuel Arellanoappears among the favorites to win the Nobel Prize in Economics – officially named "Award of Economic Sciences of the Bank of Sweden in memory of Alfred Nobel" – along with others American economists linked to fields such as economic growth, development economy or the business world. This is the second time that, in the 50 years that this award has been delivered, that a Spanish appears in the pools. Precisely, Nobels of Economics and Physics, are the only ones who have never won a Spanish or a Latin American.
Since 1991, Arellano has been a professor at the Center for Monetary and Financial Studies (Cemfi), which is the foundation of the Bank of Spain and a graduate school on economics. The Spanish economist, who has obtained the Jaime I Prize for Economics in 2012, is a "fellow" of the Econometric Society and a foreign honorary member of the American Academy of Arts and Sciences.
Precisely, Arellano is one of the five names highlighted by the American firm Clarivate Analytics, which prepares a list each year based on the impact potential applicants have had in their field of study, measured by the number of times their work is cited by the scientific community.
The Spanish economist has stood out for his contributions in the field of econometrics, especially the Arellano-Bond estimator, developed with Stephen Bond, of the University of Oxford, which also appears among the applicants, according to Clarivate Analytics.
In particular, the method devised by Arelano and Bond exploits the weather patterns in panel data to estimate the economic response to a change in a policy or other variable, while controlling for permanent non-observed variation of confusion.
The Americans Wesley M. Cohen, of Duke University, and Daniel A. Levinthal, of Pennsylvanian, could be awarded for their studies on companies, while the Nobel could recognize his compatriot David M. Kreps, of Stanford, for his contributions to the dynamic economy, according to Clarivate Analytics.
The Swedish agency TT has opted instead to scholars of economic growth such as Paul Romer (New York University) and Robert Barro (Harvard), as well as Esther Duflo, of the Institute of Technology of Massachusetts (MIT), expert in development economics.
The Nobel of Economy, whose real name is Prize of Economic Sciences in memory of Alfred Nobel, is the only one of the six awards not created in his day by the Swedish magnate, but it was instituted in 1968 from a donation to the Nobel Foundation of the National Bank of Sweden on the occasion of its 300th anniversary.
Only an award-winning
The prize has been awarded 49 times by the Royal Swedish Academy of Sciences to 79 people, but Only one woman has won, the American Elinor Ostrom, who shared it in 2009 with Oliver Williamson for his analyzes on economic policy of common property.
The previous pools are mere speculation, since the list of candidates can not be known until after fifty years. The Nobel Committee of Economics sends confidential letters each year to competent persons in the area as members of the Royal Academy of Sciences, former winners of the prize or professors of Economics of Nordic universities.
The winner or winners will receive the 9 million Swedish crowns (970,000 euros) with which the Nobel Prizes are awarded this year, which are handed out on December 10 in a double ceremony in Oslo, for Peace, and Stockholm, for the rest.