Faculty & Research

Lars Peter Hansen

Nobel Prize in Economic Sciences, 2013

The prize is also shared with Eugene F. Fama and Robert J. Shiller of Yale University. Hansen is celebrated for his work in advancing the understanding of asset prices through empirical analysis.

The University of Chicago announced the news at a press conference on October 14, 2013, at Chicago Booth's Charles M. Harper Center. Watch Highlights »

The accomplishments of Fama and Hansen were reviewed in a November 4, 2013, University of Chicago panel discussion, “The Work Behind the Prize.” Watch the Panel Discussion »

  • 2013 Nobel Prize
  • About Hansen
  • News Coverage

The Royal Swedish Academy of Sciences awarded the 2013 Nobel Prize in Economic Sciences to Hansen, along with Eugene F. Fama of Chicago Booth and Robert J. Shiller of Yale University, “for their empirical analysis of asset prices.” Read the announcement.

In his work, Hansen “developed a statistical method that is particularly well suited to testing rational theories of asset pricing,” the Royal Swedish Academy of Sciences said. “Using this method, Hansen and other researchers have found that modifications of these theories go a long way toward explaining asset prices.”

At Chicago Booth, Hansen is David Rockefeller Distinguished Service Professor of Economics and Finance. He is among nine Chicago Booth faculty members to receive the Nobel Prize in Economic Sciences since 1968.

Lars Peter Hansen is a leading expert in economic dynamics who works at the forefront of economic thinking and modeling, drawing approaches from macroeconomics, finance, and statistics.

Hansen has made fundamental advances in our understanding of how economic agents cope with changing and risky environments. He has contributed to the development of statistical methods designed to explore the interconnections between macroeconomic indicators and assets in financial markets. These methods are widely used in empirical research in financial economics today.

Hansen joined the faculty of the University of Chicago’s Department of Economics in 1981 and has served as department chairman and director of graduate studies. He is a fellow of the National Academy of Sciences and the American Finance Association, a member of the American Academy of Arts and Sciences, and past president of the Econometric Society.

He earned a bachelor’s degree in mathematics and political science from Utah State University and a doctorate in economics from the University of Minnesota.