Robert Shiller in 'disbelief' at Nobel Prize win in economics

The 2013 Nobel Prize in economics has been awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller.

It was awarded for their "empirical analysis of asset prices", according to the awarding committee.

The committee said the trio's separate pieces of work had "laid the foundation for the current understanding of asset prices.''

Yale University Professor Robert Shiller said he is ''still in disbelief'' at being one of the winners, but ''honoured'' to receive the accolade.

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