STOCKHOLM, Sweden (AP) -- Two Americans won the 2002 Nobel Memorial Prize in Economic Sciences on Wednesday for using psychological research and laboratory experiments in economic analysis.
Daniel Kahneman, 68, a U.S. and Israeli citizen based at Princeton University in New Jersey and Vernon L. Smith, 75, of George Mason University in Fairfax, Va., will share the roughly $1 million prize.
Kahneman has integrated insights from psychology into economics, especially concerning human judgment and decision-making under uncertainty, the Royal Swedish Academy of Sciences said in its citation.
Smith laid the foundation for the field of experimental economics, demonstrating the importance of alternative institutions.
The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was established separately in 1968 by the Swedish central bank but is grouped with the other awards. It was first awarded in 1969.
The prizes are presented to the winners Dec. 10.
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