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3 Americans win economics Nobel Prize for trend-spotting

"Their methods have shaped subsequent research in the field and their findings have been highly influential both academically and practically," the Royal Swedish Academy of Sciences said.

Fama, 74, and Hansen, 60, are associated with the University of Chicago. Shiller, 67, is a professor at Yale University.

Hansen said he received the phone call from Sweden when he was on his way to the gym. He said he's not sure how he'll celebrate but he's "still working on taking a deep breath."

Shiller, an economist famous for having warned against bubbles in technology stocks and housing, said he reacted with disbelief when he got the call.

"People told me they thought I might win. I discounted it. Probably hundreds have been told that," he said to The Associated Press.


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