The Royal Swedish Academy of Sciences stressed that the three have “completely reshaped empirical work in the economic sciences.” David Card of the University of California at Berkeley was awarded half of the prize for analyzing "the labor market effects of minimum wages, immigration, and education". The other half went to Joshua Angrist from the Massachusetts Institute of Technology and Guido Imbens from Stanford University for "demonstrating how precise conclusions about cause and effect can be drawn from natural experiments". The prize was established by Sweden's central bank (Sveriges Riksbank) in memory of the Nobel prize founder Alfred Nobel. The first prize was awarded in 1969.
