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15 October 1991 has decided to award the Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel, 1991, to Professor Ronald Coase, University of Chicago, USA, for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy. Breakthrough…

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Presentation Speech by Professor Lars Werin of the . Translation of the Swedish text. Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, The economic system has an institutional structure, which we often regard as self-evident because we observe it around us every day. But it is actually peculiar and intricate. For instance, people make agreements…

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My father, a methodical man, recorded in his diary that I was born at 3:25 p.m. on December 29th, 1910. The place was a house, containing two flats of which my parents occupied the lower, in a suburb of London, Willesden. My father was a telegraphist in the Post Office. My mother had been employed…

Presentation Speech by Professor Assar Lindbeck of the December 10, 1990. Translation of the Swedish text. Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, Financial markets fulfill an important function in modern market economies. It is largely via such markets that savings in various sectors of a national economy are transferred to firms for investment…

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16 October 1990 THIS YEAR’S LAUREATES ARE PIONEERS IN THE THEORY OF FINANCIAL ECONOMICS AND CORPORATE FINANCE has decided to award the 1990 Alfred Nobel Memorial Prize in Economic Sciences with one third each, to Professor Harry Markowitz, City University of New York, USA, Professor Merton Miller, University of Chicago, USA, Professor William Sharpe, Stanford…