Research pick: Analysing the Nobel Prize in Economics - "Nobel Prize in Economic Sciences from 1969–2021: a bibliometric description"

In the field of economic thought, the Nobel Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has served as a marker of important contributions since its inaugural award in 1969. It acknowledges the work of individuals who have significantly influenced economic analysis. The annual NPES commonly reveals a breakthrough economic model, theory and principle that will have had or will have a lasting impact on the human race.

A recent study in the International Journal of Management Concepts and Philosophy, has used bibliometric indicators from the Web of Science (WoS) database to delve into the institutional and collaborative aspects of the laureates and to shed light on the dynamics of economic decision-making.

Sharada Prasad Sahoo and Itishree Gita Kumari of Berhampur University, and Amarnath Padhi and Bishwajit Rout of NIST (Autonomous) also in Berhampur, India, explain that since its inception in 1969, the NPES has recognized 89 individuals and that most of the prizewinners have been based in the United States of America. Notably, The University of Chicago is the most dominant force. The new study focuses on bibliometric indicators, including total publications, citations, author “h index”, and collaboration degrees, to elucidate what factors are contributing the most to the laureates’ recognition.

The team’s analysis discusses The University of Chicago as well looking at the substantial contributions from institutions such as Massachusetts Institute of Technology, Harvard University, and the University of California to the roster of laureates.

The team points out that the Review of Economic Studies, published by Oxford Academic has a great impact, with a citation count of 205,518 and 2,577 articles of high influence. Economist Clive W.J. Granger’s contributions to the Journal of Econometrics underscore the importance of selected publishing outlets in establishing credibility and visibility for putative laureates. The research also shows that a collaborative spirit exists within the network of economics researchers, showing that collaborations have often led to influential breakthroughs. Among the most cited documents is the prospect theory of decision-making under uncertainty by Kahneman and Tversky (2013), with a significant citation frequency of 25,089. This theory is regarded as an exemplar of economic decision-making, highlighting laureate exploration of unprobed areas of economic research.

This review of the NPES reveals the intellectual richness and collaborative dynamics within the economic research landscape. The researchers suggest that as each prize is given it reveals new thinking and solutions to problems some of which may have remained unaddressed for decades. The NPES, through its laureates, not only acknowledges past achievements but also contributes to the ongoing evolution of economic paradigms, shaping the future of economic analysis.

Sahoo, S.P., Padhi, A., Rout, B. and Kumari, I.G. (2024) ‘Nobel Prize in Economic Sciences from 1969–2021: a bibliometric description’, Int. J. Management Concepts and Philosophy, Vol. 17, No. 1, pp.98–121.