This year's Nobel Prize in Economics was awarded to a trio who used natural experiments those analyzing real-life situations and showed that they could help to answer some of society's most pressing questions, from minimum wage to migration.
Those sharing the award are U.S. based economists David Card, Joshua Angrist and Guido Imbens.
David Card of the University of California, was recognized for his work on how minimum wage, immigration and education affect the labor market.
His work showed how an increase in the minimum wage does not necessarily lead to fewer jobs.
Joshua Angrist and Guido Imbens jointly shared the prize for their framework on the study of these kinds of real-life issues that cannot rely on traditional scientific methods.
The Royal Swedish Academy of Sciences said, the three economists "completely reshaped empirical work in the economic sciences."
Combined, their pioneering work using the natural experiments could make economics more applicable to people's daily lives, helping policymakers to observe actual evidence on the outcomes of policies.
The award comes with a gold medal and 10 million Swedish kronor, or some 1.1 million U.S. dollars.
It is the last Nobel prize announced each year.
Unlike other Nobel prizes,. the economics award was not established by Alfred Nobel but later by the Swedish central bank in his memory in 1968,. announcing its first winner a year later.
Kim Sung-min, Arirang News.