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.