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Nobel Economics Prize to be Announced Today, Raghuram Rajan in the Running

Raghuram Rajan is considered a candidate for his "contributions illuminating the dimensions of decisions in corporate finance"

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Updated:October 9, 2017, 7:47 AM IST
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Nobel Economics Prize to be Announced Today, Raghuram Rajan in the Running
File photo of former Reserve Bank of India (RBI) Governor Raghuram Rajan. (Reuters)
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New Delhi: The Nobel Committee will announce this year’s awardee in the field of Economics on Monday, and among the probables is former RBI governor Raghuram Rajan, who had predicted the 2008 global financial crisis three years before the markets melted.

Rajan is among six economists on the list of probable winners compiled by Clarivate Analytics, a company that does academic and scientific research and maintains a list of dozens of possible Nobel Prize winners based on research citations. The entry to the list does not guarantee that Rajan is a front-runner but he is a probable who stands a chance to win.

Formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the Nobel Peace Prize will be announced in Stockholm at 3:15 pm IST.

Raghuram Rajan, whose three-year term as Reserve Bank Governor ended on September 4, 2016, is considered a candidate for his "contributions illuminating the dimensions of decisions in corporate finance", Clarivate said.

According to Clarivate Analytics, the list of possible Nobel Prize winners based on research citations include Colin Camerer of the California Institute of Technology and George Loewenstein of Carnegie Mellon University (for pioneering research in behavioural economics and in neuroeconomics); Robert Hall of Stanford University (for his analysis of worker productivity and studies of recessions and unemployment); and Michael Jensen of Harvard, Stewart Myers of MIT and Raghuram Rajan of the University of Chicago (for their contributions illuminating the dimensions of decisions in corporate finance).

Rajan, who at 40 was the first non-western and the youngest to become the chief economist at the International Monetary Fund, shot to big fame three years after he predicted a financial crisis at an annual gathering of economists and bankers in the US in 2005.

He was appointed RBI Governor by the previous UPA government in 2013 and although he wanted a second term he was not offered an extension, which most of his predecessors got, by the current NDA regime.

He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.
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