Why Those Guys Won the Economics Nobels

Harvard Business Review

The prizes were awarded “for their empirical analysis of asset prices,” but what the three had been doing looked from the outside less like a common endeavor than a not-all-that-coherent argument. So I wanted to see if Campbell could make sense of the prizes and the current state of academic knowledge about asset prices. Back in the ‘60s, people developed the capital asset pricing model [CAPM] as a way to do that. And the theory that was available then was CAPM.