Robert Hall, Michael Woodford win 2026 Nobel Prize in economics

Robert Hall and Michael Woodford have been awarded the 2026 Nobel economics prize for their work on the microeconomic foundations of macroeconomic stabilization, according to the Royal Swedish Academy of Sciences. Hall is a professor at Stanford University in California, while Woodford holds a position at Columbia University in New York.

The Nobel Prize in Economics, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize awarded each year. The prize was recently presented to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on technology's role in economic growth. The Nobel Prizes have also been awarded in medicine, physics, chemistry, literature, and peace in recent weeks.

Established in 1968, the Nobel Prize in Economics is not technically a Nobel Prize, despite being presented alongside the others on December 10, the anniversary of Alfred Nobel's death in 1896. The prize money for 2026 is 12 million Swedish kronor, or approximately US$1.2 million, regardless of whether the award is given to an individual, small group, or organization.