Three winners of Nobel Economics Prize. (Photo: nobelprize.org)

Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.

The Nobel committee said in a statement that the three laureates had “provided us with new insights about the labour market and shown what conclusions about cause and effect can be drawn from natural experiments.”

Their approach had been used in other fields and had “revolutionized empirical research,” the committee added.

The Economics prize is the sixth and final prize to wrap up Nobel season 2021.