Trio awarded Nobel economics prize

The 2013 Nobel Prize in economics has been awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller.

It was awarded for their "empirical analysis of asset prices", according to the awarding committee, BBC reports.

The committee said the trio's separate pieces of work had "laid the foundation for the current understanding of asset prices".

The prize is worth 8m Swedish krona (£775,000; $1.2m), which will be shared equally among the three winners.