Marketplace for Monday, October 14, 2013
We’re told the country may default on some of its debt obligations if Congress fails to raise the debt ceiling. But default is such a general term -- what does it mean, exactly? The three men awarded the Nobel Prize in economics are all involved in pricing and stock market indices: Robert Shiller was co-creator of the Case-Shiller housing index; Eugene Fama was engaged in work on stock market price prediction and Peter Hansen helped develop methods of asset pricing. And, finally, it takes a lot of time – and money – to find the "perfect" plaintiff for a groundbreaking Supreme Court case, but it can make a difference.