Americans Eugene Fama, Lars Peter Hansen and Robert Shiller won the Nobel prize for economics on Monday for developing new methods to study trends in asset markets.
The Royal Swedish Academy of Sciences said the three had laid the foundation of the current understanding of asset prices.
While it's hard to predict whether stock or bond prices will go up or down in the short term, it's possible to foresee movements over periods of three years or longer, the academy said.
Governor Pat Quinn said he disagrees with a Cook County judge who ruled the state must reinstate lawmakers' pay.
Major League Baseball expanded its playoff format to 10 teams Friday, adding a second wild-card in each league.
The decision establishes a new one-game, wild-card round in each league between the teams with the best records who are not division winners, meaning a third-place team could win the World Series.
This is the only change in baseball's playoff structure since the 1995 season, when wild-card teams were first added.