Should Asness, Not Fama, Have Won The Nobel Prize?

Speaking at the Morningstar conference in Chicago today, Asness and his quantitative mind ripped right into the debate over efficient markets. At the center of Asness’ object of interest is the recent awarding of a Nobel Prize to economists Eugene Fama and Robert Shiller. What’s odd is Fama generally believes markets are efficient while Shiller professes they are inefficient, a debate at the center of economic theory.

Why would the Nobel Prize Committee split the award between people at opposite ends of a critical economic debate?  Could it be that they were really saying...