"He said that information out there will be reflected in (asset) prices. That is completely different from saying financial markets work well," Backus said.
It was striking that Monday's prize went to both Fama and Shiller, who emphasizes not market efficiency but market failures and inefficiencies.
"The committee covered all the bases," George Mason University economist Tyler Cowen quipped on his blog, Marginal Revolution.
Still, the University of Chicago's Sanderson said Fama, with his belief that investors can't outsmart the market, and Shiller, with his study of financial excess, would probably offer similar investment advice.
"Both would probably say: 'Don't spend a whole lot of time listening to your stockbroker.'"
Wiseman reported from Washington, Ritter from Stockholm. Associated Press writers Malin Rising in Stockholm, Stephen Singer in Hartford, Conn., and Don Babwin and Ashley Heher in Chicago, contributed to this report.