Associated Press

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.

Former Democratic Rep. Ann Kirkpatrick has defeated former Republican state lawmaker Jonathan Paton to win Arizona's 1st Congressional District seat.

Two law enforcement officers tell The Associated Press the FBI is investigating the possibility that the shooting death of a border patrol agent and the wounding of another was a case of friendly fire.

Authorities say the Cochise County sheriff who lost control of his vehicle in northern Arizona and died had alcohol in his system.

Howard Fischer / Capital Media Services

A county prosecutor is accusing Arizona Attorney General Tom Horne of campaign finance violations during his 2010 campaign.

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