Per my predictions a few days ago: not obscure, not political, and search.
Congratulations to Peter Diamond, Dale Mortensen and Chris Pissarides!
Some additional bits:
The official Nobel announcement is here, and the page also includes a short video of Prof. Per Krussell explaining the winners' contributions.
Tyler and Alex at marginal revolution have a set of very fine posts about the winners that I will not try and duplicate. You can find posts on Diamond, Mortensen, and Pissarides as well as a general post or two.
On the personal side, I've met Mortensen a couple of times - once in graduate school at a joint Chicago / Northwestern conference for graduate students and once at a conference in Montreal for macro / labor types. He is a great economist and a happy, genial fellow - the sort of guy you can imagine talking to for hours over a beer (or two or three). Pissarides and I co-taught the IZA European Summer School in Labor Economics (ESSLE) a few years ago. He gave some very clear lectures on the basics of search theory drawn from his book. I've never met Diamond.
Who was my favorite student this term?
10 months ago