The work of Lars Hansen, who just won a Noble prize, is absolutely ridiculous. What he does it take the well-known theory of linear control systems, strip it of the understanding that control engineers have, and use it in economics, where it does not apply. This method gives nonsensical predictions, because the crucial economic phenomena are nonlinear in essence.
For comparison with the other winners, Shiller's work is useful and good. Fama's at least achieves wrongness. I understand that he does that fluently.