While of course all of George Mason's Department of Economics was once again desperately rooting for Gordon Tullock to win the Nobel Prize, Thomas Schelling and Robert Aumann are welcome substitutes. They don't teach at GMU, of course, but our stock rises with theirs.
Thomas Schelling was basically Tyler Cowen's dissertation advisor at Harvard, and judging from these two tributes (here and here), Schelling belongs to the rare minority of advisors who inspire as well as teach.
Robert Aumann, similarly, is the inspiration for Robin Hanson's fascinating research program on disagreement. Here's a good summary, unsurprisingly co-authored with Tyler as well. Truth is, if I didn't know Robin's work, I would have yawned at Aumann's prize. But now I see that it would have been my loss.