In his Family Tree of Trade Economists Alan Deardoff indicates some links between teachers, students and academic siblings. I guess that "teacher" includes "advisor", but probably more.

• Leontief was Samuelson's teacher.
• Samuelson and Meade were Mundell's teachers.
• Stone was Deaton and Mirrlees' advisor.

Update on three new advisor-student pairs (October 2020)

• Wilson was Milgrom, Holmstrom and Roth's advisor.

By the way, there is a triplet:

• Arrow / Maskin / Tirole

Update on a new quadruplet (October 2020):

• Arrow / Maskin / Banerjee / Duflo

Nobel Prize Advisor/Student Pair

Another pair is

• Chris Sims (Nobel Memorial Prize in Economics in 2011)

  • Shared with Thomas Sargent

  • "for their empirical research on cause and effect in the macroeconomy"

• Lars Hansen (Nobel Memorial Prize in Economics 2013)

  • Shared with Eugene Fama and Robert J. Shiller

  • "for their empirical analysis of asset prices"

Additional Note

Both Thomas Sargent and Chris Sims were at Minnesota when Lars Hansen was working on his PhD there. They both worked closely with Lars and contributed to his development.

Sources

• Nobel Prize Website
• Hansen Congratulatory Talk on Sargent/Sims Nobel

Harry Markowitz was effectively the advisor of William F. Sharpe and they shared the Nobel over portfolio theory.

This seemed like a fun exercise, so using just the info on Wikipedia, I was able to compile this:

Honourable mentions, who I classify as economists who have at least two students who have won the Nobel include:

1. Wilson (Roth and Holmstrom)
2. Lovell (Prescott and Mortensen)
3. Tucker (Nash and Shapley)
4. Cassel (Myrdal and Ohlin)

Another interesting fact worth mentioning is that, while Krugman’s advisor, Dornbusch, did not win the Nobel, Dornbusch’s supervisor, Mundell, did. A similar comment applies so Lovell, who was Leontief's student, and had two students who won the Prize.

More interesting observations: predictably, for the vast majority of these pairs, the advisor won the prize before the student. Exceptions are Leontief and Samuelson; Fama and Scholes; and Hurwicz and McFadden.

Other triplets:

1. Miller-Fama-Scholes
2. Leontief-Samuelson-Merton
3. Leontief-Solow-Akerlof/Diamond/Stiglitz
4. Leontief-Schelling-Spence

We even have a quadruplet: Kuznets-Friedman-Markowitz-Sharpe.