US Economists share the Nobel prize worth 1.2 million Dollars

Nobel prize for economics have gone to Alvin Roth of Harvard University and Lloyd Shapley of UCLA for their work in market design.

It is reported that the two American economists will share the Nobel economics prize.

The Royal Swedish Academy of Sciences, the body to determine the winners of this year elected Roth and Shaply for the theory of stable allocations and the practice of market design.

Roth and Shapley known to be experts on game theory studied matching models and built on them to make real-world changes to existing markets including school choice and organ transplants.

Economics prize was not originally a Nobel Prize because it had not been established in the will of Alfred Nobel the man who invented the dynamite. In 1969, it was included in Nobel prize categories by Swedish central bank, in memory of Alfred Nobel.

15.10.2012
BTT