Ummid Assistant

Mumbai NGO, top experts join hands to train students for civil services exams

Welcome Guest! You are here: Home International

Two Americans share 2012 Nobel Prize for Economics

Monday October 15, 2012 10:44:39 PM, IANS

Stockholm: American economists Alvin E. Roth and Lloyd S. Shapley Monday shared the 2012 Nobel Prize for Economics, which they won "for the theory of stable allocations and the practice of market design".

The award was announced by Staffan Normark, permanent secretary of the Royal Swedish Academy of Sciences in Stockholm.

"This year's prize is awarded for an outstanding example of economic engineering," Xinhua quoted the academy as saying in a statement.

The two researchers worked independently, but their empirical investigations, experiments and practical design have generated a flourishing field of research and improved the performance of many markets, the academy said.

Roth and Shapley tackled a central economic problem -- how to match different agents as well as possible.

"The prize rewards the two scholars who have answered these questions on a journey from abstract theory on stable allocations to practical design of market institutions," the academy said.

It was Roth who recognised that Shapley's theoretical results could clarify the functioning of important markets in practice.

Through a series of empirical studies, Roth and his colleagues showed that stability is the key to understanding the success of particular market institutions. Roth also substantiated the conclusion in systematic laboratory experiments.

Later, he also helped redesign existing institutions for matching new doctors with hospitals, students with schools and organ donors with patients.

"These reforms are all based on the Gale-Shapley algorithm, along with modifications that take into account specific circumstances and ethical restrictions, such as the preclusion of side payments," the Nobel Committee said in the statement.

Born in 1951 in the US, Roth got his Ph.D in 1974 from Stanford University and is George Gund Professor of Economics and Business Administration at Harvard University and Harvard Business School.

Shapley was born in 1923 and got his Ph.D in 1953 from Princeton University. He is Professor Emeritus at University of California.

The two laureates will equally share the eight million Swedish kronor (about $1 million) prize.

The economics award, established in 1968, is officially called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was not part of the original crop of Nobel Prizes set out in Alfred Nobel's 1895 will.

Sixty-nine laureates have been awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1901 and 2011.

All the Nobel prizes will be presented Dec 10, the day Alfred Nobel died.






 

 

Home | Top of the Page

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

i

I

More Headlines

Nanded Elections: Congress sweeps; AIMIM makes inroads to Maharashtra

Indian cities will have 600 mn people in 10 years

Palestinian President Abbas, Israeli Defence Minister held secret meeting

Maoist insurgency? This happened in Bengal in the 1770s!

Coal allocation: CBI files two complaints, raids 16 places

Jama Masjid illegal construction: HC appoints new officer for probe

Align domestic petrol prices to global rates: President

Shillong to have India's first glass mosque

17 AMU students qualify AIGE-2011

Police has detained my son, threaten to kill if I complain: Mustafa

 

Top Stories

Opposition backed shutdown hits Bihar

Trains were blocked and trucks and buses were off the roads in Bihar as a daylong shutdown called by opposition parties to protest 

Madhubani violence forces Nitish to defer 'Adhikar Yatra'

Violence in Bihar town escalates; protesters this time torch police station

Bihar: Angry protesters clash with police; torch collectorate, SDM office

 

  Most Read

Police has detained my son, threaten to kill if I complain: Mustafa

Mohammad Mustafa Landge, a former officer with telecom department, alleged that his son, Irfan, had been detained by three officers of Delhi police's Special Cell. He also alleged that the police  

Arrests of innocents: Prosecute guilty police officials, says Dr Suresh

The true test of human rights is its applicability in times of terror and emergency, not ordinary times, said Dr. V Suresh, National General Secretary of PUCL emphasizing the fact that Human Rights are no luxury or privilege but fundaments rights of every citizen of India. Dr Suresh  

 

  News Pick

Coal allocation: CBI files two complaints, raids 16 places

The Central Bureau of Investigation (CBI) Monday registered two new FIRs in its ongoing probe related to allocation of coal blocks and raided 16 places in seven cities  

Jama Masjid illegal construction: HC appoints new officer for probe

The Delhi High Court Monday appointed a new court commissioner to probe alleged illegal construction inside the historic Jama Masjid after the city government counsel  

Align domestic petrol prices to global rates: President

President Pranab Mukherjee Monday called for a closer alignment of domestic prices of petroleum products with global prices, saying it is in the interest of both consumers and investors  

Absurd and unfortunate: Saudi official on Zamzam rumors

Chairman of the United Zamzam Office Suleiman Abu Ghelya has dismissed rumors appearing on some social networking sites about the genuineness of Zamzam water distributed to  

 

Picture of the Day

President Pranab Mukherjee presenting a degree to a student at the 8th Convocation of King George's Medical University, at Lucknow, in Uttar Pradesh on October 12, 2012.

 

 
 
 
 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Science & Technology

RSS

Scholarships

About us

International

Health

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

Career

Education

     

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

2012 Awaz Multimedia & Publications. All rights reserved.