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Two Americans share 2012 Nobel Prize for Economics
Monday October 15, 2012 10:44:39 PM,
IANS
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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.
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