2012-10-16 10:06:27

Nobel Prize for Economics awarded

Every year since 1901 the Nobel Prize has been awarded for achievements in physics, chemistry, physiology or medicine, literature and for peace. In 1968, Sweden's central bank established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prizes, with more Matthew French. The first Nobel Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969. The Prize in Economic Sciences in Memory of Alfred Nobel is awarded by the Royal Swedish Academy of Sciences, Stockholm, in accordance to the same principles as the Nobel Prizes that have been awarded since 1901. The Nobel Prize in Economic Sciences 2012 was awarded jointly to Alvin E. Roth and Lloyd S. Shapley for the theory of stable allocations and the practice of market design. Lloyd Shapley used co-operative game theory to study and compare different ways to match two interested parties. Alvin Roth built on Lloyd Shapley's theories to show how stability affects the success of particular market institutions. Listen to this report from regional correspondent Matthew French: RealAudioMP3

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