A glance at the Nobel Prize for Economics

WHO WON?

Americans Alvin Roth of Harvard University and a visiting professor at Stanford University and Lloyd Shapley, professor emeritus at the University of California Los Angeles.

FOR WHAT?

The Royal Swedish Academy of Sciences cited the pair for "the theory of stable allocations and the practice of market design."

WHY DOES IT MATTER?

Their research focused on the problem of matching different agents in a market ? doctors with hospitals, students with schools and human organs with transplant recipients ? in situations where prices aren't the deciding factor.

WHAT DID THEY SAY?

Roth: "I think this will make market design more visible to economists and people who can benefit from market design."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-15-EU-Nobel-Economics%20Glance/id-7b50db0a6cc5473f92909e5996cab453

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