The 2012 Nobel Prize for Economics has been awarded to Americans Alvin Roth and Lloyd Shapley. The Royal Swedish Academy for Sciences recognized the duo for their work on "theory of stable allocations and practice of market design."
The academy added, “This years prize is awarded for an outstanding example of economic engineering.”
The academy added, “This years prize is awarded for an outstanding example of economic engineering.”
Match-making
Their work specializes in how best to match different economic agents, such as a student to school or transplant patient with donor.
Compared to previous years, commentators have said that the award going to Roth and Lloyd has reflected more practical application than most award-calls.
The duo worked independently of one another but will be clubbing together to share the SEK 8 million ($1.2 million) prize.
