15/10/2012 17:24
Nobel Prize in economics goes to Alvin Roth and Lloyd Shapley
Alvin Roth and Lloyd Shapley have won the 2012 Nobel Prize in economics.
The Royal Swedish Academy of Sciences cited the US academics for their work on the "theory of stable allocations and practice of market design".
The work is concerned with the best possible way to allocate resources, such as in school admissions or organs to patients who need transplants, the BBC reports.
Mr Roth is a professor at Harvard and Mr Shapley teaches at the University of California in Los Angeles.
"Even though these two researchers worked independently of one another, the combination of Shapley's basic theory and Roth's empirical investigations, experiments and practical design has generated a flourishing field of research and improved the performance of many markets," the Academy said.