Tom Schelling and Robert Aumann win Nobel economics prize

This year’s Nobel Prize in economics has gone to two men who individually carried out work leading to a theory on understanding conflict and cooperation between countries, individuals and organisations, covering everything from businesses to crime syndicates.

One is Thomas Schelling, an American who has been working on the analysis of strategic decision making since the cold war in the 1950s, as part of an attempt to improve global security. The other recipient was Robert Aumann, who is German born and now lives in Israel. He used logic and mathematics to calculate the options available to people when they face the same opponents or competitors repeatedly. The men share a prize of just over one million euros.

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