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Nobel Prize in Economics awarded to Alvin Roth and Lloyd Shapley

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Nobel Prize in Economics awarded to Alvin Roth and Lloyd Shapley

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US scholars Roth and Shapley have won the presigious award for pioneering research on the effect of stability on the performance of markets.
Their work, which was conducted independently, focused on how to match different agents as efficiently as possible.

Shapley, based at the University of California, conducted theoretical studies to analyse and compare matching methods. Harvard-based Roth used the results to launch a series of empirical studies and demonstrated that stability is key to understanding the success of certain market institutions.

The Royal Swedish Academy of Sciences said the two researchers had “generated a flourishing field of research and improved the performance of many markets. This year’s prize is awarded for an outstanding example of economic engineering”.