US duo win Nobel Economics Prize
Posted on October 16, 2012, Tuesday
STOCKHOLM: US scholars Alvin Roth and Lloyd Shapley won the Nobel Economics Prize yesterday for research on how to match different agents as well as possible, the Nobel jury said.
The two were honoured for “the theory of stable allocations and the practice of market design,” it said.
Their work can be used to help match donors of human organs with patients in need of a transplant, or students with universities, or Internet search engines that auction out space for advertisers.
Roth, 60, is a professor at Harvard Business School in Boston,, while Shapley, 89, is a professor emeritus at the University of California.
Meanwhile, the Ibrahim Prize for Achievement in African Leadership – the world’s biggest individual prize – was not awarded for a third time in four years as no suitable candidates were found, it was announced yesterday.
At a press conference in London, the Mo Ibrahim Foundation said it was not going to compromise on its standard of excellence in a leader.
The award, set up by Sudan-born telecoms tycoon Mo Ibrahim in 2006, carries a US$5 million prize paid over 10 years and US$200,000 annually for life from then on, with a further US$200,000 per year available for 10 years for good causes backed by the winner. — AFP