Nobel economics prize goes to two Americans: Lloyd Shapley, Alvin Roth
Nobel economics prize goes to two Americans: Lloyd Shapley, Alvin Roth By Neil Irwin , Updated: Monday, October 15, 8:46 AM Two researchers whose work has made for better matchups among students and the schools they wish to attend, and between kidney donors and recipients, were awarded the Nobel Prize in economics Monday. Lloyd Shapley and Alvin E. Roth will share the $1.2 million prize for work that broke new theoretical ground (in the case of Shapley) and resulted in concrete uses for that theory (developed by Roth). It is an award that is not terribly relevant to the great macroeconomic crises of the day but that honors work that provided a deeper understanding of how markets work and put that knowledge to use for the practical benefit of humanity. “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 mar...