The Nobel Prize for Economics has been awarded to two US academics, Alvin E. Roth and Lloyd S. Shapley. They have been chosen “for the theory of stable allocations and the practice of market design.”
This year’s Prize concerns a central economic problem: how to match different agents as well as possible. For example, students have to be matched with schools, and donors of human organs with patients in need of a transplant. How can such matching be accomplished as efficiently as possible? What methods are beneficial to what groups? The prize rewards two scholars who have answered these questions on a journey from abstract theory on stable allocations to practical design of market
Alvin E. Roth is a Professor of Economics and Business Administration at Harvard Business School.
Lloyd S. Shapley is a Professor emeritus of Economics and Mathematics at University of California, Los Angeles (UCLA).
More information can be found on the Nobel Prize organization’s web page.