Monday, October 15, 2012

American Profs Roth and Shapely Get Economics Nobel

US economists Alvin E Roth and Lloyd S Shapley have won the 2012 Nobel economics prize for their work on the functioning of markets and how best to match supply and demand, the Royal Swedish Academy of Sciences has said.

"The prize is about economic engineering," Professor Per Krussel, head of the Nobel Committee said on Monday. "It's about how to practically design certain markets so that they work well."

The context is "to pair together two different parties, like physicians to hospitals or students to schools," Krussel said, noting that "traditional market mechanisms" were not expected to function well in such circumstances.
Bloomberg
Roth, Shapley Win Nobel Economics Prize for Matching Theory
Niklas Magnusson and Josiane Kremer
Born on Dec. 18, 1951, Roth earned a bachelor’s degree from Columbia University in New York in 1971 and a master’s degree and doctorate from Stanford University in Stanford,California, in 1973 and 1974. All three degrees were in the field of operations research.
Born June 2, 1923, in Cambridge, Massachusetts, Shapley earned his undergraduate degree at Harvard in 1948 and his doctorate in mathematics from Princeton University in 1953. He worked for Rand Corporation as a research mathematician and taught at Princeton before joining the University of California, Los Angeles in 1981. 

7 comments:

Detroit Dan said...

So what about the previous post saying Lars Syll — Paul Romer gets the 2012 Nobel Prize in economics?

Tom Hickey said...

Wishful thinking, I guess.

paul meli said...

""The prize is about economic engineering," Professor Per Krussel, head of the Nobel Committee said on Monday. "It's about how to practically design certain markets so that they work well.""

Economic engineering is an extraction strategy that can only succeed if it can strip net worth from the balance sheets of wage-earners, enabled by net government spending or private debt.

Where else could the money come from?

They gave an Economics Nobel for this?

The obvious conclusion is that any economics Nobel must be awarded to some scheme to pick the workers pocket.

We shouldn't be idolizng the winner.

Matt Franko said...

Ramanan,

Could you check their math please ... ;) rsp,

Dan Lynch said...

Surprised Tom didn't post this timely article on the Nobel prize for econ.

http://exiledonline.com/the-nobel-prize-in-economics-there-is-no-nobel-prize-in-economics/

Ramanan said...

Matt,

:-)

paul meli said...

More damning evidence the Economics Nobel is a scam:

http://www.correntewire.com/the_non_nobel_in_economics_mistaking_games_for_reality