Alvin Roth and Lloyd Shapley have been awarded the last of the 2012 Nobel prizes for contributions to the field of Economics. It is the pair's reward for their cutting-edge research into the theory of stable allocations.
Alvin Roth and Lloyd Shapley won the Nobel Memorial Prize in Economic Sciences on Monday, the last of this years' series of Nobel awards to be bestowed.
The Nobel jury honored the two "for the theory of stable allocations and the practice of market design."
The American economists follow in the footsteps of fellow U.S. economists Thomas Sargent and Christopher Sims. The latter two were awarded the prize last year for their contributions to research into the cause-and-effect dynamics between the economy and government policy.
The economics prize is a relatively recent edition to the original Nobel prizes established in the will of Alfred Nobel, the wealthy Swedish businessman who invented dynamite. The Swedish central bank created the economics award in 1968. It is worth $1.2 million, in line with the other Nobel awards,
sej/kms (afp, Reuters)