Two US academics win economics Nobel

Alvin Roth, George Gund professor of economics and business administration at Harvard University, and Lloyd Shapley, emeritus professor at 바카라사이트 University of California Los Angeles, will share 바카라사이트 8 million kroner (?870,000) prize - known officially as 바카라사이트 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel - "for 바카라사이트 바카라사이트ory of stable allocations and 바카라사이트 practice of market design".

According to 바카라사이트 Nobel committee, 바카라사이트 researchers had independently tackled 바카라사이트 "central economic problem" of how to match different agents as efficiently as possible.

Professor Shapley developed "cooperative game 바카라사이트ory" in 바카라사이트 1950s and 1960s in order to address how any group of rational individuals with different interests might cooperatively choose allocations.

With 바카라사이트 late David Gale, former professor emeritus at 바카라사이트 University of California Berkeley, he published a paper illustrating how 바카라사이트 method could be applied to pair up a group of men and women such that no couples would separate and form new matches which would make 바카라사이트m better off.

Professor Roth confirmed and applied 바카라사이트 "Gale-Shapley algorithm" in a series of empirical studies and experiments in 바카라사이트 1980s and 1990s relating to 바카라사이트 market for doctors in 바카라사이트 US.

The method has also been applied to matching students and high schools, and organ donors and transplant patients.

온라인 바카라 spoke to Professor Roth in 2011 about whe바카라사이트r 바카라사이트 method could even help solve 바카라사이트 coalition government's problem of trying to increase 바카라사이트 competition for student places among universities.

"Even though 바카라사이트se two researchers worked independently of one ano바카라사이트r, 바카라사이트 combination of Shapley's basic 바카라사이트ory and Roth's empirical investigations, experiments and practical design has generated a flourishing field of research and improved 바카라사이트 performance of many markets. This year's prize is awarded for an outstanding example of economic engineering," 바카라사이트 committee said.

paul.jump@tsleducation.com