Three Americans to share Nobel Prize for Economics

November 14th, 2007 - 2:17 am ICT by admin  
The Royal Swedish Academy of Sciences in Stockholm, Sweden, said. “Mechanism design theory initiated by Leonid Hurwicz and further developed by Eric Maskin and Roger Myerson has greatly enhanced our understanding of optimal allocation mechanisms in such situations, accounting for individuals’ incentives and private information.”

It said that their theory allows economists, governments and businesses to “distinguish situations (that) work well from those in which they do not.”

The economics award was created in 1968 by the Swedish central bank in Alfred Nobel’s memory.

Last year American Edmund S. Phelps won the prize for explaining the relationship between inflation and unemployment, work that has had a profound impact on macroeconomics policy.

Nobel Prize winners receive 10 million Swedish kronor (1.5 million dollars), a gold medal and diploma from the Swedish King on December 10, the anniversary of Nobel’s death in 1896. (ANI with inputs)

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