Nobel Prize awarded to Harvard and UCLA economists

Written By limadu on Senin, 15 Oktober 2012 | 05.32

NEW YORK (CNNMoney) -- The 2012 Nobel Prize for economics was awarded Monday to economists from Harvard University and the University of California at Los Angeles.

Alvin E. Roth of Harvard and Lloyd S. Shapley of the UCLA were named recipients of the award -- officially called the Sveriges Riksban Prize in Economic Sciences in Memory of Alfred Nobel -- at a news conference in Stockholm, Sweden.

Roth and Shapley were honored for "the theory of stable allocations and the practice of market design," according to a statement from The Royal Swedish Academy of Scientists.

Shapely, who developed the theory, and Roth's experiments based on those theories could be used to match students with schools and organ donors with patients who need a transplant, according to the academy.

Roth, 60, who is moving to Stanford University from Harvard, and Shapley, 89, will share the prize of 8 million Swedish kronor, which is equal to nearly $1.2 million. When awakened by at his California home by a phone call informing him of the prize, Roth said, "I guess when I go to class this morning my students will pay more attention to me."

Asked about his future plans, Roth replied," Coffee."

For Shapley, this is just the latest in a long list of honors and awards, which began in 1944, when he was awarded the Bronze Star for his service in the U.S. Army Air Corps.

A Nobel award in economics has been given since 1969. The honor has been bestowed on 71 people so far, including one woman, Elinor Ostrom.

The Nobel Prizes, created by Alfred Bernhard Nobel, were first awarded in 1901. The 2012 Peace Prize, the most high-profile category, was awarded last week to the European Union. To top of page

First Published: October 15, 2012: 7:27 AM ET


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