Arab Today, arab today us duo win nobel economics prize for \matchmaking\
Last Updated : GMT 23:40:09
Arab Today, arab today
Arab Today, arab today

US duo win Nobel Economics Prize for \'match-making\'

Arab Today, arab today

Arab Today, arab today US duo win Nobel Economics Prize for \'match-making\'

Stockholm - AFP

US scholars Alvin Roth and Lloyd Shapley won the Nobel Economics Prize on Monday for their work on the functioning of markets and how best to match supply and demand. The work by Roth and Shapley helps match donors of human organs with patients in need of a transplant, or students with universities, or Internet search engines that auction out space for advertisers. The two were honoured for \"the theory of stable allocations and the practice of market design,\" the Royal Swedish Academy of Sciences, which picks the winner, said. Resources are often allocated through a pricing mechanism: high oil prices give consumers an incentive to conserve energy, and high wages attract workers to a particular profession. But in many markets, pricing is not enough to match different agents. Money is not the only factor that decides which hospital a doctor wants to work in, or which university would be best for a prospective student. Central to their work is the idea of stability: the allocation where no individuals perceive any gains from further activity. In a 1962 paper, Shapley applied the idea of stability to that of marriage, looking into how individuals in a group of people could be paired up despite their conflicting views on who would be their best match. The best match-making was achieved by using what is now known as the Gale-Shapley \"deferred acceptance\" algorithm, a set of rules that aims to achieve a stable solution. Roth and Shapley worked independently of each other but \"the success of their research is due to the combination of Shapley\'s theoretical results with Roth\'s insights into their practical value,\" the committee said. Roth, 60, is a professor at Harvard Business School in Boston, Massachusetts, while Shapley, 89, is a professor emeritus at the University of California. Roth told public broadcaster Swedish Television he was surprised to win the award. \"No it wasn\'t expected. But it is certainly expected that Lloyd Shapley won the prize ... I\'m glad to share it with him,\" he said. Roth said he was pleased the prize would \"shine a very bright spotlight on the work\" he and Shapley had conducted in market design, \"a newish area of economics and when I go to class this morning my students will pay more attention.\" The choice announced by the Academy confirms the US dominance in the Nobel Economics Prize. Of the 20 laureates who\'ve won in the past 10 years, 17 are Americans, including two Israeli-Americans. Roth and Shapley will receive the prize, consisting of a Nobel diploma, a gold medal and 8.0 million Swedish kronor ($1.2 million, 921,000 euros), at a ceremony in Stockholm on December 10, the anniversary of Swedish industrialist and prize creator Alfred Nobel\'s death. Last year, the prize went to US researchers Thomas Sargent and Christopher Sims for research on the causal relationship between economic policy and different macroeconomic variables, such as GDP, inflation, employment and investments. Monday\'s economics prize wraps up the 2012 Nobel season. Last week, the Nobel Peace Prize, perhaps the most-watched of the Nobels, was awarded to the European Union for bringing more than half a century of peace to a continent ripped apart by two world wars, a choice met by both praise and ridicule. The awarding of the Nobel Literature Prize to Chinese writer Mo Yan also sparked controversy, with Chinese dissidents accusing him of being a communist stooge. The awards for medicine, physics and chemistry were also awarded last week.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us duo win nobel economics prize for \matchmaking\ Arab Today, arab today us duo win nobel economics prize for \matchmaking\

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Culture: أخبار الثقافة والفنون
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday