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10.15.2007

U.S. Trio Win Nobel In Economics


Americans Leonid Hurwicz, Eric Maskin and Roger Myerson won the Nobel Memorial Prize in Economic Sciences on Monday for work that helps explain situations in which markets work well.

The three researchers "laid the foundations of mechanism design theory," the Royal Swedish Academy of Sciences 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."

Their theory allows economists, governments and businesses to "distinguish situations (that) work well from those in which they do not."

This post will be updated in a couple of hours... Guten Morgen! :D

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