A pair of American scholars who dedicated their careers to bringing people together were rewarded with a Nobel prize for economics, the Nobel committee said this morning. Alvin Roth, who teaches at Harvard and Stanford, and Lloyd Shapley, a professor emeritus at UCLA, were notified this morning that they had won the prize.
Mr. Roth and Mr. Shapley worked independently on cooperative game theory, tackling such subjects as why a price mechanism that helps match buyers and sellers for scarce resources such as diamonds doesn’t serve areas such as organ transplants, school admissions or dating services. In the 1960s Mr. Shapley, now 89, pioneered a process for creating “stable matches” by creating a speed-dating system in which the two sexes took turns selecting potential partners. Read More