Americans Alvin Roth and Lloyd Shapley were awarded the Nobel economics prize on Monday for research that helps explain the market processes at work when doctors are assigned to hospitals, students to schools and human organs for transplant to recipients.  Click “more” below for details!

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The Royal Swedish Academy of Sciences cited the two economists for “the theory of stable allocations and the practice of market design.”

Roth, 60, is a professor at Harvard University in Boston. Shapley, 89, is a professor emeritus at University of California Los Angeles.

Shapley made early theoretical contributions to the field of study, and Roth took it further by applying it to the market for U.S. doctors.

“Even though these two researchers worked independently of one another, the combination of Shapley’s basic theory and Roth’s empirical investigations, experiments and practical design has generated a flourishing field of research and improved the performance of many markets,” the academy said.

The Nobel Memorial Prize in Economic Sciences was the last of the 2012 Nobel awards to be announced.

It’s not technically a Nobel Prize, because unlike the five other awards it wasn’t established in the will of Alfred Nobel, a Swedish industrialist also known for inventing dynamite.

Source: Fox News