3 US Researchers Awarded Nobel Economics Prize

World | October 15, 2007, Monday // 00:00

US economists Leonid Hurwicz, Eric Maskin and Roger Myerson have won the Nobel Prize for Economics, BBC reported Monday.

"The three researchers' work laid the foundations of mechanism design theory", the official announcement of the prize committee reads.

The theory ease distinguishing situations where markets work well from those where they do not.

The winners' development also explains how to reach an optimum outcome, such as improved social welfare or greater profits.

It played an important role in economics and parts of political science, the Royal Swedish Academy of Science said.

The work has further developed the use of game theory, pioneered by John Nash, to economics. Mr Nash won the Nobel Prize for this work in 1994.

One of the laureates, Professor Roger Myerson, 56, an economics professor at the University of Chicago, has used the theory to compare how different electoral systems might function.

Professor Eric Maskin, 57, who works at the Institute of Advanced Study at Princeton, has concentrated on how to make auctions more effective and how firms actually compete in the real world.

The third winner, Russia-born Professor Leonid Hurwicz, is one of the early pioneers of the application of game theory.

He worked with another Nobel Prize winner, Kenneth Arrow, in the 1950s on non-linear programming.

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