The 2012 Nobel Economics belongs to two Americans

Alvivin E.Roth and Lloyd S.Shapley were awarded the 2012 Nobel Prize in Economics for their research on "Stable and practical distribution theory of market creation".

At 6 pm on October 15 (Hanoi time), the Royal Swedish Academy of Sciences announces the owner of this year's Nobel Prize in Economics, belongs to Alvivin E.Roth Harvard University (USA) and Lloyd S. Shapley, University of California (USA).

Their award-winning research addresses "Stable and practical distribution theory of market creation". From there, offer methods to match different economic actors such as students to schools or even donors with organs.

Two authors won the Nobel Prize in Economics 2012, Mr. Lloyd S.Shapley (right) and Alvivin E.Roth.

Alvivin E.Roth was born in 1951, currently teaching Economics and Business Administration at Harvard University (USA). He is known for his contributions to game theory, market creation and experimental economics.

Lloyd S.Shapley was born in 1923, currently teaches Mathematics and Economics at the University of California (USA). He was considered by many economic experts as a symbol of "Game Theory".

Lloyd Shapley used "Cooperative Game Theory" to study and compare different assembly methods. The core issue here is to ensure a stable connection between the two elements involved. So, Sharpley and his colleagues came up with a specific method he called the Gale-Shapley Algorithm. This method also limits the ability to control the assembly process of elements. As a result, he can show how the specific design method can benefit systematically for one or both sides of the market.

Alvin Roth acknowledged Sharpley's theoretical studies that could shed light on market activity in practice. With a series of empirical studies, Roth and colleagues have shown that stability is the key to understanding the success of a certain market institution. Then he proved this conclusion through many systematic experiments. Roth also helped re-establish the current assembly methods between doctors and hospitals, students with schools and even donors with patients. These reforms are based on the Gale-Shapley Algorithm, accompanied by a number of individual and ethically binding adjustments.

Like other Nobel laureates, the two scientists will be awarded 8 million kronor Swedish prizes (equivalent to 1.2 million USD).

In 2011, Nobel Economics was awarded to two American scientists, Thomas J. Sargent - economist specializing in macroeconomics, and currency and Christopher A. Sims - Princeton University. Their study talks about the relationship between macroeconomic policy and their impact on the economy.