STOCKHOLM, Oct. 15 (Xinhua) -- American economists Alvin E. Roth and Lloyd S. Shapley shared 2012 Nobel Prize for Economics, announced Staffan Normark, Permanent Secretary of the Royal Swedish Academy of Sciences in Stockholm on Monday.
The duo won the award "for the theory of stable allocations and the practice of market design," said Normark.
"This year's prize is awarded for an outstanding example of economic engineering," said the academy in a statement.
The two researchers worked independently, but their empirical investigations, experiments and practical design have generated a flourishing field of research and improved the performance of many markets, the academy added.
Roth and Shapley tackled a central economic problem: how to match different agents as well as possible.
"The prize rewards the two scholars who have answered these questions on a journey from abstract theory on stable allocations to practical design of market institutions," the academy explained.
It was Roth who recognized that Shapley's theoretical results could clarify the functioning of important markets in practice.
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