Nobel Prize awarded to U.S. economists

PanARMENIAN.Net - The 2012 Nobel Prize for economics was awarded Monday, Oct 15 to economists from Harvard University and the University of California at Los Angeles, according to CNNMoney.

Alvin E. Roth of Harvard and Lloyd S. Shapley of the UCLA were named recipients of the award - officially called the Sveriges Riksban Prize in Economic Sciences in memory of Alfred Nobel - at a news conference in Stockholm, Sweden.

Roth and Shapley were honored for "the theory of stable allocations and the practice of market design," according to a statement from The Royal Swedish Academy of Scientists.

A Nobel award in economics has been given since 1969. The honor has been bestowed on 71 people so far, including one woman.

The Nobel Prizes, created by Alfred Bernhard Nobel, were first awarded in 1901. The 2012 Peace Prize, the most high-profile category, was awarded last week to the European Union.