Americans Leonid Hurwicz, Eric Maskin and Roger Myerson won the Nobel Memorial Prize in Economic Sciences on Monday for work that helps explain situations in which markets work well.
The three researchers "laid the foundations of mechanism design theory," the Royal Swedish Academy of Sciences said.
"Mechanism design theory initiated by Leonid Hurwicz and further developed by Eric Maskin and Roger Myerson has greatly enhanced our understanding of optimal allocation mechanisms in such situations, accounting for individuals' incentives and private information."
By shear coincidence, today is the unofficial kick-off of the official Whitehead-Haab grassroots campaign for the Nobel Memorial Prize in Economic Sciences. I can picture the CNN.com article now...
Americans John Whitehead and Tim Haab won the Nobel Memorial Prize in Economic Sciences on Monday for work that helps explain very little.
W-H gained a reputation for providing simple explanations of complex and nuanced economic solutions to environmental problems. Many think W-H's gift for simplicity comes from a thorough understanding and inate ability to relate to the common man. Quite the opposite, W-H are clueless nits who simplify for self preservation. This may very well be the first Nobel Prize given to idiots. Then again, probably not.
Ahhhh--a man can dream, can't he? Start writing to the nominating committee now!